TIDM0RYA TIDMRYA
RNS Number : 4390F
Ryanair Holdings PLC
07 November 2022
RYANAIR REPORTS HALF-YEAR PROFITS OF EUR1.37BN
S.2022 TRAFFIC & FARES ABOVE S.2019 IN STRONG POST COVID
RECOVERY
RISK OF COVID VARIANTS & UKRAINE OVERHANG H2 WINTER
SCHEDULES
Ryanair Holdings today (7 Nov.) reported a strong half-year
after tax profit of EUR1.37bn, compared to a pre- Covid (FY20) H1
profit of EUR1.15bn, due to record Q2 traffic, strong operational
reliability and robust summer fares which in Q2 were 14% up on
pre-Covid pricing.
30 Sep. 30 Sep. Change
2021 2022
Customers 39.1m 95.1m +143%
---------- ---------- -------
Load Factor 79% 94% +15pts
---------- ---------- -------
Revenue EUR2.15bn EUR6.62bn +207%
---------- ---------- -------
EUR4.98bn
Op. Costs EUR2.20bn * +126%
---------- ---------- -------
Net (Loss)/ (EUR48m) EUR1,371m n/m
PAT *
---------- ---------- -------
EPS (EUR0.04) EUR1.11 n/m
---------- ---------- -------
* Non-IFRS financial measure, excl. EUR107m except. unrealised
mark-to-market loss (timing unwind) on jet fuel caps.
During H1:
-- Summer traffic recovered strongly to 95.1m from 39.1m (+11% over pre-Covid 85.7m in FY20).
-- H1 fares up 7% on pre-Covid levels (Q2: +14%, offset by lower
Q1 fares due to Ukraine invasion).
-- 15 new bases and 770 new routes open in H1.
-- 73 B737-8200 "Gamechangers" delivered for S.22 - 51 due for S.23 (124 total).
-- FY23 fuel 81% hedged at $67bbl (FY24 now 50% hedged at $93bbl).
-- Aircraft capex hedged at EUR/$ 1.24 until FY26.
-- Net debt cut to EUR0.5bn at 30 Sep. (from EUR1.45bn at 31 Mar.).
Ryanair's Michael O'Leary, said:
ENVIRONMENT:
"We continue to invest heavily in fuel efficient,
environmentally friendly new aircraft technology. Passengers who
switch to Ryanair (from high-fare EU legacy airlines) can reduce
their emissions by up to 50% per flight, proving that with Ryanair
tourism growth can be delivered in a more sustainable manner.
During S.22 we operated 73 new B737 "Gamechanger" aircraft, which
deliver 4% more seats per flight yet burn 16% less fuel and cut
noise emissions by up to 40%.
We continue to invest to accelerate the production of
sustainable aviation fuel (SAF). Our partnership with Trinity
College's Sustainable Aviation Research Centre is now in its second
year and its activity has ramped up significantly. Building on the
recent success of our partnership with Neste to power up to one
third of our Schiphol flights (AMS) with a 40% SAF blend, we signed
a long-term deal with OMV in Sep. to purchase up to 160,000 tonnes
of SAF at Ryanair airports across Austria, Germany and CEE. Ryanair
hopes to power 12.5% of flights using SAF and cut our CO per pax/km
by 10% to 60 grams by 2030. As part of our carbon strategy, the
Group recently concluded an agreement to retro-fit scimitar
winglets on our 409 B737-800NG fleet (an investment valued at over
$200m). This retro-fit program commences in W.22 and will further
reduce fuel burn by 1.5%. Through A4E, and the EU, we are
campaigning to accelerate reform of European ATC to eliminate
needless flight delays, which will substantially reduce fuel
consumption and CO emissions.
In recognition of our progress to date and our industry leading
(CDP 'B') climate rating, Sustainalytics [1] has ranked Ryanair the
No.1 airline in Europe for ESG performance. In June we submitted
Ryanair's commitment letter to SBTi [2] and we will work with them
over the next 2 years to verify our ambitious targets to become net
carbon zero by 2050.
SOCIAL:
Pay restoration:
At the outset of the Covid-19 pandemic, Ryanair and its union
partners negotiated agreements to protect crew jobs via temporary
pay cuts which were to be gradually restored from 2022 to 2025.
These agreements successfully delivered job security through the 2
years of the Covid pandemic, as Ryanair maintained not only the
jobs but also the licences of our crews. This investment positioned
Ryanair as the best prepared airline for the post-Covid traffic
recovery. By keeping our crews current, and recruiting early,
Ryanair avoided the crew shortages which caused so many competitor
cancellations and disruptions in Summer 2022. Since Spring 2022 we
have worked with our union partners to negotiate accelerated pay
restoration as part of long-term deals on pay and rosters which run
until 2026 or 2027. Long-term agreements have, to date, been
concluded to cover over 90% of our pilots and cabin crew.
Under these long-term agreements, full pay restoration was
brought forward by 24 months to Apr. 2023, subject to our business
recovery. However, following the Group's strong H1 financial and
operational performance, we will now bring forward the full
restoration of pay for all crews covered by these long-term
agreements to 1 Dec. 2022 (instead of Apr. 2023). These crews will
now receive their full pay restoration in the Christmas payroll.
While considerable uncertainty hovers over the remainder of FY23,
it has always been our priority to restore pay as soon as our
business recovers. These long-term pay agreements with the vast
majority of our people have now delivered fully restored pay 28
months earlier than previously agreed, and they will also deliver
annual pay increases from 2024 until 2026 as we create thousands of
new well-paid crew jobs and grow traffic to 225m p.a. by FY26.
We have written today to the tiny minority of unions
representing the less than 10% of pilots and cabin crew who have so
far failed to reach agreements on accelerated restoration, urging
them to return to negotiations. We look forward to concluding early
agreements with them on similar terms to the existing negotiated
agreements which will then cover all of our people.
Training, Customer Panel & CSAT:
Ryanair recently took delivery of the first of 8 new CAE full
flight simulators (value over $80m). We will expand our
state-of-the art training facilities over the next 3-years and are
close to selecting suitable locations for 2 new training centres (a
EUR100m investment) in CEE and the Iberian Peninsula. Over recent
months we've continued to invest in engineering and maintenance,
and announced new hangar facilities in Malta, Kaunas (Lith.) and
Shannon (Ire.). These new facilities will enable us to create more
cadets and apprenticeships for school leavers, bringing through the
next generation of highly skilled aviation professionals.
Over 37,000 of our passengers recently applied to join our
Customer Panel which has expanded to include reps from Austria,
France, Germany, Ireland, Italy, Poland, Portugal, Spain and the
UK. The new Panel met in Dublin in Oct. and provided valuable
insights and suggestions to help us to further improve Ryanair's
offers and customer care. While CSAT scores were impacted by
numerous ATC delays/strikes this summer and lengthy airport
security queues (particularly in Q1), Ryanair's operational
resilience, reliability and friendly crew meant that we still
recorded a very strong 83% rating across H1.
