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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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The following tables set forth certain of the Company‘s selected consolidated financial information as of and for the periods indicated, financial information presented in euro in the table below has been derived from the consolidated financial statements that are prepared in accordance with IFRS. The financial information for fiscal 2014 has been translated from euro to US$ using the Federal Reserve Rate on March 31, 2014. This information should be read in conjunction with: (i) the audited consolidated financial statements of the Company and related notes thereto included in Item 18 and (ii) ―Item 5. Operating and Financial Review and Prospects.‖

Income Statement Data:

–  –  –

The following table sets forth, for the periods indicated, certain information concerning the exchange rate between: (i) the U.S. dollar and the euro; (ii) the U.K. pound sterling and the euro; and (iii) the U.K. pound sterling and the U.S. dollar. Such rates are provided solely for the convenience of the reader and are not necessarily the rates used by the Company in the preparation of its consolidated financial statements included in Item 18. No representation is made that any of such currencies could have been, or could be, converted into any other of such currencies at such rates or at any other rate.

–  –  –

— — 2009

1.433 1.394 — — 2010

1.336 1.326 — — 2011

1.296 1.392 — — 2012

1.319 1.291 — — 2013

1.378 1.328 Month ended January 31, 2014

February 28, 2014

March 31, 2014

April 30, 2014

May 31, 2014

June 30, 2014

Period ended July 18, 2014

–  –  –

— — 2009

0.887 0.891 — — 2010

0.857 0.858 — — 2011

0.836 0.868 — — 2012

0.811 0.811 — — 2013

0.830 0.849 Month ended January 31, 2014

February 28, 2014

March 31, 2014

April 30, 2014

May 31, 2014

June 30, 2014

Period ended July 18, 2014

–  –  –

— — 2009

0.627 0.641 — — 2010

0.641 0.647 — — 2011

0.645 0.624 — — 2012

0.615 0.628 — — 2013

0.603 0.639 Month ended January 31, 2014

February 28, 2014

March 31, 2014

April 30, 2014

May 31, 2014

June 30, 2014

Period ended July 18, 2014

______________

(a) Based on the Federal Reserve Rate for euro.

(b) The average of the relevant exchange rates on the last business day of each month during the relevant period.

(c) Based on the composite exchange rate as quoted at 5 p.m., New York time, by Bloomberg/Reuters.

(d) Based on the Federal Reserve Rate for U.K. pound sterling.

As of July 18, 2014, the exchange rate between the U.S. dollar and the euro was €1.00 = $1.3524, or $1.00 = €0.7394; the exchange rate between the U.K. pound sterling and the euro was U.K. £1.00 = €1.2642, or €1.00 = U.K. £0.7910; and the exchange rate between the U.K. pound sterling and the U.S. dollar was U.K.

£1.00 = $1.7086, or $1.00 = U.K. £0.5852. For a discussion of the impact of exchange rate fluctuations on the Company‘s results of operations, see ―Item 11. Quantitative and Qualitative Disclosures About Market Risk.‖

SELECTED OPERATING AND OTHER DATA

The following tables set forth certain operating data of Ryanair for each of the fiscal years shown. Such data are derived from the Company‘s consolidated financial statements prepared in accordance with IFRS and certain other data, and are not audited. For definitions of the terms used in this table, see the Glossary in Appendix A.

–  –  –

Changes in Fuel Costs and Fuel Availability Affect the Company’s Results and Increase the Likelihood of Adverse Impact to the Company’s Profitability. Jet fuel costs are subject to wide fluctuations as a result of many economic and political factors and events occurring throughout the world that Ryanair can neither control nor accurately predict, including increases in demand, sudden disruptions in supply and other concerns about global supply, as well as market speculation. Oil prices increased substantially in fiscal years 2012, 2013 and 2014 and remain at elevated levels. As international prices for jet fuel are denominated in U.S. dollars, Ryanair‘s fuel costs are also subject to certain exchange rate risks. Substantial price increases, adverse exchange rates, or the unavailability of adequate fuel supplies, including, without limitation, any such events resulting from international terrorism, prolonged hostilities in Ukraine or the Middle East or other oil-producing regions or the suspension of production by any significant producer, may adversely affect Ryanair‘s profitability. In the event of a fuel shortage resulting from a disruption of oil imports or otherwise, additional increases in fuel prices or a curtailment of scheduled services could result.

