SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the
month of May 2024
RYANAIR HOLDINGS PLC
(Translation
of registrant's name into English)
c/o Ryanair Ltd Corporate Head Office
Dublin Airport
County Dublin Ireland
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file
annual
reports
under cover Form 20-F or Form 40-F.
Form
20-F..X.. Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities
Exchange
Act of
1934.
Yes
No ..X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b): 82- ________
RYANAIR FULL YEAR PROFIT RISES 34% TO €1.92BN
TRAFFIC GROWS 9%TO 184M DESPITE BOEING DELAYS
€700M SHARE BUYBACK ANNOUNCED
Ryanair
Holdings plc today (20 May) reported full-year PAT growth of 34% to
€1.92bn, as traffic grew 9% to 184m passengers (23% more than
pre-Covid). The Group's industry leading cost base and
increased revenues helped to offset a significantly higher fuel
bill as hedged oil prices rose from $65bbl in FY23 to $89bbl in
FY24.
|
Mar.
2023
|
Mar.
2024
|
Change
|
Customers
|
168.6m
|
183.7m
|
+9%
|
Load
Factor
|
93%
|
94%
|
+1pt
|
Revenue
|
€10.78bn
|
€13.44bn
|
+25%
|
Op.
Costs
|
€9.20bn*
|
€11.38bn
|
+24%
|
PAT
|
€1.43bn*
|
€1.92bn
|
+34%
|
FY24
Highlights:
●
Traffic grew 9% to 183.7m,
despite Boeing delays.
●
Rev. per pax up 15% (ave. fare
+21% & ancil. rev. +3%).
●
Fuel bill rose 32%
(+€1.25bn) to €5.14bn.
●
ESG ratings upgraded (MSCI 'A'
& CDP 'A-') & strong 85% CSAT score
achieved.
●
146x B737 "Gamechangers"
in 584 aircraft fleet at Mar. 2024 due to Boeing
delays.
●
5 new bases and over 200 new
routes open for S.24.
●
FY25 fuel over 70% hedged at just
under $80bbl saving €450m.
●
Maiden int. div. €0.175
paid in Feb. Final div. of €0.178 (payable in
Sept.).
●
300x B737-MAX-10 order underpins
growth to 300m pax (FY34) subject to Boeing
deliveries.
Ryanair's Group CEO Michael O'Leary, said:
ENVIRONMENT:
"CDP recently awarded Ryanair an 'A-' climate
rating (previously 'B'), topping off a year of ESG upgrades incl.
our industry leading MSCI 'A' rating (up from 'BBB'), and retention
of our Sustainalytics ranking as Europe's No.1 airline for
ESG. Our new aircraft and increasing use of SAF has
positioned Ryanair as one of the EU's most environmentally
efficient major airlines. In FY24 we took delivery of 48x
B737-8200 "Gamechangers" (4%
more seats, 16% less fuel & CO2) and we retro-fitted winglets
on over 25% of our B737NG fleet (target 409 by 2026), reducing fuel
burn by 1.5% and noise by 6%. Last year we expanded our SAF
partnerships (incl. our first UK delivery from Shell) and we remain
on track to achieve our ambitious 2030 goal of powering 12.5% of
Ryanair flights with SAF (10% supply already secured). In
Apr. we extended our partnership with Trinity College Dublin's
Sustainable Aviation Research Centre ("TCD") to 2030. TCD's
valuable research facility supports the acceleration of SAF
deployment across Europe.
In
2023 Europe suffered 67 days of ATC strikes, causing thousands of
(avoidable) flight cancellations to/from Germany, Spain, Italy and
the UK while France (in particular) uses minimum service laws to
overprotect French local/domestic flights. As we head into
S.24, we again call on the EU Commission to deliver urgent reform
of Europe's inefficient ATC system, by protecting overflights
(during national strikes) which would deliver important
environmental improvements in EU air travel. Regrettably,
there has been zero action from the Commission on this
environmental initiative. We again call on Commission
President Ursula von der Leyen to defend the single market for air
travel by protecting 100% of overflights during national ATC
strikes, as is already the case in Greece, Italy and
Spain.
GOVERNANCE:
The
Board is pleased to welcome 2 new NEDs from 1 July, Ms. Jinane
Laghrari Laabi (Morocco) and Ms. Amber Rudd (UK). Jinane is a
former partner with McKinsey & Company (Casablanca) covering
Morocco, Africa & Middle East. Amber is a former UK MP
who held senior cabinet positions including Home Secretary and
Secretary of State for Energy and Climate Change. To
facilitate these appointments, Louise Phelan and Michael Cawley
have confirmed that they will step down from the Board at the end
of June having completed their 9 year tenure and we thank them
sincerely for their leadership and service. These new
appointments, which align with our orderly succession plans,
further enhance Ryanair's Board diversity (geographic, gender and
ethnic balance) with a 50:50 gender split following these latest
changes. Our Chairman (Stan McCarthy) recently refreshed Board
Committees to reflect these Board changes.
During
FY24, Ryanair's EU ownership continued to increase and was just
over 48% at year-end (up from 46%).
FLEET & GROWTH:
Ryanair
had a fleet of 146x B737 Gamechangers at year-end and we hope to
increase this to 158 by the end of July, which is 23 short of our
contracted Boeing deliveries. We continue to work closely
with Boeing CEO (Dave Calhoun), CFO (Brian West) and the new
Seattle management team to improve quality and accelerate B737
aircraft deliveries. There remains a risk that Boeing
deliveries could slip further. We plan to deliver as much
growth as possible for passengers and airport partners in S.24,
although these delays mean more traffic growth will occur in lower
yielding H2 than planned. To facilitate this growth, we will
continue to take delivery of B737s through Jul., Aug., and Sept.,
and Lauda recently extended 3x A320 op. leases by 4-years to
2028.
Travel demand in Europe is strong
for S.24 and, despite Boeing delivery delays, we will operate our
largest ever Summer schedule with over 200 new routes (and 5 new
bases). S.24 short-haul EU capacity is constrained as
competitor airlines ground A320 aircraft for P&W engine repairs
(these disruptions will likely run into 2026) and OEMs struggle to
recover their delivery backlogs. We therefore urge customers
to book Summer travel early on www.ryanair.com to
secure the best airfares before they sell out.
We
expect European airline consolidation to continue, with the
takeover of ITA (Italy) and Air Europa (Spain) progressing and the
sale of TAP (Portugal) next. This, in addition to A320 fleet
groundings and the large backlog of OEM aircraft deliveries, is
likely to constrain capacity growth in Europe for some years.
These capacity constraints, combined with our significant cost
advantage (incl. FY25 fuel hedge savings of €450m), strong
balance sheet, low-cost aircraft orders and industry leading
resilience, will (we believe) underpin a decade of profitable
growth for Ryanair as we grow to 300m passengers by
FY34.
