Ryanair 2016 Annual Report Download - page 196

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24. Note to cash flow statement
At March 31,
2016
2015
2014
€M
€M
€M
Net funds/(debt) at beginning of year
364.3
158.1
60.7
Increase/(decrease) in cash and cash equivalents in year
74.6
(545.5)
489.2
(Decrease)/(increase) in financial assets > 3 months
(542.3)
2,106.3
(795.1)
Decrease/(increase) in restricted cash
6.3
(6.6)
(11.4)
FX on U.S. dollar denominated debt
23.7
(76.8)
23.9
Net cash flow from (increase)/decrease in debt
384.9
(1,271.2)
390.8
Movement in net funds resulting from cash flows
(52.8)
206.2
97.4
Net funds at end of year
311.5
364.3
158.1
Analysed as:
Cash and cash equivalents, financial assets and restricted cash
4,334.5
4,795.9
3,241.7
Total borrowings*
(4,023.0)
(4,431.6)
(3,083.6)
Net funds/(debt)
311.5
364.3
158.1
* includes both current and non-current maturities of debt.
25. Shareholder returns
In the year ended March 31, 2016 the Company bought back 53.7 million ordinary shares at a total cost of €706.1
million. This is equivalent to approximately 4.2% of the Company’s issued share capital at March 31, 2016. 53.2 million
of these ordinary shares were cancelled at March 31, 2016. The remaining 0.5 million ordinary shares were cancelled on
April 1, 2016. In addition to the above, the Company returned €398 million to shareholders via a B share scheme, and
completed a capital reorganisation which involved the consolidation of its ordinary share capital on a 39 for 40 basis which
resulted in the reduction of ordinary shares in issue by 33.8 million ordinary shares. The nominal value of an ordinary
share was also reduced from 0.635 euro cent each to 0.600 euro cent each under the reorganisation. All ‘B’ Shares and
Deferred Shares issued in connection with the B share scheme were either redeemed or cancelled during the period such
that there were no ‘B’ Shares or Deferred Shares remaining in issue as at March 31, 2016.
In the year ended March 31, 2015 the Company bought back 10.9 million ordinary shares at a total cost of €112.0
million. This is equivalent to approximately 0.8% of the Company’s issued share capital at March 31, 2015. 10.6 million
ordinary shares repurchased were cancelled as at March 31, 2016. The remaining 0.3 million were cancelled on April 1,
2015. Accordingly, share capital decreased by 10.6 million ordinary shares with a nominal value of €0.1 million and other
undenominated capital increased by a corresponding €0.1 million. Other undenominated capital is required to be created
under Irish law to preserve permanent capital in the Parent Company.
On June 20, 2013 the Company detailed plans to return up to €1.0 billion to shareholders over the following two
years. At March 31, 2014, the Company bought back 69.5 million ordinary shares at a total cost of €481.7 million. This
was equivalent to approximately 4.8% of the Company’s issued share capital at March 31, 2014. All ordinary shares
repurchased were cancelled. Accordingly share capital decreased by 69.5 million ordinary shares with a nominal value of
€0.4 million and other undenominated capital increased by a corresponding €0.4 million. In February 2015 the Company
paid a special dividend of €520 million to shareholders.
26. Post-balance sheet events
Following the June 23, 2016 Referendum vote by the U.K. to leave the EU, the Company announced that it had
increased the size of its buy-back program to the 5% buy-back limit approved by the shareholders at the Company’s 2015
Annual General Meeting (approximately €886 million).
From April 1, 2016 to July 1, 2016 the Company bought back 36.0 million shares at a total cost of approximately
€467.5 million under its €886 million share buy-back program. All ordinary shares repurchased were cancelled.