Ryanair 2009 Annual Report Download

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1
CONTENTS
2 Financial Highlights
4 Chairman’s Report
6 Chief Executive’s Report
11 Summary Operating and Financial Overview
13 Directors’ Report
21 Statement of Directors’ Responsibilities
23 Independent Auditor’s Report
25 Presentation of Financial and Certain Other Information
27 Detailed Index*
29 Key Information
35 Principle Risks and Uncertainties
48 Information on the Company
72 Operating and Financial Review
76 Critical Accounting Policies
93 Directors, Senior Management and Employees
101
Major Shareholders and Related Party Transactions
102
Financial Information
109
Additional Information
119
Quantitative and Qualitative Disclosures About Market Risk
122
Controls and Procedures
128
Consolidated Financial Statements
177
Company Financial Statements
182
Appendix
*See Index on page 27 for detailed table of contents.
Information on the Company is available online via the Internet at our website, http://www.ryanair.com.
Information on our website does not constitute part of this Annual Report. This Annual Report and our
20-F are available on our website.

Table of contents

  • Page 1
    ...Information on the Company Operating and Financial Review Critical Accounting Policies Directors, Senior Management and Employees 101 Major Shareholders and Related Party Transactions 102 Financial Information 109 Additional Information 119 Quantitative and Qualitative Disclosures About Market Risk...

  • Page 2
    ... â,¬51.6m on aircraft disposals in financial years ended 31 March, 2009 and 2010 and ii) a further â,¬222.5m write down of our investment in Aer Lingus to a year end value of â,¬93.2m. See reconciliation of (loss) / profit for the financial year to adjusted profit for the financial year on pages 11...

  • Page 3
    2009 Key Statistics 2008 Change Scheduled passengers Fleet at period end Average number of employees Passengers per average no. of employees 58.6m 181 6,369 9,195 50.9m 163 5,262 9,679 +15% +11% +21% -5% 3

  • Page 4
    ... the year Ryanair achieved a number of significant milestones: Our traffic grew by 15% to 59m passengers. We lowered our average fare by 8% to just â,¬40. We took delivery of 18 (net) new aircraft bringing the year end fleet to 181 Boeing 737-800's. We opened 223 new routes. We opened six new...

  • Page 5
    ... and 60% hedged for Quarter 4 at approx. $61 per barrel. We anticipate that non fuel unit operating costs will fall this year by 5% thanks to our relentless focus on costs and the introduction of cost/time saving web check in initiatives for all our passengers. We plan to use these cost savings to...

  • Page 6
    ...fuel) unit costs, reduce our fares, add new aircraft, new routes and new bases. It is an incredible success story that the regional airline set up by Tony Ryan and his family in Waterford in 1985 has in just 25 years grown to be the world's largest international airline and the sixth largest airline...

  • Page 7
    ... the hold, and return it to them as they deplane on arrival. These further efficiencies will allow more efficient airport terminals to be developed without expensive check-in desks, baggage halls, or computerised baggage systems and these lower cost terminals will enable Ryanair to make flying even...

  • Page 8
    ... to 6,369. Within that number, 1,526 people were promoted, as our expansion created new opportunities for career development. Ryanair's average pay (incl. cabin crew commissions) was â,¬45,333 and remains higher than most other major European airlines. While our pay levels are among the highest in...

  • Page 9
    ...lower costs which will improve competition and customer choice for both airlines and passengers at both London Gatwick and Stansted airports. Sadly regulatory failure continues unchecked here in Ireland, where the Government owned DAA monopoly remains protected, and its price increases rubberstamped...

  • Page 10
    ... Aer Lingus' slots, brand and its long-term future for Ireland. Without Ryanair as a strong partner, sadly Aer Lingus remains a small, peripheral, loss making regional airline, which has recently announced substantial losses in 2008, and is predicting increased losses in 2009. Their share price...

  • Page 11
    ... and repairs ...Marketing and distribution costs ...Aircraft rentals ...Route charges ...Airport and handling charges ...Other ...Total operating expenses Operating profit - continuing operations Other income / (expenses) Loss on impairment of available for sale financial asset...Gain on disposal...

  • Page 12
    ... 59% increase in fuel costs. Total operating revenues increased by 8% to â,¬2,942.0m, slower than the 15% growth in passenger volumes, as average fares declined by 8% due to the absence of Easter in the year, weaker euro/sterling exchange rates and aggressive fare promotions. Ancillary revenues grew...

  • Page 13
    ... a public limited company and operates under the laws of Ireland. Staff At March 31, 2009, the Company employed 6,616 people. This compares to 5,920 staff at March 31, 2008. The increase in staff levels consisted mainly of pilots and cabin crew and arose due to the expansion of the aircraft fleet...

  • Page 14
    ... endorse the 2006 Combined Code on Corporate Governance which sets out Principles of Good Governance and a code of best practice and which was appended to the Listing Rules of the Irish and London Stock Exchanges. The directors have reviewed the Company's governance arrangements in light of the 2006...

  • Page 15
    ... that they are properly motivated to perform in the best interests of the shareholders. Details of total remuneration paid to senior key management (defined as the executive team reporting to the Board of Directors) is set out in Note 26 on page 176 of the consolidated financial statements. 15

  • Page 16
    ...of quarterly and annual results directly via road shows, investor days and/or by conference calls. The Chief Executive, senior financial, operational, and commercial management participate in these events. During the year ended March 31, 2009 the Company held discussions with a substantial number of...

  • Page 17
    ... or loss. In accordance with the provisions of the Combined Code the directors review the effectiveness of the Company's system of internal control including: Financial Operational Compliance Risk Management The Board is ultimately responsible for the Company's system of internal controls and...

  • Page 18
    ... place, both financial and non financial, to manage the risks facing the business. § § On behalf of the Board, the Audit Committee has reviewed the effectiveness of the Company's system of internal control for the year ended March 31, 2009 and has reported thereon to the Board. The Board has...

  • Page 19
    ... and company secretary The directors and company secretary who held office at March 31, 2009 had no interests other than those outlined in note 19 on pages 166 to 168 of the consolidated financial statements in the shares of the Company or other group companies. Takeover Bids Directive Information...

  • Page 20
    ...160(2) of the Companies Act 1963, the auditor KPMG, Chartered Accountants, will continue in office. Annual General Meeting The Annual General Meeting will be held on September 24, 2009 at 10am in the Radisson Hotel, Dublin Airport, Co. Dublin, Ireland. On behalf of the Board D. Bonderman Chairman...

