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
2019
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 DOWN 29% TO €1.02BN ON LOWER
FARES
GUIDING
FLAT GROUP PROFITS FOR THE COMING YEAR
BOARD APPROVES €700M SHARE BUYBACK
Ryanair
today (20 May) reported a full year profit of €1.02bn (excl.
Lauda). Strong traffic growth, up 7% to 139m, was offset by a 6%
decline in fares. Strong ancillary growth (+19%) was offset by
higher fuel, staff and EU261 costs.
Full-year Results (IFRS)*
|
Mar. 31, 2018
|
Mar. 31, 2019
|
% Change
|
Guests
|
130.3m
|
139.1m
|
+7%
|
Load
Factor
|
95%
|
96%
|
+1%
|
Revenue
|
€7.15bn
|
€7.56bn
|
+6%
|
PAT
|
€1.45bn
|
€1.02bn
|
-29%
|
* excl. Lauda €139.5m exceptional start-up loss (FY19). Group
traffic (incl. Lauda) was 142m
Ryanair’s Michael O’Leary said:
“As
previously guided, Ryanair (excl. Lauda) reports a full year after
tax profit of €1.02bn. Short-haul capacity growth and the
absence of Easter in Q4 led to a 6% fare decline, which stimulated
7% traffic growth to over 139m (142m guests incl. Lauda). Ancillary
sales performed strongly up 19% to €2.4bn, which drove total
revenue growth of 6% to €7.6bn.
FY19
highlights include:
●
Ave. fare fell 6%
to just €37
●
Traffic grew 9% to
142m (incl. Lauda)
●
Ancillary revenue
rose 19% to €2.4bn
●
Yr. end fleet grew
to 455 B737 & 19 A320 aircraft
●
406 new routes and
9 new bases launched
●
Ryanair Sun (Buzz)
traded profitably in Yr.1
●
Purchase of Lauda
completed in Dec. with an exceptional Yr.1 loss of
€139m
●
UK AOC received in
Dec.
●
Union agreements
concluded in most major markets
●
Over €560m
returned to shareholders via buybacks
Revenue
Revenues
rose 6% to €7.6bn due to 7% higher traffic, a 6% cut in ave.
fares to €37, while Ryanair Labs continues to stimulate
ancillary sales growth with spend per guest up 11% to over
€17. Priority boarding and reserved seat services grew
strongly. Ryanair Labs continues to improve our digital platform
(website, app & 3
rd
party ancillary
plug-ins).
Cost Leadership
Ryanair
has the lowest unit costs of any EU airline, and the cost gap with
EU competitors continues to widen. FY19 was a year of investment in
our people, our support systems and our business as we grow to 200m
guests p.a. by 2024. Ex-fuel unit costs rose 5% (better than
previously guided 6%) due to €200m higher staff costs (incl.
20% pilot pay increases) and €50m higher EU261 costs due to
the repeated ATC staff shortage disruptions in FY19. As weaker
European airlines are sold or fail, airports are competing to
attract Ryanair’s efficient, high load factor, traffic
growth. Our airport costs are 35% lower than our nearest
competitor. During FY19 our oil bill increased by €440m. We
are 90% hedged for FY20 at $709 per tonne and 35% hedged for Q1
FY21 at $654.
Group Airlines
In
S.2018 we launched Ryanair Sun (now rebranded “Buzz”),
our Polish AOC, with 5 B737 aircraft offering charter flights
to/from Poland. Buzz has taken over Ryanair’s scheduled bases
in Poland and will operate a fleet of 25 aircraft in FY20 (incl. 7
for charters). The Buzz management team successfully delivered a
modest profit in their first year of operations.
In
December 2018, Lauda (an Austrian AOC) became a wholly owned
subsidiary of the Ryanair Group. We consolidated 3m customers in
its first year of operations to March 2019 but suffered exceptional
start-up losses of €139.5m, mainly due to the very late
release of its S.2018 schedules, very low promotional fares,
expensive short-term aircraft leases and an unhedged fuel position.
Lauda enters its second year with a larger (lower-cost) fleet of 23
A320 aircraft, and a target of just over 6m guests p.a. They have
signed agreements to grow this fleet to 35 x A320 aircraft for
S.2020 and by year 3 (FY21) we believe Lauda will grow to carry
over 8m guests p.a. and will be trading profitably.
Higher
oil prices and lower fares have seen a wave of EU airline failures
including Primera (UK & Spain), Small Planet, Azur and Germania
(Germany), Sky Works (Switz.), VLM (Belgium), Cobalt (Cyprus),
Cello & Flybmi (UK) and WOW (Iceland). Flybe (UK) was sold,
while both Alitalia and Thomas Cook airline are currently for
sale.
Ryanair
closed unprofitable bases in Bremen & Eindhoven and we cut
aircraft numbers in Niederrhein, Hahn and the Canary Islands.
Norwegian has closed multiple bases (many where they compete with
Ryanair), including Rome, Las Palmas, Palma, Tenerife, Edinburgh
& Belfast, and they will cut their Dublin base from 6 to 1
aircraft in October. Wizz (Poznan), Lufthansa (Dusseldorf) and
EasyJet (Oporto) have also announced base cuts and/or closures in
recent months. We expect further consolidation and airline failures
in winter 2019 and again into 2020 due to over-capacity, weaker
fares, and higher oil prices particularly among those airlines who
are significantly unhedged, or unable to hedge.
Boeing 737 MAX
We have
delayed the delivery of our first 5 B737-MAX aircraft to Winter
2019 (subject to regulatory approval by EASA). We continue to have
utmost confidence in these aircraft which have 4% more seats, are
16% more fuel efficient and generate 40% lower noise emissions.
They are hedged at an average €/$ rate of 1.24 out to FY24,
and will deliver significant unit cost savings for the next 5
years, although the delayed deliveries in 2019 means that we will
not see any meaningful cost benefit until FY21.
