RYANAIR REPORTS Q1 PROFIT
DOWN 46% TO €360M
AS TRAFFIC GROWS 10%TO
55.5M AT 15% LOWER AIR FARES
Ryanair Holdings plc today (22 July)
reported Q1 profit of €360m, compared to a prior-year Q1 PAT of
€663m, as strong traffic growth (+10%) to 55.5m customers, was
offset by half of Easter falling into PYQ4 and weaker than expected
air fares in the quarter.
Q1
End:
|
June 2023
|
June 2024
|
Change
|
Customers
|
50.4m
|
55.5m
|
+10%
|
Load Factor
|
95%
|
94%
|
-1%
pt
|
Ave. fare
|
€49.07
|
€41.93
|
-15%
|
Revenue
|
€3.65bn
|
€3.63bn
|
-1%
|
Op. Costs
|
€2.94bn
|
€3.26bn
|
+11%
|
PAT
|
€663m
|
€360m
|
-46%
|
Q1 Highlights include:
· Traffic grew 10% to 55.5m, despite multiple Boeing delivery
delays.
· Rev.
per pax fell 10% (ave. fare down 15% & ancil. rev.
flat).
· 156x
B737 "Gamechangers" in 594
fleet at 30 June (20 less than budget).
· Record
Summer schedule launched (5 new bases, over 200 new S.24
routes).
· Multiple "Approved OTA" partnerships signed to protect
consumers.
· Fuel
hedges extended: 75% FY25 at under $80bbl saves over €450m &
c.45% FY26 at $78bbl.
· Over
50% of €700m share buyback completed.
Ryanair Group CEO Michael
O'Leary, said:
ENVIRONMENT:
"Ryanair is Europe's No. 1 rated
airline for ESG by Sustainalytics, and enjoys industry leading
ratings from both MSCI (A) and CDP (A-). Our new aircraft and
increasing use of SAF has positioned Ryanair as one of the EU's
most environmentally efficient major airlines. During Q1 we
took delivery of 10x B737-8200 "Gamechangers" (4% more seats, 16%
less fuel & CO2) and continued to retro-fit winglets to our
B737NG fleet (target 409 by 2026), reducing fuel burn by 1.5% and
noise by 6%. In April we extended our partnership with
Trinity College Dublin's Sustainable Aviation Research Centre
("TCD") to 2030. TCD's facility supports the acceleration of
SAF deployment, and funds important non-CO2 research.
Recently proposed EU legislation confining the monitoring of
aviation's non-CO2 impact to only intra-EU flights (yet again
exempting long haul flights, which account for the majority of EU
aviation emissions) is indefensible and undermines the EU's green
agenda and credibility. We call on the EU Commission to adopt
a "polluter pays" principle and to end the indefensible exemption
of polluting long-haul flights from EU enviro.
regulation.
In the last 10 days of June we
suffered a significant deterioration in European ATC capacity which
caused multiple flight delays and cancellations, especially on
first wave morning flights, making it more urgent than ever that
the new EU Commission and Parliament deliver long delayed reform of
Europe's hopelessly inefficient ATC services. This can be
achieved by properly staffing of Europe's ATC services and
protecting overflights (during national strikes) which would
deliver revolutionary environmental improvements in EU air
travel.
FLEET &
GROWTH:
The Ryanair Group had 156x B737
Gamechangers at 30 June and we expect to increase this to over 160
by the end of July (20 short of our contracted S.24
deliveries). We continue to work with Boeing (Stephanie Pope
& Brian West) and have noted an improvement in the quality and
frequency of deliveries during Q1. While there remains a risk
that Boeing deliveries could slip further, our focus has now turned
to ensuring timely delivery of our remaining 50 Gamechangers ahead
of S.25.
This summer we're operating our
largest ever schedule with over 200 new routes (and 5 new bases) as
we deliver as much low fare growth as possible for our passengers
and airport partners in FY25. We've launched a new Tangier
base and, following Calabria's recent decision to abolish the
Municipal Tax at its regional airports, we will base a second
aircraft in both Reggio Calabria (from W.24) and Lamezia (for
S.25). To facilitate this growth, Lauda has extended op. leases on
3 of its A320s to 2028. We will also continue to take
delivery of B737s through Aug. and Sept. even though we will be
unable to schedule these aircraft for peak Summer
flights.
