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«As filed with the United States Securities and Exchange Commission on July 26, 2016 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. ...»

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Operating expenses. As a percentage of total revenues, Ryanair’s operating expenses decreased from 81.5% in the 2015 fiscal year to 77.7% in the 2016 fiscal year. Total revenues increased by 15.6%, faster than the 10.1% increase in operating expenses. In absolute terms, total operating expenses increased 10.1%, from €4,611.1 million in the 2015 fiscal year to €5,075.7 million in the 2016 fiscal year, principally as a result of increased costs associated with the growth of the airline. Fuel and oil expenses, route charges, depreciation, maintenance, materials and repairs and aircraft rentals decreased as a percentage of total revenues, while airport and handling charges, staff costs and marketing, distribution and other costs increased. Total operating cost per passenger decreased 6.3%, with the decrease reflecting, principally, an 11.5% reduction in per passenger fuel costs and ex-fuel costs decreasing by 2.4%.

The Company’s decision to ground aircraft during the winter months did not have a material impact on the results of the Company for the year ended March 31, 2016 and, at present, is not anticipated to have a material impact on future operations. The Company anticipates that any revenues which could have been generated had the Company operated the grounded aircraft would have been lower than the operating costs associated with operating these aircraft, including fuel costs, airport charges and taxes. The Company does not anticipate that any material staff costs will be incurred during future periods of the grounding of aircraft, as the relevant crews can be furloughed under the terms of their contracts without compensation and the maintenance costs associated with the grounded aircraft will be minimal.

However, the Company will still incur aircraft ownership costs comprised of depreciation and amortization costs, lease rentals costs and financing costs.

The following table sets forth the amounts in euro cent of, and percentage changes in, Ryanair’s operating expenses (on a per-passenger basis) for the fiscal years ended March 31, 2016 and March 31, 2015 under IFRS. These data are calculated by dividing the relevant expense amount (as shown in the consolidated financial statements) by the number of booked passengers in the relevant year as shown in the table of “Selected Operating and Other Data” in Item 3 and rounding to the nearest euro cent; the percentage change is calculated on the basis of the relevant figures before rounding.

–  –  –

Fuel and oil. Ryanair’s fuel and oil costs per passenger decreased by 11.5%, while in absolute terms, these costs increased by 4.0% from €1,992.1 million in the 2015 fiscal year to €2,071.4 million in the 2016 fiscal year, in each case after giving effect to the Company’s fuel hedging activities. The 4.0% increase reflected a 10.9% increase in hours flown and higher fuel burn due to the higher load factor. Fuel and oil costs include the direct cost of fuel, the cost of delivering fuel to the aircraft, aircraft de-icing and EU emissions trading costs. The average fuel price paid by Ryanair (calculated by dividing total fuel costs by the number of U.S. gallons of fuel consumed) decreased 5.6% from €2.34 per U.S. gallon in the 2015 fiscal year to €2.21 per U.S. gallon in the 2016 fiscal year, in each case after giving effect to the Company’s fuel hedging activities.

Airport and handling charges. Ryanair’s airport and handling charges per passenger decreased 0.9% in the 2016 fiscal year, while route charges per passenger decreased 3.2%. In absolute terms, airport and handling charges increased 16.5%, from €712.8 million in the 2015 fiscal year to €830.6 million in the 2016 fiscal year, reflecting the addition of more primary airports to the network and stronger U.K. pound sterling against the euro.

Route charges. Ryanair’s route charges per passenger decreased by 3.2%. In absolute terms, route charges increased 13.8%, from €547.4 million in the 2015 fiscal year, to €622.9 million in the 2016 fiscal year, primarily as a result of an increase in the sectors flown and Eurocontrol price increases in France, Germany and the U.K.

Staff costs. Ryanair’s staff costs, which consist primarily of salaries, wages and benefits, decreased 1.0% on a per-passenger basis, while in absolute terms, these costs increased 16.4%, from €502.9 million in the 2015 fiscal year to €585.4 million in the 2016 fiscal year. The increase in absolute terms was primarily attributable to increased sectors and less grounded aircraft in the winter of fiscal 2016, the impact of a 2% pay increase in April and adverse U.K. pound sterling.