Ryanair has historically entered into arrangements providing for substantial protection against fluctuations in fuel prices, generally through forward contracts covering periods of up to 18 months of anticipated jet fuel requirements. As of July 25, 2014, Ryanair had entered into forward jet fuel (jet kerosene) contracts covering approximately 90% of its estimated requirements for the fiscal year ending March 31, 2015 at prices equivalent to approximately $950 per metric ton. In addition, as of July 25, 2014, Ryanair had entered into forward jet fuel (jet kerosene) contracts covering approximately 55% of its estimated requirements for the first half of the fiscal year ending March 31, 2016 at prices equivalent to approximately $950 per metric ton. Ryanair is exposed to risks arising from fluctuations in the price of fuel, and movements in the euro/U.S. dollar exchange rate because of the limited nature of its hedging program, especially in light of the recent volatility in the relevant currency and commodity markets. Any further increase in fuel costs could have a material adverse effect on Ryanair‘s financial performance. In addition, any strengthening of the U.S. dollar against the euro could have an adverse effect on the cost of buying fuel in euro. As of July 25, 2014, Ryanair had hedged approximately 90% of its forecasted fuel-related dollar purchases against the euro at a rate of approximately $1.34 per euro for the fiscal year ending March 31, 2015 and approximately 50% of its forecasted fuel related dollar purchases against the euro at a rate of approximately $1.37 per euro for the first 6 months of the fiscal year ending March 31, 2016.





No assurances whatsoever can be given about trends in fuel prices, and average fuel prices for future years may be significantly higher than current prices. Management estimates that every $10 movement in the price of a metric ton of jet fuel will impact Ryanair‘s costs by approximately €2 million, taking into account Ryanair‘s hedging programme for the 2015 fiscal year. There can be no assurance, however, in this regard, and the impact of fuel prices on Ryanair‘s operating results may be more, or less, pronounced. There also cannot be any assurance that Ryanair‘s current or any future arrangements will be adequate to protect Ryanair from increases in the price of fuel or that Ryanair will not incur losses due to high fuel prices, either alone or in combination with other factors. Because of Ryanair‘s low fares and its no-fuel-surcharges policy, as well as Ryanair‘s expansion plans, which could have a negative impact on yields, its ability to pass on increased fuel costs to passengers through increased fares or otherwise is somewhat limited. Moreover, the anticipated expansion of Ryanair‘s fleet from September 2014 onwards will likely result in an increase, in absolute terms, in Ryanair‘s aggregate fuel costs.

Ryanair Has Decided to Seasonally Ground Aircraft. In recent years, in response to an operating environment characterized by high fuel prices, typically lower winter traffic and yields and higher airport charges and/or taxes, Ryanair has adopted a policy of grounding a certain portion of its fleet during the winter months (from November to March). In the winter of fiscal year 2014, Ryanair grounded approximately 70 aircraft and the Company intends to again ground approximately 50 aircraft in the coming winter. Ryanair‘s adoption of the policy of seasonally grounding aircraft presents some risks. While Ryanair seeks to implement its seasonal grounding policy in a way that will allow it to reduce losses by operating flights during periods of high oil prices to high cost airports at low winter yields, there can be no assurance that this strategy will be successful.

Additionally, Ryanair‘s growth has been largely dependent on increasing summer capacity, and decreasing winter capacity, which may affect the overall future growth of Ryanair. Further, while seasonal grounding does reduce Ryanair‘s variable operating costs, it does not avoid fixed costs such as aircraft ownership costs, and it also decreases Ryanair‘s potential to earn ancillary revenues.

Decreasing the number and frequency of flights may also negatively affect Ryanair‘s labor relations, including its ability to attract flight personnel only interested in year round employment. Such risks could lead to negative effects on Ryanair‘s financial condition and/or results of operations.

Ryanair May Not Achieve All of the Expected Benefits of its Recent Strategic Initiatives.