We expect European short-haul
capacity to remain constrained for some years as A320 operators
work through significant P&W engine repairs, OEMs struggle with
delivery backlogs, and airline consolidation continues, including
Lufthansa's recently approved takeover of ITA (Italy), IAG's
delayed takeover of Air Europa (Spain) and the upcoming sale of TAP
(Portugal). These capacity constraints, combined with our
significant unit cost advantage, a strong balance sheet, low-cost
aircraft orders and industry leading OTP, will underpin a decade of
low-fare profitable growth to 300m passengers by
FY34.
Q1 FY25 BUSINESS
REVIEW:
Revenue &
Costs:
Q1 scheduled revenue fell 6% to
€2.33bn. While traffic grew 10% to 55.5m, our customers
enjoyed substantial savings thanks to 15% lower fares due, in part,
to the absence of the first half of Easter which fell into March,
and more price stimulation than we had previously expected.
Ancillary sales rose 10% to €1.30bn (c.€23.40 per passenger).
As a result, total revenue declined 1% to €3.63bn. Operating
costs increased 11% to €3.26bn, marginally ahead of traffic growth,
as fuel hedge savings offset higher staff and other costs which was
in part due to Boeing delivery delays.
Our FY25 fuel volumes are 75% hedged
at just under $80bbl and 85% of €/$ opex is hedged at $1.11,
locking in over €450m savings. We have taken advantage of
recent oil price weakness to increase our FY26 fuel hedging to
almost 45% at c.$78bbl. This strong hedge position helps
insulate the Group from significant fuel price
volatility.
Balance Sheet &
Liquidity:
Ryanair's balance sheet is one of
the strongest in the industry with a BBB+ credit rating (both
S&P and Fitch) and €4.49bn gross cash at quarter end, despite
€0.50bn capex and €0.25bn share buybacks. Net cash increased
to €1.74bn at 30 June (€1.37bn at 31 Mar.). Our owned B737
fleet (566 aircraft) is fully unencumbered, widening our cost
advantage over competitor airlines, many of whom are exposed to
expensive lease and financing costs.
SHAREHOLDER
RETURNS:
A €700m share buyback commenced in
May. To date we have completed over 50% of the
programme. When complete, Ryanair will have returned over
€7.8bn to shareholders since 2008. A final dividend of €0.178
per share is due to be paid in Sept.
Ryanair's ADSs are traded on
NASDAQ. Following a recent review, the Board has approved a
change to the ADS ratio so that one ADS will equal two Ordinary
Shares, a 2:1 ratio (currently 5:1). This change will be
formally announced, and implemented, in the coming weeks and
requires no action from ADS holders. The purpose of the
change is to bring the Ryanair ADS price broadly in line with
current market norms. As the ADS price will be reduced, they
should be more attractive to new investors which potentially will
increase ADS liquidity.
OUTLOOK:
FY25 traffic is expected to grow 8%
(198m to 200m passengers), subject to no worsening Boeing delivery
delays. As previously guided, we expect unit costs to rise
modestly this year as ex-fuel costs (incl. pay & productivity
increases, higher handling & ATC fees and the impact of
multiple B737 delivery delays) are substantially offset by our fuel
hedge savings, and rising net interest income, which widen
Ryanair's cost advantage over its competitors. While Q2
demand is strong, pricing remains softer than we expected, and we
now expect Q2 fares to be materially lower than last summer
(previously expected to be flat to modestly up). The final H1
outcome is, however, totally dependent on close-in bookings and
yields in Aug. and Sept. As is normal at this time of year,
we have almost zero Q3 and Q4 visibility, although Q4 will not
benefit from last year's early Easter. It is too early to
provide meaningful FY25 PAT guidance, although we hope to be able
to do so at our H1 results in Nov. The final FY25 outcome
remains subject to avoiding adverse developments during FY25
(especially given continuing conflicts in Ukraine and the Middle
East, repeated ATC short-staffing and capacity restrictions, 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 594 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 39-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.