Balance Sheet & Fleet
The
Group’s BBB+ rated balance sheet is one of the strongest in
the industry. Almost 95% of our 455 aircraft fleet is owned, with
over 63% debt free. At year end the Group had €3.2bn gross
cash. Ryanair generated almost €2bn net cash from operations
in FY19, but spent over €1.5bn on capex (primarily aircraft,
simulators, engines & hangars), returned €560m to
shareholders in share buybacks, and repaid more than €400m of
debt. As a result, year-end net debt rose slightly to €450m.
We recently concluded a low-cost, €750m unsecured (5-year)
bank facility. This facility, coupled with strong operating
cashflows, will fund this year’s peak capex of c.€2bn,
maturing secured debt and other general corporate purposes. We are
also in advanced negotiations to sell 10 of our oldest B737s for
over $170m before the end of March 2020.
Shareholder Distributions
The
Board has approved a €700m share buyback which will commence
later this week and run over the next 9 to 12 months. We expect to
split this approx. €500m/€200m between ADR’s and
ordinary shares, although the Board has discretion to revise this
allocation. This latest buyback will bring to almost €7bn of
the funds returned to shareholders since 2008.
FY20 Guidance
While
we separately disclosed Lauda’s year 1 start-up loss as
exceptional in FY19, their FY20 results will not be split out in
the Ryanair Group income statement. FY20 guidance is therefore for
the consolidated Ryanair Group.
Our
outlook for FY20 remains cautious on pricing. Traffic will grow by
8% to 153m. Assuming revenue per pax (“RPP”) growth of
3%, we are guiding broadly flat Group profits. This will range from
€750m if RPP rises 2%, up to €950m if RPP rises 4%.
While H1 bookings are slightly ahead of last year, fares are lower
and we expect this trend will continue through S.2019. We have zero
H2 visibility. Costs will increase as our full-year fuel bill jumps
by another €460m. Ex-fuel unit costs will rise by just 2%,
mainly due to stronger sterling, the absence of Lauda prior-year
cost comparisons for most of H1 and delivery delays of the B737 MAX
aircraft this year. This guidance is heavily dependent on close-in
peak summer fares, H2 prices, the absence of security events, and
no negative Brexit developments.”
ENDS.
For
further information
|
Neil
Sorahan
|
Piaras
Kelly
|
please
contact:
|
Ryanair
Holdings plc
|
Edelman
|
www.ryanair.com
|
Tel: 353-1-9451212
|
Tel: 353-1-6789333
|
Ryanair Holdings plc, Europe’s largest airline group, is the
parent company of Ryanair DAC, Lauda, Buzz and Ryanair UK. Carrying
over 153m guests p.a. on more than 2,400 daily flights from 87
bases, the group connects over 200 destinations in 37 states on a
fleet of over 475 aircraft, with a further 210 Boeing 737’s
on order, which will enable Ryanair Holdings to lower fares and
grow traffic to 200m p.a. by FY24. Ryanair Holdings has a team of
more than 19,000 highly skilled aviation professionals delivering
Europe’s No.1 on-time performance, and extending an industry
leading 34-year safety record.
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, uncertainties surrounding Brexit, 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 UK and
Continental Europe, the general willingness of passengers to travel
and other economics, social and political factors and unforeseen
security events.
Ryanair
Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Balance Sheet as at March 31,
2019 (unaudited)
|
|
At Mar 31,
|
At Mar 31,
|
|
|
2019
|
2018
|
|
Note
|
€M
|
€M
|
Non-current assets
|
|
|
|
Property,
plant and equipment
|
10
|
9,029.6
|
8,123.4
|
Intangible
assets
|
11
|
146.4
|
46.8
|
Derivative
financial instruments
|
|
227.5
|
2.6
|
Deferred
tax
|
|
43.2
|
-
|
Total non-current assets
|
|
9,446.7
|
8,172.8
|
|
|
|
|
|
Current assets
|
|
|
|
Inventories
|
|
2.9
|
3.7
|
Other
assets
|
|
238.0
|
235.5
|
Trade
receivables
|
|
59.5
|
57.6
|
Derivative
financial instruments
|
|
308.7
|
212.1
|
Restricted
cash
|
|
34.9
|
34.6
|
Financial
assets: cash > 3 months
|
|
1,484.4
|
2,130.5
|
Cash
and cash equivalents
|
|
1,675.6
|
1,515.0
|
Total current assets
|
|
3,804.0
|
4,189.0
|
|
|
|
|
|
Total assets
|
|
13,250.7
|
12,361.8
|
|
|
|
|
|
Current liabilities
|
|
|
|
Trade
payables
|
|
573.8
|
249.6
|
Accrued
expenses and other liabilities
|
|
2,992.1
|
2,502.2
|
Current
maturities of debt
|
|
309.4
|
434.6
|
Derivative
financial instruments
|
|
189.7
|
190.5
|
Current
tax
|
|
31.6
|
36.0
|
Total current liabilities
|
|
4,096.6
|
3,412.9
|
|
|
|
|
Non-current liabilities
|
|
|
|
Provisions
|
|
135.6
|
138.1
|
Derivative
financial instruments
|
|
8.0
|
415.5
|
Deferred
tax
|
|
460.6
|
395.2
|
Other
creditors
|
|
-
|
2.8
|
Non-current
maturities of debt
|
|
3,335.0
|
3,528.4
|
Total non-current liabilities
|
|
3,939.2
|
4,480.0
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
Issued
share capital
|
13
|
6.8
|
7.0
|
Share
premium account
|
|
719.4
|
719.4
|
Other
undenominated capital
|
13
|
3.2
|
3.0
|
Retained
earnings
|
13
|
4,181.9
|
4,077.9
|
Other
reserves
|
|
303.6
|
(338.4)
|
Shareholders' equity
|
|
5,214.9
|
4,468.9
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
13,250.7
|
12,361.8
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Income Statement for the year
ended March 31, 2019 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Except.
|
Lauda. Except.
