ExplanationofFinancial Impact
Ryanair Holdings PLC
02 August 2005
Ryanair Holdings plc
Explanation of the financial impact following adoption of International
Financial Reporting Standards ('IFRS').
2 August 2005
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
TABLE OF CONTENTS
Page
No.
Introduction 1
1. Summary reconciliation from Irish/UK GAAP to IFRS for the 2
year ended 31 March 2005
2. Principal Changes under IFRS 3
3. Basis of preparation and transition effects 5
4. Provisional accounting policies under IFRS 7
5. Restatement of 1 April 2004 and 31 March 2005 Provisional 13
Balance Sheets and Income Statements under IFRS
5.1. Date of Transition under IFRS - 1 April 2004 13
5.2. 31 March 2005 Balance Sheet restated under 14
IFRS
5.3. 31 March 2005 Income Statement restated under 15
IFRS
6. Comparative quarterly information for the year to 31 March 16
2005
6.1. Balance Sheet restated - 30 June 2004 16
6.2. Balance Sheet restated - 30 September 2004 17
6.3. Balance Sheet restated - 31 December 2004 18
6.4. Balance Sheet restated - 31 March 2005 19
6.5. Income Statement restated - 30 June 2004 20
6.6. Income Statement restated - 30 September 21
2004
6.5. Income Statement restated - 31 December 2004 22
6.5. Income Statement restated - 31 March 2005 23
7. Statement of Recognised Income and Expense from 30 June 24
2004 to 31 March 2005
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
Introduction
From 1 April 2005 Ryanair Holdings plc ('Ryanair') is required to prepare its
primary financial statements under International Financial Reporting Standards
('IFRS') as adopted for use in the European Union. This change applies to all
financial reporting accounting periods beginning on or after 1 January 2005 and
consequently, Ryanair's first results to be reported under IFRS are the interim
results for the quarter ending 30 June 2005. The Group's first annual report
under IFRS will be prepared for the financial year to 31 March 2006. Ryanair is
required to publish comparative information from the date of transition except
for certain exemptions provided by the transitional arrangements in IFRS 1
('First Time Adoption of International Financial Reporting Standards').
Ryanair's date of transition is 1 April 2004.
Information regarding the adoption by Ryanair of IFRS reporting is presented in
this document as follows;
1. Summary reconciliation of Ryanair's Income Statement and Balance Sheet from
Irish/UK GAAP to IFRS for the year ended and as at 31 March 2005;
2. Principal changes under IFRS;
3. Basis of preparation and transition effects;
4. Provisional accounting policies under IFRS;
5. Restatement of 31 March 2005 financial information from Irish GAAP to IFRS
including date of transition balance sheet at 1 April 2004;
6. Comparative quarterly information for the year to 31 March 2005, and
7. Statement of Recognised Income and Expense for the year to 31 March 2005
The source of the historical Irish/UK GAAP financial information in this
document is the audited consolidated financial statements and annual report for
the year to 31 March 2004 and the unaudited consolidated financial statements
for the year to 31 March 2005 included in the preliminary announcement of the
Group's results made on 31 May 2005. The audited consolidated financial
statements and annual report for the year to 31 March 2005 will be available in
due course.
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
1. Summary Reconciliation from Irish/UK GAAP to IFRS for year ended 31 March
2005;
Year Ended
31-Mar-05
€'000
Net Income (after tax) under Irish/UK GAAP 266,741
Retirement Benefits (net of tax) (260)
Effect of Business Combinations 14,050
Share Based Payments (488)
Preliminary Net Income (after tax) under IFRS 280,043
Earnings per Share 37c
Diluted Earning per Share 37c
% Variance from accounting changes 5.0%
Shareholders equity under Irish GAAP 1,727,411
Retirement Benefits (9,300)
Effect of Business Combinations 16,393
Preliminary Shareholders equity under IFRS* 1,734,504
% Variance from accounting changes 0.4%
*At 1 April 2005 Ryanair has accounted for all of its derivatives in
accordance with IAS 39, with the result that an opening charge of €146.4
million together with a related deferred tax benefit of €18.3 million has
been recorded directly in opening reserves, principally relating to the
company's interest rate swaps, which were entered into at a time when
underlying interest rates were higher than present market rates. The company
also recorded the following entries in respect of fair value hedges for firm
commitments; an increase of €2.7 million in derivative financial assets held
and a corresponding decrease in other creditors, with no amount of
ineffectiveness recorded in the income statement.
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
2. Principal Changes under IFRS
The following summary sets out the most significant changes required to
Ryanair's consolidated financial statements as a result of the transition to
IFRS. The effect of these changes is set out in Section 5 of this report.
IAS 19: Pension and other Post Retirement Benefits (recurring change)
In accordance with IAS 19 ('Employee Benefits'), the assets and liabilities of
the defined benefit pension plans operated by Ryanair have been recognised,
gross of deferred tax, in the balance sheet at the date of transition to IFRS in
accordance with the valuation and measurement requirements of the standard.
Deferred tax has been computed in respect of the Group's pension liabilities
arising as a result of the application of IAS 19 and the related deferred tax
assets have been included in the restatements at the various balance sheet
dates.
In accordance with the exemption afforded under the amendment to IFRS 1, the
Group has elected to recognise all cumulative actuarial gains and losses
attributable to its defined benefit pension schemes as at the transition date.
Also in line with the amendment to IAS 19, actuarial gains and losses arising
after the transition date are dealt with in retained income via the Statement of
Recognised Income and Expense, and all other pension scheme movements have been
accounted for in the Group's income statement.
IFRS 3: Business Combinations
The Group has elected to restate the acquisition of Buzz on 10 April 2003 (the
Group's only business combination to date) in accordance with the provisions of
IFRS 3 ('Business Combinations'). As the principal assets and liabilities
acquired at that time related to take-off and landing slots at Stansted airport,
and onerous leases for aircraft, the restatement of the business combination
under IFRS 3 has given rise to the following adjustments:
1. Reversal of goodwill amortisation since the date of the acquisition
amounting to €4.5 million.