|
|
|
|
|
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
Interim Balance Sheet as at June 30, 2024
(unaudited)
|
|
|
At Jun 30,
|
At Mar
31,
|
|
|
|
2024
|
2024
|
|
|
Note
|
€M
|
€M
|
|
Non-current assets
|
|
|
|
|
Property, plant and
equipment
|
|
10,942.5
|
10,847.0
|
|
Right-of-use asset
|
|
171.4
|
166.5
|
|
Intangible assets
|
|
146.4
|
146.4
|
|
Derivative financial
instruments
|
10
|
59.6
|
3.3
|
|
Deferred tax
|
|
2.1
|
2.1
|
|
Other assets
|
|
169.8
|
183.2
|
|
Total non-current assets
|
|
11,491.8
|
11,348.5
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
Inventories
|
|
5.8
|
6.2
|
|
Other assets
|
|
1,627.9
|
1,275.4
|
|
Trade receivables
|
10
|
100.5
|
76.4
|
|
Derivative financial
instruments
|
10
|
299.7
|
349.5
|
|
Restricted cash
|
10
|
6.4
|
6.4
|
|
Financial assets: cash > 3
months
|
10
|
526.1
|
237.8
|
|
Cash and cash equivalents
|
10
|
3,955.1
|
3,875.4
|
|
Total current assets
|
|
6,521.5
|
5,827.1
|
|
|
|
|
|
|
Total assets
|
|
18,013.3
|
17,175.6
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
Provisions
|
|
70.2
|
46.0
|
|
Trade payables
|
10
|
873.8
|
792.2
|
|
Accrued expenses and other
liabilities
|
|
5,857.8
|
5,227.6
|
|
Current lease liability
|
|
39.5
|
39.4
|
|
Current maturities of
debt
|
10
|
45.0
|
50.0
|
|
Derivative financial
instruments
|
10
|
56.1
|
178.8
|
|
Current tax
|
|
64.5
|
66.6
|
|
Total current liabilities
|
|
7,006.9
|
6,400.6
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Provisions
|
|
114.9
|
138.1
|
|
Derivative financial
instruments
|
10
|
1.2
|
3.3
|
|
Deferred tax
|
|
397.8
|
362.0
|
|
Non-current lease
liability
|
|
132.4
|
125.2
|
|
Non-current maturities of
debt
|
10
|
2,533.6
|
2,532.2
|
|
Total non-current liabilities
|
|
3,179.9
|
3,160.8
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
Issued share capital
|
|
6.8
|
6.9
|
|
Share premium account
|
|
1,414.3
|
1,404.3
|
|
Other undenominated
capital
|
|
3.6
|
3.5
|
|
Retained earnings
|
|
6,009.3
|
5,899.8
|
|
Other reserves
|
|
392.5
|
299.7
|
|
Total shareholders' equity
|
|
7,826.5
|
7,614.2
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
18,013.3
|
17,175.6
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated
Interim Income Statement for the Quarter Ended June 30, 2024
(unaudited)
|
|
|
Change
|
IFRS
|
IFRS
|
Quarter
Ended
|
Quarter Ended
|
June 30,
2024
|
June 30,
2023
|
|
|
Note
|
%*
|
€M
|
€M
|
Operating revenues
|
|
|
|
|
|
Scheduled revenues
|
|
-6%
|
2,328.9
|
2,473.7
|
|
Ancillary revenues
|
|
+10%
|
1,297.2
|
1,175.6
|
Total operating revenues
|
7
|
-1%
|
3,626.1
|
3,649.3
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
Fuel and oil
|
|
-6%
|
1,421.9
|
1,338.1
|
|
Airport and handling
charges
|
|
-13%
|
467.2
|
414.1
|
|
Staff costs
|
|
-25%
|
448.3
|
359.8
|
|
Depreciation
|
|
-14%
|
313.2
|
274.9
|
|
Route charges
|
|
-14%
|
307.5
|
269.3
|
|
Marketing, distribution and
other
|
|
-9%
|
219.3
|
201.3
|
|
Maintenance, materials and
repairs
|
|
-3%
|
83.0
|
80.6
|
Total operating expenses
|
|
-11%
|
3,260.4
|
2,938.1
|
|
|
|
|
|
|
Operating profit
|
|
-49%
|
365.7
|
711.2
|
Other income
|
|
|
|
|
|
Net finance income
|
|
+55%
|
28.1
|
18.1
|
|
Foreign exchange
|
|
|
7.0
|
11.4
|
Total other income
|
|
|
35.1
|
29.5
|
|
|
|
|
|
|
Profit before tax
|
|
-46%
|
400.8
|
740.7
|
|
|
|
|
|
|
|
Tax charge on profit
|
4
|
|
(40.8)
|
(77.8)
|
|
|
|
|
|
|
Profit for the quarter - attributable to equity holders of
parent
|
-46%
|
360.0
|
662.9
|
|
|
|
|
|
Earnings per ordinary share
(€)
|
|
|
|
|
|
Basic
|
|
-46%
|
0.3164
|
0.5822
|
|
Diluted
|
|
-46%
|
0.3145
|
0.5794
|
|
Weighted avg. no. of ord. shares (in
Ms)
|
|
|
|
|
|
Basic
|
|
|
1,137.9
|
1,138.7
|
|
Diluted
|
|
|
1,144.6
|
1,144.1
|
*'+' is favourable and '-' is adverse
period-on-period.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated
Interim Statement of Comprehensive Income for the Quarter Ended
June 30, 2024 (unaudited)
|
Quarter
|
Quarter