|
IFRS
|
IFRS
|
|
|
|
|
Year
|
Year
|
Year
|
Year
|
|
|
|
|
Ended
|
Ended
|
Ended
|
Ended
|
|
|
|
|
Mar 31,
|
Mar 31,
|
Mar 31,
|
Mar
31,
|
|
|
|
Change*
|
2019
|
2019
|
2019
|
2018
|
|
|
Note
|
%
|
€M
|
€M
|
€M
|
€M
|
Operating revenues
|
|
|
|
|
|
|
|
Scheduled
revenues
|
|
+1%
|
5,166.5
|
134.5
|
5,301.0
|
5,134.0
|
|
Ancillary
revenues
|
|
+19%
|
2,396.4
|
-
|
2,396.4
|
2,017.0
|
Total operating revenues
|
|
+6%
|
7,562.9
|
134.5
|
7,697.4
|
7,151.0
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Fuel and oil
|
|
+23%
|
2,343.7
|
83.5
|
2,427.2
|
1,902.8
|
|
Airport and handling charges
|
|
+9%
|
1,026.3
|
-
|
1,026.3
|
938.6
|
|
Staff costs
|
|
+28%
|
945.0
|
-
|
945.0
|
738.5
|
|
Route charges
|
|
+3%
|
722.7
|
-
|
722.7
|
701.8
|
|
Depreciation
|
|
+13%
|
635.4
|
-
|
635.4
|
561.0
|
|
Marketing, distribution and other
|
|
+12%
|
458.5
|
-
|
458.5
|
410.4
|
|
Maintenance, materials and repairs
|
|
+19%
|
177.2
|
-
|
177.2
|
148.3
|
|
Aircraft rentals
|
|
-20%
|
65.5
|
-
|
65.5
|
82.3
|
|
Lauda costs
|
|
-
|
-
|
223.9
|
223.9
|
-
|
Total operating expenses
|
|
+16%
|
6,374.3
|
307.4
|
6,681.7
|
5,483.7
|
|
|
|
|
|
|
|
|
Operating profit/(loss)
|
|
-29%
|
1,188.6
|
(172.9)
|
1,015.7
|
1,667.3
|
|
|
|
|
|
|
|
Other (expense)/income
|
|
|
|
|
|
|
|
Net finance expense
Share of associate losses
|
11
|
-5%
|
(55.4)
-
|
-
(9.8)
|
(55.4)
(9.8)
|
(58.1)
-
|
|
Foreign exchange (loss)/gain
|
|
|
(2.4)
|
-
|
(2.4)
|
2.1
|
Total other (expense)/income
|
|
+3%
|
(57.8)
|
(9.8)
|
(67.6)
|
(56.0)
|
|
|
|
|
|
|
|
|
Profit/(loss) before tax
|
|
-30%
|
1,130.8
|
(182.7)
|
948.1
|
1,611.3
|
|
|
|
|
|
|
|
|
|
Tax (expense)/credit on profit
|
4
|
-34%
|
(106.3)
|
43.2
|
(63.1)
|
(161.1)
|
|
|
|
|
|
|
|
|
Profit/(loss) for the year – attributable to equity holders
of parent
|
|
-29%
|
1,024.5
|
(139.5)
|
885.0
|
1,450.2
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary share (€)
|
|
|
|
|
|
|
|
Basic
|
9
|
-36%
|
|
|
0.7739
|
1.2151
|
|
Diluted
|
9
|
-36%
|
|
|
0.7665
|
1.2045
|
|
Weighted
ave. no. ord. shares (in Ms)
|
|
|
|
|
|
|
|
Basic
|
9
|
|
|
|
1,143.6
|
1,193.5
|
|
Diluted
|
9
|
|
|
|
1,154.6
|
1,204.0
|
*With the exception of EPS, the percentage change since prior year
is calculated based on the pre-Lauda costs for FY19.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Comprehensive
Income for the year ended March 31, 2019 (unaudited)
|
|
|
|
Year
|
Year
|
|
Ended
|
Ended
|
|
Mar 31,
|
Mar 31,
|
|
2019
|
2018
|
|
€M
|
€M
|
|
|
|
Profit for the year
|
885.0
|
1,450.2
|
|
|
|
Other comprehensive income:
|
|
|
Items that are or may be reclassified to profit or
loss:
|
|
|
Cash flow hedge reserve movements:
|
|
|
Net
movement in cash flow hedge reserve
|
634.3
|
(581.6)
|
|
|
|
|
Other comprehensive income/(loss) for the year, net of income
tax
|
634.3
|
(581.6)
|
|
|
|
Total comprehensive income for the year – attributable to
equity holders of parent
|
1,519.3
|
868.6
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Cash Flows for the
year ended March 31, 2019 (unaudited)
|
|
|
Year
|
Year
|
|
|
|
Ended
|
Ended
|
|
|
|
Mar 31,
|
Mar 31,
|
|
|
|
2019
|
2018
|
|
|
Note
|
€M
|
€M
|
Operating activities
|
|
|
|
|
Profit after tax
|
|
885.0
|
1,450.2
|
|
|
|
|
|
Adjustments to reconcile profit after tax to net cash provided by
operating activities
|
|
|
|
|
Depreciation
|
|
635.4
|
561.0
|
|
Decrease/(increase) in inventories
|
|
0.8
|
(0.6)
|
|
Tax expense on profit
|
|
63.1
|
161.1
|
|
Share based payments
|
|
7.7
|
6.4
|
|
(Increase) in trade receivables
|
|
(1.9)
|
(3.3)
|
|
(Increase) in other assets
|
|
(2.1)
|
(14.1)
|
|
Increase/(decrease) in trade payables
|
|
324.2
|
(44.5)
|
|
Increase in accrued expenses
|
|
221.7
|
241.1
|
|
(Decrease) in other creditors
|
|
(2.8)
|
(9.6)
|
|
(Decrease) in provisions
|
|
(2.5)
|
(0.1)
|
|
(Decrease)/increase in net finance expense
Share of equity accounted investment’s loss
|
|
(2.0)
9.8
|
4.5
-
|
|
Tax paid
|
|
(72.0)
|
(118.9)
|
Net cash provided by operating activities
|
|
2,064.4
|
2,233.2
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Capital expenditure (purchase of property, plant and
equipment)
|
|
(1,541.6)
|
(1,470.6)
|
|
(Increase) in restricted cash
|
|
(0.3)
|
(22.8)
|
|
Decrease in financial assets: cash > 3 months
|
|
646.1
|
774.0
|
|
(Increase) in intangible assets
|
|
(99.6)
|
-
|
|
Acquisition of subsidiary (net of cash acquired)
|
|
(25.0)
|
-
|
Net cash (used in) by investing activities
|
|
(1,020.4)
|
(719.4)
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Shareholder returns
|
|
(560.5)
|
(829.1)
|
|
Proceeds from long term borrowings
|
|
99.9
|
65.2
|
|
Repayments of long term borrowings
|
13
|
(422.8)
|
(458.9)
|
Net cash (used in) financing activities
|
|
(883.4)
|
(1,222.8)
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
160.6
|
291.0
|
Cash and cash equivalents at
beginning of the period
|
|
1,515.0
|
1,224.0
|
Cash and cash equivalents at end of the year
|
|
1,675.6
|
1,515.0
|
|
|
|
|
|
|
|
|
Included in cash flows from operating activities for the year are
the
|
|
|
|
following amounts:
|
|
|
|
Net interest expense paid
|
|
(57.4)
|
(53.2)
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Preliminary Statement of Changes in
Shareholders’ Equity for the year ended March 31, 2019
(unaudited)
|
|
|
|
|
|
Other
Reserves
|
|
|
Ordinary
|
Issued
Share
|
Share
Premium
|
Retained
|
Other
Undenom.
