Final Results

Ryanair Holdings PLC
06 June 2006


                RYANAIR FULL YEAR RESULTS AHEAD OF EXPECTATIONS

               RECORD NET PROFIT OF €302M AS TRAFFIC GROWS TO 35M

Ryanair, Europe's No.1 low fares airline today (Tuesday, 6 June 2006) announced
record after tax profits of €302m, some €7m ahead of previous expectations.
Traffic grew by 26% to 35m passengers, yields were up 1%, as total revenues grew
by 28% to €1.69 billion. Excluding fuel, unit costs fell by 6% (including fuel
they rose by 5%). Fuel costs rose by 74% to €462m. Despite these substantially
higher fuel costs, Ryanair achieved an 18% after tax margin, as adjusted net
profits increased for the year by 12% to €302m.

Summary Table of Results (IFRS) - in Euro



Year Ended                        Mar 31, 2005     Mar 31, 2006     % Increase
Passengers                                 27m              35m            26%
Revenue                                €1,319m          €1,693m            28%
Adj. Profit after Tax (note 1 &2)        €268m            €302m            12%
Basic EPS (Euro Cents) (note1 & 2)       35.28            39.32            11%

Note 1: Adjusted profit and EPS to March 31, 2005 excludes an amount of €11.9m
(net of tax) resulting from changes in the accounting treatment for Goodwill
arising on the Buzz acquisition following the adoption of IFRS (International
Financial Reporting Standards) Note 2: Adjusted profit after tax and EPS for the
year ended March 31, 2006 excludes an amount of €5.2m ( net of tax) arising from
the settlement of an aircraft insurance claim.


Announcing these results Ryanair's Chief Executive, Michael O'Leary, said:

'Ryanair has again delivered record traffic and profits despite substantially
higher oil prices, intense competition and the absence of Easter from the fourth
quarter. This robust performance validates our lowest fare/lowest cost model
which continues to grow profitably in Europe even during adverse market
conditions, when many of our competitors are reporting losses.

Highlights of the past 12 months include:

  • After tax profit of €302m, an increase of 12% despite a 74% increase in
    fuel costs.
  • Cost discipline continues with a 6% unit cost reduction excluding fuel.
  • Average yields increased by 1% despite a 27% increase in capacity.
  • Significant traffic growth of 26% to 35m passengers, across 330 routes
    with 103 aircraft.
  • The retirement of our remaining B737-200's, reduced the average age of
    Ryanair's fleet to 21/2 years, the youngest in Europe.
  • 46 new routes and 1 new base have already been announced for the remainder
    of 2006.
  • Our balance sheet has been further strengthened with cash increasing €366m
    to €1.97 billion.


'The key to Ryanair's traffic and profit growth was our refusal to levy fuel
surcharges on our passengers at a time when most other airlines in Europe are
introducing or increasing them. In some cases other airline surcharges exceed
our average fares. This is driving millions of passengers to Ryanair. We will
continue to absorb significantly higher oil prices thanks to the benign yield
environment and continuing unit cost reductions.


'We have taken advantage of the recent short-term fall in oil prices to hedge
90% of our needs from June to October 2006 at an average price of $70 a barrel.
The recent weakness in the dollar will help us to partially offset these higher
oil prices. We remain unhedged from October onwards, and will continue to look
for opportunities to hedge further into the future, but only if suitable pricing
opportunities present themselves. As always hedging will eliminate near-term
uncertainty and risk, it will not deliver lower costs during periods of rising
oil prices.

'Ryanair's inexorable growth in aircraft, routes and passengers continues. Over
the coming year we expect traffic to grow by 20% to 42m passengers. Traffic at
our new bases in Liverpool, Nottingham East Midlands and Shannon is performing
well, with strong advance bookings into the Summer months. The passenger
response to our new French base at Marseille which will open in November has
been very positive. We also expect to announce one or possibly two further bases
for Spring 2007 and expansion of some of our existing bases before the end of
the Summer.

