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 November 2023
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 REPORTS STRONG HALF YEAR PROFITS OF
€2.18BN
DUE TO RECORD SUMMER TRAFFIC
FULL YEAR PAT OF €10 PER PAX LIKELY - €400M DIV.
DECLARED
Ryanair Holdings today (6 Nov.) reported a strong half-year profit
of €2.18bn, compared to a prior year H1 PAT of €1.37bn,
thanks to a strong Easter in Q1, record summer traffic and higher
fares which offset significantly higher fuel costs in the half
year.
|
30 Sep. 2022
|
30 Sep. 2023
|
Change
|
Customers
|
95.1m
|
105.4m
|
+11%
|
Load
Factor
|
94%
|
95%
|
+1pt
|
Revenue
|
€6.62bn
|
€8.58bn
|
+30%
|
Op.
Costs
|
€4.98bn1
|
€6.16bn
|
+24%
|
PAT
|
€1.37bn1
|
€2.18bn
|
+59%
|
EPS
|
€1.11
|
€1.91
|
+72%
|
H1 highlights:
●
Traffic grew 11% to 105.4m (95%
load factor).
●
Rev. per pax +17% (ave. fares
+24% & ancil. rev. +3%).
●
3 new bases & 194 new routes
in S.23.
●
124x
B737 "Gamechangers".
Total fleet of 563 aircraft at 30 Sep.
●
Fuel bill rose €0.6bn
(+29%) to €2.8bn.
●
Fuel hedging extended - c.85%
FY24 at $89bbl & over 50% FY25 at $79bbl.
●
Net cash of €0.84bn (31
Mar. €0.56bn), over €1bn debt
repaid.
●
300x Boeing MAX-10 order
underpins growth decade to 300m pax p.a. by
FY34.
●
€400m maiden div. &
div. policy announced.
Ryanair's Michael O'Leary, said:
ENVIRONMENT:
"Ryanair is one of the most environmentally efficient major EU
airlines. With a young fleet and high load factors, our CO2
per pax/km is just 65 grams. We invest heavily in new, more
efficient, technology. In H1 we took delivery of 26, new, B737-8200
"Gamechangers"
(4% more seats, 16% less fuel & CO2). We're accelerating
the retro-fit of scimitar winglets to almost 130 B737NGs (target
409 by 2026), reducing fuel burn by 1.5% and lowering noise
emissions by a further 6%. We are working with fuel partners
to accelerate SAF supply and are on track to achieve the Group's
ambitious 2030 goal of powering 12.5% of Ryanair flights with SAF
(9.5% already secured).
The urgent reform of Europe's inefficient ATC system is one of the
most significant environmental initiatives the EU can
deliver. In 2023, French ATC has (so far) inflicted over 60
days of strikes on our sector, during which the French Govt. use
minimum service laws to protect local/domestic flights while
disproportionately cancelling overflights. In Sep., we
delivered a petition (signed by 1.5m customers) calling on the EC
to protect the single market for air travel by protecting
overflights (while respecting ATC Unions right to strike), as is
already the case in Greece, Italy and Spain. Sadly, we have yet to
see any action from President Ursula von der Leyen on this key
environmental initiative.
Our recent order for 300 Boeing MAX-10 aircraft (21% more seats,
20% less fuel & CO2 and 50% quieter), enabled us to reset the
Group's environmental targets as we strive to more sustainably grow
traffic to 300m p.a. by FY34. In H1, we set a very ambitious target
of 50 grams of CO2 per pax/km by FY31 (previously 60 grams by FY30)
and published Ryanair's 1.5 degree Climate Transition
Plan.
SOCIAL:
We expect to create over 10,000 new, well-paid, jobs for highly
trained aviation professionals as the Group expands our fleet to
800 aircraft by FY34. Building on the success of our aviation
training facilities in Dublin, Stansted, Bergamo and East Midlands,
we're opening 2 new excellence centres in Krakow and Madrid to
accelerate local crew training and development in those major
markets. Our recently announced engineering academy will
support 1,000 apprentices annually as we train the next generation
of highly skilled mechanics and engineers. Ryanair Labs is
also growing at its dev. hubs in Dublin, Madrid, Portugal and
Wroclaw to support Ryanair's customer service, our efficiency and
scalability over the coming decade.
Ryanair's investment in resilience ahead of our S.23 schedule
(increased crew ratios, doubling the capacity of our Dublin and
Warsaw ops centres, enhanced day-of-travel app. and continuously
improving live customer comms.) ensured that our passengers and
crews could enjoy Ryanair's industry leading OTP and reliability,
despite significant ATC disruptions this year. This is reflected in
our strong H1 CSAT score of 84%, notwithstanding over 60 days of
French ATC strikes.
GROWTH & FLEET:
During S.23 we operated our largest ever schedule, including 3 new
bases and over 190 new routes. We delivered record traffic across
peak summer months. This winter we'll operate 6 new bases
(Athens, Belfast, Copenhagen, Girona, Lanzarote & Tenerife),
and over 60 new routes including our first 17 routes to
Albania. To date over 90% of S.24 capacity is already on
sale, including over 180 new routes.
While Boeing are currently suffering delivery delays with Spirit
(their fuselage supplier), we are working with them to minimise
delays ahead of peak S.24. At this stage, we are concerned
that up to 10 of our 57 contracted Gamechanger deliveries pre S.24
may be delayed until winter 2024.
We expect European airlines will continue to consolidate over the
next 2-3 years, with the takeover of ITA (Italy) and the sale of
TAP (Portugal) and SAS (Scandinavia) already underway. While
Pratt & Whitney engine (GTF) issues and inspection programme
threaten to substantially curtail competitor and lessor capacity
between 2024 and 2026, the large backlog of OEM aircraft deliveries
is also likely to constrain capacity in Europe for the next 3 or 4
years. These capacity constraints, combined with our widening
cost advantage, our judicious fuel hedging, strong balance sheet,
low-cost aircraft orders and industry leading operational
resilience, creates significant traffic and profit growth
opportunities for Ryanair as we expand to carry 300m pax p.a. by
FY34.
H1 FY24 BUSINESS REVIEW:
Revenue & Costs
H1 scheduled revenues increased 37% to €6.1bn. Traffic
grew 11% to 105.4m while ave. fares rose 24% to c.€58 due to
a strong Easter and record S.23 demand. Ancillary revenue
increased 14% to €2.5bn (c.€23.70 per passenger).
Total H1 FY24 revenue therefore rose 30% to
€8.6bn. Total operating costs increased 24% to
€6.2bn, primarily due to much higher fuel costs (+29% to
€2.8bn), higher staff costs (reflecting pay restoration,
pre-agreed pay increases and higher crewing ratios as we invested
in ops. resilience) and higher ATC fees (incl. airport &
handling charges). Ryanair's cost advantage over most
of its EU competitors continues to widen, with H1 ex-fuel unit
costs finishing just under €32.
Our FY24 fuel requirements are almost 85% hedged at approx. $89bbl
(a mix of forwards and caps) while our FY25 hedging has increased
to just over 50% at approx. $79bbl. This will deliver savings
of approx. €300m on the fuel already hedged for FY25. Over
90% of FY24 €/$ opex is hedged at 1.08 and almost 50% of FY25
is hedged at 1.12. This strong hedge position leaves us very
well protected from recent short term fuel price volatility which
many competitors are more, or fully, exposed to.
Balance Sheet & Liquidity
Ryanair's balance sheet remains one of the strongest in the
industry with a BBB+ credit rating (both S&P and Fitch) and
over €3.6bn gross cash at period end, despite €1.6bn
capex and over €1bn debt repayments (incl. a maturing
€750m bond & €260m prepayment of our RCF in
Aug.). Net cash was €0.84bn at 30 Sep. (€0.56bn
at 31 Mar.). All of the Group's owned B737 fleet (534
aircraft) are unencumbered, which significantly widens our cost
advantage over competitor airlines who are heavily exposed to
rising interest rates and rising aircraft lease
costs.
