Ryanair 2009 Annual Report Download - page 5

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5
Looking forward this year we believe that our adjusted net profit after tax will rise as a result of savings
secured by our fuel hedging and cost reduction programmes. We are 90% hedged for the first 3 Quarters at
approx. $62 per barrel 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 reduce
fares, drive traffic and profit growth during this very deep recession.
We expect at the end of this downturn that there will be fewer airlines in the European market. The
winners who prosper will be those with strong balance sheets (we currently have over €2.5bn in cash), lower
costs and a sustainable business model. Ryanair plans to emerge from this recession even stronger with
substantially increased traffic, greater market share, lower fares and an even lower cost base. Ryanair will
continue to lower fares and double our traffic by 2012 (from our 2007 base) while at the same time doubling
profits by continuously lowering airfares and reducing costs for the benefit of our passengers, our people and
our shareholders.
Yours sincerely,
David Bonderman
Chairman