'We refuse to allow higher oil prices distract us from aggressively pursuing
unit cost reductions and operating efficiencies. A number of recent initiatives
will help our drive for lower costs and fares. Web based check-in and charging
for bags are both running ahead of expectations. After some initial delays with
the roll out of web check-in we are now seeing flights with over 50% of
passengers using our web check-in and priority boarding facility. Charging for
check-in bags has encouraged passengers to travel with fewer and in some cases
zero check-in bags. Indications over the past two months suggest that this
initiative may offset the anticipated decline in overall yields by more than €1
per passenger.

'The winglet modification programme on our 737 fleet is proving effective with
better aircraft performance and a 2% reduction in fleet fuel consumption, a
saving which we believe can be improved over the coming year. Our operating
performance continues to make Ryanair the No. 1 customer service airline in
Europe. No other major or low cost airline can match Ryanair's record for
consistently high punctuality, with fewest lost bags and least flight
cancellations.

'Ancillary revenues continue to grow strongly. From an already high base we
expect these revenues will grow at a faster rate than scheduled traffic for the
coming year. We are close to finalising new initiatives to offer our customers
mobile phone services on board in 2007 and website gambling which we believe
will give a further boost to ancillary revenues in this fiscal year.

'Negotiations on pilot pay were successfully concluded at 14 of our 15 bases
(excluding Dublin) at the end of April. Pilots at 13 bases have voted for a one
year deal with a basic pay increase of 1.8%, whilst the Luton base voted for a 4
year deal which incorporated a 5% pay increase this year, as well as improved
rosters. The Dublin pilots continued to absent themselves from these direct
negotiations with the company, as is their right and consequently they have not
yet negotiated any pay increase this year.

'We are also continuing to campaign for the breakup of the BAA airport monopoly
in the UK. We welcome the OFT's recent announcement that it is considering
looking into the BAA's monopoly over the main London Airports. It should examine
why the BAA is pushing ahead with plans to spend some £4 billion on a second
runway at Stansted that should only cost around £1 billion. The contradiction
between the BAA's position 3 months ago - that it couldn't afford to build this
runway in Stansted without doubling passenger charges - with its recent
announcement that it will return over £1 billion to its shareholders this year,
is typical of the overcharging monopoly. This clearly demonstrates how the BAA
has been featherbedding its balance sheet, at the expense of airline users and
the travelling public. It also proves that the CAA has failed to regulate this
overcharging monopoly in the interests of users. Competition between the London
airports will improve facilities and reduce costs. Regulation has clearly
failed.

'Ryanair's fleet will increase by 30 aircraft between September 2006 and April
2007. We will launch a large number of new routes and bases at the worst time of
the year, and we expect that Winter trading will be negatively effected by a
combination of this capacity expansion, much higher oil prices (compared to last
year) and further price dumping by loss making competitors who will be trying to
survive next Winter.

'Accordingly we remain cautious about our profit guidance for the coming year.
Whilst we are confident that traffic will grow by 20% to 42m passengers and
yields will be flat, we expect that profit growth will be more modest in the +5%
to +10% range if oil prices remain at $70 a barrel. Profitability will also be
more seasonally pronounced due to the presence of Easter in Q.1, the impact of
competitor fuel surcharges, and the higher proportion of 'sun' routes operated
this Summer. We expect that in excess of 85% of annual profits (compared to 80%
last year) will be earned in the first half of this fiscal year, and thereafter
profitability in Q.3 and Q.4 will be reduced (against last years comparables) as
the proportion of annual profits earned in the last two quarters falls to less
than 15% of the annual total.


'It is Ryanair's resolute commitment to offering the lowest fares in every
market which has made us Europe's largest low fares airline. Shortly we will
become the 'World's Favourite' airline, as we expect to overtake Lufthansa's
international passenger traffic later this year, thereby making Ryanair the
world's largest international scheduled airline by passenger numbers. Ryanair
will continue to deliver the lowest costs and the lowest air fares in Europe for
the benefit of our customers, our people and our shareholders'.

