Ryanair 2011 Annual Report Download

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Table of contents

  • Page 1

  • Page 2

  • Page 3
    ... Accounting Policies Directors, Senior Management and Employees Major Shareholders and Related Party Transactions Financial Information Additional Information Quantitative and Qualitative Disclosures About Market Risk Controls and Procedures Consolidated Financial Statements Company Financial...

  • Page 4
    FINANCIAL HIGHLIGHTS Summarised consolidated income statement in accordance with IFRS as adjusted - see below Operating revenue Net profit after tax Adjusted net profit after tax (i) Basic EPS (in euro cent) Adjusted basic EPS (in euro cent) 2011 1M 3,629.5 374.6 400.7 25.21 26.97 2010 1M 2,988.1...

  • Page 5
    2011 Key Statistics Scheduled passengers Fleet at period end Average number of employees Passengers per average no. of employees 72.1m 272 8,063 8,942 2010 66.5m 232 7,032 9,457 Change +8% +17% +15% -5% 3

  • Page 6
    ... average fares, almost in line with the 10% increase in average sector length. During the year Ryanair delivered a number of milestones Traffic grew by 8% to 72m passengers. We took delivery of 40 (net) new aircraft bringing the total fleet to 272. We opened 328 new routes. We opened 8 new bases at...

  • Page 7
    ...operates two terminals, both of them half empty, yet the two main airlines (Ryanair and Aer Lingus) are expected to pay for these expensive and profligate facilities which we neither wanted nor supported. It is impossible not to agree with Aer Lingus' recent description of the Dublin Airport charges...

  • Page 8
    ......Aer Lingus Pax 71.2m 44.4m 37.6m 30.8m 30.8m 26.3m ...9.3m However Ryanair's growth and success is not based solely on price. In addition to the lowest fares in every market, we also offer: 1. 2. 3. 4. 5. 6. The best punctuality. Last year 85% of all flights arrived on-time. The fewest lost bags...

  • Page 9
    ..., the Board and Management team in Ryanair have a significant stake in the company. We think and act over the short and medium and long term, like shareholders, because we are substantial shareholders. Our 2011 net profit after tax of 1401m ($565m) makes Ryanair the world's most profitable low fares...

  • Page 10
    ... thank the Chairman, the Board, the Senior Management and all of the team in Ryanair for their hard work and commitment which has helped Ryanair to deliver another year of growth in fleet, traffic and profits for the benefit of the passengers, our people and our shareholders. Rest assured that we...

  • Page 11
    ... Scheduled revenues ...2,827.9 Ancillary revenues ...801.6 Total operating revenues 3,629.5 -continuing operations Operating expenses Staff costs ...371.5 Depreciation...273.0 Fuel and oil ...1,226.7 Maintenance, materials and repairs ...93.9 Aircraft rentals ...95.2 Route charges ...410.5 Airport...

  • Page 12
    ... product mix and higher internet related revenues. Total revenue per passenger, as a result, increased by 12%, whilst Load Factor was up 1% to 83% during the year. Total operating expenses increased by 20% to 13,113.3m, primarily due to an increase in fuel prices, the higher level of activity, and...

  • Page 13
    ...financial statements of Ryanair Holdings plc, for the year ended March 31, 2011. Review of business activities and future developments in the business The Company operates a low fares airline business and plans to continue to develop this activity by expanding its successful low fares formula on new...

  • Page 14
    ...shareholders. Details of total remuneration paid to senior key management (defined as the executive team reporting to the Board of Directors) is set out in Note 27 on page 183 of the consolidated financial statements. Executive director's service contract Ryanair entered into an employment agreement...

  • Page 15
    ...consolidated financial statements. Auditor In accordance with Section 160(2) of the Companies Act 1963, the auditor KPMG, Chartered Accountants, will continue in office. Annual General Meeting The Annual General Meeting will be held on September 29, 2011 at 10am in the Radisson Hotel, Dublin Airport...

  • Page 16
    ... GOVERNANCE REPORT Ryanair has primary listings on the Irish and London Stock Exchanges and its American Depositary Shares are listed on the NASDAQ. The directors are committed to maintaining the highest standards of corporate governance and this statement describes how Ryanair has applied the main...

  • Page 17
    ... the operation of the Company. The terms and conditions of appointment of non-executive directors are set out in their letters of appointment, which are available for inspection at the Company's registered office during normal office hours and at the Annual General Meeting of the Company. 15

  • Page 18
    ...& Officers liability insurance in place in respect of any legal actions taken against the directors in the course of the exercise of their duties. New non-executive directors are encouraged to meet the executive director and senior management for briefing on the Company's developments and plans. 16

  • Page 19
    ...page 174 of the consolidated financial statements. The Board has adopted The Model Code, as set out in the Listing Rules of the Irish Stock Exchange and the UK Listing Authority, as the code of dealings applicable to dealings in Ryanair shares by directors and relevant Company employees. The code of...

  • Page 20
    ... reviewing the interim and annual financial statements before submission to the Board; • reviewing the effectiveness of the Group's internal financial controls and risk management systems; • monitoring and reviewing the effectiveness of the Company's Internal auditors; • considering and making...

  • Page 21
    ... Report, which is filed annually with the United States Securities and Exchange Commission; • The Committee regularly reviews Turnbull Risk management reports completed by management; • The Committee conducts an annual assessment of the operation of the Group's system of internal control based...

  • Page 22
    ... succession planning for the Board and senior management. The role and responsibilities of the Nomination Committee are set out in its written terms of reference, which are available on the Company's website www.ryanair.com. The terms of Reference of the Nomination committee are reviewed annually...

  • Page 23
    ...Chief Executive, senior financial, operational, and commercial management participate in these events. During the year ended March 31, 2011 the Company held discussions with a substantial number of institutional investors. The Board is kept informed of the views of shareholders through the executive...

  • Page 24
    ... least twentyone working days before the meeting. The Company's Annual Report is available on the Company's website, www.ryanair.com. The 2011 Annual General Meeting will be held at 10am on September 29, 2011 in the Radisson Hotel, Dublin Airport, Co Dublin, Ireland. All general meetings other than...

  • Page 25
    ... internal control within an established framework which applies throughout the Company. Takeover Bids Directive Information regarding rights and obligations attached to shares are set forth in Note 15 on pages 167 to 169 of the consolidated financial statements. Shares in the Ryanair employee share...

  • Page 26
    .... Details of the Company's share buy-back programme are set forth on page 107 of the Annual Report. The shareholders approved the power of the Company to buy back shares at the 2006 AGM. None of the significant agreements to which the Company is party to, contain change of control provisions. As...