Depreciation. Ryanair’s depreciation per passenger decreased by 3.7%, while in absolute terms these costs increased 13.1% from €377.7 million in the 2015 fiscal year to €427.3 million in the 2016 fiscal year. The increase was primarily attributable to 41 additional owned aircraft in the fleet, the purchase of 3 spare engines and higher levels of heavy maintenance activity. See “—Critical Accounting Policies—Long-lived Assets” above.

Marketing, distribution and other expenses. Ryanair’s marketing, distribution and other operating expenses, including those applicable to the generation of ancillary revenues, increased 6.5% on a per-passenger basis in the 2016 fiscal year, while in absolute terms, these costs increased 25.1%, from €233.9 million in the 2015 fiscal year to €292.7 million in the 2016 fiscal year, with the overall increase primarily reflecting the increased distribution costs related to higher on-board sales, disruption costs related to the French ATC strikes and the Brussels terrorist attacks and higher passenger compensation costs following an ECJ ruling on passenger compensation in September 2015.





Maintenance, materials and repairs. Ryanair’s maintenance, materials and repair expenses, which consist primarily of the cost of routine maintenance provision for leased aircraft and the overhaul of spare parts, decreased 17.8% on a per-passenger basis, while in absolute terms these expenses decreased by 3.4% from €134.9 million in the 2015 fiscal year to €130.3 million in the 2016 fiscal year. The decrease in absolute terms during the fiscal year was due to lower unscheduled maintenance than fiscal 2015 and a lower maintenance provision due to lease handbacks in the winter of fiscal 2016.

Aircraft rentals. Aircraft rental expenses amounted to €115.1 million in the 2016 fiscal year, a 5.2% increase from the €109.4 million reported in the 2015 fiscal year, reflecting the longer duration of short-term summer leases, offset by lease handbacks in the winter.

Operating profit. As a result of the factors outlined above, operating profit increased 19.1% on a perpassenger basis in the 2016 fiscal year, and also increased in absolute terms, from €1,042.9 million in the 2015 fiscal year to €1,460.1 million in the 2016 fiscal year.

Other income. Other income consists primarily of the gain of €317.5 million on the sale of Ryanair’s stake in Aer Lingus.

Finance expense. Ryanair’s interest and similar charges decreased 4.2%, from €74.2 million in the 2015 fiscal year to €71.1 million in the 2016 fiscal year, primarily due to lower interest rates.

Finance income. Ryanair’s interest and similar income remained flat at €17.9 million in the 2016 fiscal year as lower interest rates were offset by higher average cash balances and a 25% increase in the Aer Lingus dividend compared to fiscal 2015.

Foreign exchange gains/losses. Ryanair recorded foreign exchange losses of €2.5 million in the 2016 fiscal year, as compared with foreign exchange losses of €4.2 million in the 2015 fiscal year, with the different result being primarily due to the impact of changes in the euro exchange rate against the U.S. dollar and U.K. pound sterling.

Taxation. The effective tax rate for the 2016 fiscal year was 11.6%, as compared to an effective tax rate of 11.8% in the 2015 fiscal year. The effective tax rate reflects the statutory rate of Irish corporation tax of 12.5%. Ryanair recorded an income tax provision of €162.8 million in the 2016 fiscal year, compared with a tax provision of €115.7 million in the 2015 fiscal year, with the increase primarily reflecting higher pre-tax profits. The determination regarding the recoverability of the deferred tax asset was based on future income forecasts, which demonstrated that it was more likely than not that future profits would be available in order to utilize the deferred tax asset. A deferred tax asset’s recoverability is not dependent on material improvements over historical levels of pre-tax income, material changes in the present relationship between income reported for financial and tax purposes, or material asset sales or other non-routine transactions.

FISCAL YEAR 2015 COMPARED WITH FISCAL YEAR 2014

Profit after taxation. Ryanair recorded a profit on ordinary activities after taxation of €866.7 million in the 2015 fiscal year, as compared with a profit of €522.8 million in the 2014 fiscal year. This 65.8% increase was primarily attributable to a 1.4% increase in average fares, a 10.9% increase in traffic, a stronger load factor (up 5 points to 88.2%), and 10.8% fuel savings per passenger.

Scheduled revenues. Ryanair’s scheduled passenger revenues increased 12.4%, from €3,789.5 million in the 2014 fiscal year to €4,260.3 million in the 2015 fiscal year, primarily reflecting an increase of 1.4% in average fares.