|
|
Other
|
|
|
Shares
|
Capital
|
Account
|
Earnings
|
Capital
|
Hedging
|
Reserves
|
Total
|
|
M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
€M
|
Balance at March 31, 2017
|
1,217.9
|
7.3
|
719.4
|
3,456.8
|
2.7
|
221.9
|
14.9
|
4,423.0
|
Profit for the year
|
-
|
-
|
-
|
1,450.2
|
-
|
-
|
-
|
1,450.2
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
(581.6)
|
-
|
(581.6)
|
Total other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
(581.6)
|
-
|
(581.6)
|
Total comprehensive income
|
-
|
-
|
-
|
1,450.2
|
-
|
(581.6)
|
-
|
868.6
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
Share-based payments
|
-
|
-
|
-
|
-
|
-
|
-
|
6.4
|
6.4
|
Repurchase of ordinary equity shares
|
-
|
-
|
-
|
(829.1)
|
-
|
-
|
-
|
(829.1)
|
Cancellation of repurchased ordinary shares
|
(46.7)
|
(0.3)
|
-
|
-
|
0.3
|
-
|
-
|
-
|
Balance at March 31, 2018
|
1,171.2
|
7.0
|
719.4
|
4,077.9
|
3.0
|
(359.7)
|
21.3
|
4,468.9
|
Adjustment on initial application of IFRS 15 (net of
tax)
|
-
|
-
|
-
|
(249.4)
|
-
|
-
|
-
|
(249.4)
|
Adj. balance at March 31, 2018
|
1,171.2
|
7.0
|
719.4
|
3,828.5
|
3.0
|
(359.7)
|
21.3
|
4,219.5
|
Profit for the year
|
-
|
-
|
-
|
885.0
|
-
|
-
|
-
|
885.0
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
634.3
|
-
|
634.3
|
Total other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
634.3
|
-
|
634.3
|
Total comprehensive income
|
-
|
-
|
-
|
885.0
|
-
|
634.3
|
-
|
1,519.3
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
Share-based payments
|
-
|
-
|
-
|
-
|
-
|
-
|
7.7
|
7.7
|
Repurchase of ordinary equity shares
|
-
|
-
|
-
|
(560.5)
|
-
|
-
|
-
|
(560.5)
|
Other
|
-
|
-
|
-
|
28.9
|
-
|
-
|
-
|
28.9
|
Cancellation of repurchased ordinary shares
|
(37.8)
|
(0.2)
|
-
|
-
|
0.2
|
-
|
-
|
-
|
Balance at March 31, 2019
|
1,133.4
|
6.8
|
719.4
|
4,181.9
|
3.2
|
274.6
|
29.0
|
5,214.9
|
Ryanair
Holdings plc and Subsidiaries
Introduction
For the
purposes of the Management Discussion and Analysis
(“MD&A”) (with the exception of the balance sheet
commentary below) all figures and comments are by reference to the
adjusted results excluding the exceptional item referred to below.
A reconciliation of the results for the year under IFRS to the
adjusted results is provided in note 8 of this preliminary
financial report.
The
exceptional item in the year ended March 31, 2019 comprised
Lauda’s exceptional start-up losses of €139.5M. Lauda
became a subsidiary at the start of August 2018 (See note
11).
MD&A Year Ended March 31, 2019
Income Statement
Scheduled revenues:
Scheduled
revenues increased by
1% to
€5,166.5M
due to 7% traffic growth (to 139.1M) offset
by a 6% reduction in average fares to €37.
Ancillary
revenues rose by
19% to
€2,396.4M
due to 7% traffic growth, improved uptake of
ancillary products, particularly reserved seating and priority
boarding services offset by the timing of revenue recognition on
certain fees (approx. €38M) following the transition to IFRS
15.
Total revenues:
As a
result of the above, total revenues increased by
6% to €7,562.9M.
Operating Expenses:
Fuel
and oil rose by
23% to
€2,343.7M
due to higher fuel prices, an 8% increase in
flight hours and the higher cost of carbon credits.
Airport
and handling
charges:
Airport
and handling charges increased by
9% to €1,026.3M
broadly in line
with traffic growth.
Staff
costs increased
28% to
€945.0M
due to pilot pay increases, 8% more flight
hours, recruitment of additional engineers to support growth,
investment in pilot & cabin crew training and a 3% pay increase
for non-flight-staff awarded in April 2018.