CAPITAL ALLOCATION POLICY:
Our Board's strategy, as our business recovered from Covid, was to
firstly prioritise pay restoration and multi-year pay increases for
our people, something that has now been delivered over recent
quarters. Secondly, we are determined to pay down our
remaining debt as it matures between now and 2026. Closely
aligned to this is the Group's policy to prioritise growth
opportunities to drive shareholder value. This is achieved by
maintaining a strong balance sheet and investment grade rating;
investing in growth (the Gamechanger and MAX-10 orderbooks will
deliver annual traffic of 300m by FY34) from internally generated
cashflows; and shareholder returns. Ryanair has an
established track record of delivering industry leading returns to
shareholders. Between FY08 and FY20 we returned €6.74bn
to shareholders via share buybacks and special
dividends.
DIVIDEND POLICY:
Ryanair's shareholders invested €400m in a share placing
during the peak of the Covid crisis in Sep. 2020, which was key to
Ryanair subsequently issuing a timely, low cost, €850m bond,
which helped the Group emerge from the Covid pandemic in a position
of unrivalled strategic and financial strength. The Board is
therefore pleased to declare a maiden ordinary dividend of
€400m (c.€0.35 per share) in aggregate through an
interim and final dividend of €200m each, payable in Feb.
2024 and after the AGM in Sep. 2024 respectively.
For subsequent financial years (i.e. for FY25 onwards), under the
Group's new dividend policy, Ryanair plans to return approx. 25% of
prior-year PAT (adjusted for non-recurring gains or losses) by way
of ordinary dividend to our shareholders. Additionally, the
Board, taking into account prevailing market conditions and
ensuring that the Group retains a prudent level of cash to fund
debt and capex requirements will retain the flexibility to
consider, when or if appropriate, the return of surplus cash to
shareholders through special dividends and/or share
buybacks.
OUTLOOK:
We continue to target approx. 183.5m (+9%) FY24 traffic, although
the final figure depends on Boeing meeting their delivery
commitments between now and year-end. As previously guided,
we expect ex-fuel unit costs to increase by c.€2 this year,
which still widens the cost gap between Ryanair and competitor
airlines in Europe. Forward bookings (both traffic and fares)
are robust over the late Oct. mid-terms and into the peak Christmas
travel period. With the benefit of constrained EU capacity this
winter (Eurocontrol expect EU capacity to recover to only 94% of
pre-Covid) and the impact of P&W engine repairs on competitor
fleets, we currently expect Q3 ave. fares to be ahead of the prior
year Q3 by a mid teens percentage. Unhedged fuel costs,
however, are significantly higher making it unlikely that we'll
replicate last year's bumper Q3 performance. As is normal at
this time of year, we have very limited Q4 visibility. Q4 is
traditionally our weakest quarter and, this year, will be impacted
by the partial unwind of free ETS carbon credits (from Jan.
2024).
Despite uncertainty over Boeing deliveries, a significantly higher
full year fuel bill (up c.€1.3bn on last year), very limited
Q4 visibility and the risk of weaker consumer spending over coming
months, we now expect that FY24 PAT will finish in a range of
between €1.85bn to €2.05bn, assuming modest losses over
the H2 winter period. This guidance remains highly dependent
on the absence of any unforeseen adverse events (for example such
as Ukraine or Gaza) between now and the end of Mar.
2024."
ENDS
Ryanair Holdings plc, Europe's largest airline group, is the parent
company of Buzz, Lauda, Malta Air, Ryanair & Ryanair UK.
Carrying up to 183.5m guests p.a. on over 3,000 daily flights from
92 bases, the Group connects almost 230 airports in 36 countries on
a fleet of 565 aircraft, with c.385 Boeing 737s on order, which
will enable the Ryanair Group to grow traffic to 300m p.a. by FY34.
Ryanair has a team of over 22,000 highly skilled aviation
professionals delivering Europe's No.1 operational performance, and
an industry leading 38-year safety record. Ryanair is one of the
most efficient major EU airlines. With a young fleet and high
load factors, Ryanair's CO2 per pax/km is just 65
grams.
|
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
|
Notes:
1. Non-IFRS
financial measure, excl. €107m except. unrealised
mark-to-market loss (timing unwind) on jet fuel caps.
Certain of the information included in this release is forward
looking and is subject to important risks and uncertainties that
could cause actual results to differ materially. It is not
reasonably possible to itemise all of the many factors and specific
events that could affect the outlook and results of an airline
operating in the European economy. Among the factors that are
subject to change and could significantly impact Ryanair's expected
results are the airline pricing environment, fuel costs,
competition from new and existing carriers, market prices for the
replacement of aircraft, costs associated with environmental,
safety and security measures, actions of the Irish, U.K., European
Union ("EU") and other governments and their respective regulatory
agencies, post-Brexit uncertainties, weather related disruptions,
ATC strikes and staffing related disruptions, delays in the
delivery of contracted aircraft, fluctuations in currency exchange
rates and interest rates, airport access and charges, labour
relations, the economic environment of the airline industry, the
general economic environment in Ireland, the U.K. and Continental
Europe, the general willingness of passengers to travel and other
economics, social and political factors, global pandemics such as
Covid-19 and unforeseen security events.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Balance Sheet as at September 30,
2023 (unaudited)
|
|
|
At Sep 30,
|
At
Mar 31,
|
|
|
|
2023
|
2023
|
|
|
Note
|
€M
|
€M
|
|
Non-current
assets
|
|
|
|
|
Property, plant and
equipment
|
|
10,319.2
|
9,908.9
|
|
Right-of-use
asset
|
|
187.7
|
209.1
|
|
Intangible
assets
|
|
146.4
|
146.4
|
|
Derivative
financial instruments
|
10
|
110.1
|
54.6
|
|
Deferred
tax
|
|
5.8
|
6.6
|
|
Other
assets
|
|
200.4
|
168.9
|
|
Total
non-current assets
|
|
10,969.6
|
10,494.5
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Inventories
|
|
5.7
|
6.0
|
|
Other
assets
|
|
1,074.4
|
878.6
|
|
Trade
receivables
|
10
|
68.3
|
59.7
|
|
Derivative
financial instruments
|
10
|
605.4
|
292.1
|
|
Restricted
cash
|
10
|
19.5
|
19.5
|
|
Financial assets:
cash > 3 months
|
10
|
364.9
|
1,056.2
|
|
Cash
and cash equivalents
|
10
|
3,260.5
|
3,599.3
|
|
Total
current assets
|
|
5,398.7
|
5,911.4
|
|
|
|
|
|
|
Total
assets
|
|
16,368.3
|
16,405.9
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Provisions
|
|
25.8
|
19.8
|
|
Trade
payables
|
10
|
982.3
|
1,065.5
|
|
Accrued
expenses and other liabilities
|
|
3,318.6
|
4,783.5
|
|
Current
lease liability
|
|
41.5
|
43.2
|
|
Current
maturities of debt
|
10
|
35.3
|
1,056.7
|
|
Derivative
financial instruments
|
10
|
64.8
|
386.6
|
|
Current
tax
|
|
70.1
|
66.3
|
|
Total
current liabilities
|
|
4,538.4
|
7,421.6
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Provisions
|
|
173.2
|
154.5
|
|
Derivative
financial instruments
|
10
|
1.1
|
11.2
|
|
Deferred
tax
|
|
502.7
|
159.3
|
|
Non-current lease
liability
|
|
147.4
|
163.1
|
|
Non-current
maturities of debt
|
10
|
2,576.8
|
2,853.2
|
|
Total
non-current liabilities
|
|
3,401.2
|
3,341.3
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Issued
share capital
|
|
6.9
|
6.9
|
|
Share
premium account
|
|
1,384.2
|
1,379.9
|
|
Other
undenominated capital
|
|
3.5
|
3.5
|
|
Retained
earnings
|
|
6,357.6
|
4,180.0
|
|
Other
reserves
|
|
676.5
|
72.7
|
|
Shareholders'
equity
|
|
8,428.7
|
5,643.0
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
16,368.3
|
16,405.9
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Income Statement for the Half-Year
Ended September 30, 2023 (unaudited)
|
|
|
Pre-
Except.
|
IFRS
Half-Year
Ended
Sep 30,
|
Pre-Except.
