ryanair annual report, Studia, Finanse i Rachunkowość, Strategia
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//-->CONTENTS246911153033343641434651689499114122123135146151156214220221Financial HighlightsChairman’s ReportChief Executive’s ReportSummary Operating and Financial OverviewDirectors’ ReportCorporate Governance ReportEnvironmental and Social ReportReport of the Remuneration Committee on Directors’ RemunerationStatement of Directors’ ResponsibilitiesIndependent Auditor’s ReportPresentation of Financial and Certain Other InformationDetailed Index*Key InformationPrinciple Risks and UncertaintiesInformation on the CompanyOperating and Financial ReviewCritical Accounting PoliciesDirectors, Senior Management and EmployeesMajor Shareholders and Related Party TransactionsFinancial InformationAdditional InformationQuantitative and Qualitative Disclosures About Market RiskControls and ProceduresConsolidated Financial StatementsCompany Financial StatementsDirectors and Other InformationAppendix*See Index on page 43 and 44 for detailed table of contents.Information on the Company is available online via the Internet at our website,www.ryanair.com.Information on our website does not constitute part of this Annual Report. This Annual Report and our 20-Fare available on our website.12015€MFinancial HighlightsOperating revenueNet profit after taxBasic EPS (in euro cent)5,654.0866.762.592014€MChange5,036.7522.836.96+12%+66%+69%Adjusted profit above for year ended March 31, 2012 excludes a one off release of ticket sales revenue of €57.8million and for year ended March 31, 2011 excludes estimated costs of €26.1 million relating to volcanic ash disruptions inthe year. Adjusted profit for the year ended March 31, 2010 excludes an impairment charge of €13.5m on our investmentin Aer Lingus and for year ended March 31, 2009 excludes €51.6 million relating to accelerated depreciation on aircraftdisposals and a further €222.5 million write down of our investment in Aer Lingus.2Key StatisticsScheduled passengers201590.6m3089,5869,451201481.7m2979,5018,599Change+11%+4%+1%+10%Year-end FleetAverage staffPassengers per staff member (avg.)3Chairman’s ReportDear Shareholder,I am pleased to report a 66% increase in profit after tax to €867m last year. This strong performance was drivenby an 11% increase in customers, a 5% point increase in our load factor to 88% and strong cost discipline in thebusiness.Highlights of the year include:Traffic grew 11% to 90.6m as load factor increased from 83% to 88%Year 1 of Ryanair’s “Always Getting Better” (AGB) customer experience program deliveredWe opened 8 new bases and 143 new routes200 Boeing 737-Max-200’s ordered for delivery from 2019 to 20232 eurobonds issued with a cumulative value of €1.7bn€520m special dividend in February 2015 and €400m on share buyback program completed by August2015.Ryanair’s lower fares and industry leading punctuality, coupled with significant customer experienceenhancements under our “AGB” program, helped drive strong growth. As a result, we welcomed 90.6mcustomers as load factors increased from 83% to 88%. At the same time, we maintained our relentless focus oncosts and I am pleased to report that, despite the fact we grew significantly at more expensive primary airportsthis year, our unit costs fell by 5%. For the first time in many years, we saw a reduction in our fuel bill as thecost of fuel per passenger dropped by 10%. As we move into 2016, our fuel is 90% hedged at prices that willdeliver further unit cost savings on fuel.In September 2014, as well as taking the first delivery under our 2013 Boeing 737-800 contract, we became thelaunch customer for the Boeing 737-MAX-200 with an order for up to 200 (100 firm and 100 options). Theseaircraft, which will deliver between 2019 and 2023, have eight more seats than our existing fleet (197 versus189). They are equipped with CFM LEAP-1B engines and the latest technology winglets and will beapproximately 18% more fuel efficient (per seat) than our existing fleet. The MAX-200 aircraft is clearly a“gamechanger” when it comes to the management of costs and revenue opportunities and will facilitate ourgrowth to 160m customers by the end of 2024.Following on from the success of our debut bond issue in June 2014, when we issued an €850 million sevenyear, unsecured, eurobond at a coupon of 1.875%, we launched our second issue in March 2015. Thisunsecured eurobond, also for €850 million, has a tenor of 8 years and a coupon of just 1.125%. The low-costfinance raised under our EMTN eurobond programme will help fund our growth as we purchase over 380aircraft during the period to 2024.In 2013 we announced a plan to distribute up to €1 billion to our shareholders over a two year period. In fiscal2014 we returned €482m via share buybacks and in February 2015 we paid a €520m special dividend. We alsoannounced, in February 2015, a €400m share buyback which will be completed in August 2015. Following thisbuyback, we will have returned almost €3bn to our shareholders since 2008 by way of six share buybacks and 3special dividends.4The past year has seen a significant rebound in our profitability and considerable improvements in our productand services. I would like to extend my thanks to the extraordinary 9,500 aviation professionals at Ryanair whocontinue to work hard on behalf of our shareholders to deliver a strong financial performance while at the sametime delivering the lowest fares, the best on time performance, a leading customer service and above all a 30year safety programme for our 100m plus customers.Yours sincerely,David BondermanChairman5 [ Pobierz całość w formacie PDF ] |