|
|
Ended
|
Ended
|
|
June 30,
|
June
30,
|
2024
|
2023
|
|
€M
|
€M
|
|
|
|
Profit for the quarter
|
360.0
|
662.9
|
|
|
|
Other comprehensive income/(loss):
|
|
|
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
|
98.6
|
(162.8)
|
Other comprehensive income/(loss) for the quarter, net of
income tax
|
98.6
|
(162.8)
|
Total comprehensive income for the quarter - attributable to
equity holders of parent
|
|
|
458.6
|
500.1
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated
Interim Statement of Cash Flows for the Quarter Ended June 30, 2024
(unaudited)
|
|
|
Quarter
|
Quarter
|
|
|
|
Ended
|
Ended
|
|
|
|
June 30,
|
June
30,
|
|
2024
|
2023
|
|
|
Note
|
€M
|
€M
|
Operating activities
|
|
|
|
|
Profit after tax
|
|
360.0
|
662.9
|
|
|
|
|
|
Adjustments to reconcile
profit after tax to net cash from operating
activities
|
|
|
|
|
Depreciation
|
|
313.2
|
274.9
|
|
Decrease in inventories
|
|
0.4
|
0.8
|
|
Tax charge on profit
|
|
40.8
|
77.8
|
|
Share based payments
|
|
2.5
|
5.4
|
|
(Increase) in trade
receivables
|
|
(24.1)
|
(28.9)
|
|
(Increase)/decrease in other
assets
|
|
(303.4)
|
91.8
|
|
Increase in trade payables
|
|
147.8
|
17.6
|
|
Increase in accrued expenses and
other liabilities
|
|
633.2
|
136.4
|
|
(Decrease) in provisions
|
|
(3.2)
|
(1.1)
|
|
(Decrease)/increase in finance
income
|
|
(8.6)
|
8.8
|
|
(Increase) in finance
expense
|
|
(1.5)
|
(0.2)
|
|
Foreign exchange
|
|
(5.2)
|
10.4
|
|
Income tax (paid)
|
|
(25.2)
|
(5.0)
|
Net
cash inflow from operating activities
|
|
1,126.7
|
1,251.6
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Capital expenditure - purchase of
property, plant and equipment
|
|
(501.5)
|
(1,063.5)
|
|
(Increase) in financial assets: cash
> 3 months
|
|
(288.3)
|
(809.5)
|
Net
cash (used in) investing activities
|
|
(789.8)
|
(1,873.0)
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Proceeds from shares
issued
|
|
-
|
2.6
|
|
Share buy back
|
11
|
(248.8)
|
-
|
|
Repayment of borrowings
|
|
(5.0)
|
(14.5)
|
|
Lease liabilities paid
|
|
(8.6)
|
(11.2)
|
Net
cash (used in) financing activities
|
|
(262.4)
|
(23.1)
|
|
|
|
|
|
Increase/(decrease) in cash and cash
equivalents
|
|
74.5
|
(644.5)
|
|
Net foreign exchange gain
|
|
5.2
|
-
|
|
Cash and cash equivalents at
beginning of the quarter
|
|
3,875.4
|
3,599.3
|
Cash
and cash equivalents at end of the quarter
|
|
3,955.1
|
2,954.8
|
|
|
|
|
Included in the cash flows from operating activities for the
quarter are the following amounts:
|
|
|
|
Interest income received
|
|
36.5
|
29.7
|
Interest expense paid
|
|
(19.8)
|
(20.8)
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated
Interim Statement of Changes in Shareholders' Equity for the
Quarter Ended June 30, 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, 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
|
Profit for the quarter
|
-
|
-
|
-
|
-
|
360.0
|
-
|
-
|
360.0
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
Net movements in cash-flow
reserve
|
-
|
-
|
-
|
-
|
-
|
98.6
|
-
|
98.6
|
Total other comprehensive
income
|
-
|
-
|
-
|
-
|
-
|
98.6
|
-
|
98.6
|
Total comprehensive
income
|
-
|
-
|
-
|
-
|
360.0
|
98.6
|
-
|
458.6
|
Transactions with owners of the
|
|
|
|
|
|
|
|
|
Company recognised directly in equity
|
|
|
|
|
|
|
|
|
Issue of ordinary equity
shares
|
0.6
|
-
|
10.0
|
-
|
(10.0)
|
-
|
-
|
-
|
Repurchase of ordinary equity
shares
|
-
|
-
|
-
|
-
|
(248.8)
|
-
|
-
|
(248.8)
|
Cancellation of repurchased
shares
|
(11.7)
|
(0.1)
|
-
|
0.1
|
-
|
-
|
-
|
-
|
Share-based payments
|
-
|
-
|
-
|
-
|
-
|
-
|
2.5
|
2.5
|
Transfer of exercised and expired
share-based awards
|
-
|
-
|
-
|
-
|
8.3
|
-
|
(8.3)
|
-
|
Balance at June 30, 2024
|
1,129.0
|
6.8
|
1,414.3
|
3.6
|
6,009.3
|
364.5
|
28.0
|
7,826.5
|
Ryanair Holdings plc and
Subsidiaries
MD&A Quarter Ended June 30, 2024 ("Q1
FY25")
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 quarter ended June 30, 2024 results.
