Ryanair 2009 Annual Report Download - page 72

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72
Item 5. Operating and Financial Review
The following discussion should be read in conjunction with the audited consolidated financial
statements of the Company and the notes thereto included in Item 18. Those consolidated financial statements
have been prepared in accordance with IFRS.
HISTORY
Ryanair’s current business strategy dates to the early 1990s, when a new management team, including
the current chief executive, commenced the restructuring of Ryanair’s operations to become a low-fares airline
based on the low-cost operating model pioneered by Southwest Airlines Co. in the United States. During the
period between 1992 and 1994, Ryanair expanded its route network to include scheduled passenger service
between Dublin and Birmingham, Manchester and Glasgow (Prestwick). In 1994, Ryanair began standardizing
its fleet by purchasing used Boeing 737-200A aircraft to replace substantially all of its leased aircraft. Beginning
in 1996, Ryanair continued to expand its service from Dublin to new provincial destinations in the U.K. In
August 1996, Irish Air, L.P., an investment vehicle led by David Bonderman and certain of his associates at the
Texas Pacific Group, acquired a minority interest in the Company. Ryanair Holdings completed its initial public
offering in June 1997.
From 1997 through June 30, 2009, Ryanair launched service on more than 800 routes throughout
Europe and also increased the frequency of service on a number of its principal routes. During that period, in
addition to Dublin, Ryanair established, London (Stansted and Luton), Glasgow (Prestwick), Brussels
(Charleroi), Frankfurt (Hahn), Milan (Bergamo), Stockholm (Skvasta), Rome (Ciampino), Barcelona (Girona),
Nottingham East Midlands, Liverpool, Shannon, Pisa, Cork, Marseille, Madrid, Bremen, Dusseldorf (Weeze),
Bristol, Alicante, Belfast, Bournemouth, Birmingham, Kerry, Edinburgh, Reus, Alghero, Cagliari, Trapani,
Bologna and Pescara airports as bases of operations. Ryanair plans to open a base at Porto in August 2009.
Ryanair has increased the number of booked passengers from 4.9 million in the 1999 fiscal year to
approximately 58.6 million in the 2009 fiscal year, had 196 Boeing 737-800 aircraft as of June 30, 2009, and
now serves 145 airports while employing over 6,900 people.
Ryanair expects to have 232 aircraft in its operating fleet by March 31, 2010. During the period
through March 2012, the Company expects to take delivery of additional Boeing 737-800 aircraft that, net of
further planned retirements and lease terminations, are expected to increase the size of the Company’s fleet to
292 aircraft, with that number increasing should Ryanair choose to exercise any of the 10 options remaining
under its current contracts with Boeing. See “Liquidity and Capital Resources” and “Item 4. Information on
the CompanyAircraft” for additional details.