  • Page 21
    ... and the company will continue in business. Under applicable law and the requirements of the Listing Rules issued by the Irish Stock Exchange, the directors are also responsible for preparing a Directors' Report and reports relating to directors' remuneration and corporate governance that comply...

  • Page 22
    ...Report confirm that, to the best of their knowledge and belief: • the consolidated financial statements, prepared in accordance with IFRSs as adopted by the EU, give a true and fair view of the assets, liabilities and financial position of the Group at March 31, 2009 and of its loss for the year...

  • Page 23
    ... with the audited financial statements. The other information comprises only the Chairman's and Chief Executive's reports; the Operating and Financial review; Risk Factors; Directors, Senior Management and Employees; Major Shareholders and Related Parties; and the Directors' Report. We consider the...

  • Page 24
    ...is in agreement with the books of account. In our opinion, the information given in the Directors' Report is consistent with the financial statements. The net assets of the Company as stated in the Company balance sheet on page 177 are more than half of the amount of its called up share capital, and...

  • Page 25
    ... the IASB and also International Financial Reporting Standards as adopted by the EU, in each case as in effect for the year ended and as at March 31, 2009 (collectively referred to as "IFRS" throughout). The Company publishes its consolidated financial statements in Euro. Solely for the convenience...

  • Page 26
    ..., fuel costs, competition from new and existing carriers, market prices for replacement aircraft and aircraft maintenance services, aircraft availability, costs associated with environmental, safety and security measures, terrorist attacks, actions of the Irish, U.K., EU and other governments and...

  • Page 27
    ... Financial Data ...30 Exchange Rates ...32 Selected Operating and Other Data ...34 Risk Factors ...35 Information on the Company ...48 Introduction ...48 Strategy ...49 Route System, Scheduling and Fares ...53 Marketing and Advertising ...55 Reservations on Ryanair.Com ...55 Aircraft ...56 Ancillary...

  • Page 28
    ... Trading Markets and Share Prices ...106 Additional Information ...109 Description of Capital Stock ...109 Options to Purchase Securities from Registrant or Subsidiaries ...109 Articles of Association ...109 Material Contracts ...111 Exchange Controls ...111 Limitations on Share Ownership by Non-EU...

  • Page 29
    ... THE COMPANY Ryanair operates a low-fares, scheduled passenger airline serving short-haul, point-to-point routes in Europe and Morocco from its bases at Dublin, London (Stansted and Luton), Glasgow (Prestwick), Brussels (Charleroi), Frankfurt (Hahn), Milan (Bergamo), Stockholm (Skvasta), Rome...

  • Page 30
    ... "Item 5. Operating and Financial Review and Prospects." Income Statement Data: Fiscal year ended March 31, 2009 2008 2007 2006 (in thousands, except per-Ordinary Share data) Total operating revenues ...$3,901,340 â,¬2,941,965 â,¬2,713,822 â,¬2,236,895 â,¬1,692,530 Total operating expenses ...(3,778...

  • Page 31
    Cash Flow Statement Data: 2009(a) 2009 Fiscal year ended March 31, 2008 2007 (in thousands) 2006 2005 Net cash inflow from operating activities ...Net cash (outflow) from investing activities ...Net cash inflow from financing activities ...Increase (decrease) in cash and cash equivalents ... $547,...

  • Page 32
    ...U.K. pound sterling and the U.S. dollar. Such rates are provided solely for the convenience of the reader and are not necessarily the rates used by the Company in the preparation of its consolidated financial statements included in Item 18. No representation is made that any of such currencies could...

  • Page 33
    ... day of each month during the relevant period. (c) Based on the composite exchange rate as quoted at 5 p.m., New York time, by Bloomberg. (d) Based on the Federal Reserve Rate for U.K. pounds sterling. As of July 24, 2009, the exchange rate between the U.S. dollar and the Euro was â,¬1.00=$1.4213...

  • Page 34
    ... Data: 2009 Fiscal Year ended March 31, 2008 2007 2006 Revenue Passengers Booked ...Revenue Passenger Miles ...Available Seat Miles ...Booked Passenger Load Factor...Average Length of Passenger Haul (miles) ...Sectors Flown ...Number of Airports Served at Period End ...Average Daily Flight Hour...

  • Page 35
    ... to risks arising from fluctuations in the price of fuel, especially in light of the recent volatility. Any new increase in fuel costs could have a material adverse effect on the Company's financial condition and results of operations. See "-The Company May Not Be Successful in Raising Fares to...

  • Page 36
    ...based pilots may affect the Company's labor relations. Such risks could lead to negative effects on the Company's financial condition and/or results of operations. The Company May Not Be Successful in Reducing Business Costs to Offset Reduced Fares. Ryanair operates a low-fares airline. The success...

  • Page 37
    ... in the loss of approximately â,¬1.9 million of additional revenue. As in the past, the Company reacted to these adverse events by initiating system-wide fare sales to stimulate demand for air travel. In addition, reservations on Ryanair's flights to London dropped materially for a number of days...

  • Page 38
    ... seats. The number of newentrant low-fares airlines and traditional carriers offering lower, more competitive fares in direct competition with Ryanair across its route network has increased significantly in recent years as a result of the liberalization of the EU air transport market and greater...

  • Page 39
    ... About Market Risk." The Company's Rapid Growth May Expose It to Risks. Ryanair's operations have grown rapidly since it pioneered the low-fares operating model in Europe in the early 1990s. See "Item 5. Operating and Financial Review and ProspectsHistory." During the 2009 fiscal year, Ryanair...

  • Page 40
    ...with the opening of new routes. Promotional fares may have the effect of increasing load factors and reducing Ryanair's yield and passenger revenues on such routes during the periods that they are in effect. See "Item 4. Information on the Company-Route System, Scheduling and Fares." Ryanair expects...

  • Page 41
    ... Aer Lingus to Ryanair. However, the Company was unable to secure the shareholders' support and, accordingly, on January 28, 2009, it withdrew its new offer for Aer Lingus. Labor Relations Could Expose the Company to Risk. In the past, a variety of factors, including, but not limited to, the Company...

  • Page 42
    ..., Ryanair made a number of written offers to its Dublin-based pilots to enable them to participate in a re-training process in order to obtain the correct type-rating for flying the Boeing 737-800 aircraft. All of these pilots have now been trained on the Boeing 737-800 aircraft, either by paying in...

  • Page 43
    ... of a major breakdown of its booking engine or other related systems, which, in turn, could have a material adverse affect on the Company's operating results or financial condition. In addition, in March 2006, Ryanair also commenced its Internet check-in service for passengers traveling without bags...

