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Name | Symbol | Market | Type |
---|---|---|---|
Ryanair Holdings PLC | NASDAQ:RYAAY | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 139.86 | 139.28 | 139.54 | 2 | 12:40:50 |
Lower Fares & "Always Getting Better" Services Delivers Record Results
|
Full Year (IFRS)
|
Mar 31, 2014
|
Mar 31, 2015
|
% Change
|
Customers
|
81.7m
|
90.6m
|
+11%
|
Revenue
|
€5,037m
|
€5,654m
|
+12%
|
Profit after Tax
|
€523m
|
€867m
|
+66%
|
Basic EPS(€ cent)
|
36.96
|
62.59
|
+69%
|
- Traffic up 11% to 90.6m as load factors rose from 83% to 88%
|
- Unit costs ex fuel were flat (including fuel they fell 5%)
|
- Net profits rose 66% as net margin jumped from 10% to 15%
|
- Earlier loading of schedules led to materially stronger forward bookings
|
- AGB Year 1 programme delivered, Year 2 improvements rolled out
|
- Ryanair Labs is transforming our digital and mobile platforms
|
- Lead customer order for 200 x B737 Max 200 aircraft
|
- 2nd Eurobond issue (€850m @ 1.125% coupon) lowers our finance costs.
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
Jan
|
Feb
|
Mar
|
Ave
|
|
FY14
|
93%
|
94%
|
92%
|
92%
|
94%
|
92%
|
91%
|
93%
|
85%
|
92%
|
90%
|
92%
|
92%
|
FY15
|
91%
|
89%
|
87%
|
86%
|
90%
|
90%
|
92%
|
91%
|
84%
|
85%
|
91%
|
92%
|
90%
|
- oil is 90% hedged for FY16 at $92 pbl
|
- oil is 36% hedged for FY17 at $69 pbl
|
- US$ OpEx is 90% hedged for FY16 & FY17 at $1.33 & $1.19 respectively
|
- US$ CapEx is 100% hedged for FY16, FY17 & FY18 at $1.37, $1.34 & $1.23 respectively
|
For further information
|
Neil Sorahan
|
Joe Carmody
|
please contact:
|
Ryanair Holdings plc
|
Edelman
|
www.ryanair.com
|
Tel: 353-1-9451212
|
Tel: 353-1-6789333
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Balance Sheet as at March 31, 2015 (unaudited)
|
|||||||||
At Mar 31,
|
At Mar 31,
|
||||||||
2015
|
2014
|
||||||||
Note
|
€M
|
€M
|
|||||||
Non-current assets
|
|||||||||
Property, plant and equipment
|
11
|
5,471.1
|
5,060.3
|
||||||
Intangible assets
|
46.8
|
46.8
|
|||||||
Available for sale financial assets
|
8
|
371.0
|
260.3
|
||||||
Derivative financial instruments
|
554.5
|
0.4
|
|||||||
Total non-current assets
|
6,443.4
|
5,367.8
|
|||||||
Current assets
|
|||||||||
Inventories
|
2.1
|
2.5
|
|||||||
Other assets
Current tax
|
138.7
0.8
|
124.2
1.1
|
|||||||
Trade receivables
|
60.1
|
58.1
|
|||||||
Derivative financial instruments
|
744.4
|
16.7
|
|||||||
Restricted cash
|
6.7
|
13.3
|
|||||||
Financial assets: cash > 3months
|
3,604.6
|
1,498.3
|
|||||||
Cash and cash equivalents
|
1,184.6
|
1,730.1
|
|||||||
Total current assets
|
5,742.0
|
3,444.3
|
|||||||
Total assets
|
12,185.4
|
8,812.1
|
|||||||
Current liabilities
|
|||||||||
Trade payables
|
196.5
|
150.0
|
|||||||
Accrued expenses and other liabilities
|
1,938.2
|
1,561.2
|
|||||||
Current maturities of debt
|
399.6
|
467.9
|
|||||||
Derivative financial instruments
|
811.7
|
95.4
|
|||||||
Total current liabilities
|
3,346.0
|
2,274.5
|
|||||||
Non-current liabilities
|
|||||||||
Provisions
|
180.8
|
133.9
|
|||||||
Derivative financial instruments
|
73.4
|
43.2
|
|||||||
Deferred tax
|
462.3
|
368.6
|
|||||||
Other creditors
|
55.8
|
90.4
|
