Ryanair 2011 Annual Report Download - page 180

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(2010: 7.75%; 2009: 8.00%); Bonds 4.50% (2010: 3.50%; 2009: 3.50% ); Property 6.25% (2010: 6.25%; 2009:
6.25%); and Cash 3.00% (2010: 2.00%; 2009: 2.00%). The expected long-term rate of return on assets of 7.55%
(2010: 7.45%; 2009: 7.18%) for the UK scheme was calculated based on the assumptions of the following
returns for each asset class: Equities 8.10% (2010: 8.30%; 2009: 8.00%); Corporate and Overseas Bonds 5.60%
(2010: 5.50%; 2009: 6.30%); and Other 3.00% (2010: 2.27%; 2009: 2.00%).
Since there are no suitable euro-denominated AA-rated corporate bonds, the expected return is
estimated by adding a suitable risk premium to the rate available from government bonds. The assumptions are
based on long-term expectations at the beginning of the reporting period and are expected to be relatively stable.
The history of the plans for the current and prior periods is as follows:
At March 31,
2011
2010 2009 2008 2007
1M
1M 1M 1M 1M
Difference between expected and actual
return on assets ................................
................................
(0.3) 5.6 (9.8) (6.6) 0.7
Expressed as a percentage of scheme assets
................................
(1%) 22% (54%) (26%) 3%
Experience gains on scheme liabilities
................................
0.9 0.5 0.9 1.6 1.6
Expressed as a percentage of scheme
liabilities ................................
................................
3% 1% 3% 6% 4%
Total actuarial (losses)/gains
................................
5.5 - (8.6) 5.1 2.3
Expressed as a percentage of scheme
liabilities ................................
................................
17% 0% (31%) 19% 6%
We expect to contribute approximately 10.9 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 defined-contribution plans was 11.7 million in 2011 (2010: 11.4 million; 2009: 11.7 million).
22 Earnings per share
At March 31,
2011 2010 2009
Basic earnings/(losses) per ordinary share (in euro cents)
................................
25.21 20.68 (11.44)
Diluted earnings/(losses) per ordinary share (in euro cents)
................................
25.14 20.60 (11.44)
Number of ordinary shares (in Ms) used for EPS
Basic ................................................................................................
...........................
1,485.7 1,476.4 1,478.5
Diluted (a)
................................
................................
................................
...................
1,490.1 1,481.7 1,478.5
______________
(a) Details of share options in issue have been described more fully in Note 15 to the consolidated financial statements.
Basic earnings per ordinary share (EPS) for Ryanair Holdings plc for the years ended March 31, 2011,
2010 and 2009 has been computed by dividing the profit/(loss) attributable to shareholders by the weighted
average number of ordinary shares outstanding during the year.
Diluted earnings per share takes account solely of the potential future exercise of share options granted
under the Company’s share option schemes. For the 2011 fiscal year, the weighted average number of shares in
issue of 1,490.1 million includes weighted average share options assumed to be converted equal to 4.4 million.
For the 2010 fiscal year, the weighted average number of shares in issue of 1,481.7 million includes weighted
average share options assumed to be converted equal to 5.3 million. For the 2009 fiscal year, there was no
difference in the weighted average number of ordinary shares used for the basic and diluted net loss per ordinary
share, as the effect of all potentially dilutive ordinary shares (2.8 million outstanding) was anti-dilutive.