The number of passengers booked increased 10.9%, from 81.7 million to 90.6 million, reflecting increased passenger volumes on existing routes and the successful opening of new bases at Athens, Lisbon, Thessaloniki, Warsaw, Cologne, Glasgow International, Gdansk and Bratislava in the 2015 fiscal year. Booked passenger load factors increased to 88.2% in fiscal 2015 compared with 83% in fiscal 2014.

Passenger capacity during the 2015 fiscal year increased by 3.8% due to an increase in the average number of aircraft in the fleet. Scheduled passenger revenues accounted for 75.4% of Ryanair’s total revenues for the 2015 fiscal year, compared with 75.2% of total revenues in the 2014 fiscal year.

Ancillary revenues. Ryanair’s ancillary revenues, which comprise revenues from non-flight scheduled operations, in-flight sales and Internet-related services, increased 11.7%, from €1,247.2 million in the 2014 fiscal year to €1,393.7 million in the 2015 fiscal year, while ancillary revenues per booked passenger increased to €15.39 from €15.27. Revenues from non-flight scheduled operations, including revenues from excess baggage charges, administration/credit card fees, sales of rail and bus tickets, priority boarding, reserved seating, accommodation, travel insurance and car rental increased 15.0% to €1,164.4 million from €1,012.4 million in the 2014 fiscal year. Revenues from in-flight sales increased 9.2%, to €128.1 million from €117.3 million in the 2014 fiscal year. Revenues from Internet-related services, primarily commissions received from products sold on Ryanair.com or linked websites, decreased 13.9%, from €117.5 million in the 2014 fiscal year to €101.2 million in the 2015 fiscal year, reflecting a combination of factors including an improved product mix and the implementation of fully reserved seating across the network. The rate of increase in ancillary revenues exceeded that of the increase in overall passengers booked.

The following table sets forth the components of ancillary revenues earned by Ryanair and each component

expressed as a percentage of total ancillary revenues for each of the periods indicated:

–  –  –

Operating expenses. As a percentage of total revenues, Ryanair’s operating expenses decreased from 86.9% in the 2014 fiscal year to 81.6% in the 2015 fiscal year. Total revenues increased by 12.3%, faster than the 5.3% increase in operating expenses. In absolute terms, total operating expenses increased 5.3%, from €4,378.1 million in the 2014 fiscal year to €4,611.1 million in the 2015 fiscal year, principally as a result of increased costs associated with the growth of the airline offset by a 1.0% reduction in fuel and oil costs from €2,013.1 million in the 2014 fiscal year to €1,992.1 million in the 2015 fiscal year. Fuel and oil expenses, route charges, staff costs, depreciation and aircraft rentals decreased as a percentage of total revenues, while airport and handling charges, marketing, distribution and other costs and maintenance, materials and repairs increased. Total operating expenses per passenger decreased by 5.0%, with the decrease reflecting, principally, a 10.8% reduction in per passenger fuel costs and ex-fuel costs remaining flat per passenger during the 2015 fiscal year.

The Company’s decision to ground aircraft did not have a material impact on the results of the Company for the year ended March 31, 2015 and, at present, is not anticipated to have a material impact on future operations. The Company anticipates that any revenues which could have been generated had the Company operated the grounded aircraft would have been lower than the operating costs associated with operating these aircraft, including fuel costs, airport charges and taxes. The Company does not anticipate that any material staff costs will be incurred during future periods of the grounding of aircraft, as the relevant staff can be furloughed under the terms of their contracts without compensation and the maintenance costs associated with the grounded aircraft will be minimal. However, the Company will still incur aircraft ownership costs comprised of depreciation and amortization costs, lease rentals costs and financing costs.

The following table sets forth the amounts in euro cent of, and percentage changes in, Ryanair’s operating expenses (on a per-passenger basis) for the fiscal years ended March 31, 2015 and March 31, 2014 under IFRS. These data are calculated by dividing the relevant expense amount (as shown in the consolidated financial statements) by the number of booked passengers in the relevant year as shown in the table of “Selected Operating and Other Data” in Item 3 and rounding to the nearest euro cent; the percentage change is calculated on the basis of the relevant figures before rounding.

–  –  –



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