OP. PERFORMANCE & GROWTH:
Our Group airlines delivered an industry leading operations
performance and robust post Covid traffic recovery in H1. This
summer we operated at 115% of our pre-Covid capacity, completed
over 3,000 daily flights and delivered record traffic across peak
S.22, despite unprecedented ATC disruptions and regrettable airport
security delays (primarily in Q1).
We had 73 Gamechangers in our fleet for peak S.22. Our growth is
being hampered by Boeing's inability to meet its delivery schedule
in Q3, despite their previous assurances that Ryanair deliveries
would be "prioritised". We expect Boeing will only deliver 10 or 12
of the contracted 21 Gamechangers due before Christmas. Boeing
assure us that they will deliver all scheduled 51 Gamechangers
ahead of peak S.23, although there is a risk that some of these
deliveries could slip. We are planning FY24 growth based on 51
extra aircraft for peak S.23 and we continue to recruit and train
substantial numbers of pilots, cabin crew and engineers. During H1,
Ryanair announced 100 new routes for W.22 and most of our S.23
capacity is now on sale on www.ryanair.com . Our Routes teams
continue to lock-in long term traffic recovery growth deals with
airport partners across Europe which will reinforce Ryanair's
market share growth and cost leadership in Europe.
Over the past 3 years, numerous airlines went bankrupt and many
legacy carriers (incl. Alitalia, TAP, SAS and LOT) significantly
cut their fleets and passenger capacity, even while 'doping' on
multi-billion-euro State Aid packages. These structural capacity
reductions have created enormous growth opportunities for Ryanair
to deploy our new, fuel efficient, B737 Gamechangers and as a
result our market shares have surged across major EU markets. Our
reliability, lowest (ex-fuel) unit costs, very strong fuel and US$
hedges, fleet ownership and strong balance sheet ensures that the
Group is well placed to grow profitability and traffic to 225m p.a.
by FY26.
H1 FY23 BUSINESS REVIEW:
Revenue & Costs:
H1 scheduled revenues increased almost 250% to EUR4.42bn as
traffic recovered strongly from 39.1m to 95.1m (at a 94% load
factor). Record Q2 traffic and strong peak summer fares (+14% over
pre-Covid) offset a weak Easter in Q1, which saw traffic and fares
damaged by Russia's invasion of Ukraine in late Feb. Ancillary
revenue delivered a solid performance with spend increasing to
EUR23 per passenger. Total revenue jumped by over 200% to
EUR6.62bn.
While sectors more than doubled and traffic increased 143%,
operating costs rose just 126% to EUR4.98bn (incl. a 205% increase
in fuel to EUR2.18bn), driven by lower variable costs, higher load
factors and improved fuel burn from our Gamechanger fleet. Cost per
passenger (ex-fuel) fell below EUR30 in H1 (slightly lower than the
same period pre-Covid).
Our FY23 jet fuel requirements are 81% hedged at an ave. of
$67bbl and during H1 we raised our FY24 jet fuel hedges to 50% at
approx. $93bbl. Forex is also well hedged with over 80% of FY23
EUR/$ opex hedged at 1.14 and almost 20% of FY24 hedged at 1.08.
Our Boeing order book is fully hedged at EUR/$ 1.24 out to FY26.
This very strong hedge position helps insulate Ryanair from recent
spikes in fuel prices and the US$ and gives our Group airlines a
huge cost advantage over our EU competitors, especially this winter
and into FY24.
Balance Sheet & Liquidity:
Ryanair's balance sheet is one of the strongest in the industry
with a BBB (stable) credit rating (S&P and Fitch). Net debt at
30 Sep. has fallen to EUR0.5bn (from EUR1.45bn at 31 Mar.), despite
EUR0.9bn capex. Almost all of the Group's fleet of B737s are owned
and over 90% are unencumbered which widens our cost advantage at a
time when interest rates and leasing costs of our competitors are
rising. Our focus over the next year is the repayment of EUR1.6bn
of maturing bonds while returning our balance sheet to a broadly
zero net debt position. The strength of our balance sheet ensures
that the Group is well positioned to exploit the many growth
opportunities that are currently emerging as we grow to 225m
passenger p.a. by FY26.
RECESSION & PRICE INFLATION:
Concerns about the impact of recession and rising consumer price
inflation on Ryanair's business model have been greatly exaggerated
in recent months. As the lowest cost producer in Europe, we expect
to grow strongly in a recession as consumers won't stop flying, but
rather they will become more price sensitive. Like Aldi, Lidl, Ikea
and other price leaders our very strong post Covid recovery shows
that price will continue to drive market share gains as we add low
cost, more fuel efficient, aircraft to our fleet over the next 4
years. As Europe recovers from the 2-year Covid pandemic there has
been a considerable contraction of short haul capacity, much of
which will not return in the medium term. Most of our EU
competitors have cut capacity by up to 20% this Winter while
Ryanair will offer 10% more seats than pre-Covid.
As our H1 traffic and market share growth shows, millions of
passengers are switching to fly with Ryanair for our lower prices,
our industry leading reliability and our greener, fuel efficient
aircraft. Consumer propensity to travel remains high in Europe as a
result of full employment, rising wages and 2 years of
pent-up-demand and accumulated savings while people were 'locked
up' during Covid. We expect these strong fundamentals will continue
to underpin robust traffic and ave. fare growth for the next
18-months at least, and Ryanair will be the main beneficiary of
these trends so long as there are no negative developments this
Winter such as Covid variants or Ukraine.
OUTLOOK:
The recovery for the remainder of FY23 remains fragile and could
yet be impacted by new Covid variants or adverse geopolitical
events such as Ukraine. However forward bookings (both traffic and
fares) remain strong over the Oct. school mid-terms and into the
peak Christmas travel period. We hope to avoid any repeat of last
year's Omicron lockdowns which damaged last Christmas at such short
notice. As is normal, at this time of year, we have almost zero
visibility into Q4 which is traditionally our weakest quarter and
which this year doesn't have any Easter benefit.
While we remain dependent on Boeing meeting their delivery
commitments, especially for Christmas extras and Spring mid-term,
we are modestly raising our FY23 traffic guidance to 168m
passengers (previously 166.5m), up 13% on our pre-Covid traffic. We
remain hopeful that full-year fares will remain ahead of FY20
(pre-Covid) by a mid-to-high single digit percentage but we remain
cautious that yields could be impacted at very short notice in H2
as they were last year by Omicron in late Nov. which damaged
Christmas and the Ukraine invasion on 24 Feb. which so clearly
damaged Mar. and Apr. traffic. If we are fortunate to avoid such
negative events like Covid and Ukraine in H2 then, thanks to our
very strong traffic recovery, our advantageous fuel and currency
hedges and our widening cost and market share leadership over
competitors, we are hopeful that we will minimise our winter losses
which would enable us to deliver an FY23 PAT (pre-exceptionals) in
a range of EUR1.00bn to EUR1.20bn. This cautious guidance will
remain hugely dependent on not suffering adverse events this Winter
(as we did last, which were clearly beyond our control)."
