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«Chief Executive‟s Report 9 Summary Operating and Financial Overview Directors‟ Report 15 Corporate Governance Report Report of the Remuneration ...»

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Maintenance, materials and repairs. Ryanair‘s maintenance, materials and repair expenses, which consist primarily of the cost of routine maintenance, provision for leased aircraft and the overhaul of spare parts, decreased 6.7% on a per-passenger basis, while in absolute terms these expenses decreased by 3.8% from €120.7 million in the 2013 fiscal year to €116.1 million in the 2014 fiscal year. The decrease in absolute terms during the fiscal year reflected improved terms on lease extensions, offset in part by costs arising from the increased level of activity.

Aircraft rentals. Aircraft rental expenses amounted to €101.5 million in the 2014 fiscal year, a 3.4% increase from the €98.2 million reported in the 2013 fiscal year, reflecting the negative impact of higher lessor financing costs and the adverse impact of changes in the euro/dollar exchange rate.

Operating profit. As a result of the factors outlined above, operating profit decreased 11.0% on a perpassenger basis in the 2014 fiscal year, and also decreased in absolute terms, from €718.2 million in the 2013 fiscal year to €658.6 million in the 2014 fiscal year.

Finance expense. Ryanair‘s interest and similar charges decreased 16.2%, from €99.3 million in the 2013 fiscal year to €83.2 million in the 2014 fiscal year, primarily due to lower interest rates and reduced level of debt in the 2014 fiscal year compared to the 2013 fiscal year. These costs are expected to increase in future periods as Ryanair further expands its fleet.

Finance income. Ryanair‘s interest and similar income decreased 39.8%, from €27.4 million in the 2013 fiscal year to €16.5 million in the 2014 fiscal year, reflecting lower interest rates and gross cash balances, partially offset by increased dividend income from Aer Lingus shares received in the 2014 fiscal year.

Foreign exchange gains/losses. Ryanair recorded foreign exchange losses of €0.5 million in the 2014 fiscal year, as compared with foreign exchange gains of €4.6 million in the 2013 fiscal year, with the different result being primarily due to the negative impact of changes in the euro exchange rate against the U.K. pound sterling.

Taxation. The effective tax rate for the 2014 fiscal year was 11.6%, as compared to an effective tax rate of 12.5% in the 2013 fiscal year. The effective tax rate reflects the statutory rate of Irish corporation tax of 12.5%. Ryanair recorded an income tax provision of €68.6 million in the 2014 fiscal year, compared with a tax provision of €81.6 million in the 2013 fiscal year, with the decrease primarily reflecting lower pre-tax profits.

The determination regarding the recoverability of the deferred tax asset was based on future income forecasts, which demonstrated that it was more likely than not that future profits would be available in order to utilize the deferred tax asset. A deferred tax asset‘s recoverability is not dependent on material improvements over historical levels of pre-tax income, material changes in the present relationship between income reported for financial and tax purposes, or material asset sales or other non-routine transactions.

FISCAL YEAR 2013 COMPARED WITH FISCAL YEAR 2012

Profit after taxation. Ryanair recorded a profit on ordinary activities after taxation of €569.3 million in the 2013 fiscal year, as compared with a profit of €560.4 million in the 2012 fiscal year. This 1.6% increase was primarily attributable to an increase in revenues driven by a 4.3% increase in average fares and a 20.1% increase in ancillary revenues, partially offset by a 18.3% increase in fuel and oil costs from €1,593.6 million to €1,885.6 million. The result in fiscal 2012 included €57.8 million, net of tax, relating to a one off release of ticket sales revenue due to a change in accounting estimates arising in enhancements to Ryanair‘s revenue accounting system.

Scheduled revenues. Ryanair‘s scheduled passenger revenues increased 9.0%, from €3,504.0 million in the 2012 fiscal year, to €3,819.8 million in the 2013 fiscal year, primarily reflecting an increase of 4.3% in average fares. The number of passengers booked increased 4.5%, from 75.8 million to 79.3 million, reflecting increased passenger volumes on existing routes and the successful launch of new bases at Chania, Eindhoven, Fez, Krakow, Maastricht, Marrakech and Zadar in the 2013 fiscal year. Booked passenger load factors remained flat at 82% in both fiscal 2012 and fiscal 2013.