|||||||
Non-current maturities of debt
|
4,032.0
|
2,615.7
|
|||||||
Total non-current liabilities
|
4,804.3
|
3,251.8
|
|||||||
Shareholders' equity
|
|||||||||
Issued share capital
|
13
|
8.7
|
8.8
|
||||||
Share premium account
|
718.6
|
704.2
|
|||||||
Capital redemption reserve
|
13
|
1.3
|
1.2
|
||||||
Retained earnings
|
13
|
2,706.2
|
2,465.1
|
||||||
Other reserves
|
600.3
|
106.5
|
|||||||
Shareholders' equity
|
4,035.1
|
3,285.8
|
|||||||
Total liabilities and shareholders' equity
|
12,185.4
|
8,812.1
|
|||||||
Ryanair Holdings plc and Subsidiaries
|
||||
Condensed Consolidated Preliminary Income Statement for the year ended March 31, 2015 (unaudited)
|
||||
Year
Ended
|
Year
Ended
|
|||
Mar 31,
|
Mar 31,
|
|||
2015
|
2014
|
|||
Note
|
€M
|
€M
|
||
Operating revenues
|
||||
Scheduled revenues
|
4,260.3
|
3,789.5
|
||
Ancillary revenues
|
1,393.7
|
1,247.2
|
||
Total operating revenues - continuing operations
|
5,654.0
|
5,036.7
|
||
Operating expenses
|
||||
Fuel and oil
|
1,992.1
|
2,013.1
|
||
Airport and handling charges
|
712.8
|
617.2
|
||
Route charges
|
547.4
|
522.0
|
||
Staff costs
|
502.9
|
463.6
|
||
Depreciation
|
377.7
|
351.8
|
||
Marketing, distribution and other
|
233.9
|
192.8
|
||
Maintenance, materials and repairs
|
134.9
|
116.1
|
||
Aircraft rentals
|
109.4
|
101.5
|
||
Total operating expenses
|
4,611.1
|
4,378.1
|
||
Operating profit - continuing operations
|
1,042.9
|
658.6
|
||
Other income/(expense)
|
||||
Finance expense
|
(74.2)
|
(83.2)
|
||
Finance income
|
17.9
|
16.5
|
||
Foreign exchange loss
|
(4.2)
|
(0.5)
|
||
Total other expense
|
(60.5)
|
(67.2)
|
||
Profit before tax
|
982.4
|
591.4
|
||
Tax expense on profit on ordinary activities
|
4
|
(115.7)
|
(68.6)
|
|
Profit for the year - all attributable to equity holders of parent
|
866.7
|
522.8
|
||
Earnings per ordinary share (in € cent)
|
||||
Basic
|
10
|
62.59
|
36.96
|
|
Diluted
|
10
|
62.46
|
36.86
|
|
Weighted average no. of ordinary shares (in Ms)
|
||||
Basic
|
10
|
1,384.7
|
1,414.6
|
|
Diluted
|
10
|
1,387.6
|
1,418.2
|
Year
|
Year
|
||
Ended
|
Ended
|
||
Mar 31,
|
Mar 31,
|
||
2015
|
2014
|
||
€M
|
€M
|
||
Profit for the year
|
866.7
|
522.8
|
|
Other comprehensive income:
|
|||
Items that will never be reclassified to profit or loss:
Net actuarial loss from retirement benefit plan
|
(2.4)
|
(1.6)
|
|
Items that may or will be reclassified to profit or loss in subsequent period:
|
|||
Cash flow hedge reserve movements:
|
|||
Net movement in cash flow hedge reserve
|
391.7
|
(83.7)
|
|
Available for sale financial asset:
|
|||
Net increase in fair value of available for sale financial asset
|
110.7
|
39.1
|
|
Other comprehensive gain/(loss) for the year, net of income tax
|
500.0
|
(46.2)
|
|
Total comprehensive income for the year - all attributable to equity holders of parent
|
1,366.7
|
476.6
|
|
Year
|
Year
|
|||
Ended
|
Ended
|
|||
Mar 31,
|
Mar 31,
|
|||
2015
|
2014
|
|||
Note
|
€M
|
€M
|
||
Operating activities
|
||||
Profit after tax
|
866.7
|
522.8
|
||
Adjustments to reconcile profit before tax to net cash provided by operating activities
|
||||
Depreciation
|
377.7
|
351.8
|
||
Retirement costs
|
0.2
|
(1.2)
|
||
