Ryanair 2011 Annual Report Download - page 167
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165
The following table reconciles the statutory rate of Irish corporation tax to the Company’s effective
corporation tax rate:
Year ended
March 31,
2011
Year ended
March 31,
2010
Year ended
March 31,
2009
% % %
Statutory rate of Irish corporation tax ................................
................................
12.5 12.5 (12.5)
Adjustments for earnings taxed at higher rates ................................
..............................
0.2
0.1 1.0
Adjustments for earnings taxed at lower rates ................................
...............................
(0.9)
(1.1) (13.2)
Loss on impairment of available-for-sale financial asset
................................
-
0.5 18.6
Adjustments for prior year over-provisions ................................
................................
-
(0.6) (0.2)
Other differences ................................................................
................................
(0.8) (0.9) -
Total effective rate of taxation ................................................................
.......................
11.0 10.5 (6.3)
Deferred tax applicable to items charged or credited to other comprehensive income were as follows:
At March 31,
2011 2010 2009
1M 1M 1M
Defined benefit pension obligations ................................
................................
0.7 - (1.1)
Derivative financial instruments ................................................................
....................
25.6 9.0 20.0
Total tax charge in other comprehensive income ................................
...........................
26.3 9.0 18.9
The majority of current and deferred tax recorded in each of fiscal 2011, 2010 and 2009 relates to
domestic tax charges and there is no expiry date associated with these temporary differences. In fiscal 2011, the
Irish corporation tax rate remained at 12.5%.
The principal components of deferred tax at each year-end were:
At March 31,
2011 2010 2009
1M 1M 1M
Arising on capital allowances and other temporary differences
...............................
265.5 221.8 191.4
Arising on net operating losses carried forward................................
.......................
(31.4)
(29.5) (34.3)
Arising on derivatives ................................................................
..............................
34.2
8.6 (0.3)
Arising on pensions ................................................................
................................
(0.6) (1.3) (1.3)
Total................................................................................................
.........................
267.7 199.6 155.5
At March 31, 2011, 2010 and 2009, the Company had fully provided for all required deferred tax assets
and liabilities. There are no taxable temporary differences on overseas subsidiaries and, on that basis, no
deferred tax has been provided for on the un-remitted earnings of overseas subsidiaries because there is no
intention to remit these to Ireland.
13 Provisions
At March 31,
2011 2010 2009
1M 1M 1M
Provision for aircraft maintenance on operating leased aircraft (a)
..............................
84.7 92.6 61.9
Provision for pension obligation (b) ................................
................................
4.9 10.3 10.1
89.6 102.9 72.0