  • Page 44
    ... The increase in this tax is thought to have had a negative impact on Ryanair's operating performance, both in terms of average fares paid and growth in passenger volumes. In 2008, the Dutch government introduced a travel tax ranging from â,¬11 on short-haul flights to â,¬45 on long-haul flights. On...

  • Page 45
    ... for air travel and thus on Ryanair's business, operating results, and financial condition. See also "-Risks Related to the Company-Further Terrorist Attacks in London and Other Destinations Could Have a Detrimental Effect on the Company." The Company Faces the Risk of Loss and Liability. Ryanair is...

  • Page 46
    ... costs. Although fuel accounted for 43.8% of total operating expenses (excluding de-icing costs) in the 2009 fiscal year, management anticipates that this percentage may vary significantly in future years. See "-Changes in Fuel Costs and Fuel Availability Affect the Company's Results and Increase...

  • Page 47
    ... and retain an operating license, an EU air carrier must be majority-owned and effectively controlled by EU nationals. The regulation does not specify what level of share ownership will confer effective control on a holder or holders of shares. The board of directors of Ryanair Holdings is given...

  • Page 48
    ..., levels of lost baggage, and rates of cancellations. The address of Ryanair Holdings' registered office is: c / o Ryanair Limited, Corporate Head Office, Dublin Airport, County Dublin, Ireland. The Company's contact person regarding this Annual Report is: Howard Millar, Chief Financial Officer...

  • Page 49
    ...mystery-passenger and employee surveys. Frequent Point-to-Point Flights on Short-Haul Routes. Ryanair provides frequent point-to-point service on short-haul routes to secondary and regional airports in and around major population centers and travel destinations. In the 2009 fiscal year, Ryanair flew...

  • Page 50
    ... flown by pilots and flight attendants within limits set by industry standards or regulations fixing maximum working hours. Customer Service Costs. Ryanair has entered into agreements on competitive terms with external contractors at certain airports for ticketing, passenger and aircraft handling...

  • Page 51
    ... to secure the shareholders' support (to sell their stakes in Aer Lingus to Ryanair), the Company decided on January 28, 2009, to withdraw its new offer for Aer Lingus. See "Item 8. Financial Information-Other Financial Information-Legal Proceedings-Aer Lingus Merger Decision." Responding to Current...

  • Page 52
    ... Not Be Successful in Raising Fares to Offset Increased Business Costs." The Company has recently announced capacity reductions, primarily at Dublin Airport, the most expensive airport in terms of airport charges that Ryanair serves. As a result of this airport's high charges, certain routes are not...

  • Page 53
    ... consolidated financial statements included in Item 18 for more information regarding the geographical sources of the Company's revenue. Management's objective is to schedule a sufficient number of flights per day on each of Ryanair's routes to satisfy demand for Ryanair's low-fares service. Ryanair...

  • Page 54
    ... opening of new routes, and endeavors to always offer the lowest fare on any route it serves. Ryanair offers weekday one-way fares starting at â,¬1 on many of its routes, and offers lower-fare trips on certain routes from time to time. Promotional fares may have the effect of increasing load factors...

  • Page 55
    ... sales and pay travel agents commissions for their services, as well as reimbursing them for the fees charged by reservation systems-providers. Following the introduction of its Internet-based reservations and ticketing service, which now allows passengers to make reservations and purchase tickets...

  • Page 56
    ...800 "next generation" aircraft, each having 189 seats. Ryanair's fleet totaled 181 Boeing 737-800s at March 31, 2009. The Company expects to have an operating fleet comprising 232 Boeing 737-800s at March 31, 2010. Between March 1999 and June 30, 2009, Ryanair took delivery of 222 new Boeing 737-800...

  • Page 57
    ... warning systems. At March 31, 2009, the average aircraft age of the Company's Boeing 737-800 fleet was 2.77 years, and no aircraft was more than 8 years old. Training and Regulatory Compliance Ryanair currently owns and operates four Boeing 737-800 flight simulators for pilot training, the...

  • Page 58
    ... air passenger service, including non-flight scheduled services, Internet-related services, and the in-flight sale of beverages, food, and merchandise. See "Item 5. Operating and Financial Review and Prospects-Results of Operations-Fiscal Year 2008 Compared with Fiscal Year 2007-Ancillary Revenues...

  • Page 59
    ...its aircraft in accordance with European industry standards. While Ryanair seeks to maintain its fleet in a cost-effective manner, management does not seek to extend Ryanair's low-cost operating strategy to the areas of maintenance, training or quality control. Ryanair's quality assurance department...

  • Page 60
    ... major injury to a passenger or a member of its flight crew. Ryanair manifests its commitment to safe operations through its safety training procedures, its investment in safety-related equipment, and its adoption of an internal confidential reporting system for safety issues. The Company's board...

  • Page 61
    ... will need to enter into similar agreements in any new markets it may enter. See "Item 3. Key Information-Risk Factors-Risks Related to the Company-The Company Is Dependent on External Service Providers." During 2009, Ryanair introduced kiosks for the issuance of boarding passes and the provision of...

  • Page 62
    ... to limits in its hours of operation. The approval will mean that charges at Dublin Airport will increase significantly, possibly doubling from their current level. Ryanair sought a judicial review of the planning approval. However, this appeal was not successful. The doubling of airport charges, as...

  • Page 63
    ...several publicly owned airports are being contested. FUEL The cost of jet fuel accounted for 43.8% and 36.1% of Ryanair's total operating expenses in the fiscal years ended March 31, 2009 and 2008, respectively (in each case, this accounts for costs after giving effect to the Company's fuel hedging...

  • Page 64
    ... has passed increased insurance costs on to passengers by means of a special "insurance levy" on each ticket. During the 2006 fiscal year, Ryanair established Aviation Insurance (IOM), Limited ("AIL"), a wholly owned insurance company subsidiary, to provide the Company with self-insurance as part...

  • Page 65
    ... Training Centre Ryanair has agreements with the DAA, the Irish government authority charged with operating Dublin Airport, to lease ticket counters and other space at the passenger and cargo terminal facilities at Dublin Airport. The airport office facilities used by Ryanair at London (Stansted...

  • Page 66
    .... See "Item 10. Additional Information-- Limitations on Share Ownership by Non-EU Nationals." See also "Item 3. Risk Factors--Risks Related to Ownership of the Company's Ordinary Stock-EU Rules Impose Restrictions on the Ownership of Ryanair Holdings' Ordinary Shares by Non-EU nationals and the...