Tax expense on profit on ordinary activities
|
115.7
|
68.6
|
||
Share based payments
|
0.5
|
1.9
|
||
Decrease in inventories
|
0.4
|
0.2
|
||
(Increase) in trade receivables
|
(2.0)
|
(2.0)
|
||
(Increase) in other current assets
|
(12.3)
|
(56.6)
|
||
Increase in trade payables
|
46.5
|
11.7
|
||
Increase in accrued expenses
|
364.4
|
220.7
|
||
(Decrease) in other creditors
|
(34.6)
|
(37.4)
|
||
Increase/(decrease) in provisions
|
44.0
|
(2.7)
|
||
(Increase)/decrease in finance income
|
(2.2)
|
0.1
|
||
Increase/(decrease) in finance expense
|
12.8
|
(0.9)
|
||
Income tax paid
|
(88.4)
|
(32.4)
|
||
Net cash provided by operating activities
|
1,689.4
|
1,044.6
|
||
Investing activities
|
||||
Capital expenditure (purchase of property, plant and equipment)
|
(788.5)
|
(505.8)
|
||
Decrease in restricted cash
|
6.6
|
11.4
|
||
(Increase)/decrease in financial assets: cash > 3months
|
(2,106.3)
|
795.1
|
||
Net cash (used in)/provided by investing activities
|
(2,888.2)
|
300.7
|
||
Financing activities
|
||||
Net proceeds from shares issued
|
14.4
|
16.4
|
||
Net proceeds from bonds issued
|
14
|
1,690.9
|
-
|
|
Dividend paid
|
(520.3)
|
-
|
||
Repayments of long term borrowings
|
(419.7)
|
(390.8)
|
||
Shares purchased under share buy-back programme
|
13
|
(112.0)
|
(481.7)
|
|
Net cash provided by/(used in) financing activities
|
653.3
|
(856.1)
|
||
(Decrease)/increase in cash and cash equivalents
|
(545.5)
|
489.2
|
||
Cash and cash equivalents at beginning of the year
|
1,730.1
|
1,240.9
|
||
Cash and cash equivalents at end of the year
|
1,184.6
|
1,730.1
|
Other Reserves
|
|||||||||
Ordinary
|
Issued
Share
|
Share
Premium
|
Retained
|
Capital
Redemption
|
Other
|
||||
Shares
|
Capital
|
Account
|
Earnings
|
Reserve
|
Treasury
|
Hedging
|
Reserves
|
Total
|
|
M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
|
Balance at March 31, 2013
|
1,447.1
|
9.2
|
687.8
|
2,418.6
|
0.8
|
-
|
0.5
|
155.7
|
3,272.6
|
Profit for the year
|
-
|
-
|
-
|
522.8
|
-
|
-
|
-
|
-
|
522.8
|
Other comprehensive income
|
|||||||||
Net actuarial losses from retirement benefits plans
|
-
|
-
|
-
|
(1.6)
|
-
|
-
|
-
|
-
|
(1.6)
|
Net movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
(83.7)
|
-
|
(83.7)
|
Net change in fair value of available for sale financial asset
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
39.1
|
39.1
|
Total other comprehensive income
|
-
|
-
|
-
|
(1.6)
|
-
|
-
|
(83.7)
|
39.1
|
(46.2)
|
Total comprehensive income
|
-
|
-
|
-
|
521.2
|
-
|
-
|
(83.7)
|
39.1
|
476.6
|
Transactions with owners of the Company recognised directly in equity
|
|||||||||
Issue of ordinary equity shares
|
5.7
|
-
|
16.4
|
-
|
-
|
-
|
-
|
-
|
16.4
|
Share-based payments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1.9
|
1.9
|
Repurchase of ordinary equity shares
|
-
|
-
|
-
|
(481.7)
|
-
|
-
|
-
|
-
|
(481.7)
|
Cancellation of repurchased ordinary shares
|
(69.5)
|
(0.4)
|
-
|
-
|
0.4
|
-
|
-
|
-
|
-
|
Transfer of exercised and expired share based awards
|
-
|
-
|
-
|
7.0
|
-
|
-
|
-
|
(7.0)
|
-
|
Balance at March 31, 2014
|
1,383.3
|
8.8
|
704.2
|
2,465.1
|
1.2
|
(83.2)
|
189.7
|
3,285.8
|
|
Profit for the year
|
-
|
-
|
-
|
866.7
|
-
|
-
|
-
|
-
|
866.7