2. Reallocation of all of the fair value of assets acquired at the time (being
€46.8 million) from goodwill to intangible assets, represented by take-off
and landing rights ('slots') at Stansted airport. This adjustment was
required to recognise the fair value of assets required to be recognised
under the provisions of IFRS 3 and IAS 38 'Intangible Assets'. This asset is
considered to be indefinite lived because the slots do not expire as long as
they continue to be utilised and it is Ryanair's intention to utilise these
slots for the foreseeable future. Accordingly, the slots acquired have not
been amortised. The slots acquired have also been subsequently reviewed for
impairment in accordance with the provisions of IAS 36 'Impairment of
Assets' and no impairment of this asset is considered to have occurred since
the date of acquisition.
3. No change has been recorded to the provisional fair value of onerous leases
taken over on acquisition as the impact of discounting such amounts is not
considered to be material in the context of the Group's results. Subsequent
to the acquisition, however, Ryanair renegotiated the terms and conditions
of these leases and agreed to return the aircraft to the lessors in late
2004, thereby releasing Ryanair from any remaining lease obligations at that
time. Irish GAAP permits that such an adjustment can be made to the
provisional value of the assets and liabilities acquired as part of the
original business combination, provided that the adjustment is made either
in the reporting period that the combination took place or in the first full
financial period following the transaction. IFRS 3, however, only allows
such an adjustment to be made in the 12 month period following the
acquisition, and accordingly, as the event occurred more than 12 months
after the acquisition date, under IFRS this adjustment is made to the
Group's income statement instead. This gives rise to a credit of €11.9m to
the income statement in the period to 31 March 2005.
IFRS 2: Share Based Payments (recurring change)
IFRS 2 ('Share Based Payment') requires the Group to recognise any share based
payments made to employees during a reporting period as a charge to the income
statement over the vesting period of the options, together with a corresponding
increase in equity. The charge of €0.5 million for the year ended 31 March 2005
for share option grants has been computed using the Binomial Lattice
methodology. A similar charge will recur quarterly over the vesting period of
the existing options and there may be additional charges as further share
options are granted.
Ryanair has availed of the transition provisions in IFRS 1 for share based
payments by only applying the fair value calculation to share option grants that
were made after 7 November 2002 but which had not vested by 1 January 2005 . Had
Ryanair recognised all vested grants of shares between 7 November 2002 and 1
January 2005, the Group's equity at 31 March 2005 would have increased by €9.4m
with a corresponding reduction in retained earnings.
IAS 39: Derivative Financial Instruments (recurring change)
IAS 39 ('Financial Instruments: Recognition and Measurement') requires that all
financial instruments are recorded at fair value or amortised cost dependant on
the nature of the financial asset or financial liability. Derivatives are always
measured at fair value with changes in value arising from fluctuations in
interest rates, foreign exchange rates or commodity prices. Under Irish GAAP,
where the derivatives form part of a hedging agreement, these are not initially
measured on the balance sheet and any related gains or losses arising are
deferred until the underlying hedged item impacts on the financial statements.
Ryanair has taken advantage of the exemption from the requirement to restate
comparative information for IAS 39 contained in IFRS 1. As a result of this
exemption the information presented for all periods up to 31 March 2005 has been
accounted for in accordance with Irish/UK GAAP.
At 1 April 2005 Ryanair has accounted for all of its derivatives in accordance
with IAS 39, with the result that an opening charge of €146.4 million together
with a related deferred tax benefit of €18.3 million has been recorded directly
in opening reserves, principally relating to the company's interest rate swaps,
which were entered into at a time when underlying interest rates were higher
than present market rates. The company also recorded the following entries in
respect of fair value hedges for firm commitments; an increase of €2.7 million
in derivative financial assets held and a corresponding decrease in other
creditors, with no amount of ineffectiveness recorded in the income statement.
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
3. Basis of preparation and transition effects.
Basis of Preparation
EU law (IAS Regulation EC 1606/2002) requires that the annual consolidated
financial statements of the company, for the year ending 31 March 2006, be
prepared in accordance with accounting standards adopted for use in the European
Union (EU) further to the IAS Regulation (EC 1606/2002) ('accounting standards
adopted by the EU').
This preliminary financial information comprising the consolidated preliminary
balance sheets of the company and its subsidiaries at 1 April 2004 and 31 March
2005 and the consolidated preliminary income statement at 31 March 2005 and the
related explanatory notes have been prepared on the basis of the recognition and
measurement requirements of IFRSs in issue that either are adopted by the EU and
effective (or available for early adoption) at 31 March 2006 or are expected to
be adopted and effective (or available for early adoption) at 31 March 2006, the
Group's first annual reporting date at which it is required to use accounting
standards adopted by the EU. Based on these recognition and measurement
requirements, management has made assumptions about the accounting policies
expected to be applied, which are as set out below, when the first annual
financial statements are prepared in accordance with accounting standards
adopted by the EU for the financial year ending 31 March 2006.
In particular, management has assumed that the following IFRS's issued by the
International Accounting Standards Board and IFRIC Interpretations issued by the
International Financial Reporting Interpretations Committee will be adopted by
the EU such that they will be available for use in the annual IFRS financial
statements for the year ending 31 March 2006: Amendment to IAS 19: Actuarial
Gains and Losses, Group Plans and Disclosures.
In addition, the accounting standards adopted by the EU that will be effective
(or available for early adoption) in the annual financial statements for the
year ending 31 March 2006 are still subject to change and to additional
interpretations and therefore cannot be determined with certainty. Accordingly,
the accounting policies for that annual period will be determined finally only
when the annual financial statements are prepared for the year ending 31 March
2006.
The unaudited Group results for the three months to 30 June 2005 and the
comparative quarterly information in the prior periods, also included in this
report, have been prepared on a basis consistent with the IFRS accounting
policies as set out herein. These quarterly financial statements have been
prepared under the historical cost convention, except in respect of certain
financial instruments, which have been fair valued in accordance with the
requirements of IAS 39.
Transition Effects
IFRS 1 permits those companies adopting IFRS for the first time to avail of
certain exemptions from the full requirements of IFRS on transition. Ryanair
intends to avail of the following key exemptions:
•Pensions and post retirement benefits: At the transition date Ryanair has
re-evaluated its defined benefit pension plans in accordance with IAS 19,
and all cumulative actuarial gains and losses have been recognised in the
opening balance sheet within pension assets or pension liabilities, and
adjusted against retained income.