  • Page 27
    ... nine years on the Board without being offered for annual re-election. As described further above, given the other significant commercial and professional commitments of these non-executive directors, and taking into account that their independence is considered annually by the Board, the Board does...

  • Page 28
    ... require that all directors retire after a fixed period not exceeding three years. Directors can then offer themselves for re-election at the Company's Annual General Meeting. None of the non-executive Directors hold a service agreement with the Company that provides for benefits upon termination...

  • Page 29
    ...are responsible for preparing the Annual Report and the consolidated and Company financial statements, in accordance with applicable law and regulations. Company law requires the directors to prepare consolidated and Company financial statements for each financial year. Under that law, the directors...

  • Page 30
    ... the Annual Report confirm that, to the best of their knowledge and belief: • the consolidated financial statements, prepared in accordance with IFRSs as adopted by the EU, give a true and fair view of the assets, liabilities and financial position of the Group at March 31, 2011 and of its profit...

  • Page 31
    ... for our review by the Listing Rules of the Irish Stock Exchange, and we report if it does not. We are not required to consider whether the Board's statements on internal control cover all risks and controls, or form an opinion on the effectiveness of the Company's corporate governance procedures or...

  • Page 32
    ... in agreement with the books of account. In our opinion, the information given in the Directors' Report and the description in the annual corporate governance statement of the main features of the internal control and risk management systems in relation to the process for preparing the consolidated...

  • Page 33
    ... the IASB and also International Financial Reporting Standards as adopted by the EU, in each case as in effect for the year ended and as at March 31, 2011 (collectively referred to as "IFRS" throughout). The Company publishes its consolidated financial statements in euro. Solely for the convenience...

  • Page 34
    ... in currency exchange rates and interest rates, airport handling and access charges, litigation, labor relations, the economic environment of the airline industry, the general economic environment in Ireland, the U.K. and elsewhere in Europe, the general willingness of passengers to travel, flight...

  • Page 35
    ...Financial Data ...361 Exchange Rates ...381 Selected Operating and Other Data ...401 Risk Factors ...411 Item 4.1 Information on the Company ...531 Introduction ...531 Strategy...541 Route System, Scheduling and Fares...571 Marketing and Advertising ...581 Reservations on Ryanair.Com ...581 Aircraft...

  • Page 36
    Other Financial Information ...1021 Significant Changes ...1071 Item 9.1 The Offer and Listing...1081 Trading Markets and Share Prices ...1081 Item 10.1 Additional Information ...1101 Description of Capital Stock...1101 Options to Purchase Securities from Registrant or Subsidiaries...1101 Articles ...

  • Page 37
    ... "Ryanair's bases." For a list of these bases, see "Item 4. Information on the Company-Route System, Scheduling and Fares." Ryanair pioneered the low-fares operating model in Europe in the early 1990s. As of June 30, 2011, the Company offered approximately 1,550 scheduled short-haul flights per day...

  • Page 38
    ...)/(euro cent)(b)...Ryanair Holdings dividend paid per Ordinary Share (U.S. cents)/(euro cent) ...Balance Sheet Data: 2011(a) Cash and cash equivalents ...Total assets ...Long-term debt, including capital lease obligations ...Shareholders' equity ...Issued share capital ...Weighted Average Number...

  • Page 39
    Cash Flow Statement Data: 2011(a) Net cash inflow from operating activities Net cash (outflow) from investing activities ...Net cash inflow from financing activities Increase (decrease) in cash and cash equivalents ...$1,115.2 $(672.3) $337.7 $780.6 2011 Fiscal year ended March 31, 2010 2009 2008 (...

  • Page 40
    ... dollar and the euro; (ii) the U.K. pound sterling and the euro; and (iii) the U.K. pound sterling and the U.S. dollar. Such rates are provided solely for the convenience of the reader and are not necessarily the rates used by the Company in the preparation of its consolidated financial statements...

  • Page 41
    ... last business day of each month during the relevant period. (c) Based on the composite exchange rate as quoted at 5 p.m., New York time, by Bloomberg. (d) Based on the Federal Reserve Rate for U.K. pounds sterling. As of July 15, 2011, the exchange rate between the U.S. dollar and the euro was 11...

  • Page 42
    ... Passengers Booked ...72,062,659 Revenue Passenger Miles ...53,256,894,035 Available Seat Miles ...63,358,255,401 Booked Passenger Load Factor...83% Average Length of Passenger Haul (miles) ...727 Sectors Flown ...463,460 Number of Airports Served at 158 Period End ...Average Daily Flight Hour...

  • Page 43
    ... new increase in fuel costs could have a material adverse effect on the Company's financial condition and results of operations. In addition, any strengthening of the U.S. dollar against the euro could have an adverse effect on the cost of buying fuel in euro. As of July 22, 2011, Ryanair had hedged...

  • Page 44
    ... to Seasonally Ground Aircraft. In recent years, in response to an operating environment characterized by high fuel prices, typically lower winter yields and higher airport charges and/or taxes, Ryanair has adopted a policy of grounding a certain portion of its fleet during the winter months (from...

  • Page 45
    ... decrease in future periods. Although Ryanair intends to compete vigorously and to assert its rights against any predatory pricing or other conduct, price competition among airlines could reduce the level of fares or passenger traffic on the Company's routes to the point where profitability may not...

  • Page 46
    ...passenger revenues on such routes during the periods that they are in effect. See "Item 4. Information on the Company-Route System, Scheduling and Fares." Ryanair expects to have other substantial cash needs as it expands, including as regards the cash required to fund aircraft purchases or aircraft...

  • Page 47
    ...upon the approval of the Company's shareholders, management proposed to effect a tender offer to acquire the entire share capital of Aer Lingus. This 2006 offer was, however, prohibited by the European Commission on competition grounds. The then EU Commissioner for Competition, Neelie Kroes, said on...

  • Page 48
    Labor Relations Could Expose the Company to Risk. A variety of factors, including, but not limited to, the Company's historical and current level of profitability and its seasonal grounding policy may make it difficult for Ryanair to avoid increases to its base salary levels and employee ...

  • Page 49
    ... condition. The Company Faces Risks Related to Unauthorized Use of Information from the Company's Website. Screenscraper websites gain unauthorized access to Ryanair's website and booking system, extract flight and pricing information and display it on their own websites for sale to customers...

  • Page 50
    ... March 30, 2011. Other governments also have introduced or may introduce similar taxes. See "Item 4. Information on the Company-Airport Operations-Airport Charges." The introduction of government taxes on travel has had a negative impact on passenger volumes, particularly given the current period of...