Ends.                    Tuesday, 6 June 2006

For further information     Howard Millar                Pauline McAlester
please contact:             Ryanair Holdings Plc         Murray Consultants
www.ryanair.com             Tel: [phone]           Tel: [phone]


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 aircraft, costs associated with environmental,
safety and security measures, actions of the Irish, U.K., European Union ('EU')
and other governments and their respective regulatory agencies, 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 UK and Continental Europe, the general
willingness of passengers to travel and other economics, social and political
factors.








Ryanair is Europe's largest low fares airline with 16 bases and 341 low fare
routes across 22 countries. By the end of March 2007 Ryanair will operate an
entire fleet of 134 new Boeing 737-800 aircraft with firm orders for a further
100 new aircraft (net of planned disposals), which will be delivered over the
next 5 years. Ryanair currently employs a team of 3,300 people and expects to
carry approximately 42 million scheduled passengers in the current year.



Ryanair Holdings plc and Subsidiaries

Consolidated Income Statement in accordance

with IFRS(unaudited)


                                                         Year              Year
                                                        ended             ended
                                                     March 31,         March 31,
                                                         2006              2005
                                                        €'000             €'000
Operating revenues
Scheduled revenues                                  1,433,377         1,128,116
Ancillary revenues                                    259,153           190,921
Total operating revenues
-continuing operations                              1,692,530         1,319,037

Operating expenses
Staff costs                                           171,412           141,673
Depreciation and amortisation                         112,856            98,703
Other operating expenses
Fuel & oil                                            462,466           265,276
Maintenance, materials and repairs                     48,966            37,934
Marketing and distribution costs                       13,912            19,622
Aircraft rentals                                       47,376            33,471
Route charges                                         164,577           135,672
Airport and Handling charges                          216,301           178,384
Other                                                  85,557            79,489
Total operating expenses                            1,323,423           990,224

Operating profit before exceptional items             369,107           328,813
Purchase accounting adjustment                              -            11,925
Aircraft insurance claim                                5,939                 -

Operating profit after exceptional items              375,046           340,738
Other (expenses)/income
Foreign exchange (losses)                              (1,234)           (2,302)
Gain on disposal of fixed assets                          815                47
Interest receivable and similar income                 38,219            28,342
Interest payable and similar charges                  (73,958)          (57,629)
Total other (expenses)/income                         (36,158)          (31,542)
Profit before taxation                                338,888           309,196
Tax on profit on ordinary activities                  (32,176)          (29,153)
Profit for the year                                   306,712           280,043

Earnings per ordinary share
        -Basic(Euro cent)                               40.00             36.85
        -Diluted(Euro cent)                             39.74             36.65

Adjusted earnings per ordinary share*
        -Basic(Euro cent)                               39.32             35.28
        -Diluted(Euro cent)                             39.07             35.09

-Basic                                                766,833           759,911
-Diluted                                              771,781           764,003

* Calculated on profit for the year before exceptional items(net of tax).
                                                                         Page 1



Ryanair Holdings plc and Subsidiaries

Consolidated Balance Sheets in accordance with

IFRS(unaudited)                                      March 31,         March 31,
                                                         2006              2005
                                                        €'000             €'000

Non-current assets
Property, plant & equipment                         2,532,988         2,117,892
Intangible assets                                      46,841            46,841
Derivative financial instruments                          763                 -
Deferred tax                                           11,321             1,328
Total Non-current assets                            2,591,913         2,166,061
Current assets
Inventories                                             3,422             2,460
Other assets                                           29,453            24,612
Accounts receivable                                    29,909            20,644
Deferred tax                                            3,427                 -
Derivative financial instruments                       18,872                 -
Restricted cash                                       204,040           204,040
Financial assets: cash > 3months                      328,927           529,407
Cash and cash equivalents                           1,439,004           872,258