Half-Year
Ended
Sep 30,
|
Except.
Half-Year
Ended
Sep 30,
|
IFRS
Half-Year
Ended
Sep 30,
|
|
|
|
Change
|
2023
|
2022
|
2022
|
2022
|
|
|
Note
|
%
|
€M
|
€M
|
€M
|
€M
|
Operating revenues
|
|
|
|
|
|
|
|
Scheduled
revenues
|
|
+37%
|
6,073.9
|
4,424.8
|
-
|
4,424.8
|
|
Ancillary
revenues
|
|
+14%
|
2,501.3
|
2,191.3
|
-
|
2,191.3
|
Total operating revenues
|
7
|
+30%
|
8,575.2
|
6,616.1
|
-
|
6,616.1
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Fuel and oil
|
|
-29%
|
2,814.6
|
2,177.1
|
122.8
|
2,299.9
|
|
Airport and handling charges
|
|
-24%
|
858.2
|
692.9
|
-
|
692.9
|
|
Staff costs
|
|
-27%
|
742.9
|
583.7
|
-
|
583.7
|
|
Route charges
|
|
-12%
|
561.9
|
503.4
|
-
|
503.4
|
|
Depreciation
|
|
-23%
|
558.8
|
453.1
|
-
|
453.1
|
|
Marketing, distribution and other
|
|
-20%
|
440.5
|
367.4
|
-
|
367.4
|
|
Maintenance, materials and repairs
|
|
+9%
|
182.5
|
200.3
|
-
|
200.3
|
Total operating expenses
|
|
-24%
|
6,159.4
|
4,977.9
|
122.8
|
5,100.7
|
|
|
|
|
|
|
|
|
Operating profit/(loss)
|
|
+47%
|
2,415.8
|
1,638.2
|
(122.8)
|
1,515.4
|
|
|
|
|
|
|
|
Other income/(expenses)
|
|
|
|
|
|
|
|
Net finance income/(expense)
|
|
|
31.8
|
(36.2)
|
-
|
(36.2)
|
|
Foreign exchange
|
|
|
10.9
|
(56.5)
|
-
|
(56.5)
|
Total other income/(expenses)
|
|
|
42.7
|
(92.7)
|
-
|
(92.7)
|
|
|
|
|
|
|
|
|
Profit/(loss) before tax
|
|
+59%
|
2,458.5
|
1,545.5
|
(122.8)
|
1,422.7
|
|
|
|
|
|
|
|
|
|
Tax (expense)/credit
|
4
|
|
(280.4)
|
(174.7)
|
15.4
|
(159.3)
|
|
|
|
|
|
|
|
|
Profit/(loss) for the half-year - all attributable
to equity holders of parent
|
+59%
|
2,178.1
|
1,370.8
|
(107.4)
|
1,263.4
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary share (€)
|
|
|
|
|
|
|
|
Basic
|
|
|
1.9126
|
|
|
1.1129
|
|
Diluted
|
|
|
1.9034
|
|
|
1.1101
|
|
Weighted
avg. no. of ord. shares (in Ms)
|
|
|
|
|
|
|
|
Basic
|
|
|
1,138.8
|
|
|
1,135.2
|
|
Diluted
|
|
|
1,144.3
|
|
|
1,138.1
|
|
|
|
|
|
|
|
|
|
*'+' is favourable and '-' is adverse
period-on-period.
Ryanair Holdings plc and
Subsidiaries
Condensed Consolidated Interim Income Statement for the Quarter
Ended September 30, 2023 (unaudited)
|
|
|
|
IFRS
|
Pre-Except.
|
Except.
|
IFRS
|
|
|
|
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
|
|
|
Pre-
|
Ended
|
Ended
|
Ended
|
Ended
|
|
|
|
Except.
Change
|
Sep 30,
2023
|
Sep 30,
2022
|
Sep 30,
2022
|
Sep 30,
2022
|
|
|
Note
|
%
|
€M
|
€M
|
€M
|
€M
|
Operating revenues
|
|
|
|
|
|
|
|
Scheduled
revenues
|
|
+26%
|
3,600.2
|
2,848.4
|
-
|
2,848.4
|
|
Ancillary
revenues
|
|
+14%
|
1,325.7
|
1,166.2
|
-
|
1,166.2
|
Total operating revenues
|
7
|
+23%
|
4,925.9
|
4,014.6
|
-
|
4,014.6
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
Fuel and oil
|
|
-29%
|
1,476.5
|
1,144.4
|
142.8
|
1,287.2
|
|
Airport and handling charges
|
|
-25%
|
444.1
|
355.5
|
-
|
355.5
|
|
Staff costs
|
|
-24%
|
383.1
|
309.2
|
-
|
309.2
|
|
Route charges
|
|
-15%
|
292.6
|
254.4
|
-
|
254.4
|
|
Depreciation
|
|
-25%
|
283.9
|
226.7
|
-
|
226.7
|
|
Marketing, distribution and other
|
|
-23%
|
239.2
|
193.7
|
-
|
193.7
|
|
Maintenance, materials and repairs
|
|
+9%
|
101.9
|
112.1
|
-
|
112.1
|
Total operating expenses
|
|
-24%
|
3,221.3
|
2,596.0
|
142.8
|
2,738.8
|
|
|
|
|
|
|
|
|
Operating profit/(loss)
|
|
+20%
|
1,704.6
|
1,418.6
|
(142.8)
|
1,275.8
|
|
|
|
|
|
|
|
Other income/(expenses)
|
|
|
|
|
|
|
|
Net finance income/(expense)
|
|
|
13.7
|
(16.1)
|
-
|
(16.1)
|
|
Foreign exchange
|
|
|
(0.5)
|
(40.0)
|
-
|
(40.0)
|
Total other income/(expenses)
|
|
|
13.2
|
(56.1)
|
-
|
(56.1)
|
|
|
|
|
|
|
|
|
Profit/(loss) before
tax
|
|
+26%
|
1,717.8
|
1,362.5
|
(142.8)
|
1,219.7
|
|
|
|
|
|
|
|
|
|
Tax (expense)/credit
|
|
|
(202.6)
|
(161.7)
|
17.9
|
(143.8)
|
|
|
|
|
|
|
|
|
Profit/(loss) for the quarter - attributable to equity holders of
parent
|
|
+26%
|
1,515.2
|
1,200.8
|
(124.9)
|
1,075.9
|
|
|
|
|
|
|
|
|
|
Earnings
per ordinary share (€)
|
|
|
|
|
|
|
|
Basic
|
|
|
1.3304
|
|
|
0.9474
|
|
Diluted
|
|
|
1.3239
|
|
|
0.9456
|
|
Weighted avg. no.