•Financial instruments: Financial instruments in the comparative periods
are recorded using the existing Irish/UK GAAP basis, rather than being
restated in accordance with IAS 32, Financial Instruments: Disclosure and
Presentation, and IAS 39, Financial Instruments: Recognition and
Measurement. The requirements of IAS 32 and 39 will instead be applied from
1 April 2005, as permitted by IFRS 1.
•Share-based payments: IFRS 2 has been adopted from the transition date
and is only being applied to equity settled share options granted on or
after 7 November 2002 which had not vested by 1 January 2005. Ryanair has
elected to avail of the option not to apply full retrospective application
of the standard.
•Business combinations: Ryanair has elected to restate its only business
combination (the acquisition of Buzz on 10 April 2003) to comply with IFRS 3
'Business Combinations', and has also applied the provisions of IAS 36
'Impairment of Assets' and IAS 38 'Intangible Assets' from the same date.
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
4. Provisional accounting policies under IFRS
Basis of Consolidation
The restated financial information includes the financial statements of the
company and all subsidiary undertakings drawn up to the relevant period end.
The results of subsidiary undertakings acquired or disposed of in the period
are included in the consolidated income statement from the date on which
control is transferred to or from the Group. Control exists when the Group
has the power, either directly or indirectly to govern the financial and
operating policies of an entity so as to obtain economic benefit from its
activities.
Estimates and Uncertainties
The preparation of consolidated financial information requires management to
make judgments, estimates and assumptions that affect the application of
policies and reported amounts of assets and liabilities, income and
expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable
under the circumstances, the results of which form the basis of making the
judgments about carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are 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 the revision affects both
current and future periods.
Intangible Assets - Landing Rights
Intangible assets acquired are recognised to the extent it is considered
probable that expected future benefits will flow to the Group and the
associated costs can be measured reliably. Landing rights acquired as part
of a business combination are capitalised at fair value at that date and are
not amortised, where those rights are considered to be indefinite. The
carrying value of these rights are reviewed for impairment at each reporting
date and are subject to impairment testing when events or changes in
circumstances indicate that carrying values may not be recoverable. No
impairment to the carrying values of the Group's intangible assets has been
recorded to date.
Revenues
Scheduled revenues comprise the invoiced value of airline and other
services, net of government taxes. Revenue from the sale of flight seats is
recognised in the period in which the service is provided. Unearned revenue
represents flight seats sold but not yet flown and is included in accrued
expenses and other liabilities. It is released to the income statement as
passengers fly. Unused tickets are recognised as revenue on a systematic
basis. Miscellaneous fees charged for any changes to flight tickets are
recognised as revenue immediately.
Ancillary revenues are recognised in the income statement in the period the
ancillary services are provided.
Foreign Currency Translation
Items included in the financial statements of each of the Group's entities
are measured using the currency of the primary economic environment in which
the entity operates (the 'functional currency'). The consolidated financial
statements are presented in Euro, which is the functional currency of each
of the Group's entities.
Transactions arising in foreign currencies are recorded at the rates of
exchange ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies are
retranslated at the rate of exchange prevailing at the balance sheet date
and all related exchange gains or losses are accounted for through the
income statement. Non-monetary assets and liabilities denominated in foreign
currencies are translated to euro at foreign exchange rates ruling at the
dates the transactions were effected.
Pensions and Other Post Retirement Obligations
The Group provides employees with post retirement benefits in the form of
pensions. The Group operates a number of defined contribution and defined
benefit pension schemes.
Costs arising in respect of the Group's defined contribution pension schemes
are charged to the income statement in the period in which they are
incurred.
For defined contribution schemes, the Group recognises contributions due in
respect of the accounting period in the income statement. Any contributions
unpaid at the balance sheet date are included as a liability.
The liabilities and costs associated with the Group's defined benefit
pension schemes are assessed on the basis of the projected unit credit
method by professionally qualified actuaries and are arrived at using
actuarial assumptions based on market expectations at the balance sheet
date. The discount rates employed in determining the present value of each
scheme's liabilities are determined by reference to market yields at the
balance sheet date of high quality corporate bonds in the same currency and
term that is consistent with those of the associated pension obligations.
The net surplus or deficit arising on the Group's defined benefit schemes is
shown within non-current assets or liabilities on the balance sheet. The
deferred tax impact of any such amount is disclosed separately within
deferred tax.
IAS 19 requires separate recognition of the operating and financing costs of
defined benefit pensions (and similarly funded employee benefits) in the
income statement. The standard permits a number of options for the
recognition of actuarial gains and losses. In accordance with the exemption
granted under IFRS 1, IAS 19 has not been applied retrospectively in
preparing the Group's transition balance sheet to IFRS. All cumulative
actuarial gains and losses as at the transition date (1 April 2004) have
therefore been recognised in retained income at that date.
Share Based Payments
The Group engages in equity settled share-based payment transactions in
respect of services received from certain of its employees. The fair value
of the services received is measured by reference to the fair value of the
share options granted on the date of the grant. The cost of the employee
services received in respect of the share options granted is recognised in
the income statement over the period that the services are received, which
is the vesting period with a corresponding credit to equity. The fair value
of the options granted is determined using the Binomial Lattice option
pricing model, which takes into account the exercise price of the option,
the current share price, the risk free interest rate, the expected
volatility of the Ryanair Holdings plc share price over the life of the
option and other relevant factors. Vesting conditions are taken into account
by adjusting the number of shares or share options included in the
measurement of the cost of employee services so that ultimately, the amount
recognised in the income statement reflects the number of vested shares or
share options
In accordance with the transition provisions in IFRS 1, Ryanair has applied
this fair value calculation to share option grants that were made after 7
November 2002, but which had yet to vest by 1 January 2005.
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
Income taxes, including Deferred Income Taxes
Income tax payable on taxable profits is recognised as an expense in the
period in which the profits arise. Income tax recoverable on tax allowable
losses is recognised as an asset only to the extent that it is probable that
it will be recovered by offset against current or future taxable profits.
Income tax is recognized in the income statement except to the extent that
relates to items recognized directly in equity (derivative financial
instruments and pensions and other post retirement obligations), in which
case it is recognized in equity.
Deferred income tax is provided in full, using the liability method, on
temporary timing differences arising from the tax bases of assets and
liabilities and their carrying amounts in the consolidated financial
statements. Deferred income tax is determined using tax rates and
legislation enacted or substantially enacted by the balance sheet date and
expected to apply when the deferred tax asset is realised or the deferred
tax liability is settled. The following temporary differences are not
provided for: the initial recognition of assets and liabilities that effect
neither accounting nor taxable profit and differences relating to
investments in subsidiaries to the extent that it is probable they will not
reverse in the future.