Income
Statement
Scheduled revenues:
Scheduled revenue was down
6% at €2.33BN. While traffic grew
10% to 55.5M, customers
enjoyed substantial savings thanks to 15% lower fares due, in part,
to the absence of the first half of Easter which fell into March
and more price stimulation than previously expected.
Ancillary revenues:
Ancillary revenue rose 10% to
€1.30BN, in line with traffic growth (c. €23.40 per
passenger). A solid performance in reserved seating and onboard
sales, was offset somewhat by softer priority boarding.
Total revenues:
As a result of the above, total
revenue declined 1% to
€3.63BN.
Operating Expenses:
Fuel and oil:
Fuel and oil rose 6% to
€1.42BN, well below the 11% increase in sectors flown due to
favourable jet fuel hedging and lower fuel burn on the new
B737-8200 "Gamechanger" aircraft.
Airport and handling charges:
Airport and handling charges rose
13% to €0.47BN, ahead of
the 11% increase in sectors, due to higher ground ATC and handling
rates.
Staff costs:
Staff costs increased 25% to €0.45BN due to the larger fleet,
11% higher sectors, Boeing delivery delays leading to higher
crewing ratios, and the annualisation of crew productivity pay
increases implemented late last year.
Depreciation:
Depreciation increased 14% to €0.31BN, primarily due to higher
amortisation resulting from higher aircraft utilisation (flight
hours up 11%) and 37 more "Gamechanger" aircraft in the
fleet.
Route charges:
Route charges increased 14% to €0.31BN, due to the 11% increase
in flight hours and higher Eurocontrol rates.
Marketing, distribution and other:
Marketing, distribution and other
rose 9% to €0.22BN, less
than the 10% traffic growth, as lower EU261 and other operating
expenses were offset by higher onboard input costs due to increased
sales.
Maintenance, materials and repairs:
Maintenance, materials and repairs
increased 3% to €83M as
higher utilisation was partially offset by supplier
credits.
Other income:
Net finance income was 55% ahead at €28M due to higher deposits and lower
gross debt, as the Group maintained a strong net cash position
throughout the quarter. Foreign exchange translation reflects the
impact of €/US$ exchange rate movements on balance sheet
revaluations.
Balance sheet:
Gross cash was €4.49BN at June 30, 2024 despite
€0.50BN capex and €0.25BN share buybacks. Gross debt was
€2.75BN and net cash was
€1.74BN at June 30, 2024
(€1.37BN at March 31, 2024).
Shareholders' equity:
Shareholders' equity increased by
€0.21BN to €7.83BN in the
period primarily due to a €0.36BN net profit and an IFRS hedge
accounting increase in derivatives of €0.10BN, offset by a €0.25BN repurchase (and cancellation)
of ordinary shares.
Ryanair Holdings plc and
Subsidiaries
Interim Management
Report
Introduction
This financial report for the
quarter ended June 30, 2024 meets the reporting requirements
pursuant to the Transparency (Directive 2004/109/EC) Regulations
2007 and Transparency Rules of the Central Bank (Investment Market
Conduct) Rules 2019.
This interim management report
includes the following:
· Principal
risks and uncertainties relating to the remaining nine months of
the year;
· Related
party transactions; and
· Post
balance sheet events.
Results of operations for the
quarter ended June 30, 2024 compared to the quarter ended June 30,
2023, including important events that occurred during the quarter,
are set forth above in the MD&A.