  • Page 51
    ... Ryanair's financial condition and results of operations. EU Regulation on Passenger Compensation Could Significantly Increase Related Costs. The EU has passed legislation for compensating airline passengers who have been denied boarding on a flight for which they hold a valid ticket (Regulation...

  • Page 52
    ...'s flights in the fiscal year. Future acts of terrorism or significant terrorist threats, particularly in London or other markets that are significant to Ryanair, could have a material adverse effect on the Company's profitability or financial condition should the public's willingness to travel to...

  • Page 53
    ... the Company's operating results or financial condition. There also can be no assurance that new regulations will not be implemented in the future that would apply to Ryanair's aircraft and result in an increase in Ryanair's cost of maintenance or other costs beyond management's current estimates...

  • Page 54
    ...affect the market price of the Ordinary Shares and ADRs. See "Item 10. Additional Information-Limitations on Share Ownership by Non-EU Nationals" for a detailed discussion of restrictions on share ownership and the current ban on share purchases by non-EU nationals. As of June 30, 2011, EU nationals...

  • Page 55
    ... in terms of flight punctuality, levels of lost baggage, and rates of flight cancellations. The address of Ryanair Holdings' registered office is: c/o Ryanair Limited, Corporate Head Office, Dublin Airport, County Dublin, Ireland. The Company's contact person regarding this Annual Report is...

  • Page 56
    ... flights with higher levels of demand and for bookings made nearer to the date of departure. Ryanair also periodically runs special promotional fare campaigns. See "-Route System, Scheduling and Fares-Low and Widely Available Fares" below. Customer Service. Ryanair's strategy is to deliver the best...

  • Page 57
    ...obtain competitive rates for such services by negotiating fixed-price, multi-year contracts. The development of its own Internet booking facility has allowed Ryanair to eliminate travel agent commissions and third-party reservation systems costs. Ryanair generates over 99% of its scheduled passenger...

  • Page 58
    ... new jobs over a five-year period. If the offer had been accepted, the Irish government would have received over 1180 million in cash. The employee share option trust and employees, who owned 18% of Aer Lingus, would have received over 1137 million in cash. The Company met Aer Lingus management...

  • Page 59
    ... consolidated financial statements included in Item 18 for more information regarding the geographical sources of the Company's revenue. Management's objective is to schedule a sufficient number of flights per day on each of Ryanair's routes to satisfy demand for Ryanair's low-fares service. Ryanair...

  • Page 60
    ... its database to inform them about promotions and special offers via e-mail. RESERVATIONS ON RYANAIR.COM Passenger airlines generally rely on travel agents (whether traditional or online) for a significant portion of their ticket sales and pay travel agents commissions for their services, as well as...

  • Page 61
    ... 31, 2013. These deliveries will increase the size of Ryanair's fleet to 299 by March 2013 (assuming that the planned disposal or return (under the terms of an operating lease) of 13 such aircraft is completed on schedule). As of June 30, 2011, Ryanair had either sold to third parties or returned to...

  • Page 62
    ... of Operations-Fiscal Year 2011 Compared with Fiscal Year 2010-Ancillary Revenues" for additional information. As part of its non-flight scheduled and Internet-related services Ryanair incentivizes ground service providers at many of the airports it serves to levy correct excess baggage charges for...

  • Page 63
    ... a full size 737NG training aircraft to allow for cabin crew and engineering training. Ryanair carries out checks and line maintenance in its single-bay aircraft hangar facility in Bremen. Ryanair has recently entered into a 30-year sole-tenancy agreement with Frankfurt (Hahn) airport to occupy...

  • Page 64
    ... new fleet. Ryanair opened a new three-bay maintenance hangar at Glasgow (Prestwick) airport in winter 2010 to accommodate the additional maintenance requirements arising from its expanding and aging fleet. Ryanair contracts out engine overhaul service for its Boeing 737-800 aircraft to General...

  • Page 65
    ... 2009, Ryanair introduced Internet check-in for all passengers and also introduced kiosks at certain airports for the provision of other payment services. The Company has these kiosks in operation at Dublin, London (Stansted), London (Gatwick), Frankfurt (Hahn), and many of its other bases. The...

  • Page 66
    ... Aer Lingus (the main user of Terminal 2), the CAR decided not to follow the Appeal Panel's ruling and not to mandate the introduction of differential charging at Dublin Airport. As a result of rising airport charges and the introduction of an Air Travel Tax of 110 on passengers departing from Irish...

  • Page 67
    ... current levels. Following the final decision of the U.K. Competition Commission forcing BAA to sell London (Stansted), it is highly unlikely that BAA's planned £4 billion program will proceed, and Ryanair intends to work with the new owners to develop appropriate lowcost facilities. The recently...

  • Page 68
    ...EU State Aid-Related Proceedings" for information regarding legal proceedings in which Ryanair's economic arrangements with several publicly owned airports are being contested. FUEL The cost of jet fuel accounted for approximately 39% and 34% of Ryanair's total operating expenses in the fiscal years...

  • Page 69
    ... de-ice aircraft, have increased significantly in recent years as the Company's route network and number of sectors flown have increased. Fiscal Year ended March 31, 2010 582.5 53,469.6 0.011 882.3 11.515 34.1% 2011 Scheduled fuel consumption (millions of U.S. gallons) ...Available seat miles (ASM...

  • Page 70
    ... Irish government authority charged with operating Dublin Airport, to lease bag-drop counters and other space at the passenger and cargo terminal facilities at Dublin Airport. The airport office facilities used by Ryanair at London (Stansted) are leased from the airport authority; similar facilities...

  • Page 71
    ... times be effectively controlled by such EU member states or EU nationals. The CAR has broad authority to revoke an operating license. See "Item 10. Additional Information-- Limitations on Share Ownership by Non-EU Nationals." See also "Item 3. Risk Factors--Risks Related to Ownership of the Company...

  • Page 72
    ... levels, aviation security, etc.). In June 2005, the Minister for Transport enacted legislation strengthening rights for air passengers following the enactment of EU legislation requiring compensation of airline passengers who have been denied boarding on a flight for which they hold a valid ticket...

  • Page 73
    ...the IAA in relation to the aircraft or aircraft of a similar type; or (iii) if the IAA decides in any case that it is not in the public interest for the aircraft to remain registered in Ireland. Regulation of Competition Competition/Antitrust Law. It is a general principle of EU competition law that...

  • Page 74
    ... Airports" and "Item 8. Financial InformationOther Financial InformationLegal Proceedings." Environmental Regulation Aircraft Noise Regulations. Ryanair is subject to international, national and, in some cases, local noise regulation standards. EU and Irish regulations have required that...