FY24 BUSINESS REVIEW:
Revenue & Costs:
FY24
scheduled revenue increased 32% to €9.15bn. Traffic
grew 9% to 183.7m while ave. fare rose 21% to €49.80, thanks
to a record H1 and strong Easter traffic in late Mar., offset by
softer than expected Q3 fares and load factors (following the
sudden, but welcome, removal of Ryanair flights from many OTA
Pirate websites in early Dec.). Ancillary sales increased 12%
to €4.30bn (c.€23.40 per passenger). Total FY24
revenue rose 25% to €13.44bn. Operating costs increased
24% to €11.38bn, primarily due to a 32% increase in fuel
costs, higher staff costs (incl. pay restoration, crew, engineering
& handler pay rises, higher crewing ratios and pilot
productivity pay as we improve operational resilience) and Boeing
delivery delays. More importantly, the widening cost gap
between Ryanair and our EU competitors (which is further enhanced
by Ryanair's low-cost financing and net interest income) remains a
growing competitive advantage.
Our
FY25 fuel requirements are over 70% hedged at just under $80bbl and
80% of €/$ opex is hedged at $1.11. This strong hedge
position locks-in approx. €450m savings on fuel, and
substantially insulates the Group from current fuel price
volatility.
Balance Sheet & Liquidity:
Our
balance sheet remains one of the strongest in the industry with a
BBB+ credit rating (both S&P and Fitch) and €4.12bn gross
cash at year-end, despite €2.4bn capex and well over
€1bn debt repayments. Year-end net cash was
€1.37bn (PY: €0.56bn), somewhat boosted by Boeing
delivery delays. Our owned B737 fleet (556 aircraft) is fully
unencumbered, which significantly widens our cost advantage over
competitor airlines, many of whom are exposed to rising aircraft
lease and financing costs.
SHAREHOLDER RETURNS:
Our
strategy, as Ryanair recovered from Covid, was to prioritise pay
restoration and multi-year pay increases for our people, which has
now been delivered. Secondly, in a higher interest rate
environment, we intended to pay down remaining debt as it matures
in 2025 and 2026, while also financing our aircraft capex from
internal resources. Once these priorities have been secured,
Group policy is to prioritise growth to drive shareholder value
while maintaining a strong, investment grade, balance sheet, and
delivering shareholder returns.
In
line with the above Capital Allocation Policy, Ryanair paid an
interim dividend of €0.175 per share in Feb. with a final
dividend of €0.178 per share due in Sept. following our
AGM. Given current surplus cash, the Board has approved a
€700m share buyback now (which will formally launch later
this week). This buyback when completed, will increase the
funds Ryanair has returned to shareholders since 2008 to over
€7.8bn.
OUTLOOK:
Ryanair
expects to grow FY25 traffic by 8% (198m to 200m passengers),
subject to Boeing deliveries returning to contracted levels before
year-end. Our cost advantage over competitors continues to
widen, even though we expect FY25 unit costs to rise modestly as
ex-fuel costs (incl. annualised pay & productivity allowance
increases, higher handling & ATC fees and the impact of
Gamechanger delivery delays on crewing ratios and fixed costs) is
substantially offset by our fuel hedge savings and our rising
interest income. With EU short-haul capacity constrained,
S.24 demand is positive, with bookings trending ahead of last
year. Recent pricing is softer than we expected, with Q1
requiring more price stimulation than last year (particularly as
half of Easter moved into Mar. and out of Apr.). While
visibility is limited, and the outcome will be heavily dependent on
close-in peak S.24 pricing, we remain cautiously optimistic that
peak S.24 fares will be flat to modestly ahead of last
summer. Q4 FY25 will not benefit from an early Easter (as it
did in FY24). It is therefore too early to be able to provide
sensible or accurate FY25 PAT guidance. The final outcome for
FY25 will be heavily dependent upon avoiding adverse events during
FY25 (such as wars in Ukraine and the Middle East, extensive ATC
disruptions or further Boeing delivery
delays)."
ENDS
For
further information
please
contact:
www.ryanair.com
|
Neil
Sorahan
Ryanair
Holdings plc
Tel: +353-1-9451212
|
Paul
Clifford
Drury
Tel: +353-1-260-5000
|
Ryanair Holdings plc, Europe's largest airline group, is the parent
company of Buzz, Lauda, Malta Air, Ryanair & Ryanair UK.
Carrying c.200m guests p.a. on over 3,600 daily flights from 95
bases, the Group connects 235 airports in 37 countries on a fleet
of 584 aircraft, with a further 364 Boeing 737 on order, which will
enable the Ryanair Group to grow traffic to 300m p.a. by FY34.
Ryanair has a team of over 27,000 highly skilled aviation
professionals delivering Europe's No.1 operational performance, and
an industry leading 38-year safety record. Ryanair is one of the
most efficient major EU airlines. With a young fleet and high
load factors, Ryanair's CO₂ per pax/km is just 65
grams.
|
|
|
Notes:
* Non-IFRS financial measure, excl. €114m except. unrealised
mark-to-market loss (timing unwind) on fuel caps.