Passenger capacity during the 2013 fiscal year increased by 4.7% due to the addition of 11 Boeing 737aircraft (net of lease handbacks). Scheduled passenger revenues accounted for 78.2 % of Ryanair‘s total revenues for the 2013 fiscal year, compared with 79.8% of total revenues in the 2012 fiscal year.

During fiscal year 2012, changes in estimates relating to the timing of revenue recognition for unused passenger tickets were made, resulting in increased revenue in the 2012 fiscal year of €65.3 million. This change reflects more accurate and timely data obtained through system enhancements.

Ancillary revenues. Ryanair‘s ancillary revenues, which comprise revenues from non-flight scheduled operations, in-flight sales and Internet-related services, increased 20.1%, from €886.2 million in the 2012 fiscal year to €1,064.2 million in the 2013 fiscal year, while ancillary revenues per booked passenger increased to €13.43 from €11.69. Revenues from non-flight scheduled operations, including revenues from excess baggage charges, administration/credit card fees, sales of rail and bus tickets, priority boarding, reserved seating, accommodation, travel insurance and car rental increased 23.0% to €832.9 million from 677.4 million in the 2012 fiscal year. Revenues from in-flight sales increased 2. 8%, to €109.8 million from €106.7 million in the 2012 fiscal year. Revenues from Internet-related services, primarily commissions received from products sold on Ryanair.com or linked websites, increased 19.0%, from €102.1 million in the 2012 fiscal year to €121.5 million in the 2013 fiscal year. The rate of increase in revenues from all ancillary revenue categories exceeded that of the increase in overall passengers booked.





The following table sets forth the components of ancillary revenues earned by Ryanair and each

component expressed as a percentage of total ancillary revenues for each of the periods indicated:

–  –  –

Operating expenses. As a percentage of total revenues, Ryanair‘s operating expenses increased from 84.5% in the 2012 fiscal year to 85.3% in the 2013 fiscal year, as total revenues increased by 11.2%, slower than the 12.4% increase in operating expenses. In absolute terms, total operating expenses increased 12.4%, from €3,707.0 million in the 2012 fiscal year to €4,165.8 million in the 2013 fiscal year, principally as a result of an 18.3% increase in fuel and oil costs from €1,593.6 million in the 2012 fiscal year to €1,885.6 million in the 2013 fiscal year. Staff costs, depreciation, aircraft rental expenses, route charges, airport handling charges and marketing, distribution and other costs decreased as a percentage of total revenues, while maintenance and fuel and oil expenses increased. Total operating expenses per passenger increased by 7.5%, with the increase reflecting, principally, the increase in passenger capacity during the 2013 fiscal year and the impact of the higher fuel costs.

The Company‘s decision to ground aircraft did not have a material impact on the results of the Company for the year ended March 31, 2013 and, at present, is not anticipated to have a material impact on future operations. The Company anticipates that any revenues which could have been generated had the Company operated the grounded aircraft would have been lower than the operating costs associated with operating these aircraft, due to significantly higher fuel costs, airport charges and taxes. The Company does not anticipate that any material staff costs will be incurred during future periods of the grounding of aircraft, as the relevant staff can be furloughed under the terms of their contracts without compensation and the maintenance costs associated with the grounded aircraft will be minimal. However, the Company will still incur aircraft ownership costs comprised of depreciation and amortization costs, lease rentals costs and financing costs.

The following table sets forth the amounts in euro cent of, and percentage changes in, Ryanair‘s operating expenses (on a per-passenger basis) for the fiscal years ended March 31, 2013 and March 31, 2012 under IFRS. These data are calculated by dividing the relevant expense amount (as shown in the consolidated financial statements) by the number of booked passengers in the relevant year as shown in the table of ―Selected Operating and Other Data‖ in Item 3 and rounding to the nearest euro cent; the percentage change is calculated on the basis of the relevant figures before rounding.

–  –  –

Fuel and oil. Ryanair‘s fuel and oil costs per passenger increased by 13.2%, while in absolute terms, these costs increased by 18.3% from €1,593.6 million in the 2012 fiscal year to €1,884.6 million in the 2013 fiscal year, in each case after giving effect to the Company‘s fuel hedging activities. The 18.3% increase reflected a 15% increase in average fuel prices paid and the impact of a 3.7% increase in the number of hours flown, which were offset in part by a 2.2% decrease in the average sector length. Fuel and oil costs include the direct cost of fuel, the cost of delivering fuel to the aircraft, aircraft de-icing and EU emissions trading costs.

