Ryanair 2009 Annual Report Download - page 171

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171
The fair value of the plans’ assets at March 31 of each year is analysed as follows:
At March 31,
2009 2008 2007
€000 €000 €000
Equities ................................................................................................
..........
11,982 18,399 22,949
Bonds ................................................................................................
.............
3,720 3,554 3,173
Property ................................................................................................
..........
601 1,134 1,150
Other assets ................................................................................................
....
1,629 1,882 1,344
Total fair value of plan assets ................................................................
.........
17,932 24,969 28,616
The plans’ assets do not include any of our own financial instruments, nor any property occupied by, or
other assets used by us.
The expected long-term rate of return on assets of 6.40% (2008: 7.28%) for the Irish scheme was
calculated based on the assumptions of the following returns for each asset class: Equities 8.00% (2008: 8.25%);
Bonds 3.50% (2008: 4.25%); Property 6.25% (2008: 6.75%); and Cash 2.0% (2008: 4.0%). The expected long-
term rate of return on assets of 7.18% (2008: 7.91%) for the UK scheme was calculated based on the
assumptions of the following returns for each asset class: Equities 8.00% (2008: 8.5%); Corporate and Overseas
Bonds 6.30% (2008: 6.60%); and Other 2.00% (2008: 5.0%).
Since there are no suitable Euro-denominated AA-rated corporate bonds, the expected return is
estimated by adding a suitable risk premium to the rate available from government bonds. The assumptions are
based on long-term expectations at the beginning of the reporting period and are expected to be relatively stable.
The history of the plans for the current and prior periods is as follows:
At March 31,
2009
2008
2007
2006
2005
€000
€000
€000
€000
€000
Difference between expected and actual
return on assets ................................
....................
(9,760) (6,602) 748
3,531
952
Expressed as a percentage of scheme assets
........
(54%) (26%) 3% 14% 5%
Experience gains / (losses) on scheme
liabilities ................................
.............................
925 1,633 1,586
62
(242)
Expressed as a percentage of scheme
liabilities ................................
.............................
3% 6% 4%
-
(1%)
Total actuarial (losses) / gains
.............................
(8,580) (5,140) 2,272
2,659
(3,419)
Expressed as a percentage of scheme
liabilities ................................
.............................
(31%) (19%) 6%
8%
(12%)
We expect to contribute approximately €0.7 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 defined-contribution plans was €1.7 million in 2009 (2008: €1.0 million).