ord. shares (in Ms)
|
|
|
|
|
|
|
|
Basic
|
|
|
1,138.9
|
|
|
1,135.7
|
|
Diluted
|
|
|
1,144.5
|
|
|
1,137.8
|
*'+' is favourable and '-' is adverse
period-on-period.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income
for Half-Year Ended September 30,
2023 (unaudited)
|
Half-Year
|
Half-Year
|
|
Ended
|
Ended
|
|
Sep 30,
|
Sep 30,
|
2023
|
2022
|
|
€M
|
€M
|
|
|
|
Profit for the half-year
|
2,178.1
|
1,263.4
|
|
|
|
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
|
594.6
|
(170.2)
|
Other comprehensive income/(loss) for the half-year, net of income
tax
|
594.6
|
(170.2)
|
Total comprehensive income for the half-year - attributable to
equity holders of parent
|
|
|
2,772.7
|
1,093.2
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income
for Quarter Ended September 30,
2023 (unaudited)
|
Quarter
|
Quarter
|
|
Ended
|
Ended
|
|
Sep 30,
|
Sep 30,
|
2023
|
2022
|
|
€M
|
€M
|
|
|
|
Profit for the quarter
|
1,515.2
|
1,075.9
|
|
|
|
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
|
757.5
|
(639.5)
|
Other comprehensive income/(loss) for the quarter, net of income
tax
|
757.5
|
(639.5)
|
Total comprehensive income for the quarter - attributable to equity
holders of parent
|
|
|
2,272.7
|
436.4
|
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Cash Flows for the
Half-Year Ended September 30, 2023
(unaudited)
|
|
|
Half-Year
|
Half-Year
|
|
|
|
Ended
|
Ended
|
|
|
|
Sep 30,
|
Sep 30,
|
|
2023
|
2022
|
|
|
Note
|
€M
|
€M
|
Operating activities
|
|
|
|
|
Profit after tax
|
|
2,178.1
|
1,263.4
|
|
|
|
|
|
Adjustments to reconcile profit after tax to net cash from
operating activities
|
|
|
|
|
Depreciation
|
|
558.8
|
453.1
|
|
Decrease/(increase) in inventories
|
|
0.3
|
(0.2)
|
|
Tax expense
|
|
280.4
|
159.3
|
|
Share based payments
|
|
9.9
|
8.4
|
|
Increase in trade receivables
|
|
(8.6)
|
(34.5)
|
|
Increase in other assets
|
|
(136.8)
|
(254.4)
|
|
Increase in trade payables
|
|
232.7
|
262.3
|
|
Decrease in accrued expenses and other liabilities
|
|
(1,441.0)
|
(259.8)
|
|
Increase in provisions
|
|
0.6
|
60.8
|
|
(Decrease)/increase in finance income
|
|
(4.3)
|
0.9
|
|
Increase in finance expense
|
|
(14.6)
|
(11.9)
|
|
Foreign exchange and fair value*
|
|
9.7
|
110.0
|
|
Income tax paid
|
|
(24.8)
|
(0.7)
|
Net cash inflow from operating activities
|
|
1,640.4
|
1,756.7
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Capital expenditure - purchase of property, plant and
equipment
|
|
(1,585.0)
|
(899.6)
|
|
Disposal proceeds
|
|
-
|
4.9
|
|
Supplier reimbursements
|
|
-
|
127.5
|
|
Decrease/(increase) in financial assets: cash > 3
months
|
|
691.3
|
(1,910.6)
|
Net cash used in investing activities
|
|
(893.7)
|
(2,677.8)
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Net proceeds from shares issued
|
11
|
3.1
|
19.1
|
|
Repayment of borrowings
|
|
(1,070.2)
|
(80.7)
|
|
Lease liabilities paid
|
|
(22.5)
|
(26.2)
|
Net cash used in financing activities
|
|
(1,089.6)
|
(87.8)
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
(342.9)
|
(1,008.9)
|
|
Net foreign exchange differences
|
|
4.1
|
64.1
|
|
Cash and cash equivalents at beginning of the period
|
|
3,599.3
|
2,669.0
|
Cash and cash equivalents at end of the period
|
10
|
3,260.5
|
1,724.2
|
|
|
|
|
Included in the cash flows from operating activities for the
half-year are the following amounts:
|
|
|
|
Interest
income received
|
|
72.5
|
3.1
|
Interest
expense paid
|
|
(68.9)
|
(46.3)
|
*The half-year
ended September 30, 2022 includes an exceptional loss of
€122.8M pre-tax, attributable to the fair value measurement
of jet fuel call options.
Ryanair
Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Changes in
Shareholders' Equity for the Half-Year Ended
September 30, 2023 (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 March 31, 2022
|
1,134.6
|
6.8
|
1,328.2
|
3.5
|
2,880.9
|
1,295.4
|
30.5
|
5,545.3
|
Profit
for the half-year
|
-
|
-
|
-
|
-
|
1,263.4
|
-
|
-
|
1,263.4
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
(170.2)
|
-
|
(170.2)
|
Total
other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(170.2)
|
-
|
(170.2)
|
Total
comprehensive income/(loss)
|
-
|
-
|
-
|
-
|
1,263.4
|
(170.2)
|
-
|
1,093.2
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
2.6
|
0.1
|
32.6
|
-
|
(13.5)
|
-
|
-
|
19.2
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
8.4
|
8.4
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
3.3
|
-
|
(3.3)
|
-
|
Balance at September 30, 2022
|
1,137.2
|
6.9
|
1,360.8
|
3.5
|
4,134.1
|
1,125.2
|
35.6
|
6,666.1
|
Profit
for the half-year
|
-
|
-
|
-
|
-
|
50.4
|
-
|
-
|
50.4
|
Other comprehensive loss
|
|
|
|
|
|
|
|
|
Net
movements in cash-flow reserve
|
-
|
-
|
-
|
-
|
-
|
(1,093.8)
|
-
|
(1,093.8)
|
Total
other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
(1,093.8)
|
-
|
(1,093.8)
|
Total
comprehensive income/(loss)
|
-
|
-
|
-
|
-
|
50.4
|
(1,093.8)
|
-
|
(1,043.4)
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
1.5
|
-
|
19.1
|
-
|
(6.6)
|
-
|
-
|
12.5
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
7.8
|
7.8
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
2.1
|
-
|
(2.1)
|
-
|
Balance at March 31, 2023
|
1,138.7
|
6.9
|
1,379.9
|
3.5
|
4,180.0
|
31.4
|
41.3
|
5,643.0
|
Profit
for the half-year
|
-
|
-
|
-
|
-
|
2,178.1
|
-
|
-
|
2,178.1
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
Net
movements in cash flow reserve
|
-
|
-
|
-
|
-
|
-
|
594.6
|
-
|
594.6
|
Total
other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
594.6
|
-
|
594.6
|
Total
comprehensive income
|
-
|
-
|
-
|
-
|
2,178.1
|
594.6
|
-
|
2,772.7
|
Transactions with owners of the Company recognised directly in
equity
|
|
|
|
|
|
|
|
|
Issue
of ordinary equity shares
|
0.3
|
-
|
4.3
|
-
|
(1.2)
|
-
|
-
|
3.1
|
Share-based
payments
|
-
|
-
|
-
|
-
|
-
|
-
|
9.9
|
9.9
|
Transfer
of exercised and expired share-based awards
|
-
|
-
|
-
|
-
|
0.7
|
-
|
(0.7)
|
-
|
Balance at September 30, 2023
|
1,139.0
|
6.9
|
1,384.2
|
3.5
|
6,357.6
|
626.0
|
50.5
|
8,428.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ryanair Holdings plc and Subsidiaries
MD&A Half-Year Ended September 30, 2023 ("H1
FY24")
Introduction
For
the purposes of the Management Discussion and Analysis ("MD&A")
(with the exception of the balance sheet commentary) all figures
and comments are by reference to the half-year ended September 30,
2023 results excluding the exceptional item referred to
below.
The
Group, as part of its risk management strategy, utilised jet fuel
call options to set a maximum price for up to 15% of FY23 expected
fuel requirements. These instruments were measured at fair value
through the income statement. Following the Russian invasion of
Ukraine in Feb. 2022, the price of jet fuel significantly
increased. An exceptional unrealised mark-to-market loss of
€123M (pre-tax) was recorded on the Group's jet fuel call
options at September 30, 2022.
Income Statement
Scheduled revenues:
Scheduled revenues
increased 37% to
€6.07BN due to 11%
traffic growth (from 95.1M to 105.4M) and a 24% increase in average fares to approx.
€58.
Ancillary revenues:
Ancillary revenues
increased 14% to €2.50BN as
traffic grew (up 11%) and spend on discretionary services such as
priority boarding, reserved seating and inflight sales increased 3%
to almost €24 per passenger.
Total revenues:
As a result of the above, total revenues
increased 30% to
€8.58BN.