Deferred and current tax assets and liabilities are only offset when they
arise in the same tax reporting Group and where there is both the legal
right and the intention to settle on a net basis or to realise the asset and
settle the liability simultaneously.
Leases
Assets held under finance leases, which are leases where substantially all
the risks and rewards of ownership have transferred to the Group, are
capitalised in the balance sheet and are depreciated over their estimated
useful lives. The asset is recorded at the lower of its fair value, less
accumulated depreciation, and the present value of the minimum lease
payments at the inception of the finance lease. The present values of the
future lease payments are recorded as obligations under finance leases and
the interest element of the lease obligation is charged to the income
statement over the period of the lease in proportion to the balances
outstanding.
Expenditure arising under operating leases (being leases where the lessor
retains substantially all the risks and rewards of ownership) is charged to
the income statement as incurred. The Group also enters into sale and
leaseback transactions whereby it sells the rights to acquire aircraft to a
third party and subsequently leases the aircraft back, by way of operating
lease. Any profit on the disposal, where the price achieved on the disposal
of the aircraft is not considered to be at fair value, is spread over the
lease term. The profit or loss amount deferred is included within other
creditors and analysed into its components of greater or less than one year.
Aircraft Maintenance Costs
The accounting for the cost of providing major airframe and certain engine
maintenance checks for owned aircraft is described in the accounting policy
for tangible fixed assets and depreciation. With respect to the Group's
operating lease agreements, where the Group has a commitment to maintain the
aircraft, provision is made during the lease term for the obligation based
on estimated future costs of major airframe and certain engine maintenance
checks by making appropriate charges to the income statement calculated by
reference to the number of hours or cycles operated during the year.
All other maintenance costs are expensed as incurred.
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
Property, Plant and Equipment
Aircraft Type No. of Owned Useful Life Residual Value at
Aircraft 31 March 2005
Boeing 9 20 Years from date of €500,000
737-200 manufacture
Boeing 65 23 years from date of 15% of original
737-800 manufacture cost
Rates of Depreciation
Plant and Equipment 20 - 33.3%
Fixtures and Fittings 20%
Motor Vehicles 33.3%
Buildings 5%
Property, plant and equipment is stated at historical cost less accumulated
depreciation and provisions for impairments, if any. Depreciation is
calculated so as to write off the cost, less estimated residual value of
assets, on a straight line basis over their expected useful lives at the
annual rates in the table above.
Aircraft are depreciated over their estimated useful lives to estimated
residual values as detailed in the table above.
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
check (usually between 8 and 12 years for Boeing 737-800 'next generation'
aircraft) or the remaining life of the aircraft.
The costs of subsequent major airframe and engine maintenance checks are
capitalised and amortised over the shorter of the period to the next check
or the remaining useful life of the aircraft.
Advance and option payments made in respect of aircraft purchase commitments
and options are recorded at cost and separately disclosed as part of
tangible fixed assets. On acquisition of the related aircraft these payments
are included as part of the cost of aircraft and are depreciated from that
date.
Cash and Cash Equivalents
Cash represents cash held at bank and available on demand, offset by bank
overdrafts.
Cash equivalents are current asset investments (other than cash) that are
readily convertible into known amounts of cash. Cash equivalents include
investments in commercial paper, certificates of deposit and cash deposits
of more than one day, but less than three months. Deposits with a maturity
of greater than three months are recognised as short term investments.
Inventories
Inventories, principally representing rotable aircraft spares, are stated at
the lower of cost and net realisable value. Cost is based on invoiced price
on a weighted average basis for all stock categories. Net realisable value
is calculated as estimated selling price net of estimated selling costs.
Trade and Other Receivables and Payables
Trade and other receivables and payables are stated at cost less impairment
losses, which approximates to fair value given the short dated nature of
these assets and liabilities.
Derivative Financial Instruments
Ryanair is exposed to market risks relating to fluctuations in commodity
prices, interest rates and currency exchange rates. The objective of
financial risk management at Ryanair is to minimize the impact of commodity
price, interest rate and foreign exchange rate fluctuations on the Group's
earnings, cash flows and equity.
To manage these risks, Ryanair uses various derivative financial
instruments, including interest rate swaps, foreign currency forward
contracts and commodity contracts. These derivative financial instruments
are generally held to maturity and are not actively traded. The Group enters
into these arrangements with the goal of hedging its operational and balance
sheet risk. However, Ryanair's exposure to commodity price, interest rate
and currency exchange rate fluctuations cannot be neutralized completely.
From 1 April 2005, the company has applied the provisions of IAS 39 in
accounting for its derivatives. Derivative financial instruments are
recognised initially at cost. Subsequent to initial recognition, derivative
financial instruments are stated at fair value. Recognition of any resultant
gain or loss depends on the nature of the item being hedged.
The fair value of interest rate swaps is the estimated amount that the Group
would receive or pay to terminate the swap at the balance sheet date, taking
into account current interest rates and the current creditworthiness of the
swap counterparties. The fair value of forward exchange contracts and jet
fuel contracts is their quoted market price at the balance sheet date, being
the present value of the quoted forward price.
Where a derivative financial instrument is designated as a hedge of the
variability in cash flows of a recognised asset or liability or a highly
probable forecasted transaction, the effective part of any gain or loss on
the derivative financial instrument is recognised directly in equity. When
the forecasted transaction results in the recognition of an asset or
liability, the cumulative gain or loss is removed from equity and included
in the initial measurement of the asset or liability. Otherwise the
cumulative gain or loss is removed from equity and recognised in the income
statement at the same time as the hedged transaction. The ineffective part
of any hedging transaction and the gain or loss therein is recognised in the
income statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged
transaction still is expected to occur, the cumulative gain or loss at that
point remains in equity and is recognised in accordance with the above
policy when the transaction occurs. If the hedged transaction is no longer
expected to take place, the cumulative unrealised gain or loss recognised in
equity is recognised in the income statement immediately.
Where a derivative financial instrument hedges the changes in fair value of
a recognised asset or liability or an unrecognised firm commitment, any gain
or loss on the hedging instrument is recognised in the income statement. The
hedged item also is stated at fair value in respect of the risk being
hedged, with any gain or loss also being recognised in the income statement.