  • Page 75
    ...the rate of fuel burn and noise levels. The engines are also quieter and more fuel-efficient. Furthermore, by moving to an all Boeing 737-800 "next generation" fleet, Ryanair reduced the unit emissions per passenger due to the inherent capacity increase in the Boeing 737-800 aircraft. The Boeing 737...

  • Page 76
    ... assurance that Ryanair will be able to obtain a sufficient number of slots at the slotcontrolled airports that it desires to serve in the future at the time it needs them or on acceptable terms. Other Health and occupational safety issues relating to the Company are largely addressed in Ireland by...

  • Page 77
    ...service on a number of its principal routes. During that period, in addition to Dublin, Ryanair established 44 airports as bases of operations. See "Item 4. Information on the Company-Route System, Scheduling and Fares" for a list of these bases. Ryanair has increased the number of booked passengers...

  • Page 78
    ... new jobs over a five-year period. If the offer had been accepted, the Irish government would have received over 1180 million in cash. The employee share option trust and employees, who owned 18% of Aer Lingus, would have received over 1137 million in cash. The Company met Aer Lingus management...

  • Page 79
    ...at Aer Lingus' annual general meeting; and (vii) The European Commission has formally found that Ryanair's shareholding in Aer Lingus does not grant Ryanair "de jure or de facto control of Aer Lingus" and that "Ryanair's rights as a minority shareholder...are associated exclusively to rights related...

  • Page 80
    ... regulations, litigation and labor relations; foreign currency fluctuations, competition and the public's perception regarding the safety of low-fares airlines; the value of its equity stake in Aer Lingus; changes in aircraft acquisition, leasing, and other operating costs; flight interruptions...

  • Page 81
    ..., changes in new aircraft fuel efficiency and changing market prices for new and used aircraft of the same or similar types. Ryanair evaluates its estimates and assumptions in each reporting period, and, when warranted, adjusts these assumptions. Generally, these adjustments are accounted for on...

  • Page 82
    ...2011 Total revenues ...Scheduled revenues ...Ancillary revenues...Total operating expenses ...Staff costs ...Depreciation ...Fuel and oil ...Maintenance, materials and repairs ...Aircraft rentals...Route charges ...Airport and handling charges ...Marketing, distribution and other ...Operating profit...

  • Page 83
    ... passenger revenues accounted for 77.9% of Ryanair's total revenues for the 2011 fiscal year, compared with 77.8% of total revenues in the 2010 fiscal year. Ancillary revenues. Ryanair's ancillary revenues, which comprise revenues from non-flight scheduled operations, in-flight sales and Internet...

  • Page 84
    ... in the 2011 fiscal year. The increase in absolute terms during the fiscal year reflected the additional costs arising from increased line maintenance activity at new bases and costs incurred to satisfy provisions of lease contracts dealing with the condition of aircraft due to be returned in 2010...

  • Page 85
    ...lease rentals costs and financing costs. Finance income. Ryanair's interest and similar income increased 15.8%, from 123.5 million in the 2010 fiscal year to 127.2 million in the 2011 fiscal year reflecting the impact of higher market interest rates which was partially offset by the Company's policy...

  • Page 86
    ... revenues from non-flight scheduled operations, in-flight sales and Internet-related services (including insurance, accommodation and car rental), increased 11.0%, from 1598.1 million in the 2009 fiscal year to 1663.6 million in the 2010 fiscal year, while ancillary revenues per booked passenger...

  • Page 87
    ...of ancillary revenues earned by Ryanair and each component expressed as a percentage of total ancillary revenues for each of the periods indicated: Fiscal Year ended March 31, 2010 2009 (in millions of euro, except percentage data) Non-flight Scheduled ...In-flight Sales ...Internet-related ...Total...

  • Page 88
    ... number of leased Boeing 737-800 aircraft, which grew from 40 to 50 during the year, additional costs arising from increased line maintenance activity at new bases and costs incurred to satisfy provisions of lease contracts dealing with the condition of aircraft due to be returned in 2010 and 2011...

  • Page 89
    ...the consolidated financial statements included in Item 18 for information on recently issued accounting standards that are material to the Company. LIQUIDITY AND CAPITAL RESOURCES Liquidity. The Company finances its working capital requirements through a combination of cash generated from operations...

  • Page 90
    ... through Ex-Im Bank guaranteed-financing. Ryanair has generally been able to generate sufficient funds from operations to meet its non-aircraft acquisition-related working capital requirements. Management believes that the working capital available to the Company is sufficient for its present...

  • Page 91
    ...these new aircraft, the Company may decide to retain some of the 13 aircraft planned for disposal and or lease return. Capital Resources. Ryanair's long-term debt (including current maturities) totaled 13,649.4 million at March 31, 2011 and 12,956.2 million at March 31, 2010, with the increase being...

  • Page 92
    ... financial counterparty) on the profile of Ryanair's total outstanding debt at March 31, 2011. See "Item 11. Quantitative and Qualitative Disclosures About Market Risk-Interest Rate Exposure and Hedging" for additional details on the Company's hedging transactions. At March 31, 2011 EUR Fixed...

  • Page 93
    ...guarantee-based financing of the Boeing 737-800s, Ryanair has entered into certain lease agreements and related arrangements. Pursuant to these arrangements, legal title to the 185 aircraft delivered and remaining in the fleet as of March 31, 2011 rests with a number of United States special purpose...

  • Page 94
    ...multiplying the number of aircraft the Company is obligated to purchase under its current agreements with Boeing during the relevant period by the Basic Price for each aircraft pursuant to the relevant contract, with the dollar-denominated Basic Price being converted into euro at an exchange rate of...

  • Page 95
    ... "-Liquidity and Capital Resources" and "Item 4. Information on the Company-Strategy-Responding to Current Challenges" above. INFLATION Inflation did not have a significant effect on the Company's results of operations and financial condition during the three fiscal years ended March 31, 2011. Item...

  • Page 96
    ... He holds the title of Co Chief Operating Officer for Group Danone and also serves as a director of a number of French public companies. Mr. Faber is a French citizen. Mr. Faber's term of office expired last year and he did not offer himself for re-election at the Annual General Meeting on September...

  • Page 97
    ...and Head of Capital Markets at Davy Stockbrokers. Mr. McLaughlin also advised Ryanair during its initial flotation on the Dublin and NASDAQ stock markets in 1997. Mr. McLaughlin also serves on the Board of Directors of Elan Corporation plc, and he also serves as a director of a number of other Irish...