Route
charges rose by
3% to
€722.7M
due to the 7% increase in sectors offset by a
decrease in unit rates.
Depreciation
is
13% higher at
€635.4M
, due to the 29 additional B737 owned aircraft
in the fleet at period end, the purchase of 9 spare engines, 2
simulators and 2 new hangars.
Marketing,
distribution and
other:
Marketing,
distribution and other rose by
12%
to €458.5M
primarily due to higher
EU261 costs arising mainly from
ATC disruptions and related cancellations during the
year.
Maintenance,
materials and
repairs:
Maintenance,
materials and repairs increased by
19% to €177.2M
due to higher
scheduled engine maintenance arising from the higher number of shop
visits for older aircraft and the timing of lease
handbacks.
Aircraft rentals:
Aircraft
rentals fell by
20% to
€65.5M
due to 5 fewer leased B737 aircraft in the
fleet compared to the same period last year. (FY 19: 26 / FY 18:
31).
Unit costs rose by 9%
(excluding fuel they increased by
5%).
Net
finance expense decreased by
5% to
€55.4M
due to lower gross debt and higher interest
rates on deposits.
Balance sheet:
Gross
cash decreased by €485.2M to €3,194.9M at March 31,
2019.
Gross
debt fell by €318.6M to €3,644.4M due to debt
repayments.
€2,064.4M
net cash was generated by operating activities. Capital expenditure
was €1,541.6M and shareholder returns amounted to
€560.5M.
Net
debt was €449.5M at year end. (March 2018:
€282.9M).
Shareholders’
equity increased by €746.0M to €5,214.9M in the period
due to IFRS hedge accounting treatment for derivatives of
€634.3M and consolidated group net profit after tax of
€885.0M, offset by €560.5M of shareholder returns and
the IFRS 15 transition adjustment to opening reserves.
Ryanair
Holdings plc and Subsidiaries
Notes
forming Part of the Condensed Consolidated
Preliminary Financial Statements
1.
Basis
of preparation and significant accounting policies
Ryanair
Holdings plc (the “Company”) is a company domiciled in
Ireland. The unaudited condensed consolidated preliminary financial
statements of the Company for the year ended March 31, 2019
comprise the Company and its subsidiaries (together referred to as
the “Group”).
These
unaudited condensed consolidated preliminary financial statements
(“the preliminary financial statements”), which should
be read in conjunction with our 2018 Annual Report for the year
ended March 31, 2018, have been prepared in accordance with
International Accounting Standard No. 34 “
Interim Financial Reporting
” as
adopted by the EU (“IAS 34”). They do not include all
of the information required for full annual financial statements,
and should be read in conjunction with the most recent published
consolidated financial statements of the Group. The consolidated
financial statements of the Group as at and for the year ended
March 31, 2018, are available at
http://investor.ryanair.com/
.
The
March 31, 2019 figures and the March 31, 2018 comparative figures
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,
2018, together with the independent auditor’s report thereon,
were filed with the Irish Registrar of Companies following the
Company’s Annual General Meeting and are also available on
the Company’s Website. The auditor’s report on those
financial statements was unqualified.
The
Audit Committee, upon delegation of authority by the Board of
Directors, approved the condensed consolidated preliminary
financial statements for the year ended March 31, 2019 on May 17,
2019.
Except
as stated otherwise below, this year’s financial information
has 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 as issued by
the International Accounting Standards Board (IASB).
Accounting for Investment in associates
An
associate is an entity over which the Company has significant
influence. Significant influence is the power to participate
in the financial and operating decisions of the entity, but is not
control over these policies. The Company’s investment
in associates was accounted for using the equity method. The
consolidated income statement reflects the Company’s share of
profit/losses after tax of the associate. Investments in
associates are carried on the consolidated balance sheet at cost
adjusted for post-acquisition changes in the Company’s share
of net assets, less any impairment in value. If necessary,
any impairment losses on the carrying amount of the investment in
the
associate are reported
within the Company’s share of equity accounted investments
results in the consolidated income statement. If the
Company’s share of losses exceeds the carrying amount of the
associate, the carrying amount is reduced to nil and recognition of
further losses is discontinued except to the extent that the
Company has incurred obligations in respect of the
associate.
Accounting for business combinations
Business
combinations are accounted for using the acquisition method from
the date that control is transferred to the Group. Under the
acquisition method, consideration transferred is measured at fair
value on the acquisition date, as are the identifiable assets
acquired and liabilities assumed.
When
the initial values of assets and liabilities in a business
combination have been determined provisionally, any subsequent
adjustments to the values allocated to the identifiable assets and
liabilities (including contingent liabilities) are made within
twelve months of the acquisition date and presented as adjustments
to the original acquisition accounting. Acquisition related costs
are expensed in the period incurred.
Accounting for subsidiaries
Subsidiaries
are all entities controlled by the Group. The Group controls an
entity when it is exposed to (has rights to) variable returns from
its involvement with the entity and has the ability to affect those
returns through its power over the entity.
The
results of subsidiary undertakings acquired during the year are
included in the Group Income Statement from the date at which
control of the entity was obtained. They continue to be included in
the Group Income Statement until control ceases.