|
Other comprehensive income
|
|||||||||
Net actuarial losses from retirement benefit plans
|
-
|
-
|
-
|
(2.4)
|
-
|
-
|
-
|
-
|
(2.4)
|
Net movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
391.7
|
-
|
391.7
|
Net change in fair value of available for sale financial asset
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
110.7
|
110.7
|
Total other comprehensive income
|
-
|
-
|
-
|
(2.4)
|
-
|
-
|
391.7
|
110.7
|
500.0
|
Total comprehensive income
|
-
|
-
|
-
|
864.3
|
-
|
-
|
391.7
|
110.7
|
1,366.7
|
Transactions with owners of the Company recognised directly in equity
|
|||||||||
Issue of ordinary equity shares
|
5.0
|
-
|
14.4
|
-
|
-
|
-
|
-
|
-
|
14.4
|
Share-based payments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.5
|
0.5
|
Dividend paid
|
-
|
-
|
-
|
(520.3)
|
-
|
-
|
-
|
-
|
(520.3)
|
Repurchase of ordinary equity shares
|
-
|
-
|
-
|
(108.8)
|
-
|
(3.2)
|
-
|
-
|
(112.0)
|
Cancellation of repurchased ordinary shares
|
(10.6)
|
(0.1)
|
-
|
-
|
0.1
|
-
|
-
|
-
|
-
|
Transfer of exercised and expired share based awards
|
-
|
-
|
-
|
5.9
|
-
|
-
|
-
|
(5.9)
|
-
|
Balance at March 31, 2015
|
1,377.7
|
8.7
|
718.6
|
2,706.2
|
1.3
|
(3.2)
|
308.5
|
295.0
|
4,035.1
|
· IAS 32 (amendment) "Offsetting Financial Assets and Financial Liabilities" (effective for fiscal periods beginning on or after January 1, 2014).
|
· IAS 39 (amendment) "Novation of Derivatives and Continuation of Hedge Accounting" (effective for fiscal periods beginning on or after January 1, 2014).
|
· IFRIC 21 "Levies" (effective for fiscal periods beginning on or after January 1, 2014).
|
· Defined Benefit Plans: Employee Contributions (Amendments to IAS 19) (effective for fiscal periods beginning on or after July 1, 2014).**
|
· IFRS 9, "Financial Instruments" (2014) (effective for fiscal periods beginning on or after January 1, 2018).*
|
· "Annual Improvements to IFRSs". 2010-2012 Cycle (effective for fiscal periods beginning on or after July 1, 2014).**
|
· "Annual Improvements to IFRSs". 2011-2013 Cycle (effective for fiscal periods beginning on or after July 1, 2014).**
|
· "Annual Improvements to IFRSs". 2012-2014 Cycle (effective for fiscal periods beginning on or after January 1, 2016).*
|
· Amendments to IFRS 10 and IAS 28 - Sales or contributions of assets between an investor and its associate/joint venture (effective for fiscal periods beginning on or after January 1, 2016).*
|
· Amendments to IFRS 11: "Accounting for Acquisitions of Interests in Joint Operations" (effective for fiscal periods beginning on or after January 1, 2016).*
|
· IFRS 14, "Regulatory Deferral Accounts" (effective for fiscal periods beginning on or after January 1, 2016).*
|
· Amendments to IAS 16 and IAS 38: "Clarification of Acceptable Methods of Depreciation and Amortisation" (effective for fiscal periods beginning on or after January 1, 2016).*
|
· IFRS 15, "Revenue from Contracts with Customers" (effective for fiscal periods beginning on or after January 1, 2018).*
|
· Amendments to IAS 27: "Equity Method in Separate Financial Statements" (effective for fiscal periods beginning on or after January 1, 2016).*
|