Under Irish GAAP and as applied in the periods to 31 March 2005, Ryanair's
fuel forward contracts, foreign currency forward contracts and interest rate
swaps were treated as hedges, and any unrealised gains or losses arising on
those contracts were deferred and recognized as an offset to the related
expenses, when realized.
Business Combinations
The purchase method of accounting is employed in accounting for the
acquisition of businesses. In accordance with IFRS 3, the cost of a business
combination is measured as the aggregate of the fair values at the date of
exchange of assets given and liabilities incurred or assumed in exchange for
control, together with any directly attributable expenses. The assets and
liabilities and contingent liabilities of the acquired entity are measured
at their fair values at the date of acquisition. When the initial accounting
for a business combination is determined provisionally, any adjustments to
the provisional values allocated are made within twelve months of the
acquisition date and are effected prospectively from that date.
Interest Bearing Loans and Borrowings
All loans and borrowings are initially recorded at cost, being the fair
value of the consideration received, net of attributable transaction costs.
Subsequent to initial recognition, non-current interest bearing loans are
measured at amortised cost, using the effective interest yield methodology.
Financial Assets
Financial assets comprise cash deposits of greater than three months
maturity. All are classified as held to maturity as there is a significant
financial disincentive from redeeming such amounts at an earlier stage.
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
5. Restatement of 1 April 2004 and 31 March 2005 provisional balance sheets and
income statements under IFRS
This section sets out the impact of the preliminary adjustments required in
transitioning to IFRS.
5.1. Date of Transition under IFRS - 1 April 2004
Irish/UK Retirement Business Share Total IFRS
GAAP Benefits Combination Based Effect
Payment
€'000 €'000 €'000 €'000 €'000 €'000
Non-Current
Assets
Intangible
Assets 44,499 2,342 2,342 46,841
Tangible
Assets 1,576,526 1,576,526
Deferred
tax asset - 615 615 615
Total
Non-Current
Assets 1,621,025 615 2,342 2,957 1,623,982
Current
Assets
Inventories 26,440 26,440
Other 19,251
Assets 19,251
Accounts
Receivable 14,932 14,932
Restricted
Cash 200,000 200,000
Financial
assets - cash
held to
maturity >
3 months 312,745 312,745
Cash andcash
equivalents 744,260 744,260
Total Current
Assets 1,317,628 1,317,628
Total
Assets 2,938,653 615 2,342 2,957 2,941,610
Current
Liabilities
Accounts
Payable 67,936 67,936
Accrued
expenses and
other
liabilities 324,963 324,963
Current
Maturities of
long term
debt 80,337 80,337
Current tax 13,245 13,245
Total Current
Liabilities 486,481 486,481
Other
liabilities
Provisions
for liabilities
and charges 6,522 6,522
Deferred tax 87,670 87,670
Other
creditors 30,047 4,922 4,922 34,969
Long term
debt 872,645 872,645
Total Other
Liabilities 996,884 4,922 4,922 1,001,806
Shareholders
funds
Called up
share capital 9,643 9,643
Share premium
account 560,406 560,406
Profit and
loss account 885,239 (4,307) 2,342 (1,965) 883,274
Shareholders
funds -
equity 1,455,288 (4,307) 2,342 (1,965) 1,453,323
Total
liabilities
and
shareholders
funds 2,938,653 615 2,342 2,957 2,941,610
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
5.2. 31 March 2005 Balance Sheet restated under IFRS
31-Mar-05 01-Apr-04 Retirement Business Share Total 31-Mar-05
Benefits Combination Based Effect
Payment
€'000 €'000 €'000 €'000 €'000 €'000
Non-Current
Assets
Intangible
Assets 30,449 2,342 14,050 16,392 46,841
Tangible
Assets 2,092,283 2,092,283
Deferred tax
asset - 615 713 1,328 1,328
Total
Non-Current
Assets 2,122,732 2,957 713 14,050 17,720 2,140,452
Current
Assets
Inventories 28,069 28,069
Other 24,612 24,612
Assets
Accounts
Receivable 20,644 20,644
Restricted
Cash 204,040 204,040
Financial
assets - cash
held to
maturity > 3
months 529,407 529,407
Cash and cash
equivalents 872,258 872,258
Total Current
Assets 1,679,030 1,679,030
Total
Assets 3,801,762 2,957 713 14,050 17,720 3,819,482
Current
Liabilities
Accounts
Payable 92,118 92,118
Accrued
expenses and
other
liabilities 414,997 414,997
Current
Maturities of
long term
debt 120,997 120,997
Current tax 21,190 21,190
Total Current
Liabilities 649,302 649,302
Other
liabilities
Provisions
for liabilities
and charges 7,236 7,236
Deferred
tax 105,509 105,509
Other
Creditors 18,444 4,922 5,706 10,628 29,072
Long term 1,293,860 1,293,860
debt
Total Other
Liabilities 1,425,049 4,922 5,706 10,628 1,435,677
Shareholders
funds
Called up
share capital 9,675 9,675
Share premium
account 565,756 565,756
Profit and
loss account 1,151,980 (1,965) (4,993) 14,050 (488) 6,604 1,158,584
Equity
Reserve 488 488 488
Shareholders
funds -
equity 1,727,411 (1,965) (4,993) 14,050 7,092 1,734,503
Total
liabilities
and
shareholders
funds 3,801,762 2,957 713 14,050 17,720 3,819,482
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
5.3. 31 March 2005 Income Statement restated under IFRS
Consolidated
Profit and Loss
Account
IRGAAP PY Adj IFRS
31-Mar-05 01-Apr-04 Retirement Business Share Total 31-Mar-05
Benefits Combination Based Effect