Total current assets                                2,057,054         1,653,421
                                                                   
Total assets                                        4,648,967         3,819,482
Current liabilities
Accounts payable                                       79,283            92,118
Accrued expenses and other liabilities                570,614           418,653
Current maturities of long term debt                  153,311           120,997
Derivative financial instruments                       27,417                 -
Current tax                                            16,663            17,534
Total current liabilities                             847,288           649,302
Other liabilities
Provisions for liabilities and charges                 16,722             7,236
Derivative financial instruments                       81,897                 -
Deferred tax                                          140,592           105,509
Other creditors                                        46,066            29,072
Long term debt                                      1,524,417         1,293,860
Total other liabilities                             1,809,694         1,435,677
Shareholders' funds - equity
Called - up share capital                               9,790             9,675
Share premium account                                 596,231           565,756
Profit and loss account                             1,467,623         1,158,584
Other reserves                                        (81,659)              488
Shareholders' funds - equity                        1,991,985         1,734,503
Total liabilities and shareholders' funds           4,648,967         3,819,482
                                                                   
                                                                         Page 2




Ryanair Holdings plc and Subsidiaries

Consolidated Cashflow Statement in accordance with IFRS(unaudited)

                                                     March 31,     March 31,
                                                         2006          2005
                                                        €'000         €'000
Operating activities
Profit before taxation                                338,888       309,196

Adjustments to reconcile profits before tax
to net cash provided by operating activities
Depreciation                                          112,856        98,703
(Increase) in inventories                                (962)         (424)
(Increase) in accounts receivable                      (9,265)       (5,712)
(Increase) in other current assets                       (882)       (4,855)
(Decrease)/increase in accounts payable               (12,835)       24,182
Increase in accrued expenses                          150,083        89,406
Increase/(decrease) in other creditors                 11,402       (11,603)
Increase in maintenance provision                       9,486           714
Gain on disposal of fixed assets                         (815)          (47)
Interest receivable                                    (3,959)         (505)
Interest payable                                        1,159         3,420
Retirement costs                                          507           167
Share based payment                                     2,921           488
Income tax                                                437        (3,581)

Net cash provided by operating activities             599,021       499,549

Investing activities
Capital expenditure (purchase of property, plant     (534,676)     (620,340)
and equipment)
Proceeds from sale of property, plant and               8,460         2,234
equipment
(Investment) in restricted cash                             -        (4,040)
Reduction/(investment) in financial assets: cash >    200,480      (216,662)
3months
                                                     (325,736)     (838,808)
Financing activities
Net proceeds from shares issued                        30,590         5,382
Increase in long term debt                            262,871       461,875

Net cash used in financing activities                 293,461       467,257
Increase in cash and cash equivalents                 566,746       127,998
Cash and cash equivalents at beginning of year        872,258       744,260
Cash and cash equivalents at end of year            1,439,004       872,258

                                                                     Page 3




Ryanair Holdings plc and Subsidiaries

Consolidated Statement of Changes in Shareholders' Funds - Equity

in accordance with IFRS (unaudited)

                                                        Share       Profit
                                          Ordinary    premium     and loss      Other
                                            shares    account      account   reserves        Total
                                             €'000      €'000        €'000      €'000        €'000

Balance at April 1, 2005                     9,675    565,756    1,158,584        488    1,734,503

Issue of ordinary equity shares                115     30,475            -          -       30,590

Movement in reserves                             -          -        2,327    (82,147)     (79,820)

Profit for the year                              -          -      306,712          -      306,712

Balance at March 31, 2006                    9,790    596,231    1,467,623    (81,659)   1,991,985




Reconciliation of adjusted earnings per share(unaudited)
                                                           Year            Year
                                                          ended           ended
                                                       March 31,       March 31,
                                                           2006            2005
                                                          €'000           €'000

Profit for the year under IFRS                          306,712         280,043

Adjustments
Purchase accounting adjustment                                          (11,925)
Aircraft Insurance Claim                                 (5,939)              -
Taxation adjustment for above                               742               -

Adjusted profit under IFRS                              301,515         268,118
Number of ordinary shares(in 000's)
        -Basic                                          766,833         759,911
        -Diluted                                        771,781         764,003

