Ryanair 2009 Annual Report Download - page 173
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173
In October 2008, the Company exercised 10 options with Boeing under the terms of its 2005 contract.
These “firm” Boeing 737-800 aircraft will be delivered in fiscal 2011.
In January 2009, the Company exercised 13 options with Boeing under the terms of its 2005 contract.
These “firm” Boeing 737-800 aircraft will be delivered in fiscal 2011.
The table below details the firm aircraft delivery schedule at March 31, 2009 and March 31, 2008 for
the Company pursuant to the 2002 and 2005 Boeing contracts.
Aircraft
Delivered at
March 31,
2009
Firm Aircraft
Deliveries
Fiscal 2010-2012 Total “Firm”
Aircraft
Basic price
per aircraft
(U.S.$
million)
Firm Aircraft
Deliveries
Fiscal 2009-
2012 at
March 31,
2008
2002 Contract
.....................
103 - 103 51 3
2005 Contract
.....................
49 134 183 51 136
Total ................................
...
152 134 286 139
The “Basic Price” (equivalent to a standard list price for an aircraft of this type) for each aircraft
governed by the 2005 Boeing contract will be increased by (a) an estimated U.S.$900,000 per aircraft for certain
“buyer furnished” equipment 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
Producer Price indices between the time the Basic Price was set and the period of six months prior to the
delivery of such aircraft.
Boeing has granted Ryanair certain price concessions with regard to the Boeing 737-800 “next
generation” aircraft. These take the form of credit memoranda to the Company for the amount of such
concessions, which the Company may apply toward the purchase of goods and services from Boeing or toward
certain payments, in respect of the purchase of the aircraft under the various Boeing contracts.
Boeing and CFMI (the manufacturer of the engines to be fitted on the purchased aircraft) have also
agreed to give the Company certain allowances in addition to providing other goods and services to the
Company on concessionary terms. These credit memoranda and allowances will effectively reduce the price of
each aircraft to the Company. As a result, the effective price of each aircraft will be significantly below the
Basic Price mentioned above. At March 31, 2009, the total potential commitment to acquire all 134 “firm”
aircraft, not taking such increases and decreases into account, will be up to U.S.$6.8 billion. (At March 31, 2008
the potential commitment was U.S.$7.0 billion to acquire 139 “firm” aircraft).