Certain of the information included in this release is forward
looking and is subject to important risks and uncertainties that
could cause actual results to differ materially. It is not
reasonably possible to itemise all of the many factors and specific
events that could affect the outlook and results of an airline
operating in the European economy. Among the factors that are
subject to change and could significantly impact Ryanair's expected
results are the airline pricing environment, fuel costs,
competition from new and existing carriers, market prices for the
replacement of aircraft, costs associated with environmental,
safety and security measures, actions of the Irish, U.K., European
Union ("EU") and other governments and their respective regulatory
agencies, post-Brexit uncertainties, weather related disruptions,
ATC strikes and staffing related disruptions, delays in the
delivery of contracted aircraft, fluctuations in currency exchange
rates and interest rates, airport access and charges, labour
relations, the economic environment of the airline industry, the
general economic environment in Ireland, the U.K. and Continental
Europe, the general willingness of passengers to travel and other
economics, social and political factors, global pandemics such as
Covid-19 and unforeseen security events.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Balance Sheet as at March 31,
2024 (unaudited)
|
|
At Mar 31,
|
At Mar 31,
|
|
|
2024
|
2023
|
|
Note
|
€M
|
€M
|
Non-current assets
|
|
|
|
Property,
plant and equipment
|
|
10,847.0
|
9,908.9
|
Right-of-use
asset
|
|
166.5
|
209.1
|
Intangible
assets
|
|
146.4
|
146.4
|
Derivative
financial instruments
|
11
|
3.3
|
54.6
|
Deferred
tax
|
|
2.1
|
6.6
|
Other
assets
|
|
183.2
|
168.9
|
Total non-current assets
|
|
11,348.5
|
10,494.5
|
|
|
|
|
Current assets
|
|
|
|
Inventories
|
|
6.2
|
6.0
|
Other
assets
|
|
1,275.4
|
878.6
|
Trade
receivables
|
11
|
76.4
|
59.7
|
Derivative
financial instruments
|
11
|
349.5
|
292.1
|
Restricted
cash
|
11
|
6.4
|
19.5
|
Financial
assets: cash > 3 months
|
11
|
237.8
|
1,056.2
|
Cash
and cash equivalents
|
11
|
3,875.4
|
3,599.3
|
Total current assets
|
|
5,827.1
|
5,911.4
|
|
|
|
|
Total assets
|
|
17,175.6
|
16,405.9
|
|
|
|
|
Current liabilities
|
|
|
|
Provisions
|
|
46.0
|
19.8
|
Trade
payables
|
11
|
792.2
|
1,065.5
|
Accrued
expenses and other liabilities
|
|
5,227.6
|
4,783.5
|
Current
lease liability
|
|
39.4
|
43.2
|
Current
maturities of debt
|
11
|
50.0
|
1,056.7
|
Derivative
financial instruments
|
11
|
178.8
|
386.6
|
Current
tax
|
|
66.6
|
66.3
|
Total current liabilities
|
|
6,400.6
|
7,421.6
|
|
|
|
|
Non-current liabilities
|
|
|
|
Provisions
|
|
138.1
|
154.5
|
Derivative
financial instruments
|
11
|
3.3
|
11.2
|
Deferred
tax
|
|
362.0
|
159.3
|
Non-current
lease liability
|
|
125.2
|
163.1
|
Non-current
maturities of debt
|
11
|
2,532.2
|
2,853.2
|
Total non-current liabilities
|
|
3,160.8
|
3,341.3
|
|
|
|
|
Shareholders' equity
|
|
|
|
Issued
share capital
|
|
6.9
|
6.9
|
Share
premium account
|
|
1,404.3
|
1,379.9
|
Other
undenominated capital
|
|
3.5
|
3.5
|
Retained
earnings
|
|
5,899.8
|
4,180.0
|
Other
reserves
|
|
299.7
|
72.7
|
Total shareholders' equity
|
|
7,614.2
|
5,643.0
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
17,175.6
|
16,405.9
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Income Statement for the Year
Ended March 31, 2024 (unaudited)
|
|
|
Pre-
Except.
|
IFRS
Year Ended
Mar 31,
|
Pre-Except.
Year
Ended
Mar,
|
Except.
Year Ended
Mar 31,
|
IFRS
Year Ended
Mar 31,
|
|
|
|
Change
|
2024
|
2023
|
2023
|
2023
|
|
|
Note
|
%*
|
€M
|
€M
|
€M
|
€M
|
Operating revenues
|
|
|
|
|
|
|
|
Scheduled
revenues
|
|
+32%
|
9,145.1
|
6,930.3
|
-
|
6,930.3
|
|
Ancillary
revenues
|
|
+12%
|
4,298.7
|
3,844.9
|
-
|
3,844.9
|
Total operating revenues
|
8
|
+25%
|
13,443.8
|
10,775.2
|
-
|
10,775.2
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Fuel and oil
|
|
-32%
|
5,142.6
|
3,895.2
|
130.5
|
4,025.7
|
|
Staff costs
|
|
-26%
|
1,500.0
|
1,191.4
|
-
|
1,191.4
|
|
Airport and handling charges
|
|
-20%
|
1,484.5
|
1,240.5
|
-
|
1,240.5
|
|
Depreciation
|
|
-15%
|
1,059.5
|
923.2
|
-
|
923.2
|
|
Route charges
|
|
-13%
|
1,024.4
|
903.7
|
-
|
903.7
|
|
Marketing, distribution and other
|
|
-12%
|
757.2
|
674.4
|
-
|
674.4
|
|
Maintenance, materials and repairs
|
|
-11%
|
414.9
|
373.7
|
-
|
373.7
|
Total operating expenses
|
|
-24%
|
11,383.1
|
9,202.1
|
130.5
|
9,332.6
|
|
|
|
|
|
|
|
|
Operating profit/(loss)
|
|
+31%
|
2,060.7
|
1,573.1
|
(130.5)
|
1,442.6
|
|
|
|
|
|
|
|
Other income/(expense)
|
|
|
|
|
|
|
|
Net finance income/(expense)
|
|
|
61.8
|
(34.4)
|
-
|
(34.4)
|
|
Foreign exchange
|
|
|
5.5
|
34.3
|
-
|
34.3
|
Total other income/(expense)
|
|
|
67.3
|
(0.1)
|
-
|
(0.1)
|
|
|
|
|
|
|
|
|
Profit/(loss) before tax
|
|
+35%
|
2,128.0
|
1,573.0
|
(130.5)
|
1,442.5
|
|
|
|
|
|
|
|
|
|
Tax (expense)/credit
|
5
|
|
(210.9)
|
(145.0)
|
16.3
|
(128.7)
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year - all attributable to equity holders of
parent
|
+34%
|
1,917.1
|
1,428.0
|
(114.2)
|
1,313.8
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary share (€)
|
|
|
|
|
|
|
|
Basic
|
|
+46%
|
1.6828
|
|
|
1.1557
|
|
Diluted
|
|
+45%
|
1.6743
|
|
|
1.1529
|
|
Weighted
avg. no. of ord. shares (in Ms)
|
|
|
|
|
|
|
|
Basic
|
|
|
1,139.2
|
|
|
1,136.8
|
|
Diluted
|
|
|
1,145.0
|
|
|
1,139.6
|
*'+' is favourable and '-' is adverse year-on-year.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Comprehensive
Income for the Year Ended March 31, 2024 (unaudited)
|
Year Ended
|
Year Ended
|
|
Mar 31,
|
Mar 31,
|
2024
|
2023
|
|
€M
|
€M
|
|
|
|
Profit for the year
|
1,917.1
|
1,313.8
|
|
|
|
Other comprehensive income/(loss):
|
|
|
Items that will not be reclassified subsequently to profit or
loss:
|
|
|
Net actuarial gain
|
6.6
|
-
|
Items that are or may be reclassified subsequently to profit or
loss:
|
|
|
Movements in hedging reserve, net of tax:
|
|
|
Net movement in cash-flow hedge reserve