  • Page 98
    ... stock or asset purchases when a director, officer or substantial shareholder has an interest. The Company is subject to extensive provisions under the Listing Rules of the Irish Stock Exchange (the "Irish Listing Rules") governing transactions with related parties, as defined therein, and the Irish...

  • Page 99
    ... of ADSs is not required under the Irish Listing Rules or the Irish Companies Acts. Details of our annual general meetings and other shareholder meetings, together with the requirements for admission, voting or the appointment of a proxy are available on the website of the Company in accordance with...

  • Page 100
    ... was appointed as Chief Pilot in June 2002, having joined Ryanair in 1987. He has held a number of senior management positions within the Flight Operations Department over the last 18 years, including Fleet Captain of the BAC1-11 and Boeing 737-200 fleets. Ray was Head of Training between 1998 and...

  • Page 101
    ... officers, see "Item 10. Additional Information-Options to Purchase Securities from Registrant or Subsidiaries," as well as Note 15 to the consolidated financial statements included herein. Employment and Bonus Agreement with Mr. O'Leary Mr. O'Leary's current employment agreement with the Company...

  • Page 102
    ...grant Boeing 737 type-ratings. Each trainee pilot must pay for his or her own training and, based on his or her performance, he or she may be offered a position operating on Ryanair aircraft. This program enables Ryanair to secure a continuous stream of type-rated co-pilots. Ryanair's employees earn...

  • Page 103
    ...in their total pay due to lower compensation for the number of hours or sectors flown and Ryanair could be required to hire additional flight personnel. Ryanair considers its relations with its employees to be good. Ryanair currently negotiates with groups of employees, including its pilots, through...

  • Page 104
    ... holding 3% or more of the Ordinary Shares as of June 30, 2011, June 30, 2010 and June 30, 2009, the latest practicable date prior to the Company's publication of its statutory annual report in each of the relevant years. As of June 30, 2011 % of Class No. of Shares Capital Research and Management...

  • Page 105
    ... a further investigation into Ryanair's agreements at Frankfurt (Hahn) airport, which is a significant base for Ryanair. The European Commission announced in a public statement that its initial investigation had found that the airport might have acted like a private market investor but that it had...

  • Page 106
    ... initial stake and upon the approval of the Company's shareholders, management proposed to effect a tender offer to acquire the entire share capital of Aer Lingus. This 2006 offer was, however, prohibited by the European Commission on competition grounds. Ryanair filed an appeal with the CFI, which...

  • Page 107
    ... new jobs over a five-year period. If the offer had been accepted, the Irish government would have received over 1180 million in cash. The employee share option trust and employees who owned 18% of Aer Lingus would have received over 1137 million in cash. The Company met Aer Lingus management...

  • Page 108
    ... and then refer consumers to the airline website in order to perform the booking at the original fare. Ryanair offers licensed access to its flight and pricing information to such websites. The Company has received favorable rulings in Ireland, Germany and The Netherlands. However, pending the...

  • Page 109
    ... of Capital Stock-Trading Markets and Share Prices" below for further information regarding share buy-backs. SIGNIFICANT CHANGES No significant change in the Company's financial condition has occurred since the date of the consolidated financial statements included in this annual report. 107

  • Page 110
    ... 9. The Offer and Listing TRADING MARKETS AND SHARE PRICES The primary market for Ryanair Holdings' Ordinary Shares is the Irish Stock Exchange Limited (the "Irish Stock Exchange"); Ordinary Shares are also traded on the London Stock Exchange. The Ordinary Shares were first listed for trading on the...

  • Page 111
    ... Shares (London Stock Exchange) (in euro) Low High 2005...2006...2007...2008...2009 First Quarter...Second Quarter ...Third Quarter ...Fourth Quarter ...2010 First Quarter...Second Quarter ...Third Quarter ...Fourth Quarter ...Month ending: January 31, 2011 ...February 28, 2011 ...March 31, 2011...

  • Page 112
    ... bid on the Irish Stock Exchange). The minimum price at which the Company may repurchase Ordinary Shares is their nominal value, currently 0.635 euro cent per share. As of June 30, 2011, the total number of options over Ordinary Shares outstanding under all of the Company's share option plans was 20...

  • Page 113
    ...amended by special resolution of the shareholders. The directors are not required to retire at any particular age. There is no requirement for directors to hold shares. One-third of the directors retire and offer themselves for re-election at each annual general meeting of the Company. The directors...

  • Page 114
    ... of new Boeing 737-800 aircraft for delivery during the period from April 2008 through March 2013, as well as for options to purchase additional aircraft. See "Item 4. Information on the Company-Aircraft" and "Item 5. Operating and Financial Review and Prospects-Liquidity and Capital Resources" for...

  • Page 115
    ... law. The Company does not anticipate that Irish exchange controls or orders under the 1992 Act or United Nations sanctions implemented into Irish law will have a material effect on its business. LIMITATIONS ON SHARE OWNERSHIP BY NON-EU NATIONALS The Board of Directors of Ryanair Holdings is given...

  • Page 116
    ...of depriving the recipients of the rights to attend, vote at and speak at general meetings, which they would otherwise have as a consequence of holding such shares or ADRs. Such notices can also require the recipients to dispose of the shares or ADRs concerned to an EU national (so that the relevant...

  • Page 117
    ... the market price of the Ordinary Shares and ADRs. See also "Item 3. Risk Factors--Risks Related to Ownership of the Company's Ordinary Stock-EU Rules Impose Restrictions on the Ownership of Ryanair Holdings' Ordinary Shares by Non-EU nationals and the Company has Instituted a Ban on the Purchase of...

  • Page 118
    ...treaty country or EU member state; Companies not resident in Ireland the principal class of shares of which is substantially and regularly traded on a recognized stock exchange in a tax treaty country or an EU member state including Ireland or on an approved stock exchange; or Companies not resident...

  • Page 119
    ...Ireland Limited) wherever executed and whether on sale, in contemplation of a sale or by way of a gift, will be subject to duty at the rate of 1% of the consideration given or, in the case of a gift or if the purchase price is inadequate or unascertainable, on the market value of the Ordinary Shares...

  • Page 120
    ... that will hold Ordinary Shares or ADRs as capital assets and generally does not address the tax treatment of U.S. Holders that may be subject to special tax rules such as banks, insurance companies, dealers in securities or currencies, traders in securities electing to mark to market, persons that...

  • Page 121
    ... at its Corporate Head Office, Dublin Airport, County Dublin, Ireland. Ryanair Holdings also files reports, including annual reports, periodic reports on Form 6-K and other information, with the SEC pursuant to the rules and regulations of the SEC that apply to foreign private issuers. You may...

