Ryanair 2009 Annual Report Download - page 168

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168
(ii) Share options
The share options held by each director in office at the end of fiscal 2009 were as follows:
March 31,
2009
Number of
Options
March 31,
2008
Number of
Options
March 31,
2007
Number of
Options
David Bonderman (c) ................................................................
..............
25,000 25,000 –
Emmanuel Faber (a) ................................................................
................
50,000 50,000 50,000
Michael Horgan (c) ................................................................
.................
25,000 25,000 –
Klaus Kirchberger (a)................................................................
..............
50,000 50,000 50,000
Kyran McLaughlin (c) ................................................................
............
25,000 25,000 –
Michael O’Leary (b) ................................................................
...............
81,240 81,240 81,240
James R. Osborne (c) ................................................................
..............
25,000 25,000 –
Paolo Pietrogrande (c) ................................................................
.............
25,000 25,000 –
______________
(a) These options were granted to these directors at an exercise price of €2.83 (the market value at the date of grant) during
the year ended March 31, 2003 and are exercisable between June 2007 and June 2009.
(b) These options were granted to Michael O’Leary as follows: 35,402 in fiscal 2003 at €2.86 and 45,838 in fiscal 2004 at
€2.21 (the market values at the dates of grant), in either case under the 2003 share option plan; these are exercisable
between 2008 and 2010.
(c) These options were granted to these directors at an exercise price of €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 compensation expense of €0.05 million
(2008: €0.05 million) in relation to directors.
20 Finance expense
Year ended
March 31,
2009
Year ended
March 31,
2008
Year ended
March 31,
2007
€000 €000 €000
Interest payable on bank loans wholly repayable after five years
...........
130,671 97,344 82,891
Interest arising on pension liabilities, net (see Note 21)
..........................
(127) (256) (15)
130,544 97,088 82,876
21 Pensions
The Company accounts for pensions in accordance with IAS 19, “Employee Benefits.”
The Company operates defined-benefit and defined-contribution schemes.
Defined-benefit schemes
The Company funds the pension entitlements of certain employees through defined-benefit plans. Two
plans are operated for eligible Irish and UK employees. In general, on retirement, a member is entitled to a
pension calculated at 1 / 60th of the final pensionable salary for each year of pensionable service, subject to a
maximum of 40 years. These plans are fully funded on a discontinuance basis and the related pension costs and
liabilities are assessed in accordance with the advice of a professionally qualified actuary. The investments of
the plans at March 31, 2009 consisted of units held in independently administered funds. The most recent full
actuarial valuations of the plans were carried out at June 30, 2007 in accordance with local regulatory
requirements using the projected unit credit method, and the valuation reports are not available for public
inspection.