|
234.5
|
(1,264.0)
|
Other comprehensive income/(loss) for the year, net of income
tax
|
241.1
|
(1,264.0)
|
Total comprehensive income for the year - attributable to equity
holders of parent
|
|
|
2,158.2
|
49.8
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Cash Flows for the
Year Ended March 31, 2024 (unaudited)
|
|
|
Year
Ended
|
Year Ended
|
|
|
|
Mar 31,
|
Mar 31,
|
|
2024
|
2023
|
|
|
Note
|
€M
|
€M
|
Operating activities
|
|
|
|
|
Profit after tax
|
|
1,917.1
|
1,313.8
|
|
|
|
|
|
Adjustments to reconcile profit after tax to net cash from
operating activities
|
|
|
|
|
Depreciation
|
|
1,059.5
|
923.2
|
|
(Increase) in inventories
|
|
(0.2)
|
(1.7)
|
|
Tax expense
|
|
210.9
|
128.7
|
|
Share-based payments
|
|
(3.9)
|
16.2
|
|
(Increase) in trade receivables
|
|
(16.7)
|
(16.2)
|
|
(Increase) in other assets
|
|
(359.0)
|
(482.0)
|
|
(Decrease)/increase in trade payables
|
|
(46.4)
|
31.2
|
|
Increase in accrued expenses and other liabilities
|
|
449.6
|
1,788.9
|
|
(Decrease)/increase in provisions
|
|
(8.3)
|
33.7
|
|
Increase in finance income
|
|
3.6
|
10.4
|
|
Decrease in finance expense
|
|
7.9
|
4.2
|
|
Foreign exchange and fair value*
|
|
(7.1)
|
144.7
|
|
Income tax (paid)
|
|
(49.1)
|
(4.1)
|
Net cash inflow from operating activities
|
|
3,157.9
|
3,891.0
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Capital expenditure - purchase of property, plant and
equipment
|
|
(2,391.9)
|
(1,914.7)
|
|
Disposal proceeds
|
|
-
|
4.9
|
|
Supplier reimbursements
|
11
|
-
|
127.5
|
|
Decrease in restricted cash
|
|
13.1
|
3.2
|
|
Decrease/(increase) in financial assets: cash > 3
months
|
|
818.4
|
(122.1)
|
Net cash used in investing activities
|
|
(1,560.4)
|
(1,901.2)
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Proceeds from shares issued
|
12
|
16.4
|
31.7
|
|
Dividends paid
|
12
|
(199.5)
|
-
|
|
Repayment of borrowings
|
|
(1,100.5)
|
(1,039.4)
|
|
Lease liabilities paid
|
|
(42.7)
|
(46.3)
|
Net cash used in financing activities
|
|
(1,326.3)
|
(1,054.0)
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
271.2
|
935.8
|
|
Net foreign exchange differences
|
|
4.9
|
(5.5)
|
|
Cash and cash equivalents at beginning of the year
|
|
3,599.3
|
2,669.0
|
Cash and cash equivalents at end of the year
|
11
|
3,875.4
|
3,599.3
|
|
|
|
|
Included in the cash flows from operating activities for the year
are the following amounts:
|
|
|
|
Interest income received
|
|
148.4
|
52.7
|
Interest expense paid
|
|
(88.7)
|
(75.0)
|
*The year ended March 31, 2023, includes an exceptional loss of
€130.5M pre-tax, attributable to the fair value measurement
of jet fuel call options.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Changes in
Shareholders' Equity for the Year Ended March 31, 2024
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued
|
Share
|
Other
|
|
Other
|
|
|
|
Ordinary
|
Share
|
Premium
|
Undenom.
|
Retained
|
Reserves
|
Other
|
|
|
Shares
|
Capital
|
Account
|
Capital
|
Earnings
|
Hedging
|
Reserves
|
Total
|
|
M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
Balance at April 01, 2022
|
1,134.6
|
6.8
|
1,328.2
|
3.5
|
2,880.9
|
1,295.4
|
30.5
|
5,545.3
|
Profit
for the year
|
-
|
-
|
-
|
-
|
1,313.8
|
-
|
-
|
1,313.8
|
Other comprehensive income/(loss)
|
|
|
|
|
|
|
|
|
Net
movements in cash-flow reserve
|
-
|
-
|
-
|
-
|
-
|
(1,264.0)
|
-
|
(1,264.0)
|
Total
other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
(1,264.0)
|
-
|
(1,264.0)
|
Total
comprehensive income/(loss)
|
-
|
-
|
-
|
-
|
1,313.8
|
(1,264.0)
|
-
|
49.8
|
Transactions with owners of the
|
|
|
|
|
|
|
|
|
Company recognised directly in equity
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
4.1
|
0.1
|
51.7
|
-
|
(20.1)
|
-
|
-
|
31.7
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
16.2
|
16.2
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
5.4
|
-
|
(5.4)
|
-
|
Balance at March 31, 2023
|
1,138.7
|
6.9
|
1,379.9
|
3.5
|
4,180.0
|
31.4
|
41.3
|
5,643.0
|
Profit
for the year
|
-
|
-
|
-
|
-
|
1,917.1
|
-
|
-
|
1,917.1
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
Net
actuarial gains from retirement benefit plans
|
-
|
-
|
-
|
-
|
6.6
|
-
|
-
|
6.6
|
Net
movements in cash-flow reserve
|
-
|
-
|
-
|
-
|
-
|
234.5
|
-
|
234.5
|
Total
other comprehensive income
|
-
|
-
|
-
|
-
|
6.6
|
234.5
|
-
|
241.1
|
Total
comprehensive income
|
-
|
-
|
-
|
-
|
1,923.7
|
234.5
|
-
|
2,158.2
|
Transactions with owners of the
|
|
|
|
|
|
|
|
|
Company recognised directly in equity
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
1.4
|
-
|
24.4
|
-
|
(8.0)
|
-
|
-
|
16.4
|
Dividends
paid
|
-
|
-
|
-
|
-
|
(199.5)
|
-
|
-
|
(199.5)
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
(3.9)
|
(3.9)
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
3.6
|
-
|
(3.6)
|
-
|
Balance at March 31, 2024
|
1,140.1
|
6.9
|
1,404.3
|
3.5
|
5,899.8
|
265.9
|
33.8
|
7,614.2
|
Ryanair Holdings plc and Subsidiaries
MD&A Year Ended March 31, 2024 ("FY24")
Introduction
For the purposes of the Management Discussion and Analysis
("MD&A") (with the exception of the balance sheet commentary)
all figures and comments are by reference to the year ended March
31, 2024 results excluding the FY23 exceptional item referred to
below.
The Group, as part of its risk management strategy, utilised jet
fuel call options to set a maximum price for approximately 16% of
FY23 expected fuel requirements. These instruments were measured at
fair value through the income statement. Following the Russian
invasion of Ukraine in February 2022, the price of jet fuel
significantly increased. An exceptional unrealised mark-to-market
loss of €114M (after-tax) was recorded on the Group's jet
fuel call options for the year ended March 31, 2023. This was a
timing unwind of the exceptional unrealised mark-to-market gain
recorded for the year ended March 31, 2022.
Income Statement
Scheduled revenues:
Scheduled revenues increased 32% to
€9.15BN due to 9%
traffic growth (from 168.6M to 183.7M) and a 21% increase in average fare to approx.