  • Page 122
    ... periods of up to 18 months of anticipated jet fuel requirements. Ryanair (like many other airlines) has, in more recent periods, entered into hedging arrangements on a much more selective basis. See "Item 3. Key Information-Risk Factors-Risks Related to the Company-Changes in Fuel Costs and Fuel...

  • Page 123
    ...in cash flows arising from market fluctuations in foreign exchange rates associated with its forecast fuel, maintenance and insurance costs and euro/U.K. pound sterling forward contracts to hedge certain surplus U.K. pound sterling cash flows. At March 31, 2011, the total unrealized loss relating to...

  • Page 124
    ... of aircraft purchase commitments under the Boeing contracts, which arise from fluctuations in the U.K. pound sterling/U.S. dollar and euro/U.S. dollar exchange rates. Under IFRS, the Company generally accounts for these contracts as either cash-flow hedges or fairvalue hedges. Fair-value hedges are...

  • Page 125
    ... expected drawdown of the related financing (i.e., over a period of up to seven years from March 31, 2011), with an increase in the related interest expense. If Ryanair had not entered into such derivative agreements, a plus or minus one percentage point movement in interest rates would impact the...

  • Page 126
    ...of the Company's management, including the chief executive officer and chief financial officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). There are inherent limitations to...

  • Page 127
    ... the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on the evaluation, management has concluded that the Company maintained effective internal control over financial reporting as of March 31, 2011. CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING There has been...

  • Page 128
    ...'s annual financial statements, as well as work that generally only the independent auditor can reasonably be expected to provide, including the provision of comfort letters, statutory audits, discussions surrounding the proper application of financial accounting and reporting standards and services...

  • Page 129
    ... at March 31, 2011 ...Company Statement of Cash Flows of Ryanair Holdings plc for the year ended March 31, 2011 ...Company Statement of Changes in Shareholders' Equity of Ryanair Holdings plc for the year ended March 31, 2011 ...Notes forming part of the Company Financial Statements ...128 129 130...

  • Page 130
    ... financial instruments ...5 Deferred tax ...12 Other creditors ...14 Non-current maturities of debt ...11 Total non-current liabilities ...Shareholders' equity Issued share capital ...15 15 Share premium account...Capital redemption reserve ...Retained earnings ...Other reserves ...16 Shareholders...

  • Page 131
    ... revenues Scheduled revenues...Ancillary revenues ...17 17 Total operating revenues - continuing operations ...Operating expenses Staff costs ...18 Depreciation...2 Fuel and oil ...Maintenance, materials and repairs ...Aircraft rentals ...Route charges...Airport and handling charges ...Marketing...

  • Page 132
    Consolidated Statement of Comprehensive Income Year ended March 31, 2011 1M 374.6 Profit/(loss) for the year ...Other comprehensive income: Net actuarial gain/(loss) from retirement benefit plans ...5.0 (7.5) Year ended March 31, 2010 1M 305.3 Year ended March 31, 2009 1M (169.2) Cash-flow hedge ...

  • Page 133
    ... shares...0.7 Repurchase of ordinary equity shares...(18.1) Capital redemption reserve fund...Share-based payments...Balance at March 31, 2009...1,473.4 Profit for the year...Other comprehensive income Net movements in cash-flow reserve...Net change in fair value of available-for -sale asset...Total...

  • Page 134
    ... of equities classified as available for sale ...Decrease in restricted cash ...24.9 Decrease/(increase) in financial assets: cash > 3 months ...398.3 (474.0) Net cash used in investing activities...Financing activities Shares purchased under share buy-back programme ...27.4 Net proceeds from...

  • Page 135
    ... date of the relevant share options. Any non-current assets classified as held for sale are stated at the lower of cost and fair value less costs to sell. Critical accounting policies The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates...

  • Page 136
    ... to governmental regulations on aging aircraft, and changing market prices for new and used aircraft of the same or similar types. Ryanair evaluates its estimates and assumptions in each reporting period, and, when warranted, adjusts these assumptions. Generally, these adjustments are accounted for...

  • Page 137
    ... timing of the planned maintenance, the ultimate utilisation of the aircraft, changes to government regulations and increases or decreases in estimated costs. Ryanair evaluates its estimates and assumptions in each reporting period and, when warranted, adjusts its assumptions, which generally impact...

  • Page 138
    ... are: Aircraft Type Boeing 737800s Number of Aircraft at March 31, 2011 221(a) Useful Life 23 years from date of manufacture Residual Value 15% of current market value of new aircraft, determined periodically _____ (a) The Company operated 272 aircraft as of March 31, 2011, of which 51 were leased...

  • Page 139
    ... checks, and restitution of major life-limited parts, calculated by reference to the number of hours flown or cycles operated during the year. Ryanair's aircraft operating lease agreements typically have a term of seven years, which closely correlates with the timing of heavy maintenance checks...

  • Page 140
    ... to market risks relating to fluctuations in commodity prices, interest rates and currency exchange rates. The objective of financial risk management at Ryanair is to minimise the impact of commodity price, interest rate and foreign exchange rate fluctuations on the Company's earnings, cash flows...

  • Page 141
    ... associated leased assets are not recognised on the Company's balance sheet. Expenditure arising under operating leases is charged to the income statement as incurred. The Company also enters into sale-and-leaseback transactions whereby it sells the rights to acquire an aircraft to an external party...

  • Page 142
    ... months of time expired revenues are recognised in revenue in each fiscal year. Miscellaneous fees charged for any changes to flight tickets are recognised in revenue immediately. Ancillary revenues are recognised in the income statement in the period the ancillary services are provided. Share-based...

  • Page 143
    ... to market yields at the balance sheet date of high quality corporate bonds in the same currency and term that is consistent with those of the associated pension obligations. The net surplus or deficit arising on the Company's defined-benefit schemes is shown within non-current assets or liabilities...

  • Page 144
    ... on or after January 1, 2013). IAS 28 (amended 2011) "Investments in Associates and Joint Ventures" (effective for fiscal periods beginning on or after January 1, 2013). The IASB's third annual improvements project, "Improvements to International Financial Reporting Standards 2010", published on May...

  • Page 145
    ... and Fittings 1M Motor Vehicles 1M Aircraft 1M Total 1M Year ended March 31, 2011 Cost 5,069.6 At March 31, 2010 ...Additions in year ...883.6 Disposals in year ...5,953.2 At March 31, 2011 ...Depreciation At March 31, 2010 ...794.4 Charge for year ...270.7 Eliminated on disposals ...1,065.1 At...