Operating Expenses:
Fuel and oil:
Fuel and oil rose 29% to
€2.81BN due to a 9%
increase in sectors flown and higher jet fuel prices offset by fuel
burn savings on the new B737-8200 "Gamechanger"
aircraft.
Airport and handling charges:
Airport and handling charges
rose 24% to
€858M, due to 11% traffic
growth, higher ATC rates, and termination of temporary Covid
reliefs (included in the prior period
comparative).
Staff
costs:
Staff costs increased 27% to
€743M due to the
larger fleet, an investment in S.23 operational resilience with
higher crewing ratios, restoration of Covid-19 pay reductions, crew
pay increases implemented in H1 FY24 and 9% higher
sectors.
Route
charges:
Route charges increased 12% to
€562M, due to 9% sector
growth and higher Eurocontrol rates.
Depreciation:
Depreciation increased 23% to
€559M, primarily due to
higher amortisation resulting from higher aircraft utilisation
(sectors up 9%), the delivery of 47 new "Gamechanger" aircraft and
increased depreciation on capitalised maintenance for leased A320
aircraft (24 leases were extended in Q2 FY23). There is a partial
timing offset in maintenance, materials and repairs below, arising
from the extension of A320 leases in FY23.
Marketing, distribution and other:
Marketing, distribution and other
rose 20% to
€441M due to higher
activity in the period (including increased credit card
transactions and higher inflight sales) and higher EU261 due to
delays arising from the knock-on effect of ATC related disruptions
(including the NATS system failure in August and significant French
ATC strikes).
Maintenance, materials and repairs:
Maintenance, materials and repairs
decreased 9% to
€183M due to the
timing of aircraft checks. There is a partial timing offset in
depreciation above, arising from the extension of 24 A320 leases in
FY23.
Other
expense:
Net finance income was positive
at €32M due to rising deposit interest rates, lower
gross debt and a net cash position throughout the period. Foreign
exchange translation reflects the impact of €/US$ exchange
rate movements on balance sheet revaluations.
Balance sheet:
Gross cash decreased €1.03BN to
€3.64BN at September
30, 2023. Gross debt reduced by €1.32BN and net cash
increased €285M to
€844M at September
30, 2023.
Shareholders'
equity:
Shareholders' equity increased
by €2.79BN
to €8.43BN in
the period primarily due to a €2.18BN net
profit and a €0.59BN IFRS
hedge accounting increase in derivatives.
MD&A Quarter Ended September 30, 2023 ("Q2 FY24")
Introduction
For
the purposes of the Management Discussion and Analysis ("MD&A")
all figures and comments are by reference to the quarter ended
September 30, 2023 results excluding the exceptional item referred
to below.
The
Group, as part of its risk management strategy, utilised jet fuel
call options to set a maximum price for up to 15% of FY23 expected
fuel requirements. These instruments were measured at fair value
through the income statement. Following the Russian invasion of
Ukraine in Feb. 2022, the price of jet fuel significantly
increased. An exceptional unrealised mark-to-market loss of
€143M (pre-tax) was recorded on the Group's jet fuel call
options at September 30, 2022.
Income Statement
Scheduled revenues:
Scheduled revenues
increased 26% to
€3.60BN due to 11%
traffic growth (from 49.5M to 55.0M) and a 14% increase in average fares to approx.
€65.
Ancillary revenues:
Ancillary revenues
increased 14% to €1.33BN as
traffic grew (up 11%) and spend on discretionary services such as
priority boarding, reserved seating and inflight sales increased 3%
to over €24 per passenger.
Total revenues:
As a result of the above, total revenues
increased 23% to
€4.93BN.
Operating Expenses:
Fuel and oil:
Fuel and oil rose 29% to
€1.48BN due to a 10%
increase in sectors flown and higher jet fuel prices offset by fuel
burn savings on the new B737-8200 "Gamechanger"
aircraft.
Airport and handling charges:
Airport and handling charges
rose 25% to
€444M, due to 11% traffic
growth, higher ATC rates, and termination of temporary Covid
reliefs (included in the prior period
comparative).
Staff
costs:
Staff costs increased 24% to
€383M due to the
larger fleet, an investment in S.23 operational resilience with
higher crewing ratios, restoration of Covid-19 pay reductions, crew
pay increases implemented and 10% higher
sectors.
Route
charges:
Route charges increased 15% to
€293M, due to 10% sector
growth and higher Eurocontrol rates.
Depreciation:
Depreciation increased 25% to
€284M, primarily due to
higher amortisation resulting from higher aircraft utilisation
(sectors up 10%), the delivery of 47 new "Gamechanger" aircraft and
increased depreciation on capitalised maintenance for leased A320
aircraft (24 leases were extended in Q2 FY23). There is a partial
timing offset in maintenance, materials and repairs below, arising
from the extension of A320 leases in FY23.
Marketing, distribution and other:
Marketing, distribution and other
rose 23% to
€239M due to higher
activity in the period (including increased credit card
transactions and higher inflight sales) and higher EU261 due to
delays arising from the knock-on effect of ATC related disruptions
(including the NATS system failure in August and significant French
ATC strikes).
Maintenance, materials and repairs:
Maintenance, materials and repairs
decreased 9% to
€102M due to the
timing of aircraft checks. There is a partial timing offset in
depreciation above, arising from the extension of A320 leases in
FY23.
Other
expense:
Net finance income was positive
at €14M due to rising deposit interest rates, lower
gross debt, and a net cash position throughout the period. Foreign
exchange translation reflects the impact of €/US$ exchange
rate movements on balance sheet revaluations.
Ryanair Holdings plc and Subsidiaries
Interim Management Report
Introduction
This
financial report for the half-year ended September 30, 2023 meets
the reporting requirements pursuant to the Transparency (Directive
2004/109/EC) Regulations 2007 and the Central Bank (Investment
Market Conduct) Rules 2019.
This
interim management report includes the following:
● Principal
risks and uncertainties relating to the remaining six months of the
year;
● Related
party transactions; and
● Post
balance sheet events.
Results
of operations for the six-month period ended September 30, 2023
compared to the six-month period ended September 30, 2022,
including important events that occurred during the half-year, 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.
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
the 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, 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 119 and 120 of the Group's 2023 Annual Report. Bertrand
Grabowski was appointed to the Board with effect from October 1,
2023 and Dick Milliken retired from the Board with effect from
September 14, 2023.
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 interim financial
statements. The continued preparation of the Group's 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 €2.18BN in the half-year ended
September 30, 2023;
●
The
Group's liquidity, with €3.64BN gross cash and €0.84BN
net cash at September 30, 2023, €0.26BN undrawn funds under
the Group's €0.75BN revolving credit facility and the Group's
continued focus on cash management;
●
The
Group's BBB+ (stable) credit ratings from both S&P and Fitch
Ratings;
●
The
Group's strong balance sheet position with its
534 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 (FY24 fuel requirements were 83%
hedged (via swaps and caps) and 37% (all swaps) of FY25 jet fuel
requirements were hedged at September 30, 2023);
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 half-year ended September 30, 2023 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 2023 Annual Report for the year ended March 31, 2023, 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, 2023, 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
September 30, 2023 figures and the September 30, 2022 comparative
figures do not include all of the information required for full
annual financial statements and therefore do not constitute
statutory financial statements of the Group within the meaning of
the Companies Act, 2014. The consolidated financial statements of
the Group for the year ended March 31, 2023, together with the
independent auditor's report thereon, are available on the
Company's website and were filed with the Irish Registrar of
Companies following the Company's Annual General Meeting. The
auditor's report on those financial statements was unqualified. The
accounting policies, presentation and methods of computation
followed in the 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 half-year ended September 30, 2023 on
November 3, 2023.
Except
as stated otherwise below, the interim financial statements for the
half-year ended September 30, 2023 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
year
The
following new and amended IFRS standards, amendments and IFRIC
interpretations, have been issued by the IASB, and have also been
endorsed by the EU unless stated otherwise. These standards are
effective for the first time for the Group's financial year
beginning on April 1, 2023 and therefore have been applied by the
Group in these condensed consolidated interim financial
statements:
●
Amendments
to IAS 12 Income Taxes: Deferred Tax related to Assets and
Liabilities arising from a Single Transaction (effective on or
after January 1, 2023).