€49.80.
Ancillary revenues:
Ancillary revenues increased 12% to
€4.30BN as traffic
grew (up 9%) and spend on discretionary services such as priority
boarding, reserved seating and inflight sales increased to approx.
€23.40 per passenger.
Total revenues:
As a result of the above, total revenues
increased 25% to
€13.44BN.
Operating Expenses:
Fuel and oil:
Fuel and oil rose 32% to
€5.14BN due to an 8%
increase in sectors flown and significantly higher jet fuel prices,
offset by fuel burn savings on the new B737-8200 "Gamechanger"
aircraft.
Staff costs:
Staff costs increased 26% to
€1.50BN due to the
larger fleet, 8% higher sectors, investment in operational
resilience with higher crewing ratios, restoration of Covid-19 pay
reductions, crew productivity pay increases implemented and Boeing
delivery delays.
Airport and handling charges:
Airport and handling charges rose 20% to
€1.48BN, due to 9%
traffic growth, higher ground ATC and handling rates, and
termination of temporary Covid reliefs (included in the prior year
comparative).
Depreciation:
Depreciation increased 15% to
€1.06BN, primarily due to
higher amortisation resulting from the delivery of 48 new
"Gamechanger" aircraft and higher aircraft utilisation (flight
hours up 9%).
Route charges:
Route charges increased 13% to
€1.02BN, due to the 9%
increase in flight hours and higher Eurocontrol
rates.
Marketing, distribution and other:
Marketing, distribution and other rose 12% to
€0.76BN due to
higher activity in the year (including increased credit card
transactions and higher inflight sales) and increased EU261 and
right-to-care passenger compensation due to delays arising
primarily from the knock-on effect of ATC related disruptions
(including the NATS system failure in August 2023, and a record
number of French ATC strikes).
Maintenance, materials and repairs:
Maintenance, materials and repairs
increased 11% to
€0.41BN due to
higher utilisation, engineering pay increases and lease handback
costs.
Other income/(expense):
Net finance income was positive at €62M due to higher deposit interest rates, lower
gross debt, and a positive net cash position throughout the year.
Foreign exchange translation reflects the impact of €/US$
exchange rate movements on balance sheet
revaluations.
Balance sheet:
Gross cash was €4.12BN at
March 31, 2024 despite €2.39BN capex and well over €1BN
debt repayments. Gross debt was €2.75BN and net cash
was €1.37BN at
March 31, 2024 (€0.56BN at March 31,
2023).
Other assets increased by €0.40BN at March 31, 2024 due to an
increase in ETS carbon credits held. Accrued expenses and other
liabilities increased by €0.44BN, due to higher ETS
liabilities (following the partial unwind of the free allowances
from January 2024 and increased activity in the year) and future
fly (which reflects the timing of half of Easter traffic in March
2024 compared to all of Easter traffic in April 2023).
Shareholders' equity:
Shareholders' equity increased by €1.97BN to
€7.61BN in the year
primarily due to a €1.92BN net
profit and an IFRS hedge accounting increase in derivatives of
€0.23BN, offset by a €0.20BN dividend
payment.
Ryanair Holdings plc and Subsidiaries
Notes forming Part of the Condensed Consolidated
Preliminary Financial Statements
1.
Basis of preparation and material accounting policies
Ryanair
Holdings plc (the "Company") is a company domiciled in Ireland. The
unaudited condensed consolidated preliminary financial statements
for the year ended March 31, 2024 ("preliminary financial
statements") comprise the results of the Company and its
subsidiaries (together referred to as the "Group").
The
March 31, 2024 figures and the March 31, 2023 comparative figures
do not include all of the information required for full annual
financial statements and therefore do not constitute statutory
financial statements of the Group within the meaning of the
Companies Act, 2014. The consolidated financial statements of the
Group for the year ended March 31, 2023, together with the
independent auditor's report thereon, are available on the
Company's website and were filed with the Irish Registrar of
Companies following the Company's Annual General Meeting. The
auditor's report on those financial statements was unqualified. The
financial information presented in these preliminary financial
statements does not represent full statutory accounts as defined by
the Companies Act 2014. The statutory accounts of Ryanair Holdings
plc for the year ended March 31, 2024, are expected to be filed
with the Companies Registration Office by the end of 2024. The
accounting policies, presentation and methods of computation
followed in the preliminary financial statements are consistent
with those applied in the Company's latest Annual
Report.
The
Audit Committee, upon delegation of authority by the Board of
Directors, approved the unaudited condensed consolidated
preliminary financial statements for the year ended March 31, 2024
on May 17, 2024.
Except
as stated otherwise below, the preliminary financial statements for
the year ended March 31, 2024 have been prepared in accordance with
the accounting policies set out in the Group's most recent
published consolidated financial statements, which were prepared in
accordance with IFRS as adopted by the EU and also in compliance
with IFRS Accounting Standards as issued by the International
Accounting Standards Board (IASB).
New IFRS standards and amendments adopted during the
year
The
following new and amended IFRS standards, amendments and IFRIC
interpretations, have been issued by the IASB, and have also been
endorsed by the EU unless stated otherwise. These standards are
effective for the first time for the Group's financial year
beginning on April 1, 2023 and therefore have been applied by the
Group in these condensed consolidated preliminary financial
statements:
●
Amendments
to IAS 12 Income Taxes: Deferred Tax related to Assets and
Liabilities arising from a Single Transaction (effective on or
after January 1, 2023).
●
Amendments
to IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors: Definition of Accounting Estimates (effective on or after
January 1, 2023).
●
Amendments
to IAS 1 Presentation of Financial Statements and IFRS Practice
Statement 2: Disclosure of Accounting policies (effective on or
after January 1, 2023).
●
IFRS
17 Insurance Contracts; including amendments to IFRS 17 (effective
on or after January 1, 2023).
●
Amendments
to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and
IFRS 9 - Comparative Information (effective on or after January 1,
2023).
●
Amendments
to IAS 12 Income taxes: International Tax Reform - Pillar Two Model
Rules (effective on or after January 1, 2023).
The
adoption of these new or amended standards did not have a material
impact on the Group's financial position or results in the year
ended March 31, 2024, and are not expected to have a material
impact on financial periods thereafter.
New IFRS standards and amendments issued but not yet
effective
The
following new or amended standards and interpretations will be
adopted for the purposes of the preparation of future financial
statements, where applicable. While under review, we do not
anticipate that the adoption of these new or revised standards and
interpretations will have a material impact on our financial
position or performance:
●
Amendments
to IAS 1 Presentation of Financial Statements: Classification of
Liabilities as Current or Non-current, Classification of
Liabilities as Current or Non-current - Deferral of Effective Date,
and Non-current Liabilities with Covenants (effective on or after
January 1, 2024).