Adjusted earnings per ordinary share
        -Basic(€ cent)                                    39.32           35.28
        -Diluted(€ cent)                                  39.07           35.09

                                                                         Page 4


Ryanair Holdings plc and Subsidiaries                  

Consolidated Income Statement in accordance            

with US GAAP (unaudited)                   



                                                           Year            Year
                                                          ended           ended
                                                       March 31,       March 31,
                                                           2006            2005
                                                          €'000           €'000
Operating revenues
Scheduled revenues                                    1,433,377       1,128,116
Ancillary revenues                                      259,153         190,921
Total operating revenues
          -continuing operations                      1,692,530       1,319,037
Operating expenses
Staff costs                                             168,920         141,427
Depreciation and amortisation                           114,327         101,103
Other operating expenses                         
Fuel & oil                                              462,466         265,276
Maintenance, materials and repairs                       48,966          37,934
Marketing and distribution costs                         13,912          19,622
Aircraft rentals                                         47,376          33,471
Route charges                                           164,577         135,672
Airport and Handling charges                            216,301         178,384
Other                                                    85,494          79,401
Total operating expenses                              1,322,339         992,290
                                                                 
Operating profit before exceptional items               370,191         326,747
Purchase accounting adjustment                                -          11,925
Aircraft insurance claim                                  5,939               -
Operating profit after exceptional items                376,130         338,672
Other (expenses)/income
Foreign exchange (losses)                                (1,234)         (2,302)
Gain on disposal of fixed assets                            815              47
Interest receivable and similar income                   38,219          28,342
Interest payable and similar charges                    (65,986)        (49,784)
Total other (expenses)/income                           (28,186)        (23,697)
Income before taxation                                  347,944         314,975
Taxation                                                (33,111)        (31,561)

Net income                                              314,833         283,414
Net income per ADS
 -Basic(Euro cent)                                       205.28          186.48
 -Diluted(Euro cent)                                     203.97          185.48
Adjusted net income per ADS *
 -Basic(Euro cent)                                       201.89          178.63
 -Diluted(Euro cent)                                     200.60          177.68
Weighted Average number of shares
 -Basic                                                 766,833         759,911
 -Diluted                                               771,781         764,003

* Calculated on net income before non-recurring items(net of tax).
(5 ordinary shares equal 1 ADS)                                         Page 5




Ryanair Holdings plc and Subsidiaries

Summary of significant differences between IFRS and US generally

accepted accounting principles(unaudited)

(A) Net income under US GAAP
                                                      <------Year ended------>
                                                     March 31,         March 31,
                                                         2006              2005
                                                        €'000             €'000

Net income in accordance with IFRS                    306,712           280,043

Adjustments
Pensions                                                 (430)             (242)
Share based payments                                    2,922               488
Capitalised interest (net of amortisation)
regarding aircraft
acquisition programme                                   6,501             5,445
Darley Investments Limited                                 63                88
Taxation- effect of above adjustments                    (935)           (2,408)

Net income in accordance with US GAAP                 314,833           283,414

(B) Consolidated cashflow statement in accordance
with US GAAP
                                                     March 31,         March 31,
                                                         2006             2,005
                                                        €'000             €'000
Cash inflow from operating activities                 599,021           499,549
Cash (outflow) from investing activities             (325,736)         (838,808)
Cash inflow from financing activities                 293,461           467,257

Increase in cash and cash equivalents                 566,746           127,998
Cash and cash equivalents at beginning of year        872,258           744,260

Cash and cash equivalents at end of year            1,439,004           872,258

Cash and cash equivalents under US GAAP             1,439,004           872,258
Restricted cash                                       204,040           204,040
Deposits with a maturity of between three and six     328,927           529,407
months

Cash and liquid resources in accordance with IFRS   1,971,971         1,605,705

                                                                         Page 6

Ryanair Holdings plc and Subsidiaries

Summary of significant differences between IFRS and US generally

Accepted accounting principles(unaudited)

