Ryanair Fuel Hedging Position

RNS Number : 2792L

Ryanair Holdings PLC

07 January 2009

 



RYANAIR CONFIRMS THAT IT IS 

50% HEDGED FOR FIRST 3 QUARTERS OF FISCAL 2009/10

Ryanair Holdings Plc today (Wednesday, 7th January 2009) announced that it has recently extended its jet fuel hedging position to 50% of its requirements for the first 3 quarters of fiscal 2009/10.  On November 3, 2008 Ryanair announced that it was 25% hedged for Q1 and Q2 of fiscal 2009/10 at an average cost of $770 per tonne (equivalent to approx. $70 pbl of crude). As a result of this recent increase in its hedging position, Ryanair's average cost per tonne for the 50% hedged in fiscal 2009/10 is $700 (equivalent to approx. $64 pbl of crude).  The average cost per tonne in the current year (fiscal 2008/09) was $1,220 (equivalent to approx. $110 pbl of crude) for the first 3 quarters.  This increase in Ryanair's jet fuel hedging position will deliver, on average, a 42% reduction in Ryanair's hedged cost per tonne compared to the same period in fiscal 2008/09.

Commenting on Ryanair's extended hedging position, CEO Michael O'Leary said:

'We have taken advantage of the recent fall in fuel prices to extend our hedging position and we now have 50% of our requirement for the first 3 Quarters of fiscal 2009/2010 at $700 per tonne (equivalent to approx. $64 pbl of crude).  This will lock in a 42% reduction of our hedged fuel cost per passenger compared to fiscal 2008/09, and will enable Ryanair to continue to grow traffic and reduce fares, during these recessionary times, when most airlines are increasing them'.  

ENDS.                            Wednesday, 7th January 2009

For further information    Howard Millar                  Pauline McAlester

please contact:               Ryanair Holdings Plc          Murray Consultants

www.ryanair.com           Tel: [phone]        Tel: [phone]

Note to Editors:

Fuel Hedging Position as at 08.01.09

50% Hedged Act. 2007/08 2008/09 % Cost Per Tonne Cost Per Tonne Reduction Q1 ended 30 June. $1,170   $720 +38% Q2 ended 30 Sept. $1,320   $730 +45% Q3 ended 31 Dec. $1,170   $660 +44% ______   ____ ____ Average  $1,220   $700 +42%

 

END

 

 

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