●
Amendments
to IFRS 16 Leases: Lease Liability in a Sale & Leaseback
(effective on or after January 1, 2024).
●
Amendments
to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments:
Disclosures: Supplier Finance Arrangements (effective on or after
January 1, 2024).*
●
Amendments
to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability (effective on or after January 1,
2025).*
●
IFRS
18 Presentation and Disclosure in Financial Statements (effective
on or after January 1, 2027).*
*
These standards or amendments to standards are not as of yet EU
endorsed.
2.
Board of Directors
Details of the members of the Company's Board of Directors are set
forth on pages 119 and 120 of the Group's 2023 Annual Report.
Bertrand Grabowski was appointed to the Board with effect from
October 1, 2023. Roberta Neri joined the Board with effect from
February 1, 2024 and Dick Milliken retired from the Board with
effect from September 14, 2023.
3.
Judgements and estimates
The
preparation of financial statements in conformity with IFRS
requires management to make estimates, judgements and assumptions
that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. These estimates and
associated assumptions are based on historical experience and
various other factors believed to be reasonable under the
circumstances, and the results of such estimates form the basis of
carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results could differ materially
from these estimates. These underlying assumptions are reviewed on
an ongoing basis. A revision to an accounting estimate is
recognised in the period in which the estimate is revised if the
revision affects only that period or in the period of the revision
and future periods if these are also affected. Principal sources of
estimation uncertainty have been set forth below. Actual results
may differ from estimates.
Critical estimates
Long-lived assets
At
March 31, 2024, the Group had €10.85BN of property, plant and
equipment long-lived assets, of which €10.61BN were aircraft
related. In accounting for long-lived assets, the Group must make
estimates about the expected useful lives of the assets and the
expected residual values of the assets.
In
estimating the useful lives and expected residual values of the
aircraft component, the Group considered a number of factors,
including its own historic experience and past practices of
aircraft disposals, renewal programmes, forecasted growth plans,
external valuations from independent appraisers, recommendations
from the aircraft supplier and manufacturer and other
industry-available information.
The
Group's estimate of each aircraft's residual value is 15% of market
value on delivery, based on independent valuations and actual
aircraft disposals during prior periods, and each aircraft's useful
life is determined to be 23 years.
Revisions
to these estimates could be caused by changes to maintenance
programmes, changes in utilisation of the aircraft, governmental
regulations on ageing aircraft, changes in new aircraft technology,
changes in governmental and environmental taxes, changes in new
aircraft fuel efficiency and changing market prices for new and
used aircraft of the same or similar types. The Group therefore
evaluates its estimates and assumptions in each reporting period,
and, when warranted, adjusts these assumptions. Any adjustments are
accounted for on a prospective basis through depreciation
expense.
Critical judgements
In
the opinion of the Directors, the following significant judgements
were exercised in the preparation of the financial
statements:
Long-lived assets
On
acquisition a judgement is made to allocate an element of the cost
of an acquired aircraft to the cost of major airframe and engine
overhauls, reflecting its service potential and the maintenance
condition of its engines and airframe. This cost, which can equate
to a substantial element of the total aircraft cost, is amortised
over the shorter of the period to the next maintenance check
(usually between 8 and 12 years) or the remaining useful life of
the aircraft.
4.
Seasonality of operations
The
Group's results of operations have varied significantly from
quarter to quarter, and management expects these variations to
continue. Among the factors causing these variations are the
airline industry's sensitivity to general economic conditions and
the seasonal nature of air travel. Accordingly, the first
half-year typically results in higher revenues and
results.
5.
Income tax expense
The
Group's consolidated tax expense for the year ended March 31, 2024
of €211M (March 31, 2023: pre-exceptional €145M)
comprises a current tax charge of €50M and a deferred tax
charge of €161M primarily relating to the temporary
differences for property, plant and equipment and net operating
losses. No significant or unusual tax charges or credits arose
during the year. The effective tax rate of 10% for the year
(2023: 9%) is the result of the mix of profits incurred by
Ryanair's operating subsidiaries primarily in Ireland, Malta,
Poland and the U.K.
6.
Contingencies
The
Group is engaged in litigation arising in the ordinary course of
its business. The Group does not believe that any such
litigation will individually, or in aggregate, have a material
adverse effect on the financial condition of the Group. Should the
Group be unsuccessful in these litigation actions, management
believes the possible liabilities then arising cannot be determined
but are not expected to materially adversely affect the Group's
results of operations or financial position.
7.
Capital commitments
At
March 31, 2024 the Group had an operating fleet of 557 (2023: 509)
Boeing 737 and 27 (2023: 28) Airbus A320 aircraft. In September
2014, the Group agreed to purchase up to 200 (100 firm and 100
options) Boeing 737-8200 aircraft which was subsequently increased
to 210 (135 firm and 75 options). In December 2020, the Group
increased its firm orders from 135 to 210 Boeing 737-8200 aircraft.
At March 31, 2024, the Group had taken delivery of 146 of these
aircraft. The remaining aircraft are due to be delivered before the
end of FY25. In May 2023, the Group ordered up to 300 (150 firm and
150 options) new Boeing 737-MAX-10 aircraft for delivery between
2027 to 2033. This transaction was approved at the Company's AGM in
September 2023.
8.
Analysis of operating revenues and segmental analysis
The
Group determines and presents operating segments based on the
information that internally is provided to the Group CEO, who is
the Company's Chief Operating Decision Maker (CODM).
The
Group comprises five separate airlines, Buzz, Lauda Europe (Lauda),
Malta Air, Ryanair DAC and Ryanair UK (which is consolidated within
Ryanair DAC). Ryanair DAC is reported as a separate segment as it
exceeds the applicable quantitative thresholds for reporting
purposes. Buzz, Malta and Lauda do not individually exceed the
quantitative thresholds and accordingly are presented on an
aggregate basis as they exhibit similar economic characteristics
and their services, activities and operations are sufficiently
similar in nature. The results of these operations are included as
'Other Airlines.'