  • Page 146
    ...-year period for each route that has an individual landing right. The calculation of value-in-use is most sensitive to the operating margin and discount rate assumptions. Operating margins are based on the existing margins generated from these routes and adjusted for any known trading conditions...

  • Page 147
    ... have openly opposed Ryanair's investment or participation in the company; (v) On August 13, 2007 and September 4, 2007, Aer Lingus refused Ryanair's attempt to assert its statutory right to requisition a general meeting (a legal right of any 10% shareholder under Irish law). The Aer Lingus Board of...

  • Page 148
    ...foreign exchange contracts to hedge U.S. dollar currency exposures that arise in relation to fuel, maintenance, aviation insurance, and capital expenditure costs and excess pounds sterling are converted into euro. Additionally, the Company swaps euro for U.S. dollars using forward currency contracts...

  • Page 149
    ... one year ...(125.4) Non-current liabilities Losses on cash flow hedging instruments - maturing after one year ...(8.3) (8.3) (133.7) Total derivative liabilities ...Net derivative financial instrument position at year-end ...274.0 All of the above gains and losses were unrealised at the period-end...

  • Page 150
    ... ways: forecast U.K. pounds sterling and euro revenue receipts are converted into U.S. dollars to hedge against forecasted U.S. dollar payments principally for jet fuel, insurance, capital expenditure and other aircraft related costs. These are classified as either cash-flow or fair-value hedges of...

  • Page 151
    ... the periods in which cash flows associated with derivatives that are designated as cash-flow hedges were expected to occur, as of March 31, 2011, 2010 and 2009: Carrying Amount Expected Cash Flows 2012 2013 2014 2015 Thereafter 1M At March 31, 2011 Interest rate swaps ...(37.8) U.S. dollar...

  • Page 152
    ... periods in which cash flows associated with derivatives designated as cash-flow hedges were expected to impact profit or loss, as of March 31, 2011, 2010 and 2009: Carrying Amount Expected Cash flows 2012 2013 2014 2015 Thereafter 1M At March 31, 2011 Interest rate swaps ...(37.8) U.S. dollar...

  • Page 153
    Carrying Amount Expected Cash flows 2010 2011 2012 2013 Thereafter 1M At March 31, 2009 (84.8) Interest rate swaps ...U.S. dollar currency forward 46.0 contracts...U.S. dollar currency forward contracts capitalised in property plant and equipment - aircraft 143.3 additions ...(106.7) ...

  • Page 154
    ... rate swaps and forward foreign exchange contracts to manage commodity risks, interest rate risks and currency exposures and to achieve the desired profile of fixed and variable rate borrowings and leases in appropriate currencies. It is the Company's policy that no speculative trading in financial...

  • Page 155
    ... and cash equivalents ...Financial asset: cash > 3 months ...Restricted cash ...Derivative financial instruments 383.8 - Jet fuel derivative contracts ...- Interest rate swaps ...23.9 Trade receivables ...Total financial assets at March 31, 2011 ...114.0 407.7 Available For Sale Cash-Flow Hedges...

  • Page 156
    ... Cost 1M At March 31, 2011 Long-term debt ...3,649.4 Derivative financial instruments - U.S. dollar currency forward contracts ...- Interest rate swaps ...Aircraft maintenance provision on operating leased aircraft...84.7 Trade payables ...150.8 Accrued expenses ...273.2 4,158.1 Total financial...

  • Page 157
    ... based on observable market data. Level 1 1M At March 31, 2011 Assets measured at fair value 114.0 Available-for-sale financial asset ...Cash-flow hedges - jet fuel derivative contracts ...Cash-flow hedges - interest rate swaps ...114.0 Liabilities measured at fair value Cash-flow hedges - US dollar...

  • Page 158
    ...-for-sale financial asset ...93.2 Cash-flow hedges - US dollar currency forward contracts ...93.2 Liabilities measured at fair value Cash-flow hedges - interest rate swaps ...Cash-flow hedges - jet fuel derivative contracts ...- Level 2 1M 190.0 190.0 (84.8) (106.7) (191.5) Level 3 1M - Total 1M...

  • Page 159
    ...Company's financial liabilities (excluding aircraft provisions, trade payables and accrued expenses) at March 31, 2011 was as follows: Weighted average fixed rate (%) Fixed rate Secured long term-debt...Debt swapped from floating to fixed...Secured long-term debt after swaps...Finance leases...Total...

  • Page 160
    ...Company's financial liabilities (excluding aircraft provisions, trade payables and accrued expenses) at March 31, 2009 was as follows: Weighted average fixed rate (%) Fixed rate Secured long term-debt...Debt swapped from floating to fixed...Secured long-term debt after swaps...Finance leases...Total...

  • Page 161
    ...debt ...1.86% Derivative financial instruments - Interest rate swaps...- U.S. dollar currency forward contracts...Aircraft maintenance provision on operating leased aircraft ...Trade payables ...Accrued expenses ...Total at March 31, 2011 ...Total Contractual Cash flows 1M 2012 1M 2013 1M 2014 1M...

  • Page 162
    ... cash and liquid resources are generally based on the appropriate EURIBOR, LIBOR or bank rates dependant on the principal amounts on deposit. As described in Note 4 to the consolidated financial statements, the Company also held 1114.0 million of an equity investment in Aer Lingus at March 31, 2011...

  • Page 163
    ... current liabilities, specifically derivative liabilities falling due within one year (see Note 5 to the consolidated financial statements). The following table gives details of the notional amounts of the Company's currency forward contracts as at March 31, 2011, 2010 and 2009: March 31, 2011 euro...

  • Page 164
    ... short-term investments and restricted cash. The Company defines the capital that it manages as the Company's long-term debt and equity. The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to maintain sufficient financial resources...

  • Page 165
    ... expenditures and other cash requirements for the 2012 fiscal year. (h) Guarantees Details of the Company's guarantees and the related accounting have been disclosed in Note 23 to the consolidated financial statements. (i) Sensitivity analysis (i) Interest rate risk: Based on the levels of and...

  • Page 166
    ... reported for financial and tax purposes, or material asset sales or other non-routine transactions. New temporary differences arising in the year to March 31, 2011 consisted of temporary differences of 143.7 million for property, plant and equipment recognised in the income statement, a charge...

  • Page 167
    ... income were as follows: At March 31, 2010 1M 9.0 9.0 2011 1M Defined benefit pension obligations ...0.7 Derivative financial instruments ...25.6 Total tax charge in other comprehensive income...26.3 2009 1M (1.1) 20.0 18.9 The majority of current and deferred tax recorded in each of fiscal...