Newly effective EU-endorsed standards and amendments
The
following new and amended IFRS standards and IFRIC interpretations,
have been issued by the IASB, and have also been endorsed by the
EU. These standards are effective for the first time for the
financial year beginning on or after January 1, 2018 and therefore
have been applied by the Group for the first time in these
condensed consolidated preliminary financial
statements;
●
IFRS 15:
“Revenue from Contracts with Customers including Amendments
to IFRS 15” (effective for fiscal periods beginning on or
after January 1, 2018) (see below)
●
IFRS 9:
“Financial Instruments” (effective for fiscal periods
beginning on or after January 1, 2018) (see below)
●
Amendments to IFRS
2: “Classification and Measurement of Share Based Payment
Transactions” (effective for fiscal periods beginning on or
after January 1, 2018)
●
Annual Improvements
to IFRS 2014-2016 Cycle (effective for fiscal periods beginning on
or after January 1, 2018)
●
IFRIC
Interpretation 22: “Foreign Currency Transactions and Advance
Consideration” (effective for fiscal periods beginning on or
after January 1, 2018)
●
Amendments to IAS
40: “Transfers of Investment Property” (effective for
fiscal periods beginning on or after January 1, 2018)
New standards and amendments issued but not yet
effective
The
following new or revised IFRS standards and IFRIC interpretations
will be adopted for the purposes of the preparation of future
financial statements, where applicable. A more detailed
transitional impact for IFRS 16 is included below. While under
review, we do not anticipate that the adoption of the other new or
revised standards and interpretations will have a material impact
on our financial position or results from operations:
●
IFRS 16:
“Leases” (effective for fiscal periods beginning on or
after January 1, 2019) (see below)
●
IFRIC 23:
“Uncertainty over Income Tax Treatments” (effective for
fiscal periods beginning on or after January 1, 2019)
●
Amendments to IFRS
9: “Prepayment Features with Negative Compensation”
(effective for fiscal periods beginning on or after January 1,
2019) (see below)
●
Amendments to IAS
28: “Long-term interests in Associates and Joint
Ventures” (effective for fiscal periods beginning on or after
January 1, 2019)
●
Annual improvements
to IFRS Standards 2015-2017 Cycle (effective for fiscal periods
beginning on or after January 1, 2019)
●
Amendments to IAS
19: “Plan Amendment, Curtailment or Settlement”
(effective for fiscal periods beginning on or after January 1,
2019)
●
Amendments to
References to the Conceptual Framework in IFRS Standards (effective
for fiscal periods beginning on or after January 1,
2020)*
●
Amendments to IFRS
3: “Business Combinations” (effective for fiscal
periods beginning on or after January 1, 2020)*
●
Amendments to IAS 1
and IAS 8: “Definition of Material” (effective for
fiscal periods beginning on or after January 1, 2020)*
*These standards or amendments to standards are not as yet EU
endorsed
IFRS 15
and IFRS 9 have been adopted in the financial year ended March 31,
2019. Changes to significant accounting policies, together with the
impact of adoption, are described below:
IFRS 15: Revenue from Contracts with Customers
The Group has adopted IFRS 15 with effect from April 1, 2018. The
standard establishes a five-step model to determine when to
recognise revenue and at what amount. Revenue is recognised when
the good or service has been transferred to the customer and at the
amount to which the entity expects to be entitled.
The impact of initially applying the standard is mainly attributed
to certain ancillary revenue streams where the recognition of
revenue is deferred under IFRS 15 to the flight date where it was
previously recognised on the date of booking. For the majority of
our revenue, the manner in which we previously recognised revenue
is consistent with the requirements of IFRS 15. The change in the
timing of ancillary revenue recognition means that an increased
amount of revenue will be recognised in the first half of the year
under IFRS 15, with less revenue recognised in the second half of
the year, particularly in Quarter 4.
The Group has adopted IFRS 15 using the cumulative effect method
(without practical expedients), with the effect of initially
applying this standard recognised at the date of initial
application (i.e. April 1, 2018). Accordingly, the comparatives
have not been restated – i.e. they are presented, as
previously reported, under IAS 18 and related interpretations. The
impact on transition to IFRS 15, was a reduction in retained
earnings (net of tax) of €249M at April 1, 2018.
The impact of adopting IFRS 15 on the Group’s preliminary
balance sheet as at March 31, 2019 was an increase in the amount of
deferred revenue of €287M, compared with the amount that
would have been recognised under IAS 18 and related
interpretations. The impact on the preliminary income statement and
the preliminary statement of comprehensive income is to decrease
ancillary revenue in the year ended March 31, 2019 by
€38M.
There is a nil net impact on the Group’s preliminary
statement of cash flows for the year ended March 31,
2019.
IFRS 9: Financial Instruments
The Group has adopted IFRS 9 with effect from April 1, 2018 and has
not restated comparative information. The standard introduces
a new model for the classification and measurement of financial
assets, a new impairment model based on expected credit losses and
a new hedge accounting model to more closely align hedge accounting
with risk management strategy and objectives. This standard
replaces IAS 39 Financial Instruments: Recognition and
Measurement.
Financial assets, excluding derivatives, are accounted for at
amortised cost, fair value through other comprehensive income or
fair value through profit or loss depending on the nature of the
contractual cash flows of the asset and the business model in which
it is held. Accordingly, no transition adjustment to carrying
values arose in the year ended March 31, 2019. Neither was there a
material increase in provisions as a result of applying the new
expected loss impairment model to our financial assets as a result
of adoption of IFRS 9 in the year ended March 31, 2019. All of
Ryanair’s financial assets continue to be held at amortised
cost. The Group has not elected to adopt the new general hedge
accounting model in IFRS 9.
IFRS 16: Leases
IFRS 16
introduces a single, on-balance sheet, lease accounting model for
lessees. A lessee recognises a right-of-use asset representing its
right to use the underlying asset and a lease liability
representing its obligation to make lease payments. There are
optional exemptions for short-term leases and leases of low value
items.
The
standard is effective for fiscal periods beginning on or after
January 1, 2019. Early adoption is permitted for entities that
apply IFRS 15: Revenue from Contracts with Customers at or before
the date of initial application of IFRS 16. Ryanair does not intend
to early adopt IFRS 16.
The
impact of the IFRS 16 transition will increase non-current assets
on April 1, 2019 by c. €130M, increase liabilities by c.
€140M and reduce equity (and distributable reserves) by
approximately €10M.
2.
Judgements
and estimates
The
preparation of financial statements requires management to make
judgements, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets and
liabilities, income and expense. Actual results may differ from
these estimates.
In
preparing these condensed consolidated preliminary financial
statements, the significant judgements made by management in
applying the Group’s accounting policies and the key sources
of estimation uncertainty were the same as those that applied in
the most recent published consolidated financial
statements.
3.
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.
4.