The
CODM assesses the performance of the business based on the profit
after tax of each airline for the reporting period. Resource
allocation decisions for all airlines are based on airline
performance for the relevant period, with the objective in making
these resource allocation decisions being to optimise consolidated
financial results. Reportable segment information is presented as
follows:
Year Ended
|
Ryanair DAC
|
Other Airlines
|
Elimination
|
Total
|
|
Mar 31,
|
Mar 31,
|
Mar 31,
|
Mar 31,
|
2024
|
2024
|
2024
|
2024
|
|
€M
|
€M
|
€M
|
€M
|
Scheduled revenue
|
9,037.7
|
107.4
|
-
|
9,145.1
|
Ancillary revenue
|
4,298.7
|
-
|
-
|
4,298.7
|
Inter-segment revenue
|
744.6
|
1,366.1
|
(2,110.7)
|
-
|
Segment
revenue
|
14,081.0
|
1,473.5
|
(2,110.7)
|
13,443.8
|
|
|
|
|
|
Reportable segment profit after income tax
|
1,860.0
|
57.1
|
-
|
1,917.1
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
Depreciation
|
(1,018.0)
|
(41.5)
|
-
|
(1,059.5)
|
Net finance income/(expense)
|
70.1
|
(8.3)
|
-
|
61.8
|
Capital expenditure
|
(1,926.6)
|
(42.7)
|
-
|
(1,969.3)
|
|
|
|
|
|
Segment assets
|
16,867.5
|
308.1
|
-
|
17,175.6
|
Segment liabilities
|
(8,948.7)
|
(612.7)
|
-
|
(9,561.4)
|
Year Ended
|
Ryanair DAC
|
Other Airlines
|
Elimination
|
Total
|
|
Mar 31,
|
Mar 31,
|
Mar 31,
|
Mar 31,
|
2023
|
2023
|
2023
|
2023
|
|
€M
|
€M
|
€M
|
€M
|
Scheduled revenue
|
6,843.4
|
86.9
|
-
|
6,930.3
|
Ancillary revenue
|
3,844.9
|
-
|
-
|
3,844.9
|
Inter-segment revenue
|
759.4
|
1,294.5
|
(2,053.9)
|
-
|
Segment
revenue
|
11,447.7
|
1,381.4
|
(2,053.9)
|
10,775.2
|
|
|
|
|
|
Reportable segment profit after income tax (i)
|
1,382.3
|
45.7
|
-
|
1,428.0
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
Net finance expense
|
(27.8)
|
(6.6)
|
-
|
(34.4)
|
Depreciation
|
(876.6)
|
(46.6)
|
-
|
(923.2)
|
Capital expenditure
|
(1,760.1)
|
(153.0)
|
-
|
(1,913.1)
|
|
|
|
|
|
Segment assets
|
15,920.4
|
485.5
|
-
|
16,405.9
|
Segment liabilities
|
(9,914.7)
|
(848.2)
|
-
|
(10,762.9)
|
(i) Reportable segment profit after income tax in the financial
year ended March 31, 2023, excludes a net exceptional loss after
tax of €114M, attributable to the fair value measurement of
jet fuel call options.
The
following table disaggregates revenue by primary geographical
market. In accordance with IFRS 8, revenue by country of departure
has been provided where revenue for that country is in excess of
10% of total revenue. Ireland is presented as it represents the
country of domicile. "Other" includes all other countries in which
the Group has operations.
|
|
|
Year Ended
Mar 31,
2024
€M
|
Year Ended
Mar 31, 2023
€M
|
Italy
|
|
|
2,853.3
|
2,364.5
|
Spain
|
|
|
2,416.2
|
1,883.4
|
United Kingdom
|
|
|
2,031.0
|
1,589.7
|
Ireland
|
|
|
791.0
|
640.4
|
Other
|
|
|
5,352.3
|
4,297.2
|
Total revenue
|
|
|
13,443.8
|
10,775.2
|
Ancillary
revenues comprise revenues from non-flight scheduled operations,
inflight sales and internet-related services. Non-flight scheduled
revenue arises from the sale of discretionary products such as
priority boarding, allocated seats, car hire, travel insurance,
airport transfers, room reservations and other sources, including
excess baggage charges and other fees, all directly attributable to
the low-fares business.
The
vast majority of ancillary revenue is recognised at a point in
time, which is typically the flight date. The economic factors that
would impact the nature, amount, timing and uncertainty of revenue
and cashflows associated with the provision of passenger
travel-related ancillary services are homogeneous across the
various component categories within ancillary revenue. Accordingly,
there is no further disaggregation of ancillary revenue required in
accordance with IFRS 15.
9.
Property, plant and equipment
Acquisitions and disposals
During the year ended March 31, 2024, net capital additions
amounted to €1.93BN principally reflecting aircraft
deliveries in the year, aircraft pre-delivery deposits and
capitalised maintenance, offset by supplier reimbursements and
favourable €/US$ hedging.
10. Related
party transactions
The Company's related parties include its subsidiaries, Directors
and key management personnel. All transactions with subsidiaries
eliminate on consolidation and are not disclosed.
There were no related party transactions in the year ended March
31, 2024 that materially affected the financial position or the
performance of the Group during that year and there were no changes
in the related party transactions described in the 2023 Annual
Report that could have a material effect on the financial position
or performance of the Group in the same period.
11. Financial
instruments and financial risk management
The Group is exposed to various
financial risks arising in the normal course of business. The
Group's financial risk exposures are predominantly related
to commodity
price, foreign exchange and interest rate risks. The Group uses
financial instruments to manage exposures arising from these
risks.
These condensed consolidated
preliminary financial statements do not include all financial risk
management information and disclosures required in the annual
financial statements and should be read in conjunction with the
2023 Annual Report. There
have been no changes in our risk management policies in the
period.
Fair value hierarchy
Financial
instruments measured at fair value in the balance sheet are
categorised by the type of valuation method used. The different
valuation levels are defined as follows:
●
Level
1: quoted prices (unadjusted) in active markets for identical
assets or liabilities that the Group can access at the measurement
date.
●
Level
2: inputs other than quoted prices included within Level 1 that are
observable for that asset or liability, either directly or
indirectly.
●
Level
3: significant unobservable inputs for the asset or
liability.
Fair value estimation
Fair
value is the price that would be received to sell an asset, or paid
to transfer a liability, in an orderly transaction between market
participants at the measurement date. The following methods and
assumptions were used to estimate the fair value of each material
class of the Group's financial instruments:
Financial instruments measured at fair value
●
Derivatives
- interest rate swaps: Discounted
cash-flow analyses have been used to determine their fair value,
taking into account current market inputs and rates. The Group's
credit risk and counterparty's credit risk is taken into account
when establishing fair value (Level 2).
●
Derivatives
- currency forwards, jet fuel forward contracts and carbon
contracts: A
comparison of the contracted rate to the market rate for contracts
providing a similar risk profile at March 31, 2024 has been used to
establish fair value. The Group's credit risk and counterparty's
credit risk is taken into account when establishing fair value
(Level 2).
●
Derivatives
- jet fuel call options: The
fair value of jet fuel call options is determined based on standard
option pricing valuation models (Level 2).
The
Group policy is to recognise any transfers between levels of the
fair value hierarchy as of the end of the reporting period during
which the transfer occurred. During the year ended March 31, 2024,
there were no reclassifications of financial instruments and no
transfers between levels of the fair value hierarchy used in
measuring the fair value of financial instruments.