  • Page 168
    ...with operating conditions specified in the lease agreements. The expected timing of the outflows of economic benefits associated with the provision at March 31, 2011, 2010 and 2009 are as follows: Carrying value 1M At March 31, 2011 Provision for leased aircraft maintenance 84.7 2012 1M 10.8 2013 1M...

  • Page 169
    ... 2011, Ryanair returned 10 sale-and-leaseback aircraft and entered into sale-and-leaseback arrangements for six (2010: 12; 2009: 8) new Boeing 737-800 "next generation" aircraft, bringing total sale-and-leaseback aircraft to 51 as at March 31, 2011. 15 (a) Issued share capital, share premium account...

  • Page 170
    ... 3.77 1 3.07 The mid-market price of Ryanair Holdings plc's ordinary shares on the Irish Stock Exchange at March 31, 2011 was 13.36 (2010: 13.68, 2009: 12.89). The highest and lowest prices at which the Company's shares traded on the Irish Stock Exchange in the 2011 fiscal year were 14.20 and 12.78...

  • Page 171
    ... consolidated financial statements. 17 Analysis of operating revenues and segmental analysis The Company is managed as a single business unit that provides low fares airline-related services, including scheduled services, internet and other related services to third parties across a European route...

  • Page 172
    ... 31, 2011, comprising 115.6 million of operating expenses and 11.7 million of finance expenses attributable to the period of flight disruption, together with estimated passenger compensation costs of 112.4 million pursuant to Regulation (EC) No. 261/2004 ('EU261'). The Company's estimate of total...

  • Page 173
    ... 56.9 598.1 Non-flight scheduled revenue arises from the sale of rail and bus tickets, hotel reservations, car hire and other sources, including excess baggage charges and administration fees, all directly attributable to the low-fares business. All of the Company's operating profit arises from low...

  • Page 174
    ... 2009: 11.7 million) while costs associated with defined-benefit plans included here were 11.0 million in 2011 (2010: 10.6 million; 2009: 10.8 million). (See Note 21 to the consolidated financial statements). 19 Statutory and other information Year ended March 31, 2011 1M Year ended March 31, 2010...

  • Page 175
    ... benefits provided during the accounting year is not included in the above figures. No pension benefits are provided for non-executive directors. The pension benefits set out above have been computed in accordance with Section 6.8 of the Listing Rules of the Irish Stock Exchange. The increases...

  • Page 176
    ... Shares and share options (i) Shares Ryanair Holdings plc is listed on the Irish, London and NASDAQ stock exchanges. The beneficial interests as at March 31, 2011, 2010 and 2009 of the directors and of their spouses and minor children in the share capital of the Company are as follows: No. of Shares...

  • Page 177
    ... 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...

  • Page 178
    ...deferred tax asset ...0.6 Net pension (liability) ...(4.3) 2009 1M (28.0) 17.9 (10.1) 1.3 (8.8) The amounts recognised in the consolidated income statements in respect of our defined-benefit plans are as follows: Year ended March 31, 2011 1M Included in payroll costs Service cost ...0.8 Year ended...

  • Page 179
    ... 0.3 25.6 2011 1M Fair value of plan assets at beginning of year ...Expected return on plan assets ...Actual gains/(losses) on plan assets ...Employer contribution ...Plan participants' contributions ...Benefits paid ...Foreign exchange rate changes ...Fair value of plan assets at end of year ...25...

  • Page 180
    ... million to our defined-benefit plans in 2012. 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...

  • Page 181
    ... 205 Firm Aircraft Deliveries Fiscal 2012 / 2013 40 40 Total "Firm" Aircraft 245 245 Basic price per aircraft (U.S.$ million) 51 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...

  • Page 182
    ... 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...

  • Page 183
    ...the Company's balance sheet. Under each of these contracts, Ryanair has a call option to purchase the aircraft at a pre-determined price after a period of 10.5 years, which it may exercise. The following table sets out the total future minimum payments of leasing 30 aircraft (2010: 20 aircraft; 2009...

  • Page 184
    ...Office Corporate Headquarters Dublin Airport Co Dublin, Ireland. Nature of Business Airline operator Name Ryanair Limited (a)... _____ (a) Ryanair Limited is wholly owned by Ryanair Holdings plc. Information regarding all other subsidiaries will be filed with the Company's next Irish Annual Return...

  • Page 185
    The total amount of remuneration paid to senior key management (defined as the executive team reporting to the Board of Directors) amounted to 16.5 million in the fiscal year ended March 31, 2011, (2010: 17.4 million, 2009: 18.2 million), the majority of which comprises short-term employee benefits....

  • Page 186
    ....1 Note Non-current assets Investments in subsidiaries ...30 Current assets Loans and receivables from subsidiaries ...31 Cash and cash equivalents ...Total assets ...Current liabilities Amounts due to subsidiaries ...32 Shareholders' equity Issued share capital ...Share premium account ...Capital...

  • Page 187
    ... Statement of Cash Flows Year ended March 31, 2011 1M Operating activities Profit for the year ...Net cash provided by operating activities Investing activities Decrease/(increase) in loans to subsidiaries ...Net cash from/(used) in investing activities ...Financing activities Shares purchased...

  • Page 188
    ...Profit for the year...Total comprehensive income...Transactions with owners of the Company, recognised directly in equity Issue of ordinary equity shares...0.7 Repurchase of ordinary equity shares...(18.1) Capital redemption reserve fund...Share-based... integral part of the financial information. 186

  • Page 189
    ... to employees of a subsidiary as an increase in its investment in that subsidiary. The fair value of such options is determined in a consistent manner to that set out in the Group share-based payment accounting policy and as set out in Note 15 (c) to the consolidated financial statements. Income...

  • Page 190
    ...1M 35.2 35.2 At March 31, 2011, Ryanair Holdings plc had borrowings of 135.2 million (2010: 135.2 million; 2009: 135.2 million) from Ryanair Limited. The loan is interest free and repayable on demand. 33 Financial instruments The Company does not undertake hedging activities on behalf of itself or...

  • Page 191
    ...to the consolidated financial statements, are Airport Marketing Services Limited, FRC Investments Limited, Coinside Limited and Mazine Limited. 35 Dividends On October 1, 2010, following shareholder approval at the Company's AGM on September 22, 2010, Ryanair Holdings plc paid a special dividend of...

  • Page 192
    ... average fare paid by a fare-paying passenger who has booked a ticket. Represents the average number of flight hours flown in service per day per aircraft for the total fleet of operated aircraft. Represents the average cost per U.S. gallon of jet fuel for the fleet (including fueling charges) after...

  • Page 193

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