(C) Shareholders' funds - equity
                                                           March 31,    March 31,
                                                               2006         2005
                                                              €'000        €'000
Shareholders' equity as reported in the consolidated
balance Sheets in accordance with IFRS                    1,991,985    1,734,503

Adjustments:
Pension                                                       9,241       11,998
Capitalised interest( net of amortisation) regarding         29,448       22,947
aircraft acquisition programme
Darley Investments Limited                                        -          (63)
Minimum pension liability(net of tax)                        (4,295)      (6,496)
Unrealised losses on derivative financial instruments             -     (128,074)
(net of tax)
Tax effect of adjustments( excluding pension &               (5,931)      (4,996)
derivative adjustments)

Shareholders' equity as adjusted to accord with US        2,020,448    1,629,819
GAAP

Opening shareholders' equity under US GAAP                1,629,819    1,356,281

Comprehensive income
Minimum pension liability(net of tax)                         2,201       (3,865)
Unrealised gains/(losses) on derivative financial            43,005      (11,393)
instruments(net of tax)
Net income in accordance with US GAAP                       314,833      283,414
Total comprehensive income                                  360,039      268,156

Stock issued for cash                                        30,590        5,382

Closing shareholders' equity in accordance with US        2,020,448    1,629,819
GAAP
                                                                         Page 7









                              Ryanair Holdings plc

                 Management Discussion and Analysis of Results



Introduction


For the purposes of the MD&A all figures and comments are by reference to the
adjusted profit and loss account excluding the exceptional items and goodwill
referred to below.


Exceptional items in the year ended March 31, 2006 consist of a receipt of €5.2m
(net of tax) in quarter 1 arising from the settlement of an insurance claim for
the scribing of 6 Boeing 737-200 aircraft.


Following the adoption of IFRS (International Financial Reporting Standards) the
Company was obliged to change its accounting treatment for Business
acquisitions. This has resulted in a one-off, non-cash release of €11.9m in the
year ended March 31, 2005. (see note 5 attached).


Profit after tax increased by 10% to €306.7m compared to €280.1m in the previous
year ended March 31, 2005, whilst adjusted profit after tax increased by 12% to
€301.5m


The results for the year and comparative year have been prepared in accordance
with International Financial Reporting Standard ('IFRS') accounting policies
expected to be adopted in the annual financial statements for the year ended 31
March 2006, and a detailed explanation of the financial impact of the adoption
of these policies was set out in a separate document issued with the quarterly
financial results for the period to 30 June 2005.


Summary Year ended March 31, 2006


Profit after tax increased by 12% to €301.5m, compared to €268.1m in the
previous year ended March 31, 2005. These results were achieved by strong growth
in passenger volumes and continued tight cost control, excluding fuel costs,
which were significantly higher than in the comparative period. Total operating
revenues increased by 28% to €1,692.5m, which was faster than the 26% growth in
passenger volumes, as average fares rose by 1% and ancillary revenues grew by
36% to €259.2m. Total revenue per passenger as a result increased by 2%, whilst
Passenger Load Factor decreased by 1 point to 83% during the year.


Total operating expenses increased by 34% to €1,323.4, due to the increased
level of activity, and the increased costs, primarily fuel, route charges, staff
costs, and airport & handling costs associated with the growth of the airline.
Fuel, which represents 35% of total operating costs compared to 27% last year,
increased by 74% to €462.5m due to substantial increases in the cost per gallon
of fuel partly offset by a positive movement in the US$ exchange rate. Unit
costs excluding fuel declined by 6% as all other major cost items increased,
other than maintenance and aircraft rentals, at a slower rate than the growth in
passenger volumes. This is despite the impact on last year's comparative figures
of the release of maintenance provisions of €5.2m arising from the return of 6
leased Boeing 737-300's to the lessor. Due to the significantly higher fuel
costs incurred, operating margins declined by 3 points to 22%, whilst operating
profit increased by 12% to €369.1m.


Net Margins declined by 2 points to 18% for the reasons outlined above.