Financial instruments not measured at fair value
●
Long-term
debt: The
repayments which the Group is committed to make have been
discounted at the relevant market rates of interest applicable at
March 31, 2024 to arrive at a fair value representing the amount
payable to a third party to assume the
obligations.
The
fair value of financial assets and financial liabilities, together
with the carrying amounts in the condensed consolidated balance
sheet, are as follows:
|
At Mar 31,
|
At Mar 31,
|
At Mar 31,
|
At Mar 31,
|
|
2024
|
2024
|
2023
|
2023
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
Amount
|
Value
|
Amount
|
Value
|
Non-current financial assets
|
€M
|
€M
|
€M
|
€M
|
Derivative financial instruments:
|
|
|
|
|
- U.S. dollar currency forward contracts
|
3.2
|
3.2
|
53.2
|
53.2
|
- Jet fuel & carbon
derivatives contracts
|
0.1
|
0.1
|
-
|
-
|
- Interest rate swaps
|
-
|
-
|
1.4
|
1.4
|
|
3.3
|
3.3
|
54.6
|
54.6
|
Current financial assets
|
|
|
|
|
Derivative financial instruments:
|
|
|
|
|
- U.S. dollar currency forward contracts
|
144.0
|
144.0
|
226.2
|
226.2
|
- Jet fuel options
|
-
|
-
|
14.1
|
14.1
|
- Jet fuel & carbon derivative contracts
|
205.5
|
205.5
|
49.6
|
49.6
|
- Interest rate swaps
|
-
|
-
|
2.2
|
2.2
|
|
349.5
|
349.5
|
292.1
|
292.1
|
Trade receivables*
|
76.4
|
|
59.7
|
|
Cash and cash equivalents*
|
3,875.4
|
|
3,599.3
|
|
Financial asset: cash > 3 months*
|
237.8
|
|
1,056.2
|
|
Restricted cash*
|
6.4
|
|
19.5
|
|
|
4,545.5
|
349.5
|
5,026.8
|
292.1
|
Total financial assets
|
4,548.8
|
352.8
|
5,081.4
|
346.7
|
|
|
|
|
|
|
At Mar 31,
|
At Mar 31,
|
At Mar 31,
|
At Mar 31,
|
|
2024
|
2024
|
2023
|
2023
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
Amount
|
Value
|
Amount
|
Value
|
Non-current financial liabilities
|
€M
|
€M
|
€M
|
€M
|
Derivative financial instruments:
|
|
|
|
|
- Jet fuel & carbon derivative contracts
|
-
|
-
|
8.1
|
8.1
|
- U.S. dollar currency forward contracts
|
3.3
|
3.3
|
3.1
|
3.1
|
|
3.3
|
3.3
|
11.2
|
11.2
|
Non-current maturities of debt
|
|
|
|
|
- Long-term debt
|
488.7
|
488.7
|
812.3
|
812.3
|
- Bonds
|
2,043.5
|
1,971.6
|
2,040.9
|
1,928.4
|
|
2,532.2
|
2,460.3
|
2,853.2
|
2,740.7
|
|
2,535.5
|
2,463.6
|
2,864.4
|
2,751.9
|
|
|
|
|
|
Current financial liabilities
|
|
|
|
|
Derivative financial instruments:
|
|
|
|
|
- Jet fuel & carbon derivative contracts
|
178.8
|
178.8
|
341.7
|
341.7
|
- U.S. dollar currency forward contracts
|
-
|
-
|
44.9
|
44.9
|
|
178.8
|
178.8
|
386.6
|
386.6
|
|
|
|
|
|
Current maturities of debt:
|
|
|
|
|
- Short-term debt
|
50.0
|
50.0
|
76.8
|
76.8
|
- Promissory note**
|
-
|
-
|
230.6
|
230.6
|
- Bonds
|
-
|
-
|
749.3
|
744.3
|
|
50.0
|
50.0
|
1,056.7
|
1,051.7
|
Trade payables*
|
792.2
|
|
1,065.5
|
|
Accrued expenses*
|
1,603.1
|
|
1,276.6
|
|
|
2,624.1
|
228.8
|
3,785.4
|
1,438.3
|
Total financial liabilities
|
5,159.6
|
2,692.4
|
6,649.8
|
4,190.2
|
*The fair value of each of these financial instruments approximate
their carrying values due to the short-term nature of the
instruments.
**During the year ended March 31, 2024, €0.2BN promissory
notes were non-cash settled.
During
May 2023 the Group converted its unsecured €750m syndicated
term loan into a revolving credit facility (at a lower margin) with
an extended maturity to May 2028 (previously
2024). During
FY24 the Group repaid a maturing €750M bond and paid down
€260M of its revolving credit facility.
12. Shareholders'
equity and shareholders' returns
During
the year ended March 31, 2024, 1.4M ordinary shares were issued at
a strike price of €12 per share following the exercise of
vested share options for proceeds of €16M.
In
November 2023, the Board announced the Group's new Dividend Policy.
In line with this policy, an interim dividend of €0.175 per
share was paid on February 28, 2024 (Record Date: January 19,
2024). Dividends paid for the year ended March 31, 2024 amounted to
€200M. The Directors propose a final dividend of €0.178
per share payable after the Company's AGM in September
2024.
13. Going
concern
The
Directors, having made inquiries, believe that the Group has
adequate resources to continue in operational existence for at
least the next 12 months and that it is appropriate to adopt the
going concern basis in preparing these preliminary financial
statements. The continued preparation of the Group's condensed
consolidated preliminary financial statements on the going concern
basis is supported by the financial projections prepared by the
Group.
In
arriving at this decision to adopt the going concern basis of
accounting, the Board has considered, among other
things:
●
The
Group's net profit of €1.92BN for the year ended March 31,
2024;
●
The
Group's liquidity, with €4.12BN gross cash and €1.37BN
net cash at March 31, 2024, €0.26BN undrawn funds under the
Group's €0.75BN revolving credit facility and the Group's
continued focus on cash management;
●
The
Group's BBB+ (stable) credit ratings from both S&P and Fitch
Ratings;
●
The
Group's strong balance sheet position with its
556 owned B737 fleet unencumbered;
●
The
Group's access to the debt capital markets, unsecured/secured bank
debt and sale & leaseback transactions;
●
Strong
cost control across the Group;
●
The
Group's fuel hedging position (approx. 70% of FY25 jet fuel
requirements were hedged at March 31, 2024);
and
●
The
Group's ability, as evidenced throughout the Covid-19 crisis, to
preserve cash and reduce operational and capital expenditure in a
downturn.
14. Post
balance sheet events
Subsequent
to the year end, the Board approved a €700M share buyback,
which will commence later this week.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
Date: 20
May, 2024
|
By:___/s/
Juliusz Komorek____
|
|
|
|
Juliusz
Komorek
|
|
Company
Secretary
|
Ryanair (NASDAQ:RYAAY)
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