Ryanair 2009 Annual Report Download - page 160
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160
Deferred tax applicable to items charged or credited directly to equity were as follows:
At March 31,
2009 2008
€000 €000
Defined benefit pension obligations ............................................................................... (1,073) 643
Derivative financial instruments .................................................................................... 20,027 (14,741)
Available for sale securities ........................................................................................... - (12,231)
Total tax charge / (credit) in equity ................................................................................ 18,954 (26,329)
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 data processing and reservation services. As such,
Ryanair.com Limited is entitled to claim a 10% corporation tax rate on profits derived from qualifying activities
in accordance with Section 448 of the Taxes Consolidated Act, 1997. This legislation provides for the
continuation of the 10% effective corporation tax rate until 2010.
The principal components of deferred tax at each year-end were:
At March 31,
2009 2008
€000 €000
Arising on capital allowances and other temporary differences ...............................
191,399 168,644
Arising on net operating losses carried forward .......................................................
(34,324) -
Arising on derivatives ..............................................................................................
(281) (20,304)
Arising on pensions .................................................................................................
(1,270) (252)
Total .........................................................................................................................
155,524 148,088
At March 31, 2009 and 2008, the Company had fully provided for all required deferred tax assets and
liabilities. There are no taxable temporary differences on overseas subsidiaries and, on that basis, no deferred tax
has been provided for on the un-remitted earnings of overseas subsidiaries because there is no intention to remit
these to Ireland.
13 Provisions
At March 31,
2009 2008
€000 €000
Provision for aircraft maintenance on operating leased aircraft (a)
.............................
61,807 42,790
Provision for pension obligation (b)................................................................
............
10,157 2,020
71,964 44,810
At March 31,
2009 2008
€000 €000
(a) Provision for aircraft maintenance on operating leased aircraft
At beginning of year ................................................................................................
...
42,790 28,719
Charge for the year ................................................................................................
.....
19,017 14,071
At end of year ................................................................................................
.............
61,807 42,790