●
Amendments
to IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors: Definition of Accounting Estimates (effective on or after
January 1, 2023).
●
Amendments
to IAS 1 Presentation of Financial Statements and IFRS Practice
Statement 2: Disclosure of Accounting policies (effective on or
after January 1, 2023).
●
IFRS
17 Insurance Contracts; including amendments to IFRS 17 (effective
on or after January 1, 2023).
●
Amendments
to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and
IFRS 9 - Comparative Information (effective on or after January 1,
2023).
●
Amendments
to IAS 12 Income taxes: International Tax Reform - Pillar Two Model
Rules (effective on or after January 1, 2023).*
The
adoption of these new or amended standards did not have a material
impact on the Group's financial position or results in the
half-year ended September 30, 2023.
New IFRS standards and amendments issued but not yet
effective
The
following new or amended standards and interpretations will be
adopted for the purposes of the preparation of future financial
statements, where applicable. While under review, we do not
anticipate that the adoption of these new or revised standards and
interpretations will have a material impact on our financial
position or performance:
●
Amendments
to IAS 1 Presentation of Financial Statements: Classification of
Liabilities as Current or Non-current date, 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 and Leaseback
(effective on or after January 1, 2024).*
●
Amendments
to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments:
Disclosures: Supplier Finance Arrangements (effective on or after
January 1, 2024).*
●
Amendments
to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability (issued on August 15, 2023).*
*
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
September 30, 2023, the Group had €10.32BN of property, plant
and equipment long-lived assets, of which €10.12BN 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 half-year ended September
30, 2023 of €280M (September 30, 2022: pre-exceptional
€175M) comprises a current tax charge of €28M and a
deferred tax charge of €252M 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 period. The effective tax rate of
11% for the half-year (September 30, 2022: 11%) 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 September 30, 2023 the Group
had an operating fleet of 535 (2022: 486) Boeing 737 and 28 (2022:
29) Airbus A320 aircraft. In
September 2014, the Group agreed to purchase up to 200 (100 firm
and 100 options) Boeing 737-8200 aircraft which was subsequently
increased to 210 (135 firm and 75 options). In December 2020, the
Group increased its firm orders from 135 to 210 Boeing 737-8200
aircraft. At September 30, 2023, the Group had taken delivery of
124 of these aircraft. The remaining aircraft are due to be
delivered before the end of FY25. In May 2023, the Group ordered
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 on September 14, 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 currently
consolidated within Ryanair DAC). Ryanair DAC is reported as a
separate segment as it exceeds the applicable quantitative
thresholds for reporting purposes. Buzz, Malta and Lauda do not
individually exceed the quantitative thresholds and accordingly are
presented on an aggregate basis as they exhibit similar economic
characteristics and their services, activities and operations are
sufficiently similar in nature. The results of these operations are
included as 'Other Airlines.'
The
CODM assesses the performance of the business based on the profit
after tax of each airline for the reporting period. Resource
allocation decisions for all airlines are based on airline
performance for the relevant period, with the objective in making
these resource allocation decisions being to optimise consolidated
financial results. Reportable segment information is presented as
follows:
Half-Year
Ended
|
Ryanair DAC
|
Other Airlines
|
Elimination
|
Total
|
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
2023
|
2023
|
2023
|
2023
|
|
€M
|
€M
|
€M
|
€M
|
Scheduled revenue
|
5,979.4
|
94.5
|
-
|
6,073.9
|
Ancillary revenue
|
2,501.3
|
-
|
-
|
2,501.3
|
Inter-segment revenue
|
374.9
|
695.7
|
(1,070.6)
|
-
|
Segment
revenue
|
8,855.6
|
790.2
|
(1,070.6)
|
8,575.2
|
|
|
|
|
|
Reportable segment profit after income tax
|
2,109.9
|
68.2
|
-
|
2,178.1
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
Depreciation
|
(537.9)
|
(20.9)
|
-
|
(558.8)
|
Net finance income/(expense)
|
36.2
|
(4.4)
|
-
|
31.8
|
Capital expenditure
|
(949.9)
|
(29.2)
|
-
|
(979.1)
|
|
|
|
|
|
Segment assets
|
15,728.7
|
639.6
|
-
|
16,368.3
|
Segment liabilities
|
(7,001.9)
|
(937.7)
|
-
|
(7,939.6)
|
Half-Year Ended
|
Ryanair DAC
|
Other Airlines
|
Elimination
|
Total
|
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
2022
|
2022
|
2022
|
2022
|
|
€M
|
€M
|
€M
|
€M
|
Scheduled revenue
|
4,346.6
|
78.2
|
-
|
4,424.8
|
Ancillary revenue
|
2,191.3
|
-
|
-
|
2,191.3
|
Inter-segment revenue
|
381.6
|
649.3
|
(1,030.9)
|
-
|
Segment
revenue
|
6,919.5
|
727.5
|
(1,030.9)
|
6,616.1
|
|
|
|
|
|
Reportable segment profit after income tax (i)
|
1,343.5
|
27.3
|
-
|
1,370.8
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
Depreciation
|
(427.4)
|
(25.7)
|
-
|
(453.1)
|
Net finance expense
|
(34.2)
|
(2.0)
|
-
|
(36.2)
|
Capital expenditure
|
(679.2)
|
(118.0)
|
-
|
(797.2)
|
|
|
|
|
|
Segment assets
|
16,063.1
|
534.2
|
-
|
16,597.3
|
Segment liabilities
|
(9,003.6)
|
(927.6)
|
-
|
(9,931.2)
|
|
|
|
|
|
(i) Adjusted profit after tax in the half-year to September 30,
2022, excludes a net exceptional loss after tax of €107M,
attributable to the fair value measurement of jet fuel call
options.
Quarter Ended
|
Ryanair DAC
|
Other Airlines
|
Elimination
|
Total
|
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
2023
|
2023
|
2023
|
2023
|
|
€M
|
€M
|
€M
|
€M
|
Scheduled revenue
|
3,535.5
|
64.7
|
-
|
3,600.2
|
Ancillary revenue
|
1,325.7
|
-
|
-
|
1,325.7
|
Inter-segment revenue
|
190.9
|
352.9
|
(543.8)
|
-
|
Segment
revenue
|
5,052.1
|
417.6
|
(543.8)
|
4,925.9
|
|
|
|
|
|
Reportable segment profit after income tax
|
1,476.6
|
38.6
|
-
|
1,515.2
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
Depreciation
|
(273.4)
|
(10.5)
|
-
|
(283.9)
|
Net finance income/(expense)
|
15.9
|
(2.2)
|
-
|
13.7
|
Capital expenditure
|
(430.6)
|
(16.6)
|
-
|
(447.2)
|
|
|
|
|
|
Segment assets
|
15,728.7
|
639.6
|
-
|
16,368.3
|
Segment liabilities
|
(7,001.9)
|
(937.7)
|
-
|
(7,939.6)
|
Quarter Ended
|
Ryanair DAC
|
Other Airlines
|
Elimination
|
Total
|
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
Sep 30,
|
2022
|
2022
|
2022
|
2022
|
|
€M
|
€M
|
€M
|
€M
|
Scheduled revenue
|
2,790.5
|
57.9
|
-
|
2,848.4
|
Ancillary revenue
|
1,166.2
|
-
|
-
|
1,166.2
|
Inter-segment revenue
|
189.8
|
329.2
|
(519.0)
|
-
|
Segment
revenue
|
4,146.5
|
387.1
|
(519.0)
|
4,014.6
|
|
|
|
|
|
Reportable segment profit after income tax (i)
|
1,188.9
|
11.9
|
-
|
1,200.8
|
|
|
|
|
|
Other segment information:
|
|
|
|
|
Depreciation
|
(215.0)
|
(11.7)
|
-
|
(226.7)
|
Net finance expense
|
(14.6)
|
(1.5)
|
-
|
(16.1)
|
Capital expenditure
|
(261.4)
|
(114.0)
|
-
|
(375.4)
|
|
|
|
|
|
Segment assets
|
16,063.1
|
534.2
|
-
|
16,597.3
|
Segment liabilities
|
(9,003.6)
|
(927.6)
|
-
|
(9,931.2)
|
(i) Adjusted profit after tax in the three months to September 30,
2022, excludes a net exceptional loss after tax of €125M,
attributable to the fair value measurement of jet fuel call
options.