S
For further information
please contact: Neil Sorahan Piaras Kelly
Ryanair Holdings plc Edelman
Tel: +353-1-9451212 Tel: +353-1-5921330
Ryanair Holdings plc, Europe's largest airline group, is the
parent company of Buzz, Lauda, Malta Air, Ryanair & Ryanair UK.
Carrying 168m guests p.a. on approx. 3,000 daily flights from 88
bases, the Group connects 234 airports in 37 countries on a fleet
of 517 aircraft, with a further 132 Boeing 737s on order, which
will enable the Ryanair Group to grow traffic to 225m p.a. by FY26.
Ryanair has a team of over 19,000 highly skilled aviation
professionals delivering Europe's No.1 operational performance, and
an industry leading 37-year safety record. Ryanair is Europe's
greenest, cleanest, major airline group and customers switching to
fly Ryanair can reduce their CO emissions by up to 50% compared to
major European legacy airlines.
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, the availability of appropriate
insurance cover, 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, 2022 (unaudited)
At Sep 30, 2022 At Mar 31, 2022
Note EURM EURM
Non-current assets
Property, plant and equipment 8 9,278.4 9,095.1
Right-of-use asset 8 220.7 133.7
Intangible assets 146.4 146.4
Derivative financial instruments 9 312.8 185.1
Deferred tax 3.7 42.3
Other assets 140.1 72.1
---------------- ----------------
Total non-current assets 10,102.1 9,674.7
---------------- ----------------
Current assets
Inventories 4.5 4.3
Other assets 663.6 401.1
Trade receivables 9 78.0 43.5
Derivative financial instruments 9 1,157.5 1,400.4
---------------- ----------------
Restricted cash 9 22.7 22.7
Financial assets: cash > 3 months 9 2,844.7 934.1
Cash and cash equivalents 9 1,724.2 2,669.0
---------------- ----------------
Total current assets 6,495.2 5,475.1
---------------- ----------------
Total assets 16,597.3 15,149.8
---------------- ----------------
Current liabilities
Provisions 4.8 9.2
Trade payables 9 1,225.4 1,029.0
Accrued expenses and other liabilities 2,716.8 2,992.8
Current lease liability 47.5 56.9
Current maturities of debt 9 1,829.1 1,224.5
Derivative financial instruments 9 139.4 38.6
Current tax 53.9 47.7
Total current liabilities 6,016.9 5,398.7
---------------- ----------------
Non-current liabilities
Provisions 159.3 94.1
Trade payables 9 51.3 49.2
Derivative financial instruments 9 115.3 -
Deferred tax 327.5 266.5
Non-current lease liability 193.7 81.4
Non-current maturities of debt 9 3,067.2 3,714.6
---------------- ----------------
Total non-current liabilities 3,914.3 4,205.8
---------------- ----------------
Shareholders' equity
Issued share capital 10 6.9 6.8
Share premium account 10 1,360.8 1,328.2
Retained earnings 4,134.1 2,880.9
Other undenominated capital 3.5 3.5
Other reserves 1,160.8 1,325.9
---------------- ----------------
Shareholders' equity 6,666.1 5,545.3
---------------- ----------------
Total liabilities and shareholders' equity 16,597.3 15,149.8
---------------- ----------------
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Income Statement for the Half-Year ended September 30, 2022
(unaudited)
Pre-Except. Except. IFRS IFRS
Half-Year Half-Year Half-Year Half-Year
Pre- Ended Ended Ended Ended
Except. Sep 30, Sep 30, Sep 30, Sep 30,
Change 2022 2022 2022 2021
Note % EURM EURM EURM EURM
Operating revenues
Scheduled
revenues +248% 4,424.8 - 4,424.8 1,273.3
Ancillary
revenues +149% 2,191.3 - 2,191.3 881.6
-------- ------------ ---------- ---------- ----------
Total operating
revenues 7 +207% 6,616.1 - 6,616.1 2,154.9
-------- ------------ ---------- ---------- ----------
Operating expenses
Fuel and oil -205% 2,177.1 122.8 2,299.9 713.1
Airport and
handling charges -106% 692.9 - 692.9 336.9
Staff costs -93% 583.7 - 583.7 303.1
Route charges -119% 503.4 - 503.4 230.0
Depreciation -35% 453.1 - 453.1 336.2
Marketing,
distribution and
other -118% 367.4 - 367.4 168.3
Maintenance,
materials and
repairs -70% 200.3 - 200.3 117.8
Total operating
expenses -126% 4,977.9 122.8 5,100.7 2,205.4
Operating
profit/(loss) 1,638.2 (122.8) 1,515.4 (50.5)
Other expenses
Net finance
expense +19% (36.2) - (36.2) (44.7)
Foreign exchange (56.5) - (56.5) (4.7)
-------- ------------ ---------- ---------- ----------
Total other
expenses (92.7) - (92.7) (49.4)
-------- ------------ ---------- ---------- ----------
Profit/(loss)
before tax 1,545.5 (122.8) 1,422.7 (99.9)
Tax
(expense)/credit
on profit/(loss) 4 (174.7) 15.4 (159.3) 52.3
Profit/(loss) for the
half-year
- all attributable to
equity holders
of parent 1,370.8 (107.4) 1,263.4 (47.6)
------------ ---------- ---------- ----------
Earnings per
ordinary share
(EUR)
Basic 1.1129 (0.0422)
Diluted 1.1101 (0.0422)
Weighted avg. no.
of ord.
shares (in Ms)
Basic 1,135.2 1,128.4
Diluted 1,138.1 1,128.4
------------ ---------- ---------- ----------
*'+' is favourable and '-' is adverse period-on-period.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Income Statement for the Quarter ended September 30, 2022
(unaudited)
Pre-Except. Except. IFRS IFRS
Quarter Quarter Quarter Quarter
Pre- Ended Ended Ended Ended
Except. Sep 30, Sep 30, Sep 30, Sep 30,
Change 2022 2022 2022 2021
Note % EURM EURM EURM EURM
Operating revenues
Scheduled revenues +163% 2,848.4 - 2,848.4 1,081.4
Ancillary revenues +66% 1,166.2 - 1,166.2 703.0
Total operating
revenues 7 +125% 4,014.6 - 4,014.6 1,784.4
Operating expenses
Fuel and oil -106% 1,144.4 142.8 1,287.2 556.5
Airport and handling
charges -42% 355.5 - 355.5 249.8
Staff costs -61% 309.2 - 309.2 192.1
Route charges -43% 254.4 - 254.4 177.7
Depreciation -12% 226.7 - 226.7 201.9
Marketing,
distribution and
other -101% 193.7 - 193.7 96.4
Maintenance, materials
and
repairs -100% 112.1 - 112.1 56.0
Total operating
expenses -70% 2,596.0 142.8 2,738.8 1,530.4
Operating profit 1,418.6 (142.8) 1,275.8 254.0
Other expenses
Net finance expense +31% (16.1) - (16.1) (23.3)
Foreign exchange (40.0) - (40.0) (6.1)
Total other expenses (56.1) - (56.1) (29.4)
Profit before tax 1,362.5 (142.8) 1,219.7 224.6
Tax (expense)/credit
on profit (161.7) 17.9 (143.8) 0.4
------------ --------- --------- ---------
Profit for the quarter
- attributable
to equity holders of
parent 1,200.8 (124.9) 1,075.9 225.0
------------ --------- --------- ---------
Earnings per
ordinary share
(EUR)
Basic 0.9474 0.1994
Diluted 0.9456 0.1975
Weighted avg. no.
ord. shares
(in Ms)
Basic 1,135.7 1,128.6
Diluted 1,137.8 1,139.5
------------ --------- --------- ---------
*'+' is favourable and '-' is adverse period-on-period.
