Ryanair 2016 Annual Report Download - page 6
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6
Brexit
The recent U.K. referendum vote to leave the European Union was both a surprise and a disappointment. Ryanair as the
U.K.’s largest airline had campaigned actively for a “Remain” vote. We expect this result will lead to a considerable period
of political and economic uncertainty in both the U.K. and the European Union. This uncertainty will be damaging to
economic growth and consumer confidence and we will respond as always with our load factor active/yield passive
strategy. Until some clarity emerges over the next two years about the U.K.’s long term political and economic
relationships with the European Union, we will be unable to predict what effect it will have on our business and regulatory
environment, but we have contingency plans in place for all eventualities.
In the meantime, we will pivot our growth away from U.K. airports and focus more on growing at our European airports
over the next two years.
Our Shareholders
The last year has been a rewarding one for our shareholders, who shared in a one-off return of some €400m (funded from
the disposal proceeds of our Aer Lingus stake) and a seventh share buy-back. This program was completed in June 2016
at a cost of some €886m. It allowed us to buy-back over 65m shares which have now been cancelled. These latest initiatives
mean we have returned over €4.2bn to shareholders over the last nine years which is more than seven times the €560m we
originally raised in our I.P.O. in 1997 and in two secondary issues.
I hope that our long standing and loyal shareholders will continue to support the Company, and will continue to enjoy
superior returns on their investment over the coming years as we strive to grow our low fare model, safely, in the best
interests of our customers, our people, and our shareholders.
Yours sincerely,
Michael O’Leary
Chief Executive