  • Page 67
    ...audits. These reviews are performed on an agreed audit schedule. Department of Transport. The Department of Transport ("DOT") is responsible for implementation of certain EU and Irish legislation and international standards relating to air transport (e.g., noise levels, aviation security, etc.). In...

  • Page 68
    ... five million passengers per year. Management believes that this will likely increase the administrative burdens on smaller airports and may lead to higher airport charges. See "Item 7. Major Shareholders and Related-Party TransactionsOther Financial InformationLegal ProceedingsEU State Aid...

  • Page 69
    ... April 1, 2002. All of Ryanair's aircraft currently comply with these regulations. Certain airports in the U.K. (including London Stansted and London Gatwick) and continental Europe have established local noise restrictions, including limits on the number of hourly or daily operations or the time of...

  • Page 70
    ... Boeing 737-800 "next generation" aircraft, and Ryanair now operates a single-aircraft-type fleet of Boeing 737-800 "next generation" aircraft with an average age of only 2.77 years. The design of the new aircraft is aimed at minimizing drag, thereby reducing the rate of fuel burn and noise levels...

  • Page 71
    ... class of aircraft. Ryanair's ability to gain access to and develop its operations at slot-controlled airports will be affected by the availability of slots for takeoffs and landings at these specific airports. New entrants to an airport are currently given certain privileges in terms of obtaining...

  • Page 72
    ... service on a number of its principal routes. During that period, in addition to Dublin, Ryanair established, London (Stansted and Luton), Glasgow (Prestwick), Brussels (Charleroi), Frankfurt (Hahn), Milan (Bergamo), Stockholm (Skvasta), Rome (Ciampino), Barcelona (Girona), Nottingham East Midlands...

  • Page 73
    ... low-fares operating model in Europe in the early 1990s, its passenger volumes and scheduled passenger revenues have increased significantly because it has substantially increased capacity. Ryanair's annual booked passenger volume has grown from approximately 945,000 passengers in the calendar year...

  • Page 74
    ... closing price of â,¬1.12 of Aer Lingus on November 28, 2008. As the Company was unable to secure the shareholders' support, it decided on January 28, 2009 to withdraw its new offer for Aer Lingus. On May 21, 2009, Ryanair proposed three resolutions to be put forward at the Aer Lingus annual general...

  • Page 75
    ...safety of low-fares airlines; the value of its equity stake in Aer Lingus; changes in aircraft acquisition, leasing, and other operating costs; and the rates of income taxes paid. Ryanair expects its depreciation, staff and fuel charges to increase as additional aircraft and related flight equipment...

  • Page 76
    ... its long-lived assets for impairment. Factors that would indicate potential impairment would include, but are not limited to, significant decreases in the market value of an aircraft, a significant change in an aircraft's physical condition and operating or cash flow losses associated with the use...

  • Page 77
    ...year. In particular, this charge arose due to an adverse change in the exchange rate between the U.S. dollar and the Euro since the accounting periods in which the aircraft were purchased. Heavy Maintenance An element of the cost of an acquired aircraft is attributed, on acquisition, to its service...

  • Page 78
    ... 2009 Total Revenues ...Scheduled Revenues ...Ancillary Revenues ...Total Operating Expenses ...Staff Costs ...Depreciation and Amortization ...Fuel and Oil ...Maintenance, Materials and Repairs ...Marketing and Distribution Costs...Aircraft Rentals ...Route Charges ...Airport and Handling Charges...

  • Page 79
    ...'s ancillary revenues, which comprise revenues from non-flight scheduled operations, car rentals, in-flight sales and Internet-related services, increased 22.5%, from â,¬488.1 million in the 2008 fiscal year to â,¬598.1 million in the 2009 fiscal year, while ancillary revenue per booked passenger...

  • Page 80
    ... 31, 2009 Fiscal Year Ended March 31, 2008 % Change Staff Costs ...Depreciation and Amortization ...Fuel and Oil ...Maintenance, Materials and Repairs ...Marketing and Distribution ...Aircraft Rentals ...Route Charges ...Airport and Handling Charges ...Other Operating Expenses...Total Operating...

  • Page 81
    ...levels of pre-tax income, material changes in the present relationship between income reported for financial and tax purposes, or material asset sales or other non-routine transactions. The effective tax rate for the 2009 fiscal year was a tax benefit of (6.3%), as compared to the effective tax rate...

  • Page 82
    ...'s ancillary revenues, which comprise revenues from non-flight scheduled operations, car rentals, in-flight sales and Internet-related services, increased 34.8%, from â,¬362.1 million in the 2007 fiscal year to â,¬488.1 million in the 2008 fiscal year, while ancillary revenue per booked passenger...

  • Page 83
    ... Fiscal Year Ended March 31, 2007 % Change Staff Costs ...Depreciation and Amortization ...Fuel and Oil ...Maintenance, Materials and Repairs ...Marketing and Distribution ...Aircraft Rentals ...Route Charges ...Airport and Handling Charges ...Other Operating Expenses...Total Operating Expenses...

  • Page 84
    ... as well as increased costs at London Stansted Airport, where unit costs doubled during the 2008 fiscal year, and higher charges at Dublin Airport, offset in part by lower average costs at the new airports and bases. Other Expenses. Ryanair's other operating expenses, including those applicable...

  • Page 85
    ...of air travel. Ryanair typically records higher revenues and income in the first half of each fiscal year ended March 31 than the second half of such year. RECENTLY ISSUED ACCOUNTING STANDARDS Please see Note 1 to the consolidated financial statements included in Item 18 for information on recently...

  • Page 86
    ... years, Ryanair's primary cash requirements have been for operating expenses, additional aircraft, including advance payments in respect of the new fleet of Boeing 737800s and related flight equipment, payments on related indebtedness and payments of corporation tax as well as share buy-backs. Cash...

  • Page 87
    ...) have also agreed to give the Company certain allowances for promotional and other activities, as well as provide other goods and services to the Company on concessionary terms. As a result of credit memoranda received from Boeing, the effective price of each aircraft purchased in the past has been...

  • Page 88
    ...attributable to the financing of new aircraft. Please see the table "Obligations Due by Period" below for more information on Ryanair's long-term debt (including current maturities) and finance leases as of March 31, 2009. See also Note 11 to the consolidated financial statements included in Item 18...

  • Page 89
    ... international financial counterparty) on the profile of Ryanair's total outstanding debt at March 31, 2009. See "Item 11. Quantitative and Qualitative Disclosures About Market Risk-Interest Rate Exposure and Hedging" for additional details on the Company's hedging transactions. At March 31, 2009...