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income
for the Half-Year ended
September 30, 2022 (unaudited )
Half-Year Half-Year
Ended Ended
Sep 30, Sep 30,
2022 2021
EURM EURM
Profit/(loss) for the half-year 1,263.4 (47.6)
---------- --------------
Other comprehensive (loss)/income:
Items that are or may be reclassified subsequently to profit or loss:
Movements in hedging reserve, net of tax:
---------- --------------
Net movements in cash-flow hedge reserve (170.2) 324.3
---------- --------------
Other comprehensive (loss)/income for the half-year, net of income tax (170.2) 324.3
---------- --------------
Total comprehensive income for the half-year - all attributable to equity holders of
parent 1,093.2 276.7
---------- --------------
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Comprehensive Income
for the Quarter ended
September 30, 2022 (unaudited )
Quarter Quarter
Ended Ended
Sep 30, Sep 30,
2022 2021
EURM EURM
Profit for the quarter 1,075.9 225.0
--------- --------
Other comprehensive (loss)/income:
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 (639.5) 234.7
--------- --------
Other comprehensive (loss)/income for the quarter, net of income tax (639.5) 234.7
--------- --------
Total comprehensive income for the quarter - all attributable to equity holders of parent 436.4 459.7
--------- --------
Ryanair Holdings plc and Subsidiaries
Condensed Consolidated Interim Statement of Cash Flows for the
Half-Year ended September 30, 2022 (unaudited)
Half-Year Half-Year
Ended Ended
Sep 30, Sep 30,
2022 2021
Note EURM EURM
Operating activities
Profit/(loss) after tax 1,263.4 (47.6)
Adjustments to reconcile profit/(loss) after tax to net cash from operating activities
Depreciation 453.1 336.2
(Increase) in inventories (0.2) -
Tax expense/(credit) on profit/(loss) 159.3 (52.3)
Share based payments 8.4 5.2
(Increase) in trade receivables (34.5) (21.1)
(Increase) in other assets (254.4) (118.5)
Increase in trade payables 262.3 248.1
(Decrease)/increase in accrued expenses (259.8) 693.5
Increase in provisions 60.8 9.6
Increase in finance income 0.9 -
(Increase) in finance expense (11.9) (22.1)
Foreign exchange and fair value* 110.0 -
Income tax (paid)/received (0.7) 8.5
---------- ----------
Net cash inflow from operating activities 1,756.7 1,039.5
---------- ----------
Investing activities
Capital expenditure - purchase of property, plant and equipment (899.6) (311.4)
Disposal proceeds 4.9 28.2
Supplier reimbursements 8 127.5 113.9
Decrease in restricted cash - 11.4
(Increase)/decrease in financial assets: cash > 3 months (1,910.6) 365.5
---------- ----------
Net cash (used in)/from investing activities (2,677.8) 207.6
---------- ----------
Financing activities
Net proceeds from shares issued 10 19.1 4.4
Proceeds from long term borrowings - 1,192.0
Repayments of long term borrowings (80.7) (943.3)
Lease liabilities paid (26.2) (28.6)
---------- ----------
Net cash (used in)/from financing activities (87.8) 224.5
---------- ----------
(Decrease)/increase in cash and cash equivalents (1,008.9) 1,471.6
Net foreign exchange differences 64.1 (4.1)
---------- ----------
Cash and cash equivalents at beginning of the period 2,669.0 2,650.7
---------- ----------
Cash and cash equivalents at end of the period 9 1,724.2 4,118.2
---------- ----------
Included in the cash flows from operating activities for the year are the following amounts:
Interest income received 3.1 -
Interest income paid (46.3) (61.9)
*Includes an exceptional loss of EUR122.8M 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, 2022 (unaudited)
Issued Share Other Other
Ordinary Share Premium Retained Undenom. Reserves Other
Shares Capital Account Earnings Capital Hedging Reserves Total
M EURM EURM EURM EURM EURM EURM EURM
Balance at
March 31,
2021 1,128.1 6.7 1,161.6 3,232.3 3.5 211.3 31.2 4,646.6
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Loss for the
half-year - - - (47.6) - - - (47.6)
Other
comprehensive
income
Net movements
in cash flow
reserve - - - - - 324.3 - 324.3
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Total other
comprehensive
income - - - (47.6) - 324.3 - 276.7
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Total
comprehensive
income - - - (47.6) - 324.3 - 276.7
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Transactions
with owners of
the Company
recognised
directly in
equity
Issue of
ordinary
equity shares 0.7 - 4.4 - - - - 4.4
Share-based
payments - - - - - - 5.2 5.2
Transfer of
exercised and
expired share
based awards - - - 0.9 - (0.9) -
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Balance at
September 30,
2021 1,128.8 6.7 1,166.0 3,185.6 3.5 535.6 35.5 4,932.9
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Loss for the
half-year - - - (193.2) - - - (193.2)
Other
comprehensive
income
Net movements
in cash flow
reserve - - - - - 759.8 - 759.8
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Total other
comprehensive
income - - - - - 759.8 - 759.8
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Total
comprehensive
income - - - (193.2) - 759.8 - 566.6
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Transactions
with owners of
the Company
recognised
directly in
equity
Issue of
ordinary
equity shares 5.8 0.1 107.8 (65.5) - - - 42.4
Additional
share premium
on the
allotment of
shares 54.4 (54.4) - - - -
Share-based
payments - - - - - - 3.4 3.4
Transfer of
exercised and
expired share
based awards - - - 8.4 - - (8.4) -
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Balance at
March 31,
2022 1,134.6 6.8 1,328.2 2,880.9 3.5 1,295.4 30.5 5,545.3
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Profit for the
half-year - - - 1,263.4 - - - 1,263.4
Other
comprehensive
income
Net movements
in cash flow
reserve - - - - - (170.2) - (170.2)
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Total other
comprehensive
loss - - - - - (170.2) - (170.2)
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Total
comprehensive
income - - - 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 4,134.1 3.5 1,125.2 35.6 6,666.1
----------- ------------ ----------- ----------- ----------- ----------- ------------ --------
Ryanair Holdings plc and Subsidiaries
MD&A Half-Year Ended September 30, 2022
Introduction
The Ryanair Group's fleet was effectively grounded due to
European Governments' Covid-19 travel restrictions/ lockdowns for
much of the prior year comparative (notably the months of April to
June). Sectors (+105%) and traffic (+143%) are therefore
significantly higher in the half-year ended September 30, 2022. The
following discussion should be read in that context.