Payment
€'000 €'000 €'000 €'000 €'000 €'000 €'000
Operating
revenue
Scheduled
Revenue 1,128,116 1,128,116
Ancillary
revenue 208,470 208,470
Total
operating
revenue 1,336,586 1,336,586
Operating expenses
Staff
costs (140,997) (188) (488) (676) (141,673)
Depreciation
& amortisation(98,703) (98,703)
Fuel & oil (265,276) (265,276)
Maintenance,
materials and
repairs (37,934) (37,934)
Marketing (19,622) (19,622)
Aircraft
rentals (33,471) (33,471)
Route
charges (135,672) (135,672)
Airport &
handling (178,384) (178,384)
costs
Other
costs (97,038) (97,038)
Total
operating
expenses (1,007,097) (188) (488) (676) (1,007,773)
Operating
profit -
before
amortisation
of goodwill 329,489 (188) (488) (676) 328,813
Goodwill (2,125) 2,125 2,125 -
Operating
profit after
amortisation
of goodwill 327,364 (188) 2,125 (488) 1,449 328,813
Other
(expenses)/
income
Foreign
exchange
gains (2,323) 21 21 (2,302)
(Loss) on
disposal of
fixed assets 47 47
Interest
receivable
and similar
income 28,342 28,342
Interest
payable and
similar
charges (57,499) (130) (130) (57,629)
Purchase
accounting
adjustment 11,925 11,925 11,925
Total other
(expenses)/
income (31,433) (109) 11,925 11,816 (19,617)
Profit on
ordinary
activities 295,931 (297) 14,050 (488) 13,265 309,196
Tax (29,190) 37 37 (29,153)
Profit after
tax 266,741 (260) 14,050 (488) 13,302 280,043
Earnings per
Share 0.35 0.37
Diluted
Earnings Per
Share 0.35 0.37
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
6. Comparative quarterly information for the year to 31 March 2005
6.1. Balance Sheet restated - 30 June 2004
Irish/UK Prior Retirement Business Share Total Restated
GAAP Adj. Benefits Combination Based Effect Under
Payment IFRS
€'000 €'000 €'000 €'000 €'000 €'000
Non Current
Assets
Intangible
Assets 43,914 2,342 586 2,928 46,842
Tangible
Assets 1,612,800 1,612,800
Deferred tax
asset - 615 178 793 793
Total
Non-current
assets 1,656,714 2,957 178 586 3,721 1,660,435
Current Assets
Inventories 27,116 27,116
Other
Assets 19,269 19,269
Accounts
Receivable 14,002 14,002
Restricted
cash 200,000 200,000
Financial
assets - cash
held to
maturity > 3
months 157,427 157,427
Cash and cash
equivalents 967,948 967,948
Total Current
Assets 1,385,762 1,385,762
Total
Assets 3,042,476 2,957 178 586 3,721 3,046,197
Current
Liabilities
Accounts
Payable 79,341 79,341
Accrued
expenses and
other
liabilities 378,329 378,329
Current
Maturities of
long term
debt 81,350 81,350
Current tax 13,793 13,793
Total current
liabilities 552,813 552,813
Non-current
liabilities
Provisions
for
liabilities
and charges 8,008 8,008
Deferred
tax 92,010 92,010
Other
creditors 29,529 4,922 1,426 6,348 35,877
Long term
debt 852,119 852,119
Total other
liabilities 981,666 4,922 1,426 6,348 988,014
Equity
Called up
share
capital 9,644 9,644
Share premium
account 560,559 560,559
Profit and
loss
account 937,794 (1,965) (1,248) 586 (2,627) 935,167
Shareholders
funds -
equity 1,507,997 (1,965) (1,248) 586 (2,627) 1,505,370
Total
liabilities
and
shareholders
funds 3,042,476 2,957 178 586 3,721 3,046,197
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
6.2. Balance Sheet restated - 30 September 2004
Irish Prior Retirement Business Share Total Restated
GAAP Adj. Benefits Combination Based Effect Under
Payment IFRS
€'000 €'000 €'000 €'000 €'000 €'000 €'000
Non Current
Assets
Intangible
Assets 43,327 2,928 586 3,514 46,841
Tangible
Assets 1,738,458 1,738,458
Deferred tax
asset - 793 178 971 971
Total
Non-current
assets 1,781,785 3,721 178 586 4,485 1,786,270
Current Assets
Inventories 26,469 26,469
Other
Assets 21,259 21,259
Accounts
Receivable 16,806 16,806
Restricted
cash 200,000 200,000
Financial
assets - cash
held to
maturity > 3
months 668,224 668,224
Cash and cash
equivalents552,822 552,822
Total Current
Assets 1,485,580 1,485,580
Total
Assets 3,267,365 3,721 178 586 4,485 3,271,851
Current
Liabilities
Accounts
Payable 75,362 75,362
Accrued
expenses and
other
liabilities 334,596 334,596
Current
Maturities of
long term
debt 91,932 91,932
Current tax 22,361 22,361
Total current
liabilities 524,251 524,251
Non-current
liabilities
Provisions
for
liabilities 9,885 9,885
and charges
Deferred
tax 98,095 98,095
Other
Creditors 27,551 6,348 1,426 7,774 35,325
Long term
debt 951,985 951,985
Total other
lia-
bilities 1,087,516 6,348 1,426 7,774 1,095,290
Equity
Called up
share
capital 9,644 9,644
Share premium
account 560,605 560,605
Profit and
loss
account 1,085,349 (2,627) (1,248) 586 (3,289) 1,082,060
Shareholders
funds -
equity 1,655,598 (2,627) (1,248) 586 (3,289) 1,652,309
Total
liabilities
and
shareholders
funds 3,267,365 3,721 178 586 4,485 3,271,851
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
6.3. Balance Sheet restated - 31 December 2004
Irish Prior Retirement Business Share Total Restated
GAAP Adj. Benefits Combination Based Effect Under
Payment IFRS
€'000 €'000 €'000 €'000 €'000 €'000 €'000
Non Current
Assets
Intangible
Assets 30,872 3,514 12,455 15,969 46,841
Tangible
Assets 1,845,452 1,845,452
Deferred tax
asset - 971 178 1,149 1,149
Total
Non-current
assets 1,876,324 4,485 178 12,455 17,118 1,893,442
Current
Assets
Inventories 27,160 27,160
Other
Assets 18,608 18,608
Accounts
Receivable 14,467 14,467
Restricted
cash 204,040 204,040
Financial
assets - cash
held to