The average fuel price paid by Ryanair (calculated by dividing total fuel costs by the number of U.S. gallons of fuel consumed) increased 14.4% from €2.08 per U.S. gallon in the 2012 fiscal year to €2.38 per U.S. gallon in the 2013 fiscal year, in each case after giving effect to the Company‘s fuel hedging activities.

Airport and handling charges and route charges. Ryanair‘s airport and handling charges per passenger increased 5.6%, while route charges per passenger increased 1.1% in the 2013 fiscal year. In absolute terms, airport and handling charges increased 10.4%, from €554.0 million in the 2012 fiscal year, to €611.6 million in the 2013 fiscal year, reflecting the overall growth in passenger volumes and higher charges at Dublin and London (Stansted) airports, partially offset by lower average costs at Ryanair‘s newer airports and bases. In absolute terms, route charges increased 5.7%, from €460.5 million in the 2012 fiscal year to €486.6 million in the 2013 fiscal year, primarily as a result of the 4.7% increase in sectors flown.

Staff costs. Ryanair‘s staff costs, which consist primarily of salaries, wages and benefits, increased 0.4% on a per-passenger basis, while in absolute terms, these costs increased 5.0%, from €415.0 million in the 2013 fiscal year to €435.6 million in the 2013 fiscal year. The increase in absolute terms was primarily attributable to a 3.7% increase in hours flown and a flight crew pay increase of 2% granted in fiscal 2013.

Depreciation. Ryanair‘s depreciation per passenger increased by 2.0%, while in absolute terms these costs increased 6.6% from €309.2 million in the 2012 fiscal year to €329.6 million in the 2013 fiscal year. The increase was primarily attributable to the addition of 11 owned aircraft to the fleet during the 2013 fiscal year.

See ―—Critical Accounting Policies—Long-lived Assets‖ above.

Marketing, distribution and other expenses. Ryanair‘s marketing, distribution and other operating expenses, including those applicable to the generation of ancillary revenues, increased 5.2% on a per-passenger basis in the 2013 fiscal year, while in absolute terms, these costs increased 9.9%, from €180.0 million in the 2012 fiscal year to €197.9 million in the 2013 fiscal year, with the overall increase primarily reflecting the higher level of activity and increased onboard product costs reflecting the higher level of sales.

Maintenance, materials and repairs. Ryanair‘s maintenance, materials and repair expenses, which consist primarily of the cost of routine maintenance, provision for leased aircraft and the overhaul of spare parts, increased 11.0% on a per-passenger basis, while in absolute terms these expenses increased by 16.0% from €104.0 million in the 2012 fiscal year to €120.7 million in the 2013 fiscal year. The increase in absolute terms during the fiscal year reflected the additional costs arising from increased level of activity and the opening of new bases.

Aircraft rentals. Aircraft rental expenses amounted to €98.2 million in the 2013 fiscal year, an 8.2% increase from the €90.7 million reported in the 2012 fiscal year, reflecting the negative impact of higher lessor financing costs and the adverse impact of changes in the euro/dollar exchange rate on new leased aircraft and the handback of 4 aircraft due to the maturity of leases.

Operating profit. As a result of the factors outlined above, operating profit increased 0.6% on a perpassenger basis in the 2013 fiscal year, and also increased in absolute terms, from €683.2 million in the 2012 fiscal year to €718.2 million in the 2013 fiscal year.

Finance expense. Ryanair‘s interest and similar charges decreased 9.0%, from €109.2 million in the 2012 fiscal year to €99.3 million in the 2013 fiscal year, primarily due to lower interest rates in the 2013 fiscal year compared to the 2012 fiscal year. These costs are expected to increase as Ryanair further expands its fleet.

Finance income. Ryanair‘s interest and similar income decreased 38.2%, from €44.3 million in the 2012 fiscal year to €27.4 million in the 2013 fiscal year, reflecting the reduced yields on term deposits.

Foreign exchange gains/losses. Ryanair recorded foreign exchange gains of €4.6 million in the 2013 fiscal year, as compared with foreign exchange gains of €4.3 million in the 2012 fiscal year, with the different result being primarily due to the positive impact of changes in the U.K. pound sterling and the U.S. dollar exchange rates against the euro.



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