Income
tax expense
The
Group’s consolidated effective tax rate in respect of
operations for the year ended March 31, 2019 was 6.7% (March 31,
2018: 10.0%). The tax charge for the year ended March 31, 2019 of
€63.1M (March 31, 2018: €161.1M) comprises a current
tax charge of €96.5M, a deferred tax charge of €9.8M
relating to the temporary differences for property, plant and
equipment, a transitional adjustment on adoption of IFRS15
(effective April 2018), and a deferred tax credit of €43.2M
relating to Lauda losses.
5.
Share
based payments
The
terms and conditions of the share option programme are disclosed in
the most recent, published, consolidated financial statements. The
Company granted options over 20 million shares in the period, under
the terms of the 2013 Share Option Scheme approved by the
shareholders at the AGM in September 2013 (“Option Plan
2013”). The charge of €7.7M in the year ended March 31,
2019 (March 31, 2018: €6.4M), is the fair value of these
options, and options granted in prior periods, which is being
recognised within the income statement in accordance with employee
services rendered.
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, 2019 the Group had an operating fleet of 455 (2018: 431)
Boeing 737 aircraft and 16 Airbus A320 aircraft. The Group agreed
to purchase 183 new Boeing 737-800NG aircraft from the Boeing
Corporation during the periods FY15 to FY19, all of which
(including 29 in the year) were delivered at March 31,
2019.
The
Group also agreed to purchase up to 210 (135 firm and 75 options)
Boeing 737-MAX-200 aircraft from the Boeing Corporation during the
periods FY20 to FY24.
8.
Analysis
of operating segment
The
Group determines and presents operating segments based on the
information that internally is provided to the CEO, who is the
Group’s Chief Operating Decision Maker (CODM).
The
CODM assessed the performance of the business based on the adjusted
profit/(loss) after tax of the Group for the year.
Reportable segment information is presented as
follows:
|
|
|
|
|
|
|
|
Year
|
Year
|
|
Ended
|
Ended
|
|
Mar 31, 2019
|
Mar 31, 2018
|
|
€M
|
€M
|
Revenues (includes €134.5M Lauda revenues in the year ended
March 31, 2019 only)
|
7,697.4
|
7,151.0
|
|
|
|
Reportable segment adjusted profit after tax
|
1,024.5
|
1,450.2
|
Lauda losses
|
(139.5)
|
-
|
|
|
|
IFRS profit after tax
|
885.0
|
1,450.2
|
|
|
|
|
Total
|
Total
|
|
At Mar 31, 2019
€M
|
At Mar 31, 2018
€M
|
Reportable segment assets
|
13,250.7
|
12,361.8
|
Reportable segment liabilities
|
8,035.8
|
7,892.9
|
The
Company has two main categories of revenue, scheduled revenues and
ancillary revenues. The split of revenues between these two
categories is as shown on the face of the consolidated preliminary
income statement.
Further
analysis on segmental reporting will be available in the
Company’s Annual Report and 20F documents for the year ended
March 31, 2019 which will be published in July 2019.
|
|
|
|
Year
|
Year
|
|
|
|
|
|
Ended
|
Ended
|
|
|
|
|
|
Mar 31,
|
Mar 31,
|
|
|
|
|
|
2019
|
2018
|
|
|
|
|
|
|
|
|
Basic earnings per ordinary share (€)
|
|
|
|
0.7739
|
1.2151
|
|
Diluted earnings per ordinary share (€)
|
|
|
|
0.7665
|
1.2045
|
|
Weighted average number of ordinary shares (in M’s) –
basic
|
|
|
|
1,143.6
|
1,193.5
|
|
Weighted average number of ordinary shares (in M’s) –
diluted
|
|
|
|
1,154.6
|
1,204.0
|
|
Diluted
earnings per share takes account of the potential future exercises
of share options granted under the Company’s share option
schemes and the weighted average number of shares includes weighted
average share options assumed to be converted of 11.0M (2018:
10.5M).
10.
Property,
plant and equipment
Acquisitions and disposals
Capital
expenditure in the year ended March 31, 2019 amounted to
€1,541.6M and primarily relates to aircraft pre delivery
payments, 29 aircraft deliveries, spare engines, maintenance hangar
construction costs and simulators.
11.
Business
combinations
Acquisition of a Subsidiary
In
April 2018, the Company purchased a 24.9% stake in Lauda. This
investment was accounted for using the equity method. In August
2018, the Company acquired a further 50.1% of the shares and voting
interests in Lauda. The Company has since increased it’s
holding in Lauda to 100%. Lauda gives the Group access to valuable
slots at slot constrained airports in Germany, Austria and
Spain.
In the
year ended March 31, 2019, Lauda contributed revenue of
€134.5M and an operating loss of €172.9M to the
Group’s results. Ryanair also recognised €9.8M in share
of losses in associate prior to consolidation of Lauda, and
recognised a deferred tax credit of €43.2M relating to the
recognition of a deferred tax asset in respect of Lauda
post-acquisition losses.
Consideration transferred and assets and liabilities
assumed
The
following table summarises the fair value of assets acquired and
liabilities assumed at the date of acquisition of control and the
consideration transferred to acquire control of Lauda:
|
€M
|
Consideration:
|
|
- Consideration (liabilities & cash paid)
|
32.0
|
- Fair value of existing equity interest
|
6.0
|
- Elimination of intercompany loans
|
60.5
|
Total
|
98.5
|
|
|
Net assets acquired:
|
|
- Intangible assets
|
99.6
|
- Cash and cash equivalents
|
7.0
|
- Other assets acquired
|
43.4
|
- (Liabilities) acquired
|
(51.5)
|
Total
|
98.5
|
Goodwill
As the
value of identifiable net assets acquired substantially equalled
the value of the consideration paid plus the fair value of the
existing interest in Lauda, there was a nil value attributed to
Goodwill. The re-measurement to fair value of the Group’s
initial 24.9% interest in Lauda, from its pre acquisition carrying
value of nil, resulted in a gain of €6M. This amount has been
included in
share of associate
losses
in the condensed preliminary income
statement.
12.