Principal risks and uncertainties for the remainder of the
year
Jet fuel is subject to wide price
fluctuations as a result of many economic and political factors and
events occurring throughout the world that Ryanair can neither
control nor accurately predict, including increases in demand,
sudden disruptions in supply and other concerns about global
supply, as well as market speculation. Oil prices increased
significantly following Russia's invasion of Ukraine in February
2022 and remain volatile in light of the Israel-Hamas conflict in
the Middle East.
Despite the Group's strong recovery
from the Covid-19 pandemic, future developments may again have a
material adverse impact on the Company's business, results of
operations, financial condition and liquidity.
Among other factors that are subject
to change and could significantly impact Ryanair's expected results
for the remainder of the year are the airline pricing environment,
capacity growth in Europe, competition from new and existing
carriers, market prices for the replacement of aircraft, costs
associated with environmental, safety and security measures, the
availability of appropriate insurance coverage, actions of the
Irish, U.K., European Union ("EU") and other governments and their
respective regulatory agencies, delays in the delivery of
contracted aircraft, supply chain disruptions/delays, weather
related disruptions, ATC strikes and staffing related disruptions,
uncertainties surrounding Brexit, fluctuations in currency exchange
rates and interest rates, airport access and charges, labour
relations, increasing fares to cover rising business costs, cyber
security risks and increased costs to minimise those risks,
increasingly complex data protection laws and regulations,
dependence on key personnel, the expectation that corporation tax
rates will rise, the economic environment of the airline industry,
the general economic environment in Ireland, the U.K., and
Continental Europe, including the risk of a recession or
significant economic slowdown, the general willingness of
passengers to travel, other economic, social and political factors
and unforeseen security events.
Board of Directors
Details of the members of the
Company's Board of Directors are set forth on pages 123 and 124 of
the Group's 2024 Annual Report. As highlighted in that report,
Michael Cawley and Louise Phelan retired from the Board in June
2024, and both Jinane Laghrari Laabi and Amber Rudd were appointed
to the Board with effect from July 1, 2024.
Related party transactions -
Please see note 9.
Post balance sheet events -
Please see note 12.
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 condensed consolidated interim financial
statements. The continued preparation of the Group's condensed
consolidated interim 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 €0.36BN in the quarter
ended June 30, 2024;
·
The Group's liquidity, with €4.49BN gross cash and
€1.74BN net cash at June 30, 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 solid BBB+ (stable) credit ratings
from both S&P and Fitch Ratings;
·
The Group's strong balance sheet position with its
566 owned B737 fleet unencumbered;
·
The Group's access to the debt capital markets,
unsecured/secured bank debt and sale and leaseback
transactions;
·
Strong cost control across the Group;
·
The Group's fuel hedging position (approx. 75% of
FY25 and 40% of FY26 jet fuel requirements were hedged at June 30,
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.
Ryanair Holdings plc and
Subsidiaries
Notes forming Part of the Condensed
Consolidated
Interim 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 interim financial statements for the quarter ended
June 30, 2024 comprise the results of the Company and its
subsidiaries (together referred to as the "Group").
These unaudited condensed
consolidated interim financial statements ("the interim financial
statements"), which should be read in conjunction with our 2024
Annual Report for the year ended March 31, 2024, have been prepared
in accordance with IAS 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, 2024, are
available at http://investor.ryanair.com/.
In adopting the going concern basis
in preparing the interim financial statements, the Directors have
considered Ryanair's available sources of finance including access
to the capital markets, sale and leaseback transactions, secured
and unsecured debt structures, undrawn funds under the Group's
revolving credit facility, the Group's cash on-hand and cash
generation and preservation projections, together with factors
likely to affect its future performance, as well as the Group's
principal risks and uncertainties.
The June 30, 2024 figures and the
June 30, 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, 2024, together with the independent auditor's report
thereon, are available on the Company's Website and will be filed
with the Irish Registrar of Companies following the Company's
Annual General Meeting. The accounting policies, presentation and
methods of computation followed in the unaudited condensed
consolidated interim 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 interim financial statements for the quarter
ended June 30, 2024 on July 19, 2024.
Except as stated otherwise below,
the condensed consolidated interim financial statements for the
quarter ended June 30, 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 as issued by the International Accounting Standards Board
(IASB).
New IFRS standards and amendments adopted during the
period
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, 2024 and therefore
have been applied by the Group in these condensed consolidated
interim financial statements:
·
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 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).