maturity > 3
months 143,287 143,287
Cash and cash
equivalents 1,098,198 1,098,198
Total Current
Assets 1,505,760 1,505,760
Total 3,382,084 4,485 178 12,455 17,118 3,399,202
Assets
Current
Liabilities
Accounts
Payable 89,439 89,439
Accrued
expenses and
other
liabilities 290,280 290,280
Current
Maturities of
long term
debt 106,841 106,841
Current tax 26,769 26,769
Total current
liabilities 513,329 515,329
Non-current
liabilities
Provisions
for
liabilities
and charges 5,416 5,416
Deferred
tax 102,325 102,325
Other
Creditors 22,958 7,774 1,426 9,200 32,158
Long term
debt 1,046,546 1,046,546
Total other
liabilities 1,177,245 7,774 1,426 9,200 1,186,445
Equity
Called up
share capital 9,652 9,652
Share premium
account 562,015 562,015
Profit and
loss account 1,119,843 (3,289) (1,248) 12,455 (195) 7,723 1,127,566
Equity
Reserve - 195 195 195
Shareholders
funds -
equity 1,691,510 (3,289) (1,248) 12,455 7,918 1,699,428
Total
liabilities
and
shareholders
funds 3,382,084 4,485 178 12,455 17,118 3,399,202
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
6.4. Balance Sheet restated - 31 March 2005
31-Mar-05 Prior Retirement Business Share Total 31-Mar-05
Adj. Benefits Combination Based Effect
Payment
€'000 €'000 €'000 €'000 €'000 €'000 €'000
Non-Current
Assets
Intangible
Assets 30,449 15,969 423 16,392 46,841
Tangible
Assets 2,092,283 2,092,283
Deferred tax
asset - 1,149 179 1,328 1,328
Total
Non-Current
Assets 2,122,732 17,118 179 423 17,720 2,140,452
Current
Assets
Inventories 28,069 28,069
Other 24,612 24,612
Assets
Accounts
Receivable 20,644 20,644
Restricted
Cash 204,040 204,040
Financial
assets - cash
held to
maturity > 3
months 529,407 529,407
Cash and cash
equivalents 872,258 872,258
Total Current
Assets 1,679,030 1,679,030
Total
Assets 3,807,375 17,118 179 423 17,720 3,819,482
Current
Liabilities
Accounts
Payable 92,118 92,118
Accrued
expenses and
other
liabilities 414,997 414,997
Current
Maturities of
long term 120,997 120,997
debt
Current tax 21,190 21,190
Total Current
Liabilities 649,302 649,302
Other
liabilities
Provisions
for
liabilities
and charges 7,236 7,236
Deferred tax 105,509 105,509
Accounts
payable due
after one
year 18,444 9,200 1,428 10,628 29,072
Long term
debt 1,293,860 1,293,860
Total Other
Liabilities 1,425,049 9,200 1,428 10,628 1,435,677
Shareholders
funds
Called up
share capital 9,675 9,675
Share premium
account 565,756 565,756
Profit and
loss
account 1,151,980 7,723 (1,249) 423 (293) 6,604 1,158,584
Equity 195 293 488 488
Reserve
Shareholders
funds -
equity 1,727,411 7,918 (1,249) 423 7,092 1,734,503
Total
liabilities
and
shareholders
funds 3,807,375 17,118 179 423 17,720 3,819,482
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
6.5 Quarterly Income Statement restated - 30 June 2004
Irish/UK Prior Retirement Business Share Total IFRS
GAAP Adj. Benefits Combination Based Effect
Payment
€'000 €'000 €'000 €'000 €'000 €'000 €'000
Operating
revenue
Scheduled
Revenue 259,059 259,059
Ancillary
revenue 43,689 43,689
Total
operating
revenue 302,748 302,748
Operating
expenses
Staff (34,075) (47) (47) (34,122)
costs
Depreciation
& amortisation (23,571) (23,571)
Fuel & oil (51,842) (51,842)
Maintenance,
materials
and repairs (14,073) (14,073)
Marketing (7,266) (7,266)
Aircraft
rentals (8,084) (8,084)
Route charges (33,205) (33,205)
Airport &
handling
costs (44,270) (44,270)
Other
costs (21,574) (21,574)
Total
operating
expenses (237,960) (47) (47) (238,007)
Operating
profit -
before
amortisation
of goodwill 64,788 (47) (47) 64,741
Goodwill (586) 586 586 0
Operating
profit after
amortisation
of goodwill 64,202 (47) 586 539 64,741
Other
(expenses)/
income
Foreign
exchange 115 5 5 120
gains
Profit on
disposal of
fixed assets 6 6
Interest
receivable
and 6,059 6,059
similar
income
Interest
payable and
similar
charges (12,630) (32) (32) (12,662)
Purchase
accounting
adjustment
Total other
(expenses)/
income (6,450) (27) (27) (6,477)
Profit on
ordinary
activities 57,752 (74) 586 512 58,264
Tax (5,197) 9 9 (5,188)
Profit after
tax 52,555 (65) 586 521 53,076
Basic
earnings 0.07 0.07
per share
Diluted
earnings per
share 0.07 0.07
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
6.6.Quarterly Income Statement restated - 30 September 2004
Irish/UK Prior Retirement Business Share Total IFRS
GAAP Adj. Benefits Combination Based Effect
Payment
€'000 €'000 €'000 €'000 €'000 €'000
Operating
revenue
Scheduled
Revenue 617,644 617,644
Ancillary
revenue 103,448 103,448
Total
operating
revenue 721,092 721,092
Operating
expenses
Staff (69,259) (47) (47) (94) (69,353)
costs
Depreciation
& (44,904) (44,904)
amortisation
Fuel & oil (113,750) (113,750)
Maintenance,
materials
and (24,898) 24,898)
repairs
Marketing (10,775) (10,775)
Aircraft
rentals (16,236) (16,236)
Route (67,926) (67,926)
charges
Airport &
handling (90,322) (90,322)
costs
Other (47,505) (47,505)
costs
Total
operating
expenses (485,575) (47) (47) (94) (485,669)
Operating
profit -
before
amortisation
of goodwill 235,517 (47) (47) (94) 235,423
Goodwill (1,172) 586 586 1,172 0
Operating
profit after
amortisation
of goodwill 234,345 539 (47) 586 1,078 235,423
Other
(expenses)/
income
Foreign
exchange (759) 5 5 10 (749)
gains
Profit on
disposal of
fixed assets 6 6
Interest
receivable
and 12,818 12,818
similar