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, 2022 results excluding the exceptional item referred
to below.
The Group, as part of its risk management strategy, has utilised
jet fuel call options to set a maximum price for approximately 16%
of FY23 expected fuel requirements. These instruments are measured
at fair value through the income statement. Following the Russian
invasion of Ukraine in February 2022, the price of jet fuel
significantly increased and remains volatile. An exceptional
unrealised mark-to-market loss of EUR107M (post-tax) was recorded
on the Group's jet fuel call options at September 30, 2022. This is
effectively an unwind of the cumulative EUR132M (post-tax)
unrealised mark-to-market gain recorded at periods ended March 31,
2022 (EUR114M) and June 30, 2022 (EUR18M).
Income Statement
Scheduled revenues:
Scheduled revenues increased by 248 % to EUR4.43BN due to a 143%
increase in traffic, from 39.1M to 95.1M and 43% higher average
fares (a 7% increase on the same period pre Covid-19).
Ancillary revenues:
Ancillary revenues increased by 149% to EUR2.19BN as traffic
grew (up 143%) and guests increasingly choose discretionary
services such as priority boarding, reserved seating and in-flight
sales.
Total revenues:
As a result of the above, total revenues rose 207% to
EUR6.62BN.
Operating Expenses:
Fuel and oil:
Fuel and oil increased by 205% to EUR2.18BN due to a 105%
increase in sectors and significantly higher jet fuel prices offset
by fuel burn savings on the new B737-8200 aircraft.
Airport and handling charges:
Airport and handling charges rose by 106% to EUR693M, well below
the 143% increase in traffic.
Staff costs:
Staff costs increased by 93% to EUR584M due to the larger fleet
and ramp up of activities, the roll-off of Covid-19 payroll support
schemes and the commencement of pay restoration during the
period.
Route charges:
Route charges increased by 119% to EUR503M, ahead of the
increase in sectors, due to higher Eurocontrol and ATC rates
(despite a degradation in the quality of the services provided by
ATC agencies during the half-year, particularly during peak Summer
2022).
Depreciation:
Depreciation increased by 35% to EUR453M, primarily due to
higher amortisation resulting from increased aircraft utilisation
(as sectors rose by 143%) and the delivery of 57 new Boeing
737-8200 "Gamechanger" aircraft.
Marketing, distribution and other:
Marketing, distribution and other rose by 118% to EUR367M due to
higher activity (including increased in-flight sales and credit
card transactions).
Maintenance, materials and repairs:
Maintenance, materials and repairs increased by 70% to EUR200M
due to higher aircraft utilisation and the extension of 24 A320
aircraft leases to 2028 during the period.
Other expense:
Net finance expenses decreased 19% to EUR36.2M due to lower net
debt (at mainly fixed interest rates), offset by higher cash
balances and rising deposit interest rates. Foreign exchange
translation was negatively impacted by the movement of the EUR/US$
exchange rate on balance sheet revaluations.
Balance sheet:
Gross cash increased by EUR966M to EUR4.59BN at September 30,
2022.
Gross debt increased by EUR60M to EUR5.14BN, primarily due to
the extension of lease terms on 24 A320 aircraft at lower rentals,
offset by debt repayments during the period.
Net debt was EUR546M at September 30, 2022. This is a EUR0.91BN
reduction from EUR1.45BN at March 31, 2022.
Shareholders' equity:
Shareholders' equity increased by EUR1.11BN to EUR6.67BN in the
period primarily due to a EUR1.27BN net profit and an IFRS hedge
accounting unrealised loss for derivatives of EUR170M.
MD&A Quarter Ended September 30, 2022
Introduction
Traffic during the prior period comparative (quarter ended
September 30, 2021) improved following the rollout of EU Digital
Covid Certificates in July, 2021 however the Group still
experienced a significant reduction in traffic as a result of
European Government's Covid-19 travel restrictions/lockdowns.
Sectors (+38%) and traffic (+60%) are therefore significantly
higher in the quarter ended September 30, 2022. The following
discussion should be read in that context.
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
September 30, 2022 results excluding the exceptional item referred
to below.
The Group, as part of its risk management strategy, has utilised
jet fuel call options to set a maximum price for approximately 16%
of FY23 expected fuel requirements. These instruments are measured
at fair value through the income statement. Following the Russian
invasion of Ukraine in February 2022, the price of jet fuel
significantly increased and remains volatile. An exceptional
unrealised mark-to-market loss of EUR125M (post-tax) was recorded
on the Group's jet fuel call options at September 30, 2022. This is
effectively an unwind of the cumulative EUR132M (post-tax)
unrealised mark-to-market gain recorded at periods ended March 31,
2022 (EUR114M) and June 30, 2022 (EUR18M).
Income Statement
Scheduled revenues:
Scheduled revenues increased by 163% to EUR2.85BN due to a 60%
increase in traffic, from 31.0M to 49.5M and 65% higher average
fares (a 14% increase on the same quarter pre Covid-19).
Ancillary revenues:
Ancillary revenues increased by 66% to EUR1.17BN as traffic grew
(up 60%) and guests increasingly choose discretionary services such
as priority boarding, reserved seating and in-flight sales.
Total revenues:
As a result of the above, total revenues rose 125% to
EUR4.01BN.
Operating Expenses:
Fuel and oil:
Fuel and oil increased by 106% to EUR1.14BN due to a 38%
increase in sectors flown and significantly higher jet fuel prices
offset by fuel burn savings on the new B737-8200 aircraft.
Airport and handling charges:
Airport and handling charges rose by 42% to EUR356M, well below
the 60% increase in traffic.
Staff costs:
Staff costs increased by 61% to EUR309M due to the larger fleet,
the ramp up of activities, the roll-off of Covid-19 payroll support
schemes and the commencement of pay restoration during the
period.
Route charges:
Route charges increased by 43% to EUR254M, ahead of the increase
in sectors, due to an increase in Eurocontrol and ATC rates
(despite a degradation in the quality of the services provided by
ATC agencies during the quarter).
Depreciation:
Depreciation increased by 12% to EUR227M, primarily due to
higher amortisation resulting from increased aircraft utilisation
(as sectors rose 38%) and the delivery of 57 new Boeing 737-8200
"Gamechanger" aircraft.
Marketing, distribution and other:
Marketing, distribution and other rose by 101% to EUR194M due to
higher activity (including increased in-flight sales and credit
card transactions).
Maintenance, materials and repairs:
Maintenance, materials and repairs increased by 100% to EUR112M
due to higher aircraft utilisation and the extension of 24 A320
aircraft leases to 2028 during the quarter.
Other expense:
Net finance expenses decreased 31% to EUR16M due to lower net
debt (at mainly fixed interest rates), offset by higher cash
balances and rising deposit interest rates. Foreign exchange
translation was negatively impacted by the movement of the EUR/US$
exchange rate on balance sheet revaluations.