The adoption of these new or amended
standards did not have a material impact on the Group's financial
position or results in the quarter ended June 30, 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 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).*
·
IFRS 19 Subsidiaries without Public
Accountability: Disclosures (effective on or after January 1,
2027).*
·
Amendments to the Classification and Measurement
of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
(effective on or after January 1, 2026).*
* These standards or amendments to
standards are not as of yet EU endorsed.
2.
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 June 30, 2024, the Group had
€10.94BN of property, plant and equipment long-lived assets, of
which €10.70BN 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.
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 tax expense
for the quarter ended June 30, 2024 of €41M (June 30, 2023: €78M)
comprises a current tax charge of €23M and a deferred tax charge of
€18M 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 quarter.
The effective tax rate was approximately 10.2% for the quarter
ended June 30, 2024 (June 30, 2023: 10.5%) and is the result of the
mix of profits and losses incurred by Ryanair's operating
subsidiaries primarily in Ireland, Malta, Poland and the
U.K.
5.
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.
6.
Capital commitments
At June 30, 2024 the Group had an
operating fleet of 567 (2023: 530) 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 firm orders in
December 2020. At June 30, 2024, the Group had taken delivery of
156 of these aircraft. The remaining aircraft are due to be
delivered ahead of Summer 2025. 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.
7.
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 or loss 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:
Quarter Ended
|
Ryanair DAC
|
Other
Airlines
|
Elimination
|
Total
|
|
Jun 30,
|
Jun 30,
|
Jun 30,
|
Jun 30,
|
2024
|
2024
|
2024
|
2024
|
|
€M
|
€M
|
€M
|
€M
|
Scheduled revenue
|
2,295.9
|
33.0
|
-
|
2,328.9
|
Ancillary revenue
|
1,297.2
|
-
|
-
|
1,297.2
|
Inter-segment revenue
|
188.5
|
380.5
|
(569.0)
|
-
|
Segment
revenue
|
3,781.6
|
413.5
|
(569.0)
|
3,626.1
|
|
|
|
|
|
Reportable segment profit after income tax
|
332.4
|
27.6
|
-
|
360.0
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
Depreciation
|
(303.2)
|
(10.0)
|
-
|
(313.2)
|
Net finance
income/(expense)
|
30.1
|
(2.0)
|
-
|
28.1
|
Capital expenditure
|
380.1
|
20.0
|
-
|
400.1
|
|
|
|
|
|
Segment assets
|
17,639.0
|
374.3
|
-
|
18,013.3
|
Segment liabilities
|
(9,534.6)
|
(652.2)
|
-
|
(10,186.8)
|
Quarter Ended
|
Ryanair DAC
|
Other
Airlines
|
Elimination
|
Total
|
|
Jun 30,
|
Jun 30,
|
Jun 30,
|
Jun 30,
|
2023
|
2023
|
2023
|
2023
|
|
€M
|
€M
|
€M
|
€M
|
Scheduled revenue
|
2,443.9
|
29.8
|
-
|
2,473.7
|
Ancillary revenue
|
1,175.6
|
-
|
-
|
1,175.6
|
Inter-segment revenue
|
184.0
|
342.8
|
(526.8)
|
-
|
Segment
revenue
|
3,803.5
|
372.6
|
(526.8)
|
3,649.3
|
|
|
|
|
|
Reportable segment profit after income tax
|
633.3
|
29.6
|
-
|
662.9
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
Depreciation
|
(264.5)
|
(10.4)
|
-
|
(274.9)
|
Net finance
income/(expense)
|
20.3
|
(2.2)
|
-
|
18.1
|
Capital expenditure
|
(519.3)
|
(12.6)
|
-
|
(531.9)
|
|
|
|
|
|
Segment assets
|
16,128.8
|
564.2
|
-
|
16,693.0
|
Segment liabilities
|
(9,646.1)
|
(895.8)
|
-
|
(10,541.9)
|
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.
|
|
Quarter
Ended
June 30,
2024
|
Quarter
Ended
June 30,
2023
|
|
|
€M
|
€M
|
|
|
|
|
Italy
|
|
781.7
|
796.4
|
Spain
|
|
640.1
|
656.3
|
United Kingdom
|
|
526.6
|
544.2
|
Ireland
|
|
196.0
|
210.8
|
Other
|
|
1,481.7
|
1,441.6
|
Total revenue
|
|
3,626.1
|
3,649.3
|
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.
8.
Property, plant and equipment
Acquisitions and disposals
During the quarter ended June 30,
2024, net capital additions amounted to €0.39BN principally
reflecting aircraft deliveries in the period and capitalised
maintenance offset by depreciation.