The
following table disaggregates revenue by primary geographical
market. In accordance with IFRS 8, revenue by country of origin 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.
|
|
|
Half-Year Ended
Sep 30, 2023
|
Half-Year Ended
Sep 30, 2022
|
Quarter Ended
Sep 30, 2023
|
Quarter
Ended
Sep
30, 2022
|
|
|
|
€M
|
€M
|
€M
|
€M
|
|
|
|
|
|
|
|
Italy
|
|
|
1,830.3
|
1,460.1
|
1,029.8
|
874.6
|
Spain
|
|
|
1,552.4
|
1,180.0
|
897.0
|
712.3
|
United
Kingdom
|
|
|
1,263.4
|
947.6
|
717.7
|
565.8
|
Ireland
|
|
|
488.8
|
377.6
|
277.3
|
223.7
|
Other
|
|
|
3,440.3
|
2,650.8
|
2,004.1
|
1,638.2
|
Total
revenue
|
|
|
8,575.2
|
6,616.1
|
4,925.9
|
4,014.6
|
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 period ended September 30, 2023, net capital additions
amounted to €924M principally reflecting aircraft deliveries
in the period, aircraft pre-delivery deposits and capitalised
maintenance, offset by supplier reimbursements and favourable
€/US$ hedging.
9. Related party transactions
The Company's related parties comprise 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 half-year ended
September 30, 2023 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 2023
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 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 2023 Annual
Report. There
have been no changes in our risk management policies in the
period.
Fair value hierarchy
Financial
instruments measured at fair value in the balance sheet are
categorised by the type of valuation method used. The different
valuation levels are defined as follows:
●
Level
1: quoted prices (unadjusted) in active markets for identical
assets or liabilities that the Group can access at the measurement
date.
●
Level
2: inputs other than quoted prices included within Level 1 that are
observable for that asset or liability, either directly or
indirectly.
●
Level
3: significant unobservable inputs for the asset or
liability.
Fair value estimation
Fair
value is the price that would be received to sell an asset, or paid
to transfer a liability, in an orderly transaction between market
participants at the measurement date. The following methods and
assumptions were used to estimate the fair value of each material
class of the Group's financial instruments:
Financial instruments measured at fair value
●
Derivatives
- interest rate swaps: Discounted
cash-flow analyses have been used to determine their fair value,
taking into account current market inputs and rates. The Group's
credit risk and counterparty's credit risk is taken into account
when establishing fair value (Level 2).
●
Derivatives
- currency forwards, jet fuel forward contracts and carbon
contracts: A
comparison of the contracted rate to the market rate for contracts
providing a similar risk profile at September 30, 2023 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 September 30,
2023, 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
(including credit spreads) at September 30, 2023 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 Sep 30,
|
At Sep 30,
|
At Mar 31,
|
At Mar 31,
|
|
2023
|
2023
|
2023
|
2023
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
Amount
|
Value
|
Amount
|
Value
|
Non-current financial assets
|
€M
|
€M
|
€M
|
€M
|
Derivative
financial instruments:
|
|
|
|
|
-
U.S. dollar currency forward contracts
|
64.1
|
64.1
|
53.2
|
53.2
|
-
Jet fuel & carbon derivative forward contracts
|
46.0
|
46.0
|
-
|
-
|
-
Interest rate swaps
|
-
|
-
|
1.4
|
1.4
|
|
110.1
|
110.1
|
54.6
|
54.6
|
Current financial assets
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
-
U.S. dollar currency forward contracts
|
289.8
|
289.8
|
226.2
|
226.2
|
-
Jet fuel options
|
34.1
|
34.1
|
14.1
|
14.1
|
-
Jet fuel & carbon derivative forward contracts
|
281.5
|
281.5
|
49.6
|
49.6
|
-
Interest rate swaps
|
-
|
-
|
2.2
|
2.2
|
|
605.4
|
605.4
|
292.1
|
292.1
|
Trade
receivables*
|
68.3
|
|
59.7
|
|
Cash
and cash equivalents*
|
3,260.5
|
|
3,599.3
|
|
Financial
asset: cash > 3 months*
|
364.9
|
|
1,056.2
|
|
Restricted
cash*
|
19.5
|
|
19.5
|
|
|
4,318.6
|
605.4
|
5,026.8
|
292.1
|
Total
financial assets
|
4,428.7
|
715.5
|
5,081.4
|
346.7
|
|
|
|
|
|
|
At Sep 30,
|
At Sept 30,
|
At Mar 31,
|
At Mar 31,
|
|
2023
|
2023
|
2023
|
2023
|
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|
Amount
|
Value
|
Amount
|
Value
|
Non-current financial liabilities
|
€M
|
€M
|
€M
|
€M
|
Derivative
financial instruments:
|
|
|
|
|
-
Jet fuel & carbon derivative contracts
|
0.7
|
0.7
|
8.1
|
8.1
|
-
U.S. dollar currency forward contracts
|
0.4
|
0.4
|
3.1
|
3.1
|
|
1.1
|
1.1
|
11.2
|
11.2
|
Non-current
maturities of debt
|
|
|
|
|
-
Long-term debt
|
533.6
|
533.6
|
812.3
|
812.3
|
-
Bonds
|
2,043.2
|
1,931.9
|
2,040.9
|
1,928.4
|
|
2,576.8
|
2,465.5
|
2,853.2
|
2,740.7
|
|
2,577.9
|
2,466.6
|
2,864.4
|
2,751.9
|
Current financial liabilities
|
|
|
|
|
Derivative
financial instruments:
|
|
|
|
|
-
Jet fuel & carbon derivative contracts
|
64.8
|
64.8
|
341.7
|
341.7
|
-
U.S. dollar currency forward contracts
|
-
|
-
|
44.9
|
44.9
|
|
64.8
|
64.8
|
386.6
|
386.6
|
|
|
|
|
|
Current
maturities of debt:
|
|
|
|
|
-
Short-term debt
|
35.3
|
35.3
|
76.8
|
76.8
|
-
Promissory notes**
|
-
|
-
|
230.6
|
230.6
|
-
Bonds
|
-
|
-
|
749.3
|
744.3
|
|
35.3
|
35.3
|
1,056.7
|
1,051.7
|
Trade
payables*
|
982.3
|
|
1,065.5
|
|
Accrued
expenses*
|
1,366.4
|
|
1,276.6
|
|
|
2,448.8
|
100.1
|
3,785.4
|
1,438.3
|
Total
financial liabilities
|
5,026.7
|
2,566.7
|
6,649.8
|
4,190.2
|
*The fair value of each of these financial instruments approximate
their carrying values due to the short-term nature of the
instruments.
**During the half-year ended
September 30, 2023, €0.2BN promissory notes were
settled.
During
May 2023 the Group converted its unsecured €750m syndicated
term loan into a revolving credit facility (at a lower margin) with
an extended maturity to May 2028 (previously
2024). During
August 2023 the Group repaid a maturing €750M bond and paid
down €260M of its revolving credit
facility.
11. Shareholders' equity and shareholders'
returns
During
the half-year ended September 30, 2023, 0.3M ordinary shares were
issued at a strike price of €12 per share following the
exercise of vested share options for proceeds of €3.1M. There
were no shareholder returns during the half-year ended September
30, 2023.
12. Post balance sheet events
The
Company has declared a maiden ordinary dividend of €400m
(c.€0.35 per share) in aggregate through an interim and final
dividend of approximately €200m each payable in February 2024
and after the AGM in September 2024 respectively.