Ryanair Holdings plc and Subsidiaries
Interim Management Report
Introduction
This financial report for the half-year ended September 30, 2022
meets the reporting requirements pursuant to the Transparency
(Directive 2004/109/EC) Regulations 2007 and Transparency Rules of
the Central Bank of Ireland.
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, 2022 compared to the six-month period ended September 30, 2021,
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
The Group's recovery remains fragile and prone to shocks from
any adverse Covid-19 developments. The full extent of such
developments on the Group's longer-term operational and financial
performance, many of which may be outside of the Group's control,
are highly uncertain and cannot be predicted.
Russia's invasion of Ukraine in February 2022, and the
subsequent spike in oil prices, has created another unexpected
development which will overhang our industry until it is
resolved.
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, fuel costs, 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 Group's Board of Directors are set
forth on page 17 of the Group's 2022 annual report. Julie O'Neill
retired from the Board in September 2022.
Related party transactions - Please see note 11.
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 (pre-exceptional items) of EUR1.37BN
in the half-year ended September 30, 2022;
-- The Group's liquidity, with almost EUR4.60BN cash at
September 30, 2022, a EUR0.91BN reduction in net debt during the
period (despite EUR0.90BN in Capex) and the Group's continued focus
on cash management;
-- The Group's solid BBB credit ratings combined with a stable
outlook (from both S&P and Fitch Ratings);
-- The Group's strong balance sheet position with over 90% of its B737 fleet unencumbered;
-- The Group's access to the debt capital markets,
unsecured/secured bank debt and sale and lease back
transactions;
-- Ongoing cost reductions across the Group;
-- The Group's strong fuel hedging position (FY23 fuel
requirements are over 80% hedged and approximately 50% of FY24 jet
fuel requirements are hedged); 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 significant accounting policies
Ryanair Holdings plc (the "Company") is a company domiciled in
Ireland. The unaudited condensed consolidated interim financial
statements of the Company for the half-year ended September 30,
2022 comprise 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 2022 Annual Report for the year ended
March 31, 2022, 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, 2022, 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, 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, 2022 figures and the September 30, 2021
comparative figures do not constitute statutory financial
statements of the Group within the meaning of the Companies Act,
2014. The consolidated financial statements of the Group for the
year ended March 31, 2022, together with the independent auditor's
report thereon, were filed with the Irish Registrar of Companies
following the Company's Annual General Meeting and are also
available on the Company's Website. The auditor's report on those
financial statements was unqualified.
The Audit Committee, upon delegation of authority by the Board
of Directors, approved the unaudited condensed consolidated interim
financial statements for the half-year ended September 30, 2022 on
November 4, 2022.
Except as stated otherwise below, this year's financial
information has been prepared in accordance with the accounting
policies set out in the Group's most recent published consolidated
financial statements, which were prepared in accordance with IFRS
as adopted by the EU and also in compliance with IFRS as issued by
the International Accounting Standards Board (IASB).
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. These standards are effective for the
first time for the Group's financial year beginning on April 1,
2022 and therefore have been applied by the Group in these
condensed consolidated interim financial statements:
-- Amendments to IFRS 3 Business Combinations; IAS 16 Property,
Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and
Contingent Assets; and Annual Improvements 2018-2020 (effective on
or after January 1, 2022).
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, 2022.
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 the other new or revised standards
and interpretations will have any or a material impact on our
financial position or performance:
-- 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).
-- Amendments to IAS 1 Presentation of Financial Statements:
Classification of Liabilities as Current or Non-current and
Classification of Liabilities as Current or Non-current - Deferral
of Effective Date.*
-- IFRS 17 Insurance Contracts (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 IFRS 16 Leases: Lease Liability in a Sale and
Leaseback (effective on or after January 1, 2024).*
* These standards or amendments to standards are not as of yet
EU endorsed.
2. Judgements and estimates
In preparing these condensed interim financial statements,
management has made judgements and estimates that affect the
application of accounting policies and the reported amounts of
assets and liabilities, income and expense. Actual results may
differ from these estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements and key sources of
estimation uncertainty were the same as those that applied in the
most recent published consolidated financial statements.
Derivative financial instruments
The Group uses various derivative financial instruments to
manage its exposure to market risks, including the risks relating
to fluctuations in commodity prices and currency exchange rates.
Ryanair uses forward contracts for the purchase of its jet fuel
(jet kerosene) and carbon credit (Emission Trading Scheme)
requirements to reduce its exposure to commodity price risk. It
also uses foreign currency forward contracts to reduce its exposure
to risks related to foreign currencies, principally the U.S. dollar
exposure associated with the purchase of new Boeing 737-8200
aircraft and the U.S. dollar exposure associated with the purchase
of jet fuel.
The Group's derivative financial instruments are measured at
fair value and recognised as either assets or liabilities in its
consolidated balance sheet. All derivatives, with the exception of
jet fuel call options, are designated as cash flow hedges with the
resulting gains or losses taken to other reserves. Jet fuel call
options are measured at fair value with the resulting unrealised
gains or losses taken to the income statement. At September 30,
2022, a net asset of EUR465M (2021: net asset of EUR238M) was
recognised on balance sheet in respect of the Group's jet fuel
forward contracts, jet fuel call options, foreign currency
derivative instruments associated with future jet fuel purchases
and carbon credits and a net asset of EUR705M (2021: net asset
EUR247M) was recognised in respect of its foreign currency
derivative instruments associated with future aircraft
purchases.
In determining the hedge effectiveness of derivative instruments
used to hedge Ryanair's fuel requirements, there is significant
judgement involved in assessing whether the volumes of jet fuel
hedged are still expected to be highly probable forecast
transactions. Specifically, significant judgement is required in
respect of the assumptions related to the expected recovery of
passenger demand and the subsequent flight schedules following the
Covid-19 pandemic along with the potential for travel restrictions
to be reimposed. All of these assumptions impact upon forecast fuel
consumption, and minor changes to these assumptions could have a
significant effect on the assessment of hedge effectiveness.
In respect of foreign currency hedge effectiveness for future
aircraft purchases, there is a high degree of judgement involved in
assessing whether the future aircraft payments are still considered
highly probable of occurring, and the timing of these future
payments for aircraft. The timing of future payments for aircraft
is dependent on the aircraft manufacturer's ability to meet
forecast aircraft delivery schedules.
As at September 30, 2022 the Group had entered into forward jet
fuel hedging contracts covering approximately 66% of its estimated
requirements for fiscal year 2023 (with a further 16% covered by
jet fuel call options) and approximately 50% of its estimated
requirements for fiscal year 2024. The Group believes these hedges
(excluding the jet fuel call options) to be effective for hedge
accounting purposes.
Long-lived assets - Useful lives, residual values and
impairment
As at the half-year ended September 30, 2022, the Group had
EUR9.28BN of property, plant and equipment long-lived assets, of
which EUR9.11BN were aircraft and capitalised maintenance. In
accounting for long-lived assets, the Group must make estimates
about the expected useful lives of the assets, the expected
residual values of the assets, the cost of major airframe and
engine overhaul.