Adjusted earnings per share have increased by 11% to 39.32 cent for the year.




Balance Sheet


The Company's profit growth continues to generate strong cashflow from
operations which for the year to March 31, 2006 amounted to €599.0m. This
cashflow part funded the extensive aircraft delivery programme, and additional
aircraft deposits, whilst the balance remaining is reflected in the €366.3m
increase in Total Cash since March 31, 2005. Capital expenditure net of sales
proceeds amounted to €526.2m during the year made up predominantly of the cost
of delivery of 21 737-800 aircraft. Long Term Debt, drawndown to part fund
aircraft deliveries, increased by €262.9m, net of repayments.


Shareholders' Funds at March 31, 2006 have increased by €257.5m to €1,992.0m,
compared to March 31, 2005.



Detailed Discussion and Analysis Year ended March 31, 2006


Profit after tax, increased by 12% to €301.5m due to average fares increasing by
1% and strong ancillary revenue growth, which was offset by much higher fuel
costs that increased by 74% to €462.5m reflecting the higher US$ cost per
gallon. Operating margins, as a result, fell by 3 points to 22%, which in turn
resulted in operating profit increasing by 12% to €369.1m compared to the
previous year ended March 31 2005.


Total operating revenues increased by 28% to €1,692.5m whilst passenger volumes
increased by 26% to 34.8m. Total revenue per passenger increased by 2% in the
year due to a combination of slightly higher average fares and strong ancillary
revenue growth.


Scheduled passenger revenues increased by 27% to €1,433.4m due to a combination
of increased passenger volumes on existing routes, the successful launch of new
bases at Liverpool, Shannon, East Midlands, Pisa, Cork and a 1% increase in
average fares.


Ancillary revenues increased 36% to €259.2m, a faster growth rate than passenger
volumes, reflecting a strong performance in non-flight scheduled revenues
(primarily car hire, hotels and travel insurance), on-board sales and other
ancillary products. Ancillary revenues continue to grow at a significantly
faster rate than passenger volumes.


Total operating expenses increased by 34% to €1,323.4m due to the increased
level of activity, and the increased costs primarily fuel, aircraft rentals,
route charges, staff costs and airport and handling costs associated with the
growth of the airline. Total operating costs were also adversely impacted by an
increase in the average sector length, whilst higher US$ fuel prices were
partially offset by the strength of the Euro exchange rate against the US$.


Staff costs have increased by 21% to €171.4m primarily due to an 18% increase in
average employee numbers to 3,063 and the impact of pay increases granted of 3%.


Depreciation and amortisation increased by 14% to €112.9m. A higher depreciation
charge due to an increase in the size of the 'owned' fleet from 74 to 86, was
offset by a lower amortisation charge due to the retirement of 737-200 aircraft
and the positive impact of a new engine maintenance deal on the cost of aircraft
amortisation. The strengthening of the Euro to US$ also had a positive impact on
the depreciation and amortisation charge on new aircraft deliveries.


Fuel costs rose by 74% to €462.5m due to an increase in the number of sectors
flown, an 8% increase in sector length, and a significantly higher average US$
cost per gallon of fuel partially offset by the positive impact of the
strengthening of the Euro to the US$ during the year.


Maintenance costs increased by 29% to €49.0m reflecting improved reliability of
the 737-800s operated and a lower level of maintenance costs incurred due to the
return of six 737-300's, the retirement of the 737-200's, and the positive
impact of the strengthening of the Euro exchange rate, partially offset by an
increase in the number of leased 737-800 aircraft from 13 to 17.


Marketing and distribution costs decreased by 29% to €13.9m due to the reduction
in the level of marketing activity and related expenditure compared to the
previous year.


Aircraft rental costs increased by 42% to €47.4m reflecting an additional 4
aircraft on lease during the year, €5.5m incurred on short term leases during
the 4th quarter offset by the savings arising from the return of 6 737-300's to
ILFC.