For
subsequent financial years (i.e. for FY25 onwards), under the
Company's new dividend policy, the Company intends to return
approximately 25% of prior-year profit after tax (adjusted for
non-recurring gains or losses) by way of ordinary dividends to
shareholders. Additionally, the Board, taking into account
prevailing market conditions and ensuring that the Group retains a
prudent level of cash to fund debt and capex requirements, retains
the flexibility to consider, when appropriate, the return of
surplus cash to shareholders through special dividends and/or share
buybacks.
Ryanair Holdings plc and Subsidiaries
Responsibility Statement
Statement of the Directors in respect of the interim financial
report
The
Directors are responsible for preparing the half-yearly financial
report in accordance with the Transparency (Directive 2004/109/EC)
Regulations 2007 ("Transparency Directive"), and the Central Bank
(Investment Market Conduct) Rules 2019.
In
preparing the condensed set of consolidated interim financial
statements included within the half-yearly financial report, the
Directors are required to:
●
prepare
and present the condensed set of financial statements in accordance
with IAS 34 Interim
Financial Reporting as adopted by the EU, the
Transparency Directive and the Central Bank (Investment Market
Conduct) Rules 2019;
●
ensure
the condensed set of financial statements has adequate
disclosures;
●
select
and apply appropriate accounting policies; and
●
make
accounting estimates that are reasonable in the
circumstances.
The
Directors are responsible for designing, implementing and
maintaining such internal controls as they determine is necessary
to enable the preparation of the condensed set of financial
statements that is free from material misstatement whether due to
fraud or error.
We
confirm that to the best of our knowledge:
(1) the condensed set of consolidated
interim financial statements included within the half-yearly
financial report of Ryanair Holdings plc for the six months ended
September 30, 2023 ("the interim financial information") which
comprises the condensed consolidated interim balance sheet,
the condensed consolidated interim income statement, the condensed
consolidated interim statement of comprehensive income, the
condensed consolidated interim statement of cash flows and the
condensed consolidated interim statement of changes in
shareholders' equity and the related explanatory notes, have been
presented and prepared in accordance with IAS
34 Interim Financial
Reporting, as adopted by the
EU, the Transparency Directive and the Central Bank (Investment
Market Conduct) Rules 2019.
(2)
The interim financial information presented, as required by the
Transparency Directive, includes:
a.
an indication of important events that have occurred during the
first 6 months of the financial year, and their impact on the
condensed set of consolidated interim financial
statements;
b.
a description of the principal risks and uncertainties for the
remaining 6 months of the financial year
c.
related parties' transactions that have taken place in the first 6
months of the current financial year and that have materially
affected the financial position or the performance of the
enterprise during that period; and
d.
any changes in the related parties' transactions described in the
last annual report that could have a material effect on the
financial position or performance of the enterprise in the first 6
months of the current financial year.
On
behalf of the Board
Stan
McCarthy
Michael O'Leary
Chairman
Chief Executive
November
3, 2023
Independent review report to Ryanair Holdings plc
Report on the condensed consolidated interim financial
statements
Our conclusion
We
have reviewed Ryanair Holdings plc's Condensed Consolidated Interim
Financial Statements (the "interim financial statements") in the
Half-Yearly Financial Report of Ryanair Holdings plc for the period
ended September 30, 2023 (the "period").
Based
on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in
all material respects, in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the
European Union and the Transparency (Directive 2004/109/EC)
Regulations 2007 and the Central Bank (Investment Market Conduct)
Rules 2019.
The
interim financial statements comprise:
●
the Condensed Consolidated Interim Balance Sheet as at September
30, 2023 on page 1;
●
the Condensed Consolidated Interim Income Statement and Condensed
Consolidated Interim Statement of Comprehensive Income for the
Half-Year then ended on pages 2 and 4;
●
the Condensed Consolidated Interim Income Statement and Condensed
Consolidated Interim Statement of Comprehensive Income for the
Quarter then ended on pages 3 and 4;
●
the Condensed Consolidated Interim Statement of Cash Flows for the
Half-Year ended September 30, 2023 on page 5;
●
the Condensed Consolidated Interim Statement of Changes in
Shareholders' Equity for the Half-Year ended September 30, 2023 on
page 6; and
●
the Notes forming part of the Condensed Consolidated Interim
Financial Statements on pages 13 to 21.
The
MD&A Half-Year Ended September 30, 2023 on pages 7 to 8, the
MD&A Quarter Ended September 30, 2023 on pages 9 to 10 and the
Interim Management Report on pages 11 to 12 do not form part of the
interim financial statements.
The
interim financial statements included in the Half-Yearly Financial
Report have been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', as adopted
by the European Union and the Transparency (Directive 2004/109/EC)
Regulations 2007 and the Central Bank (Investment Market Conduct)
Rules 2019.
As
disclosed in note 1 to the interim financial statements, the
financial reporting framework that has been applied in the
preparation of the full annual financial statements of the Group is
applicable law, International Financial Reporting Standards (IFRSs)
as adopted by the European Union and IFRSs as issued by the
International Accounting Standards Board.
Basis for conclusion
We
conducted our review in accordance with International Standard on
Review Engagements (Ireland) 2410, 'Review of Interim Financial
Information Performed by the Independent Auditor of the Entity'
("ISRE (Ireland) 2410") issued for use in Ireland. A review of
interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review
procedures.
A review is substantially less in
scope than
an audit conducted in accordance with International Standards on
Auditing (Ireland) and, consequently,
does not enable
us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.
Accordingly, we do not express an audit
opinion.
We have read the other information contained in the Half-Yearly
Financial Report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the interim financial statements.
Conclusions relating to going concern
Based
on our review procedures, which are less extensive than those
performed in an audit as described in the Basis for conclusion
section of this report, nothing has come to our attention to
suggest that the Directors have inappropriately adopted the going
concern basis of accounting or that the Directors have identified
material uncertainties relating to going concern that are not
appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with ISRE (Ireland) 2410. However future events or
conditions may cause the Group to cease to continue as a going
concern.
Responsibilities for the interim financial statements and the
review
Our responsibilities and those of the Directors
The
Half-Yearly Financial Report, including the interim financial
statements, is the responsibility of, and has been approved by, the
Directors. The Directors are responsible for preparing the
half-yearly financial report in accordance with the Transparency
(Directive 2004/109/EC) Regulations 2007 and the Central Bank
(Investment Market Conduct) Rules 2019. In preparing the
Half-Yearly Financial Report including the interim financial
statements, the Directors are responsible for assessing the Group's
ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis
of accounting unless the Directors either intend to liquidate the
Group or to cease operations, or have no realistic alternative but
to do so.
Our
responsibility is to express a conclusion on the interim financial
statements in the Half-Yearly Financial Report based on our review.
Our conclusion, including our Conclusions relating to going
concern, is based on procedures that are less extensive than audit
procedures, as described in the Basis for conclusion paragraph of
this report. This report, including the conclusion, has been
prepared for and only for the company for the purpose of complying
with the Transparency (Directive 2004/109/EC) Regulations 2007 and
the Central Bank (Investment Market Conduct) Rules 2019 and for no
other purpose. We do not, in giving this conclusion, accept or
assume responsibility for any other purpose or to any other person
to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in
writing.
PricewaterhouseCoopers
Chartered
Accountants
3
November 2023
Dublin
The maintenance and integrity of the Ryanair Holdings plc website
is the responsibility of the Directors; the work carried out by the
auditors does not involve consideration of these matters and,
accordingly, the auditors accept no responsibility for any changes
that may have occurred to the financial statements since they were
initially presented on the website.
Legislation in the Republic of Ireland governing the preparation
and dissemination of financial statements may differ from
legislation in other jurisdictions.
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: 6
November, 2023
|
By:___/s/
Juliusz Komorek____
|
|
|
|
Juliusz
Komorek
|
|
Company
Secretary
|
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