  • Page 90
    ... that for aircraft owned by the Company, for which such costs are capitalized and amortized. In 2000, Ryanair purchased a Boeing 737-800 flight simulator from CAE Electronics Limited of Quebec, Canada ("CAE"). The simulator is being used for pilot training purposes. The gross purchase price of the...

  • Page 91
    ...material effect on the Company's financial condition, results of operations, liquidity or capital resources are discussed below. Operating Lease Commitments. The Company has entered into a number of sale-and-leaseback transactions in connection with the financing of a number of aircraft in its fleet...

  • Page 92
    ... the Company's results of operations and financial condition, see "Item 3. Key Information-Risk Factors," "-Business Overview," "- Recent Operating Results," "-Results of Operations," "-Liquidity and Capital Resources" and "Item 4. Information on the Company-Strategy-Responding to Current Challenges...

  • Page 93
    ... Capital Markets at Davy Stockbrokers. Mr. McLaughlin also advised Ryanair during its initial flotation on the Dublin and Nasdaq stock markets in 1997. He is also the chairman of the board of directors of Elan Corporation plc, and he serves as a director of a number of other Irish private companies...

  • Page 94
    ... 1995. Mr. Osborne is a former managing partner of A & L Goodbody Solicitors. He also serves as a director of a number of Irish private companies. Mr. Osborne is an Irish citizen. Paolo Pietrogrande (Director). Paolo Pietrogrande, a citizen of the United States, has been a director since 2001. He is...

  • Page 95
    ... stock or asset purchases when a director, officer or substantial shareholder has an interest. The Company is subject to extensive provisions under the Listing Rules of the Irish Stock Exchange (the "Irish Listing Rules") governing transactions with related parties, as defined therein, and the Irish...

  • Page 96
    ... that a majority of an issuer's board of directors be "independent" under the standards set forth in the Nasdaq rules and that directors deemed independent be identified in the Company's annual report. The board of directors has determined that each of the Company's seven non-executive directors is...

  • Page 97
    ... held a number of senior management positions within the Flight Operations Department over the last 17 years, including Fleet Captain of the BAC1-11 and Boeing 737-200 fleets. Ray was Head of Training between 1998 and June 2002. Prior to joining Ryanair, Ray served as an officer with the Irish Air...

  • Page 98
    ..., 2009. For further details of stock options that have been granted to the Company's employees, including the executive officers, see "Item 10. Additional Information-Options to Purchase Securities from Registrant or Subsidiaries," as well as Note 15 to the consolidated financial statements included...

  • Page 99
    ...of the initial training for Ryanair's flight attendants is devoted to safety procedures, and cabin crews are required to undergo annual evacuation and fire drill training during their tenure with the airline. Ryanair utilizes its own Boeing 737-800 aircraft simulators for pilot training. Ryanair has...

  • Page 100
    ... number of hours or sectors flown by pilots and flight attendants (within limits set by industry standards or regulations fixing maximum working hours). During the 2009 fiscal year, such productivity-based incentive payments accounted for approximately 39% of an average flight attendant's total pay...

  • Page 101
    ... the United States by 83 holders, and represented in the aggregate 46.6% of the number of Ordinary Shares then outstanding. See "Item 10. Additional InformationArticles of Association" and "Limitations on Share Ownership by Non-EU Nationals." MAJOR SHAREHOLDERS Based on information available...

  • Page 102
    ...results of operations or financial condition of the Company, except as otherwise described below. EU State Aid-Related Proceedings. On December 11, 2002, the European Commission announced the launch of an investigation into the April 2001 agreement among Ryanair, the Brussels (Charleroi) airport and...

  • Page 103
    ....8% during the 2009 fiscal year at a total aggregate cost of â,¬407.2 million. Following the acquisition of its initial stake and upon the approval of the Company's shareholders, management proposed to effect a tender offer to acquire the entire share capital of Aer Lingus. This acquisition proposal...

  • Page 104
    ... the Company was unable to secure the shareholders's support it decided, on January 28, 2009, to withdraw its new offer for Aer Lingus. Legal Actions Against Regulated Monopoly Airports. Ryanair is involved in a number of legal and regulatory actions against the Dublin and London (Stansted) airports...

  • Page 105
    ... operations of the Company, including the acquisition of additional aircraft needed for Ryanair's planned entry into new markets and the expansion of its existing service, as well as for routine replacements of its current fleet. Ryanair Holdings does not, therefore, anticipate paying any cash...

  • Page 106
    ...financial statements included in this annual report. Item 9. The Offer and Listing TRADING MARKETS AND SHARE PRICES The primary market for Ryanair Holdings' Ordinary Shares is the Irish Stock Exchange Limited (the "Irish Stock Exchange"); Ordinary Shares are also traded on the London Stock Exchange...

  • Page 107
    Ordinary Shares (Irish Stock Exchange) (in Euro) Low High 2003 ...2004 ...2005 ...2006 ...2007 First Quarter ...Second Quarter ...Third Quarter ...Fourth Quarter ...2008 First Quarter ...Second Quarter ...Third Quarter ...Fourth Quarter ...Month ending: January 31, 2009 ...February 28, 2009 ......

  • Page 108
    ...then outstanding share capital. The maximum price at which the Company may repurchase Ordinary Shares, in accordance with the listing rules of the Irish Stock Exchange and of the Financial Services Authority, is the higher of 5% above the average market value of the Company's Ordinary Shares for the...

  • Page 109
    ...Additional Information DESCRIPTION OF CAPITAL STOCK Ryanair Holdings' capital stock consists of Ordinary Shares, each having a par value of 0.635 Euro cents. As of March 31, 2009, a total of 1,473,356,159 Ordinary Shares were outstanding. On February 26, 2007, Ryanair effected a 2-for-1 share split...

  • Page 110
    ...also "-Limitations on Share Ownership by nonEU nationals" below. Under Irish law, if a party acquires or disposes of shares in the Company so as to bring his interest above or below 5% of the total issued share capital of the Company, he must notify the Company of that. The Irish Stock Exchange must...

  • Page 111
    ... on the Company- Aircraft" and "Item 5. Operating and Financial Review and Prospects-Liquidity and Capital Resources" for a detailed discussion of the 2005 Boeing contract. EXCHANGE CONTROLS Except as indicated below, there are no restrictions on non-residents of Ireland dealing in Irish securities...

  • Page 112
    ... occur as a consequence of the level of non-EU ownership of shares or an Intervening Act is imminent, threatened or intended because of the manner of share ownership or control of Ryanair Holdings generally, the directors can take action pursuant to the Articles to deal with the situation. They can...