Route charges increased by 21% to €164.6m due to an increase in the number of
sectors flown and an increase of 8% in the average sector length, offset by a
reduction in enroute charges in certain EU countries.


Airport and handling charges increased by 21% to €216.3m, which was slower than
the growth in passenger volumes and reflects the impact of increased costs at
certain existing airports offset by lower costs at new airports and bases.


Other expenses increased by 8% to €85.6m, which is lower than the growth in
ancillary revenues due to improved margins on some existing products, and cost
reductions achieved on indirect costs.


Operating margins have declined by 3 points to 22% due to the reasons outlined
above whilst operating profits have increased by 12% to €369.1m during the year.


Interest receivable has increased by 35% to €38.2m for the period due to the
combined impact of higher levels of cash and cash equivalents and increases in
average deposit rates earned in the period compared to last year.


Interest payable increased by 28% to €74.0m due to the drawdown of further debt
to part fund the purchase of new aircraft.


Foreign exchange losses have decreased during the year to €1.1m due to the
positive impact of changes in the Sterling and US Dollar exchange rates against
the Euro compared to last year.


The gain on disposal of fixed assets of €0.8m arises from the disposal of the
remaining nine 737-200 aircraft during the year.


The Company's Balance Sheet continues to reflect the significant capital
expenditure programme being undertaken by the group. An additional 21 aircraft
were delivered during the year which in conjunction with the payment of deposits
on future deliveries accounted for the bulk of €534.7m spent on capital
expenditure during the year. During the same period the Company generated cash
from operating activities of €599.0m that part funded the capital expenditure
programme which the balance reflected in Total Cash of €1,972.0m. The exercise
of share options, primarily by pilots generated a further €30.6m cash for the
Group. Total Debt, net of repayments increased by €262.9m during the year.


Shareholders' Funds at March 31, 2006 have increased by €257.5m to €1,992.0m,
compared to March 31, 2005 reflecting the €306.7m increase in profitability
during the year, and the exercise of share options which increased funds by
€30.6m, offset by a reduction of €82.1m resulting from changes in the accounting
treatment for derivative financial instruments, pensions and stock options
following the adoption of IFRS.


                       Notes to the Financial Statements


 1. Accounting Policies


    This period's financial information has been prepared on the basis of the
    recognition and measurement requirements of International Financial
    Reporting Standards ('IFRS') in issue that were are adopted by the EU and
    effective (or available for early adoption) at 31 March 2006. These
    accounting policies are set out in the document titled 'Explanation of the
    financial impact following adoption of IFRS' published in August 2005 with
    the first quarter financial results.


 2. Approval of the Preliminary Announcement


    The Audit Committee approved the consolidated financial statements for the
    year ended March 31, 2006 on 1st June, 2006.


 3. Generally Accepted Accounting Policies


    The Management Discussion and Analysis of Results for the year ended March
    31,2006 and the comparative period are based on the results reported under
    the group's preliminary IFRS accounting policies, as adjusted for certain
    exceptional items.


 4. Ancillary Products and Services


    In order to more accurately reflect the structure of certain ancillary
    contracts and to provide more meaningful information to users the Group has
    taken the opportunity to reclassify certain ancillary revenues and costs
    (primarily car hire and travel insurance). This has resulted in a reduction
    in revenues of €25.8 million with a corresponding reduction in costs in the
    period ended March 31, 2006 (March 31, 2005: €17.5 million). This has
    resulted in an increase in net margin of 0.3% to 17.8% in the period ended
    March 31, 2006 (March 31, 2005 0.3% to 20.3%). Going forward the Group
    intends to report ancillary revenues and costs on a basis consistent with
    the treatment described herein.



 5. Purchase Accounting Adjustment


    Subsequent to the acquisition of Buzz Stansted in April 2003 Ryanair
    renegotiated the terms and conditions of onerous aircraft 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 permitted that such an adjustment could be made to the
    provisional value of the assets and liabilities acquired as part of the
    original business combination; provided that the adjustment was made
    either in the reporting period that the combination took place or 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 year to March 31, 2005.



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