In determining the useful lives and expected residual values of
the aircraft, and the cost of major airframe and engine overhaul,
the Group has based the estimates on a range of factors and
assumptions, including its own historic experience and past
practices of aircraft disposal and 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
the current market value of new Boeing 737 aircraft, and each
aircraft's useful life is determined to be 23 years. An element of
the cost of an acquired aircraft is attributed on acquisition to
its service potential, reflecting 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 life of the aircraft.
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.
The Group evaluates, at the end of each reporting period,
whether there is any indication that its long-lived assets may be
impaired. Factors that may indicate potential impairment include,
but are not limited to, significant decrease in the market value of
an aircraft based on observable information, a significant change
in an aircraft's physical condition and operating or cash flow
losses associated with the use 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
has traditionally resulted in higher revenues and profits.
4. Income tax expense
The Group's consolidated tax expense for the half-year ended
September 30, 2022 of EUR159M (tax credit September 30, 2021:
EUR52M) comprises a current tax charge of EUR7M and a deferred tax
charge of EUR152M primarily relating to the temporary differences
for property, plant and equipment and net operating losses. This
consolidated tax charge is the aggregation of separate tax charges
and tax credits on the profits earned and losses suffered by each
of the Group's operating companies calculated in accordance with
differing tax rules and rates applicable in each jurisdiction where
the Group operates. No significant or unusual tax charges or
credits arose during the period. The effective tax rate of 11% for
the half-year (September 30, 2021: 52%) 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, 2022 the Group had an operating fleet of 486
(2021: 438) Boeing 737 and 29 (2021: 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, 2022 the Group had taken delivery of 77
of these aircraft. The remaining aircraft are due to be delivered
before the end of fiscal year 2025.
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 Chief Operating Decision Maker (CODM).
The Group comprises five separate airlines, Buzz, Lauda Europe
(Lauda), Malta Air, Ryanair DAC and Ryanair UK Limited (which is
currently included within Ryanair DAC). Ryanair DAC is reported as
a separate segment as it exceeds the applicable quantitative
thresholds for reporting purposes. Malta Air is reported as a
separate segment as it exceeded the applicable quantitative
thresholds for reporting purposes for the year ended March 31,
2022, and is included for comparative purposes. Buzz 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/(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:
Ryanair
Half-Year Ended DAC Malta Air Other Airlines Elimination Total
Sep 30, Sep 30, Sep 30, Sep 30, Sep 30,
2022 2022 2022 2022 2022
EURM EURM EURM EURM EURM
Scheduled revenue 4,346.6 - 78.2 - 4,424.8
Ancillary revenue 2,191.3 - - - 2,191.3
Inter-segment revenue 381.6 417.5 231.8 (1,030.9) -
--------- ---------- --------------- ------------ ---------
Segment revenue 6,919.5 417.5 310.0 (1,030.9) 6,616.1
--------- ---------- --------------- ------------ ---------
Reportable segment
profit
after
income tax (i) 1,343.5 4.9 22.4 - 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 87.2 447.0 - 16,597.3
Segment liabilities 9,003.6 97.9 829.7 - 9,931.2
(i) Adjusted profit after tax in the half-year to September 30,
2022, excludes a net exceptional loss after tax of EUR107.4M,
attributable to the fair value measurement of jet fuel call
options.
Ryanair
Half-Year Ended DAC Malta Air Other Airlines Elimination Total
Sep 30, Sep 30, Sep 30, Sep 30, Sep 30,
2021 2021 2021 2021 2021
EURM EURM EURM EURM EURM
Scheduled revenue 1,241.4 - 31.9 - 1,273.3
Ancillary revenue 881.6 - - - 881.6
Inter-segment revenue 332.6 365.3 184.8 (882.7) -
------------- ---------- --------------- ------------ ---------
Segment revenue 2,455.6 365.3 216.7 (882.7) 2,154.9
------------- ---------- --------------- ------------ ---------
Reportable segment (loss)/profit
after income tax (80.5) 29.6 3.3 - (47.6)
------------- ---------- --------------- ------------ ---------
Other segment information:
Depreciation 307.4 - 28.8 - 336.2
Net finance expense 42.8 - 1.9 - 44.7
Capital expenditure 553.3 - 1.9 - 555.2
Segment assets 13,729.0 95.0 245.5 - 14,069.5
Segment liabilities 8,430.0 87.0 619.6 - 9,136.6
Quarter Ended Ryanair
DAC Malta Air Other Airlines Elimination Total
Sep 30, Sep 30, Sep 30, Sep 30, Sep 30,
2022 2022 2022 2022 2022
EURM EURM EURM EURM EURM
Scheduled revenue 2,790.5 - 57.9 - 2,848.4
Ancillary revenue 1,166.2 - - - 1,166.2
Inter-segment revenue 189.8 212.4 116.8 (519.0) -
--------- ---------- --------------- ------------ ---------
Segment revenue 4,146.5 212.4 174.7 (519.0) 4,014.6
--------- ---------- --------------- ------------ ---------
Reportable segment
profit
after
income tax (i) 1,188.9 2.4 9.5 - 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 87.2 447.0 - 16,597.3
Segment liabilities 9,003.6 97.9 829.7 - 9,931.2
(i) Adjusted profit after tax in the three months to September
30, 2022, excludes a net exceptional loss after tax of EUR125M,
attributable to the fair value measurement of jet fuel call
options.
Ryanair
Quarter Ended DAC Malta Air Other Airlines Elimination Total
Sep 30, Sep 30, Sep 30, Sep 30, Sep 30,
2021 2021 2021 2021 2021
EURM EURM EURM EURM EURM
Scheduled revenue 1,055.9 - 25.5 - 1,081.4
Ancillary revenue 703.0 - - - 703.0
Inter-segment revenue 135.9 222.7 127.4 (486.0) -
--------- ---------- --------------- ------------ ---------
Segment revenue 1,894.8 222.7 152.9 (486.0) 1,784.4
--------- ---------- --------------- ------------ ---------
Reportable segment profit
after
income tax 164.3 32.3 28.4 - 225.0
--------- ---------- --------------- ------------ ---------
Other segment information:
Depreciation 187.5 - 14.4 - 201.9
Net finance expense 22.4 - 0.9 - 23.3
Capital expenditure 397.0 - 1.5 - 398.5
Segment assets 13,729.0 95.0 245.5 - 14,069.5
Segment liabilities 8,430.0 87.0 619.6 - 9,136.6
The following table disaggregates revenue by primary
geographical market. In accordance with IFRS 8 paragraph 13,
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 European
countries" includes all other countries in which the Group has
operations.