  • Page 113
    ... on behalf of Ryanair Holdings. The directors shall publish information as to the number of shares held by EU nationals annually. In an effort to increase the percentage of its share capital held by EU nationals, on June 26, 2001, Ryanair Holdings instructed The Bank of New York, the depositary for...

  • Page 114
    ... by the Irish Revenue Commissioners ("Irish Revenue"); Qualifying fund managers or qualifying savings managers; Personal Retirement Savings Account ("PRSA") administrators who receive the relevant distribution as income arising in respect of PRSA assets; Qualifying employee share ownership trusts...

  • Page 115
    ... or more companies, in either case the principal classes of shares of which is or are substantially and regularly traded on a recognized stock exchange in a tax treaty country or an EU member state including Ireland or on an approved stock exchange. In the case of a non-resident stockholder resident...

  • Page 116
    ...stock exchange in the United States for this purpose). Under current Irish law, no stamp duty will be payable on the acquisition of ADSs by persons purchasing such ADSs or on any subsequent transfer of ADSs. A transfer of Ordinary Shares (including transfers effected through Euroclear U.K. & Ireland...

  • Page 117
    ... market data, the Company does not anticipate becoming a PFIC for its 2009 / 10 taxable year. Under the U.S.-Ireland Income Tax Treaty currently in effect, in the event the Company were to pay any dividend, the tax credit attaching to the dividend (as used herein the "Tax Credit"; see "-Irish...

  • Page 118
    ... business at its Corporate Head Office, Dublin Airport, County Dublin, Ireland. Ryanair Holdings also files reports, including annual reports, periodic reports on Form 6-K and other information, with the SEC pursuant to the rules and regulations of the SEC that apply to foreign private issuers. You...

  • Page 119
    ... of hedging its operational and balance sheet risk. However, Ryanair's exposure to commodity price, interest rate and currency exchange rate fluctuations cannot be neutralized completely. In executing its risk management strategy, Ryanair currently enters into forward contracts for the purchase of...

  • Page 120
    ... IFRS, these foreign currency forward contracts are treated as cash-flow hedges of forecast U.S. dollar and U.K. pound sterling purchases to address the risks arising from U.S. dollar and U.K. pound sterling exchange rates. The derivatives are recorded at fair value in the balance sheet and are re...

  • Page 121
    ... as the corresponding aircraft purchase commitments. Holding other variables constant, if there were an adverse change of ten percent in relevant foreign currency exchange rates, the market value of Ryanair's foreign currency contracts outstanding at March 31, 2009 would decrease by approximately...

  • Page 122
    ...of the Company's management, including the chief executive officer and chief financial officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). There are inherent limitations to...

  • Page 123
    ...ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). The Company's internal control over financial...

  • Page 124
    ... similar functions, as well as to all of the Company's other officers, directors and employees. The Code of Business Conduct and Ethics is available on Ryanair's website at http: / / www.ryanair.com. (Information appearing on the website is not incorporated by reference into this annual report...

  • Page 125
    Audit Committee Pre-Approval Policies and Procedures The audit committee expressly pre-approves every engagement of Ryanair's independent auditors for all audit and non-audit services provided to the Company. Item 16D. Exemptions from the Listing Standards for Audit Committees None. 125

  • Page 126
    ...2009 fiscal year pursuant to its â,¬200 million Ordinary Share buy-back program announced in February 2008: Approximate Value of Ordinary Shares that May Yet Be Purchased Under the Plans or Programs (Including Purchase Costs) (â,¬ Thousands) Month / Period Total Number of Ordinary Shares Purchased...

  • Page 127
    ... 16G. Corporate Governance See "Item 6. Directors, Senior Management and Employees-Directors-Exemptions from Nasdaq Corporate Governance Rules" for further information regarding the ways in which the Company's corporate governance practices differ from those followed by domestic companies listed on...

  • Page 128
    ...FINANCIAL STATEMENTS Page Consolidated Balance Sheets of Ryanair Holdings plc at March 31, 2009 and March 31, 2008 ...Consolidated Income Statements of Ryanair Holdings plc for the Years ended March 31, 2009, March 31, 2008 and March 31, 2007 ...Consolidated Cash Flow Statements of Ryanair Holdings...

  • Page 129
    ...assets ...Available for sale financial assets ...Derivative financial instruments ...Total non-current assets ...Current assets Inventories ...Other assets ...Current tax ...Trade receivables ...Derivative financial instruments ...Restricted cash ...Financial assets: cash > 3 months ...Cash and cash...

  • Page 130
    Consolidated Income Statement Year ended March 31, 2009 â,¬000 Year ended March 31, 2008 â,¬000 Year ended March 31, 2007 â,¬000 Note Operating revenues Scheduled revenues ...Ancillary revenues ...Total operating revenues - continuing operations ...Operating expenses Staff costs ...Depreciation ......

  • Page 131
    ...-for-sale financial asset ...Decrease / (increase) in interest receivable ...(Increase) / decrease in interest payable ...Retirement costs ...Share based payments ...Income tax refunded / (paid) ...Net cash provided by operating activities ...Investing activities Capital expenditure (purchase of...

  • Page 132
    Consolidated Statement of Recognised Income and Expense Year ended March 31, 2009 â,¬000 Net actuarial (losses) / gains from retirement benefit plans ...Cash flow hedge reserve-effective portion of fair value changes to derivatives Effective portion of changes in fair value of cash-flow hedges ......

  • Page 133
    ...or the "Company") and currently operate a low-fares airline headquartered in Dublin, Ireland. All trading activity continues to be undertaken by the group of companies headed by Ryanair Limited. Statement of compliance In accordance with the International Accounting Standards ("IAS") Regulation (EC...

  • Page 134
    ... its long-lived assets for impairment. Factors that would indicate potential impairment would include, but are not limited to, significant decreases in the market value of an aircraft, a significant change in an aircraft's physical condition and operating or cash flow losses associated with the use...

  • Page 135
    ... 31, 2009. Subsidiaries are entities controlled by us. Control exists when we have the power either directly or indirectly to govern the financial and operating policies of an entity so as to obtain benefit from its activities. All inter-company account balances and any unrealised income or expenses...

  • Page 136
    ... values. The estimates of useful lives and residual values at year-end are: Aircraft Type Boeing 737-800s Number of Aircraft at March 31, 2009 138(a) Useful Life 23 years from date of manufacture Residual Value 15% of market value, determined periodically _____ (a) The Company operated 181 aircraft...