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
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
2018 Annual Report. There have been no changes in our risk
management policies in the year.
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 the fair
value, taking into account current market inputs and rates. (Level
2)
●
Derivatives – currency forwards and
aircraft fuel contracts:
A comparison of the contracted rate
to the market rate for contracts providing a similar risk profile
at March 31, 2019 has been used to establish fair value. (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, 2019,
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
Ryanair is committed to make have been discounted at the relevant
market rates of interest applicable (including credit spreads) at
March 31, 2019 to arrive at a fair value representing the amount
payable to a third party to assume the obligations.
There
were no significant changes in the business or economic
circumstances during the year ended March 31, 2019 that affect the
fair value of our financial assets and financial
liabilities.
The
fair value of financial assets and financial liabilities, together
with the carrying amounts in the condensed consolidated financial
balance sheet, are as follows:
|
|
|
|
|
|
At Mar 31,
|
At
Mar 31,
|
At Mar
31,
|
At Mar
31,
|
|
|
|
2019
|
2019
|
2018
|
2018
|
|
|
|
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
|
220.7
|
220.7
|
2.6
|
2.6
|
|
|
- Jet
fuel derivative contracts
|
4.5
|
4.5
|
|
|
|
|
-
Interest rate swaps
|
2.3
|
2.3
|
-
|
-
|
|
|
|
227.5
|
227.5
|
2.6
|
2.6
|
|
|
Current financial assets
|
|
|
|
|
|
|
Derivative
financial instruments:-
|
|
|
|
|
|
|
- U.S.
dollar currency forward contracts
|
307.0
|
307.0
|
2.0
|
2.0
|
|
|
- Jet
fuel derivative contracts
|
-
|
-
|
209.8
|
209.8
|
|
|
-
Interest rate swaps
|
1.7
|
1.7
|
0.3
|
0.3
|
|
|
|
308.7
|
308.7
|
212.1
|
212.1
|
|
|
Trade
receivables*
|
59.5
|
|
57.6
|
|
|
|
Cash
and cash equivalents*
|
1,675.6
|
|
1,515.0
|
|
|
|
Financial
asset: cash > 3 months*
|
1,484.4
|
|
2,130.5
|
|
|
|
Restricted
cash*
|
34.9
|
|
34.6
|
|
|
|
Other
assets*
|
0.8
|
|
0.3
|
|
|
|
|
3,563.9
|
308.7
|
3,950.1
|
212.1
|
|
|
Total
financial assets
|
3,791.4
|
536.2
|
3,952.7
|
214.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At Mar 31,
|
At
Mar 31,
|
At Mar
31,
|
At Mar
31,
|
|
|
2019
|
2019
|
2018
|
2018
|
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
|
Amount
|
Value
|
Amount
|
Value
|
|
Non-current
financial liabilities
|
€M
|
€M
|
€M
|
€M
|
|
Derivative
financial instruments:-
|
|
|
|
|
|
- U.S.
dollar currency forward contracts
|
8.0
|
8.0
|
409.5
|
409.5
|
|
-
Interest rate swaps
|
-
|
-
|
6.0
|
6.0
|
|
|
8.0
|
8.0
|
415.5
|
415.5
|
|
Long-term
debt
|
892.8
|
906.8
|
1,088.2
|
1,107.2
|
|
Bonds
|
2,442.2
|
2,509.1
|
2,440.2
|
2,519.2
|
|
|
3,343.0
|
3,423.9
|
3,943.9
|
4,041.9
|
|
Current financial liabilities
|
|
|
|
|
|
Derivative
financial instruments:-
|
|
|
|
|
|
- Jet
fuel derivative contracts
|
189.7
|
189.7
|
-
|
-
|
|
- U.S.
dollar currency forward contracts
|
-
|
-
|
189.5
|
189.5
|
|
-
Interest rate swaps
|
-
|
-
|
1.0
|
1.0
|
|
|
189.7
|
189.7
|
190.5
|
190.5
|
|
Current
maturities of debt
|
309.4
|
309.4
|
434.6
|
434.6
|
|
Trade
payables*
|
573.8
|
|
249.6
|
|
|
Accrued
expenses*
|
320.8
|
|
445.5
|
|
|
|
1,393.7
|
499.1
|
1,320.2
|
625.1
|
|
Total
financial liabilities
|
4,736.7
|
3,923.0
|
5,264.1
|
4,667.0
|
|
*The fair value of these financial instruments approximate their
carrying values due to the short-term nature of the
instruments.
In the
year ended March 31, 2019 the Company bought back 37.8M ordinary
shares at a total cost of €561M. This buy-back was equivalent
to approximately 3.2% of the Company’s issued share capital
at March 31, 2018. All of these ordinary shares repurchased were
cancelled at March 31, 2019.
In FY18
the Company bought back 46.7M shares at a total cost of
€829M. This buy-back was equivalent to approximately 3.8% of
the Company’s issued share capital at March 31, 2017. All of
these repurchased ordinary shares were cancelled at March 31,
2018.
As a
result of the share buybacks in the year ended March 31, 2019,
share capital decreased by 37.8M ordinary shares (46.7M ordinary
shares in the year ended March 31, 2018) with a nominal value of
€0.2M (€0.3M in the year ended March 31, 2018) and the
other undenominated capital reserve increased by a corresponding
€0.2M (€0.3M in the year ended March 31, 2018). The
other undenominated capital reserve is required to be created under
Irish law to preserve permanent capital in the Parent
Company.
14.
Related
party transactions
The
Company’s related parties comprise its subsidiaries,
Directors and senior 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, 2019
that materially affected the financial position or the performance
of the Company during that period and there were no changes in the
related party transactions described in the 2018 Annual Report that
could have a material effect on the financial position or
performance of the Company in the same period.
15.
Post
balance sheet events
The
Group recently concluded a low cost, €750M unsecured (5 year)
bank facility, for general corporate purposes.
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, 2019
|
By:___/s/
Juliusz Komorek____
|
|
|
|
Juliusz
Komorek
|
|
Company
Secretary
|
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