9.
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 quarter ended June 30, 2024 that materially
affected the financial position or the performance of the Group
during that period and there were no changes in the related party
transactions described in the 2024 Annual Report that could have a
material effect on the financial position or performance of the
Group in the same period.
10.
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 interim
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 2024 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 swap contracts and carbon
contracts: A comparison of the
contracted rate to the market rate for contracts providing a
similar risk profile at June 30, 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 quarter ended June 30, 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 June 30, 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 Jun 30,
|
At Jun 30,
|
At Mar
31,
|
At Mar
31,
|
|
2024
|
2024
|
2024
|
2024
|
|
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
|
21.4
|
21.4
|
3.2
|
3.2
|
-
Jet fuel & carbon derivatives contracts
|
38.2
|
38.2
|
0.1
|
0.1
|
|
59.6
|
59.6
|
3.3
|
3.3
|
Current financial assets
|
|
|
|
|
Derivative financial
instruments:
|
|
|
|
|
- U.S. dollar currency forward
contracts
|
140.6
|
140.6
|
144.0
|
144.0
|
- Jet fuel & carbon derivative
contracts
|
159.1
|
159.1
|
205.5
|
205.5
|
|
299.7
|
299.7
|
349.5
|
349.5
|
Trade receivables*
|
100.5
|
|
76.4
|
|
Cash and cash
equivalents*
|
3,955.1
|
|
3,875.4
|
|
Financial asset: cash > 3
months*
|
526.1
|
|
237.8
|
|
Restricted cash*
|
6.4
|
|
6.4
|
|
|
4,887.8
|
299.7
|
4,545.5
|
349.5
|
Total financial assets
|
4,947.4
|
359.3
|
4,548.8
|
352.8
|
|
|
|
|
|
|
At Jun 30,
|
At Jun 30,
|
At Mar
31,
|
At Mar
31,
|
|
2024
|
2024
|
2024
|
2024
|
|
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
|
1.2
|
1.2
|
3.3
|
3.3
|
|
1.2
|
1.2
|
3.3
|
3.3
|
Non-current maturities of
debt:
|
|
|
|
|
- Long-term debt
|
488.8
|
488.8
|
488.7
|
488.7
|
- Bonds
|
2,044.8
|
1,977.0
|
2,043.5
|
1,971.6
|
|
2,533.6
|
2,465.8
|
2,532.2
|
2,460.3
|
|
2,534.8
|
2,467.0
|
2,535.5
|
2,463.6
|
|
|
|
|
|
Current financial liabilities
|
|
|
|
|
Derivative financial
instruments:
|
|
|
|
|
- Jet fuel & carbon derivative
contracts
|
56.1
|
56.1
|
178.8
|
178.8
|
|
56.1
|
56.1
|
178.8
|
178.8
|
|
|
|
|
|
Current maturities of
debt:
|
|
|
|
|
- Short-term debt
|
45.0
|
45.0
|
50.0
|
50.0
|
|
45.0
|
45.0
|
50.0
|
50.0
|
Trade payables*
|
873.8
|
|
792.2
|
|
Accrued expenses*
|
1,987.3
|
|
1,603.1
|
|
|
2,962.2
|
101.1
|
2,624.1
|
228.8
|
Total financial
liabilities
|
5,497.0
|
2,568.1
|
5,159.6
|
2,692.4
|
*The fair value of each of these financial instruments
approximate their carrying values due to the short-term nature of
the instruments.
11.
Shareholders'
equity and shareholders' returns
In line with the Group's Dividend
Policy, the Directors proposed a final dividend of €0.178 per share
payable after the Company's AGM in September 2024.
In the quarter ended June 30, 2024
the Company bought back, and cancelled, approximately 12M ordinary
shares (as part of a €700M share buyback programme announced, and
launched, in May 2024) at a total cost of €249M. This buyback was
equivalent to approximately 1% of the Company's issued share
capital at March 31, 2024.
As a result of the share buybacks in
the quarter ended June 30, 2024, share capital decreased by
approximately 12M ordinary shares with a nominal value of €0.1M and
the other undenominated capital reserve increased by a
corresponding €0.1M. The other undenominated capital reserve is
required to be created under Irish law to preserve permanent
capital in the Parent Company.
12. Post
balance sheet events
Between July 1, 2024 and July 18,
2024 the Company bought back approximately 7M ordinary shares at a
total cost of €130M under its €700M share buyback programme which
commenced in May 2024. This brought total spend under the programme
to €379M.