Ryanair is in the process of implementing a series of strategic initiatives that are expected to have a significant impact on its business. Among other things, these initiatives include scheduling more flights to primary airports, selling flights via corporate travel agents on global distribution systems (―GDS‖), increasing marketing spending significantly, and adjusting the airline‘s yield management strategy with the goal of increasing load factors. Ryanair has also announced a series of customerexperience related initiatives, including a new, easier-to-navigate website with a fare finder facility, reduced penalty fees, more customer-friendly baggage allowances, 24 hour grace periods to correct minor booking errors and the introduction of allocated seating. For additional information on these initiatives, see ―Strategy‖. Although customer reaction to the measures has, so far, been positive and management expects these initiatives to be accretive to the Company‘s results over time, no assurance can be given that the financial impact of the initiatives will be positive, particularly in the short to medium term. In particular, certain of the strategic initiatives may have the effect of increasing certain of the Company‘s costs (including airport fees and marketing expenses), while reducing ancillary revenues previously earned from website sales and from various penalty fees and charges. Although the Company expects that revenues from allocated seating will offset the reduction in ancillary revenues, there can be no assurance that this will occur. Factors beyond Ryanair‘s control, including but not limited to customer acceptance, competitive reactions, market and economic conditions and other challenges described in this report could limit Ryanair‘s ability to achieve some or all of the expected benefits of these initiatives. A relatively minor shortfall from expected revenue levels (or increase in expected costs) could have a material adverse effect on the Company‘s growth or financial performance.

Currency Fluctuations Affect the Company’s Results. Although the Company is headquartered in Ireland, a significant portion of its operations are conducted in the U.K. Consequently, the Company has significant operating revenues and operating expenses, as well as assets and liabilities, denominated in U.K. pounds sterling. In addition, fuel, aircraft, insurance, and some maintenance obligations are denominated in U.S. dollars. The Company‘s operations and financial performance can therefore be significantly affected by fluctuations in the values of the U.K. pound sterling and the U.S. dollar.

Ryanair is particularly vulnerable to direct exchange rate risks between the euro and the U.S. dollar because a significant portion of its operating costs are incurred in U.S. dollars and none of its revenues are denominated in U.S. dollars.

Although the Company engages in foreign currency hedging transactions between the euro and the U.S. dollar, between the euro and the U.K. pound sterling, and between the U.K. pound sterling and the U.S. dollar, hedging activities cannot be expected to eliminate currency risks. See ―Item 11.

Quantitative and Qualitative Disclosures About Market Risk.‖ The Company May Not Be Successful in Increasing Fares to Cover Rising Business Costs.

Ryanair operates a low-fares airline. The success of its business model depends on its ability to control costs so as to deliver low fares while at the same time earning a profit. Ryanair has limited control over its fuel costs and already has comparatively low operating costs. In periods of high fuel costs, if Ryanair is unable to further reduce its other operating costs or generate additional revenues, operating profits are likely to fall. Furthermore, as part of its change in marketing and airport strategy, the Company will expect increased marketing and advertising costs along with higher airport charges due to the increasing number of primary airports it operates to. Ryanair cannot offer any assurances regarding its future profitability. Changes in fuel costs and fuel availability could have a material adverse impact on Ryanair‘s results and could also increase the likelihood that Ryanair may incur losses. See ―—The Company Faces Significant Price and Other Pressures in a Highly Competitive Environment‖ below and ―—Changes in Fuel Costs and Fuel Availability Affect the Company‘s Results and Increase the Likelihood of Adverse Impact to the Company‘s Profitability‖ above.

The Company is Subject to Legal Proceedings Alleging State Aid at Certain Airports. Formal investigations are ongoing by the European Commission into Ryanair‘s agreements with the Lübeck, Alghero, Frankfurt (Hahn), Zweibrücken, Altenburg, Klagenfurt, Stockholm (Vasteras), Paris (Beauvais), La Rochelle, Carcassonne, Brussels (Charleroi), Cagliari, Girona and Reus airports. The investigations seek to determine whether the arrangements constitute illegal state aid under EU law.



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