  • Page 137
    ... at amortised cost, using the effective interest method in the balance sheet. Derivative financial instruments Ryanair is exposed to market risks relating to fluctuations in commodity prices, interest rates and currency exchange rates. The objective of financial risk management at Ryanair is to...

  • Page 138
    ...costs. Subsequent to initial recognition, non-current interest-bearing loans are measured at amortised cost, using the effective interest yield methodology. Leases Leases under which the Company assumes substantially all of the risks and rewards of ownership are classified as finance leases. Assets...

  • Page 139
    .... The Company's primary reporting segments comprise geographic segments relating to the origin of its revenues, as the Company only operates in one business segment, this being the provision of a low fares scheduled airline service across a European route network. Income statement classification and...

  • Page 140
    ... within non-current assets or liabilities on the balance sheet. The deferred tax impact of any such amount is disclosed separately within deferred tax. The Company separately recognises the operating and financing costs of defined-benefit pensions in the income statement. IFRS permits a number of...

  • Page 141
    ...IAS 27, "Consolidated and Separate Financial Statements") (effective for new acquisitions occurring in financial years beginning on or after July 1, 2009). These standards deals with how an acquirer recognises, measures, and discloses in its financial statements the identifiable assets acquired, the...

  • Page 142
    ... 5, "Non-current assets held for sale and discontinued operations - plans to sell a controlling interest in a subsidiary," which is effective for fiscal periods beginning on or after July 1, 2009. None of these amendments are expected to have a significant impact on Ryanair's financial statements...

  • Page 143
    ... its comparative balance sheet and note disclosures as at and for the 2008 fiscal year as follows: (a) A reclassification of â,¬2.0 million was effected from "other creditors" to "provisions," both within non-current liabilities, reflecting the present value of the Company's net pension obligations...

  • Page 144
    ...currency for firm commitments to buy aircraft, which are permitted to be included within the Company's balance sheet for fair-value hedges undertaken in respect of these commitments, amounting to â,¬0.7 million (March 31, 2008: â,¬27.2 million). The net book value of assets held under finance leases...

  • Page 145
    ... bringing Ryanair's total holding in Aer Lingus to 29.8% (2008: 29.3%). The balance sheet value of â,¬93.2 million (2008: â,¬311.5 million) reflects the market value of this investment as at March 31, 2009. In accordance with the Company's accounting policy, these assets are held at fair value with...

  • Page 146
    ..., the Company aims to achieve the best available return on investments of surplus cash - subject to credit risk and liquidity constraints. Credit risk is managed by limiting the aggregate amount and duration of exposure to any one counterparty based on third-party marketbased ratings. In line with...

  • Page 147
    ... the Company's balance sheet, are analysed as follows: At March 31, 2009 â,¬000 Current assets Gains on fair-value hedging instruments - maturing within one year ...Gains on cash-flow hedging instruments - maturing within one year...2008 â,¬000 664 129,298 129,962 10,228 10,228 Non-current assets...

  • Page 148
    ...a number of ways: forecast U.K. pounds sterling and Euro revenue receipts are converted into U.S. dollars to hedge against forecasted U.S. dollar payments principally for jet fuel, insurance, capital expenditure and other aircraft related costs. These are classified as either cash-flow or fair-value...

  • Page 149
    ...the income statement, analysed by income statement category, in respect of cash-flow hedges realised during the year: 2009 â,¬000 Commodity forward contracts Recognised in fuel and oil operating expenses, net of tax ...Interest rate swaps Recognised in finance expense, net of tax ...Foreign currency...

  • Page 150
    ...escrow during the current year upon the successful outcome of the legal proceeding. See details of this matter in Note 23 to the consolidated financial statements. 10 Accrued expenses and other liabilities At March 31, 2008 2009 â,¬000 â,¬000 Accruals ...Taxation ...Unearned revenue ... 226,322 231...

  • Page 151
    ... agreements with a value that reflects price movements in an underlying asset. The Company uses derivative financial instruments, principally jet fuel derivatives, interest rate swaps and forward foreign exchange contracts to manage commodity risks, interest rate risks and currency exposures...

  • Page 152
    ... Jet fuel derivative contracts ...Trade payables ...Accrued expenses...Total financial liabilities at March 31, 2009 ...At March 31, 2008 Long-term debt ...Derivative financial instruments - Interest rate swaps ...- U.S. dollar currency forward contracts ...Cash Flow Hedges â,¬000 Fair Value Hedges...

  • Page 153
    ...fair value ... (106,710) 6,015 All of the above commodity contracts mature within the year and are matched against highly probable forecast fuel purchases. (c) Maturity and interest rate risk profile of financial assets and financial liabilities At March 31, 2009, the Company had total borrowings...

  • Page 154
    ... floating to fixed...Secured long-term debt after swaps...Finance leases...Total fixed rate debt...Floating rate Secured long-term debt...Debt swapped from floating to fixed...Secured long-term debt after swaps...Finance leases...Total floating rate debt...Total financial liabilities... 2009 â,¬000...

  • Page 155
    ...). Secured long-term debt and interest rate swaps typically re-price on a quarterly basis with finance leases re-pricing on a semi-annual basis. We use current interest rate settings on existing debt at each year-end to calculate contractual cash flows. Fixed interest rates on financial liabilities...

  • Page 156
    ... to the international nature of its operations. The Company manages this risk by matching U.K. pound sterling revenues against U.K. pound sterling costs. Any remaining unmatched U.K. pound sterling revenues are used to fund U.S. dollar currency exposures that arise in relation to fuel, maintenance...

  • Page 157
    ... resources comprise cash and cash equivalents, short-term investments and restricted cash. The Company defines the capital that it manages as the Company's long-term debt and equity. The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence...

  • Page 158
    ... price risk: A decrease of 10% in the Aer Lingus share price as of March 31, 2009 would result in a decrease of â,¬9.3 million in the fair value of the available-for-sale financial assets. The decrease would be recognised as an impairment in the income statement. An increase of 10% in the Aer Lingus...

  • Page 159
    ...2007 % Statutory rate of Irish corporation tax ...Adjustments for earnings taxed at higher rates ...Adjustments for earnings taxed at lower rates ...Loss on impairment of available-for-sale financial asset ...Other differences ...Adjustments for prior year over-provisions ...Total effective rate of...

  • Page 160
    ...The majority of current and deferred tax recorded in each of fiscal 2009 and 2008 relates to domestic tax charges and there is no expiry date associated with these temporary differences. In fiscal 2009, the Irish corporation tax rate remained at 12.5%. Ryanair.com Limited is engaged in international...