· Amendments to IAS 1: "Disclosure Initiative" (effective for fiscal periods beginning on or after January 1, 2016).*
|
4. Income tax expense
|
Reportable segment information is presented as follows:
|
||
Year
|
Year
|
|
Ended
|
Ended
|
|
Mar 31,
|
Mar 31,
|
|
2015
|
2014
|
|
€M
|
€'M
|
|
External revenues
|
5,654.0
|
5,036.7
|
Reportable segment profit after income tax
|
866.7
|
522.8
|
At Mar 31, 2015
€M
|
At Mar 31, 2014
€M
|
|
Reportable segment assets (excludes the available for sale financial asset)
|
11,814.4
|
8,551.8
|
Year
|
Year
|
|
Ended
|
Ended
|
|
Mar 31,
|
Mar 31,
|
|
2015
|
2014
|
|
Basic earnings per ordinary share euro cent
|
62.59
|
36.96
|
Diluted earnings per ordinary share euro cent
|
62.46
|
36.86
|
Weighted average number of ordinary shares (in M's) - basic
|
1,384.7
|
1,414.6
|
Weighted average number of ordinary shares (in M's) - diluted
|
1,387.6
|
1,418.2
|
At Mar
31, 2015 Carrying
amount
|
At Mar
31, 2015
Fair
value
|
At Mar
31, 2014 Carrying amount
|
At Mar
31, 2014 Fair
Value
|
|
Non-current financial assets
|
€M
|
€M
|
€M
|
€M
|
Derivative financial instruments:-
|
||||
- U.S. dollar currency forward contracts
|
535.5
|
535.5
|
-
|
-
|
- Jet fuel derivative contracts
|
12.4
|
12.4
|
0.4
|
0.4
|
- Interest rate swaps
|
6.6
|
6.6
|
-
|
-
|
554.5
|
554.5
|
0.4
|
0.4
|
|
- Available-for-sale financial assets
|
371.0
|
371.0
|
260.3
|
260.3
|
925.5
|
925.5
|
260.7
|
260.7
|
|
Current financial assets
|
||||
Derivative financial instruments:-
|
||||
- U.S. dollar currency forward contracts
|
726.7
|
726.7
|
-
|
-
|
- Jet fuel derivative contracts
|
3.0
|
3.0
|
16.7
|
16.7
|
- Interest rate swaps
|
14.7
|
14.7
|
-
|
-
|
744.4
|
744.4
|
16.7
|
16.7
|
|
Trade receivables*
|
60.1
|
58.1
|
||
Cash and cash equivalents*
|
1,184.6
|
1,730.1
|
||
Financial asset: cash > 3 months*
|
3,604.6
|
1,498.3
|
||
Restricted cash*
|
6.7
|
13.3
|
||
Other assets*
|
4.8
|
2.6
|
||
5,605.2
|
744.4
|
3,319.1
|
16.7
|
|
Total financial assets
|
6,530.7
|
1,669.9
|
3,579.8
|
277.4
|
|
At Mar
31, 2015 Carrying
amount
|
At Mar
31, 2015
Fair
value
|
At Mar
31, 2014 Carrying amount
|
At Mar
31, 2014 Fair
Value
|
Non-current financial liabilities
|
€M
|
€M
|
€M
|
€M
|
Derivative financial instruments:-
|
||||
- U.S. dollar currency forward contracts
|
-
|
-
|
1.8
|
1.8
|
- Interest rate swaps
|
9.8
|
9.8
|
41.4
|
41.4
|
- Jet fuel derivative contracts
|
63.6
|
63.6
|
-
|
-
|
73.4
|
73.4
|
43.2
|
43.2
|
|
Long-term debt
|
2,341.1
|
2,391.6
|
2,615.7
|
2,660.9
|
Bonds
|
1,690.9
|
1,738.4
|
-
|
-
|
4,105.4
|
4,203.4
|
2,658.9
|
2,704.1
|
|
Current financial liabilities
|
||||
Derivative financial instruments:-
|
||||
- U.S. dollar currency forward contracts
|
24.5
|
24.5
|
64.4
|
64.4
|
- Interest rate swaps
|
22.1
|
22.1
|
31.0
|
31.0
|
- Jet fuel derivative contracts
|
765.1
|
765.1
|
-
|
-
|
811.7
|
811.7
|
95.4
|
95.4
|
|
Long-term debt
|
399.6
|
399.6
|
467.9
|
467.9
|
Trade payables*
|
196.5
|
150.0
|
||
Accrued expenses*
|
430.8
|
401.7
|
||
1,838.6
|
1,211.3
|
1,115.0
|
563.3
|
|
Total financial liabilities
|
5,944.0
|
5,414.7
|
3,773.9
|
3,267.4
|
RYANAIR HOLDINGS PLC
|
By:___/s/ Juliusz Komorek____
|
|
Juliusz Komorek
|
|
Company Secretary
|
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