income
Interest
payable and
similar
charges (25,921) (32) (32) (64) (25,985)
Total other
(expenses)/
income (13,856) (27) (27) (54) (13,910)
Profit on
ordinary
activities 220,489 512 (74) 586 1,024 221,513
Tax (20,379) 9 9 18 (20,361)
Profit after
tax 200,110 521 (65) 586 1,042 201,152
Basic
earnings
per Share 0.26 0.26
Diluted
earnings per
share 0.26 0.26
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
6.7. Quarterly Income Statement restated - 31 December 2004
Irish/UK Prior Retirement Business Share Total IFRS
GAAP Adj. Benefits Combination Based Effect
Payment
€'000 €'000 €'000 €'000 €'000 €'000 €'000
Operating
revenue
Scheduled
Revenue 864,356 864,356
Ancillary
revenue 151,180 151,180
Total
operating
revenue 1,015,536 1,015,536
Operating
expenses
Staff (104,083) (94) (47) (195) (336) (104,419)
costs
Depreciation
& amortisation (70,960) (70,960)
Fuel & oil (186,236) (186,236)
Maintenance,
materials
and repairs (27,221) (27,221)
Marketing (13,400) (13,400)
Aircraft
rentals (23,636) (23,636)
Route (101,315) (101,315)
charges
Airport &
handling
costs (134,565) (134,565)
Other
costs (69,933) (69,933)
Total
operating
expenses (731,349) (94) (47) (195) (336) (731,685)
Operating
profit -
before
Amortization
of goodwill 284,187 (94) (47) (195) (336) 283,851
Goodwill (1,702) 1,172 530 1,702 -
Operating
profit after
Amortization
of goodwill 282,485 1,078 (47) 530 (195) 1,366 283,851
Other
(expenses)/
income
Foreign
exchange (2,835) 10 5 15 (2,820)
gains
Profit on
disposal of
fixed assets 6 6
Interest
receivable
and similar 20,197 20,197
income
Interest
payable and
similar
charges (40,992) (64) (32) (96) (41,088)
Purchase
accounting
adjustment 11,925 11,925 11,925
Total other
(expenses)/
income (23,624) (54) (27) 11,925 11,844 (11,780)
Profit on
ordinary
activities 258,861 1,024 (74) 12,455 (195) 13,210 272,071
Tax (24,257) 18 9 28 (24,230)
Profit after
tax 234,604 1,042 (65) 12,455 (195) 13,237 247,841
Basic
earnings
per share 0.31 0.33
Diluted
earnings per
share 0.31 0.32
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
6.8 Quarterly Income Statement restated - 31 March 2005
Irish/UK Prior Retirement Business Share Total IFRS
GAAP Adj. Benefits Combination Based Effect
Payment
€'000 €'000 €'000 €'000 €'000 €'000 €'000
Operating
revenue
Scheduled
Revenue 1,128,116 1,128,116
Ancillary
revenue 208,470 208,470
Total
operating
revenue 1,336,586 1,336,586
Operating
expenses
Staff
costs (140,997) (336) (47) (293) (676) (141,673)
Depreciation
& amortisation (98,703) (98,703)
Fuel & oil (265,276) (265,276)
Maintenance,
materials
and (37,934) (37,934)
repairs
Marketing (19,622) (19,622)
Aircraft
rentals (33,471) (33,471)
Route (135,672) (135,672)
charges
Airport &
handling
costs (178,384) (178,384)
Other (97,038) (97,038)
costs
Total
operating
expenses (1,007,097) (336) (47) (293) (676)(1,007,773)
Operating
profit -
before
amortisation
of goodwill 329,489 (336) (47) (293) (676) 328,813
Goodwill (2,125) 1,702 423 2,125 0
Operating
profit after
amortisation
of goodwill 327,364 1,366 (47) 423 (293)1,449 328,813
Other
(expenses)/
income
Foreign
exchange
gains (2,323) 15 6 21 (2,302)
Profit on
disposal of
fixed assets 47 0 0 47
Interest
receivable
and
similar
income 28,342 0 0 28,342
Interest
payable and
similar
charges (57,499) (96) (34) (130) (57,629)
Purchase
accounting
adjustment 11,925 11,925 11,925
Total other
(expenses)/
income (31,433) 11,844 (28) 11,816 (19,617)
Profit on
ordinary
activities 295,931 13,210 (75) 423 (293) 13,265 309,196
Tax (29,190) 27 10 37 (29,153)
Profit after
tax 266,741 13,237 (65) 423 (293) 13,302 280,043
Basic
earnings
per share 0.35 0.37
Diluted
earnings per
share 0.35 0.37
Ryanair Holdings plc
Explanation of the financial impact following adoption of IFRS
7. Statement of Recognised Income and Expense
Irish/UK Prior Retirement Business Share Total Restated
GAAP Adj. Benefits Combination Based Effect Under
Payment IFRS
€'000 €'000 €'000 €'000 €'000 €'000 €'000
Statement
of
Recognised
Income and
Expense
30-Jun-04
Profit for
the
period 52,555 (65) 586 521 53,076
Actuarial
gains/
losses
on defined
benefit
plans (1,352) (1,352) (1,352)
Deferred
tax on
Actuarial
gains and
losses on
DB plans 169 169 169
Profit and
Loss
Account
at end of
period 52,555 (1,248) 586 (662) 51,893
30-Sep-04
Profit for
the
period 200,110 521 (65) 586 1,042 201,152
Actuarial
gains/
losses
on defined
benefit
plans (1,352) (1,352) (2,704) (2,704)
Deferred
tax on
Actuarial
gains and
losses on
DB plans 169 169 338 338
Profit and
Loss Account
at end of
period 200,110 (662) (1,248) 586 (1,324) 198,786
31-Dec-04
Profit for
the
period 234,604 1,042 (65) 12,455 (195) 13,237 247,841
Actuarial
gains/
losses
on defined
benefit
plans (2,704) (1,352) (4,056) (4,056)
Deferred
tax
on
Actuarial
gains and
losses on
DB plans 338 169 507 507
Profit and
Loss
Account
at end of
period 234,604 (1,324) (1,248) 12,455 (195) 9,688 244,292
31-Mar-05
Profit for
the
period 266,741 13,237 (65) 423 (293) 13,302 280,043
Actuarial
gains/
losses
on defined
benefit
plans (4,056) (1,353) (5,409) (5,409)
Deferred
tax
on
Actuarial
gains and
losses on
DB plans 507 169 676 676
Profit and
Loss
Account
at end of
period 266,741 9,688 (1,249) 423 (293) 8,569 275,310
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