Half-Year Half-Year Quarter Quarter
Ended Ended Ended Ended
Sep 30, Sep 30, Sep 30, Sep 30,
2022 2021 2022 2021
EURM EURM EURM EURM
Italy 1,460.1 537.8 874.6 422.9
Spain 1,180.0 409.9 712.3 336.7
United Kingdom 947.6 219.2 565.8 190.4
Ireland 377.6 80.1 223.7 71.5
Other European countries 2,650.8 907.9 1,638.2 762.9
---------- ---------- --------- ---------
Total revenue 6,616.1 2,154.9 4,014.6 1,784.4
---------- ---------- --------- ---------
Ancillary revenues comprise of revenues from non-flight
scheduled operations, in-flight sales and Internet related
services. Non-flight scheduled revenue arises from the sale of
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, paragraph 114.
8. Property, plant and equipment and Right of Use assets
Acquisitions and disposals
During the half-year ended September 30, 2022, net capital
additions amounted to EUR0.7BN principally reflecting aircraft
deliveries in the period, aircraft pre-delivery deposits and
capitalised maintenance offset by supplier reimbursements of
approximately EUR128M. Right of Use assets (reflecting A320
aircraft operating lease extensions to 2028) increased by EUR114M
in the period.
9. 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
2022 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, 2022 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: T he fair value of jet
fuel call options is determined based on market accepted valuation
techniques, primarily Black-Scholes modelling (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, 2022, 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,
2022 to arrive at a fair value representing the amount payable to a
third party to assume the obligations.
As at the end of the second quarter of fiscal year 2023, the
future outlook for the business is such that there has been no
material change to the fair values of financial assets and
financial liabilities.
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 At Mar
30, At Sep 30, At Mar 31, 31,
2022 2022 2022 2022
Carrying Fair Carrying Fair
Amount Value Amount Value
--------- ----------- ----------- --------
Non-current financial assets EURM EURM EURM EURM
Derivative financial instruments:
- U.S. dollar currency forward
contracts 308.7 308.7 160.4 160.4
- Jet fuel & carbon derivative
forward contracts - - 22.2 22.2
- Interest rate swaps 4.1 4.1 2.5 2.5
--------- ----------- ----------- --------
312.8 312.8 185.1 185.1
Current financial assets
Derivative financial instruments:
- U.S. dollar currency forward
contracts 688.7 688.7 313.7 313.7
- Jet fuel options 25.9 25.9 150.5 150.5
- Jet fuel & carbon derivative
forward contracts 439.0 439.0 934.1 934.1
- Interest rate swaps 3.9 3.9 2.1 2.1
--------- ----------- ----------- --------
1,157.5 1,157.5 1,400.4 1,400.4
Trade receivables* 78.0 43.5
Cash and cash equivalents* 1,724.2 2,669.0
Financial asset: cash > 3 months* 2,844.7 934.1
Restricted cash* 22.7 22.7
--------- ----------- ----------- --------
5,827.1 1,157.5 5,069.7 1,400.4
--------- ----------- ----------- --------
Total financial assets 6,139.9 1,470.3 5,254.8 1,585.5
--------- ----------- ----------- --------
At Sep At Mar
30, At Sep 30, At Mar 31, 31,
2022 2022 2022 2022
Carrying Fair Carrying Fair
Amount Value Amount Value
--------- ----------- ----------- --------
Non-current financial liabilities EURM EURM EURM EURM
Derivative financial instruments:
- Jet fuel & carbon derivative
forward contracts 115.3 115.3 - -
--------- ----------- ----------- --------
Non-current maturities of debt:
- Long-term debt 871.2 871.8 924.8 927.1
- Promissory notes 153.0 153.0 - -
- Bonds 2,043.0 1,867.9 2,789.8 2,792.1
--------- ----------- ----------- --------
3,067.2 2,892.7 3,714.6 3,719.2
Trade payables 51.3 51.3 49.2 49.2
--------- ----------- ----------- --------
3,233.8 3,059.3 3,763.8 3,768.4
--------- ----------- ----------- --------
Current financial liabilities
Derivative financial instruments:
- Jet fuel & carbon derivative
forward contracts 114.7 114.7 7.6 7.6
- U.S. dollar currency forward
contracts 24.7 24.7 31.0 31.0
--------- ----------- ----------- --------
139.4 139.4 38.6 38.6
Current maturities of debt:
- Short-term debt 130.6 130.6 152.1 152.1
- Promissory notes 102.1 102.1 225.9 225.9
- Bonds 1,596.4 1,575.6 846.5 855.0
--------- ----------- ----------- --------
1,829.1 1,808.3 1,224.5 1,233.0
Trade payables* 1,225.4 1,029.0
Accrued expenses* 1,257.4 953.0
--------- ----------- ----------- --------
4,451.3 1,947.7 3,245.1 1,271.6
--------- ----------- ----------- --------
Total financial liabilities 7,685.1 5,007.0 7,008.9 5,040.0
--------- ----------- ----------- --------
*The fair value of each of these financial instruments
approximate their carrying values due to the short-term nature of
the instruments
During the year ended March 31, 2022, the Group issued
promissory notes with a cumulative value of EUR226M, that mature
between December 2022 and October 2023. These notes were issued in
settlement of certain aircraft trade payables and are non-interest
bearing. The carrying value of the promissory notes is not
considered to be materially different from its fair value.
10. Shareholders' equity and shareholders' returns
During the half-year ended September 30, 2022 2.6M ordinary
shares were issued at strike prices between EUR6.25 and EUR8.35 per
share following the exercise of vested options for total proceeds
of EUR19M. There were no shareholder returns during the half-year
ended September 30, 2022.
11. 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, 2022 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 2022
Annual Report that could have a material effect on the financial
position or performance of the Group in the same period.
12. Post balance sheet events
There were no significant post balance sheet events.
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
Transparency Rules of the Central Bank of Ireland.
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 Transparency Rules of
the Central Bank of Ireland;
-- 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, 2022
("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 Transparency Rules of the
Central Bank of Ireland.
(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 4, 2022
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, 2022 (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, 2022 on page 1;
-- the condensed consolidated interim income statement and
condensed consolidated interim statement of comprehensive income
for the six months then ended on pages 2 and 4;
-- the condensed consolidated interim income statement and
condensed consolidated interim statement of comprehensive income
for the three months then ended on pages 3 and 4;
-- the condensed consolidated interim statement of cash flows
for the period then ended on page 5;
-- the condensed consolidated interim statement of changes in
shareholders' equity for the period then ended on page 6; and
-- the Notes forming Part of the Condensed Consolidated Interim
Financial Statements on pages 13 to 22. The MD&A Half-Year
Ended September 30, 2022, MD&A Quarter Ended September 30, 2022
and Interim Management Report included in the half-yearly report on
pages 7 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
4 November 2022
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.
[1] Sustainalytics - a leading independent ESG & corporate
governance research, ratings & analytics firm.
[2] Science Based Targets initiative - a collaboration between
CDP, the United Nations Global Compact, World Resources Institute
& the Worldwide Fund for Nature. It helps companies to set
emission reduction targets in line with climate science & the
Paris Agreement goals.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ISEUPGCWGUPPGMC
(END) Dow Jones Newswires
November 07, 2022 02:00 ET (07:00 GMT)
Ryanair (LSE:RYA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ryanair (LSE:RYA)
Historical Stock Chart
From Apr 2023 to Apr 2024