Ryanair 2016 Annual Report Download - page 106

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The amounts listed under “Operating Lease Obligations” reflect the Company’s obligations under its aircraft
operating lease arrangements.
Obligations Due by Period
Contractual Obligations
Total
Less than 1 year
1-2 years
2-5 years
After 5 years
(in millions of euro)
Long-term Debt (a)
3,457.8
341.2
316.8
786.2
2,013.7
Finance Lease Obligations
565.2
108.7
133.2
323.3
—
Purchase Obligations (b)
18,034.2
3,585.0
5,446.3
2,790.9
6,212.0
Operating Lease Obligations
278.8
93.5
77.1
107.6
0.5
Future Interest Payments (c)
280.0
70.0
50.6
115.2
44.2
Total Contractual Obligations
€
22,616.0
€
4,198.4
€
6,024.0
€
4,123.2
€
8,270.4
(a) For additional information on Ryanair’s long-term debt obligations, see Note 11 and Note 23 to the consolidated financial
statements included in Item 18.
(b) These are noted at a non-discounted “list” price.
(c) In determining an appropriate methodology to estimate future interest payments we have applied either the applicable fixed rate or
currently applicable variable rate where appropriate. These interest rates are subject to change and amounts actually due may be
higher or lower than noted in the table above.
OFF-BALANCE SHEET TRANSACTIONS
Ryanair uses certain off-balance sheet arrangements in the ordinary course of business, including financial
guarantees and operating lease commitments. Details of each of these arrangements that have or are reasonably likely to
have a current or future material effect on the Company’s financial condition, results of operations, liquidity or capital
resources are discussed below.
Operating Lease Commitments. The Company has entered into a number of sale-and-leaseback transactions in
connection with the financing of a number of aircraft in its fleet. See “—Liquidity and Capital Resources—Capital
Resources” above for additional information on these transactions.
Guarantees. Ryanair Holdings has provided an aggregate of €5,274.6 million in letters of guarantee to secure
obligations of certain of its subsidiaries in respect of loans, capital market transactions and bank advances, including those
relating to aircraft financing and related hedging transactions. This amount excludes guarantees given in relation to the
2013 Boeing Contract which total approximately $14.4 billion at list prices and which became effective following Ryanair
Holdings shareholder approval at an EGM on June 18, 2013 and guarantees given in relation to the 2014 Boeing contract
which total approximately $20.5 billion at list prices and which became effective following Ryanair Holdings shareholder
approval at an EGM on November 28, 2014.
TREND INFORMATION
For information concerning the principal trends and uncertainties affecting the Company’s results of operations
and financial condition, see “Item 3. Key Information—Risk Factors,” “Item 5. Operating and Financial Review and
Prospects—Business Overview,” “—Results of Operations,” “—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, 2016.