  • Page 161
    ... value of the net pension obligation before tax is â,¬10.1 million (2008: â,¬2.0 million) in Ryanair Limited. See Note 21 to the financial statements for further details. 14 Other creditors This consists of deferred gains arising from the sale and leaseback of aircraft. During fiscal year 2009...

  • Page 162
    ... 2009 and 3,238,540 in fiscal 2008 ...Balance at end of year ... 615,815 1,611 617,426 607,433 8,382 615,815 (c) Share options and share purchase arrangements The Company has adopted a number of share option plans, which allow current or future employees or executive directors to purchase shares...

  • Page 163
    ... the income statement in respect of employee services rendered, which was based on 23.7 million share options within the scope of IFRS 2 (2008: 19.3 million) as compared to the total share options disclosed above (as permitted by the transitional rules in IFRS 1). The weighted average fair value of...

  • Page 164
    ... account Retained earnings Capital redemption reserve Other Reserves Total Balance at March 31, 2006 ...Issue of ordinary equity shares (net of issue costs) ...Effective portion of changes in fair value of cash-flow hedges ...Net change in fair value of cash-flow hedges transferred to the income...

  • Page 165
    ...the consolidated financial statements. 17 Analysis of operating revenues and segmental analysis All revenues derive from the Company's principal activity and business segment as a low-fares airline and include scheduled services, car hire, Internet income and related sales to third parties. Revenue...

  • Page 166
    ...; 2007: â,¬0.7 million) while costs associated with defined-benefit plans included here were â,¬0.8 million in 2009 (2008: â,¬1.3 million; 2007: â,¬1.7 million). (See Note 21 to the financial statements). 19 Statutory and other information Year ended March 31, 2009 â,¬000 Year ended March 31, 2008...

  • Page 167
    ...the Listing Rules of the Irish Stock Exchange. The increases in transfer values of the accrued benefits have been calculated as at each year-end in accordance with Actuarial Standard of Practice PEN-11. (d) (i) Shares and share options Shares Ryanair Holdings plc is listed on the Irish, London and...

  • Page 168
    ...to these directors at an exercise price of â,¬4.96 (the market value at the date of grant) during the 2008 fiscal year and are exercisable between June 2013 and June 2015. Directors not referred to above held no shares or share options. In the 2009 fiscal year the Company incurred total share-based...

  • Page 169
    ...2008 2009 2007 Discount rate used for Irish plan ...Discount rate used for UK plan ...Return on plan assets for Irish plan ...Return on plan assets for UK plan ...Rate of Euro inflation...Rate of UK inflation...Future pension increases in Irish plan ...Future pension increases in UK plan...Future...

  • Page 170
    ... in the consolidated income statements in respect of our defined-benefit plans are as follows: Year ended March 31, 2009 â,¬000 Included in payroll costs Service cost ...Included in finance expense Interest on pension scheme liabilities...Expected return on plan assets ...Net finance expense ...Net...

  • Page 171
    ... million to our defined-benefit plans in 2010. Defined-contribution schemes The Company operates defined-contribution retirement plans in Ireland and the UK. The costs of these plans are charged to the consolidated income statement in the period in which they are incurred. The pension cost of these...

  • Page 172
    ... to the consolidated financial statements. Basic earnings per ordinary share (EPS) for Ryanair Holdings plc for the years ended March 31, 2009, March 31, 2008 and March 31, 2007 has been computed by dividing the (loss) / profit attributable to shareholders by the weighted average number of ordinary...

  • Page 173
    ...the Company has asked Boeing to purchase and install on each of the aircraft, and (b) an "Escalation Factor" designed to increase the Basic Price, as defined in the purchase agreement, of any individual aircraft by applying a formula which reflects increases in the published U.S. Employment Cost and...

  • Page 174
    ...cost of leasing 43 (2008: 35) Boeing 737-800 "next generation" aircraft at March 31, 2009 and 2008, respectively. Commitments resulting from the use of derivative financial instruments by the Company are described in Notes 5 and 11 to the consolidated financial statements. Contingencies The Company...

  • Page 175
    ... Airport Co Dublin, Ireland. Corporate Headquarters Dublin Airport Co Dublin, Ireland. Airline operator Darley Investments Limited (a) .. August 23, 1996 (acquisition) Investment holding company Ryanair.com Limited (a) ... August 23, 1996 (acquisition) International data processing services...

  • Page 176
    ... to above have been consolidated in the financial statements of Ryanair Holdings plc for the years ended March 31, 2009 and March 31, 2008. The total amount of remuneration paid to senior key management (defined as the executive team reporting to the Board of Directors) amounted to â,¬8.2 million in...

  • Page 177
    Company Balance Sheet At March 31, 2009 2008 â,¬000 â,¬000 Note Non-current assets Investments in subsidiaries ...29 Current assets Loans and receivables from subsidiaries ...Total assets ...Current liabilities Amounts due to subsidiaries ...Shareholders' equity Issued share capital ...Share ...

  • Page 178
    ... in cash and cash equivalents ...Cash and cash equivalents at beginning and end of year ... - - The accompanying notes are an integral part of the financial information. Company Statement of Recognised Income and Expense Year ended March 31, 2009 â,¬000 Year ended March 31, 2008 â,¬000 Dividend...

  • Page 179
    ... Basis of preparation and significant accounting policies The Company financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), which are effective for the year ended and as at March 31, 2009, as applied in...

  • Page 180
    ..., non-current interest bearing loans are measured at amortised cost, using the effective interest yield methodology. 29 Investments in subsidiaries Year ended March 31, 2009 â,¬000 Balance at start of year New investments in subsidiaries by way of share option grant to subsidiary employees...

  • Page 181
    ... issue costs) ...Dividend income on ordinary shares ...Repurchase of ordinary equity shares ...Capital redemption reserve ...Share-based payments ...Balance at March 31, 2009 ... 34 Contingencies a) The Company has provided â,¬20.6 million (2008: â,¬25.0 million) in letters of guarantee to secure...

  • Page 182
    ... were flown. Represents the average fare paid by a scheduled fare-paying passenger who has booked a ticket. Represents the average number of flight hours flown in scheduled service per day per aircraft for the total fleet of operated aircraft. Average Fuel Cost Per U.S. Gallon ... Represents the...

  • Page 183
    Revenue Passenger Miles ("RPMs") ...Revenue Passengers Booked ... Represents the number of miles flown by booked fare-paying passengers. Represents the number of scheduled fare-paying passengers booked. Sectors Flown ... Represents the number of scheduled passenger flight sectors flown. 183

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