24-May-2011 12:51 PM

Ryanair profits rise in FY2011 but cautious about outlook

Ryanair revenue up 21% - financial highlights* for the 12 months ended 31-Mar-2011:

  • Revenue: EUR3630 million, +21% year-on-year;
    • Ancillary: EUR801.6 million, +20.8%;
  • Total operating costs: EUR3141 million, +21.5%;
    • Fuel: EUR1227 million, +37.3%;
    • Airport & handling charges: EUR491.8 million, +7.1%;
    • Route charges: EUR410.6 million, +22.1%;
    • Labour: EUR376.1 million, +12.3%;
  • Operating profit: EUR488.2 million, +21.4%;
  • Profit before tax: EUR420.9 million, +23.4%;
  • Profit after tax: EUR401 million, +26%;
  • Total assets: EUR8596 million, +13.7%;
  • Cash and cash equivalents: EUR2028 million, +37.2%;
  • Total liabilities: EUR5642 million, +19.7%;
  • Passenger numbers: 72.1 million, +8%;
  • Load factor: 83%, +1 ppt;
  • Average fare: EUR39, +12%;
  • FY2012 forecast:
    • Passenger numbers: 75 million, +4%;
    • Operating cost per passenger: +13%;
    • Unit costs excl fuel**: +2%;
    • Average fares: +12%;
    • Profit after tax: EUR400 million. [more]

*Based on IFRS
**Sector length adjusted

Ryanair: “Due to higher oil prices we expect operating cost per passenger to rise by 13% in FY12. Excluding fuel, sector length adjusted unit costs will rise by just 2% due mainly to Eurocontrol and Staff cost increases. Since we have limited visibility on bookings, we remain concerned at the impact of the recession, austerity measures, and falling consumer confidence on fares. Despite these concerns we cautiously expect that our average fares will rise by up to 12% this year due to a better mix of new routes and bases, slower traffic growth, and higher competitor fuel surcharges. However, these higher fares will only help us to finance higher fuel and rising sector length related costs, and accordingly, we expect profit after tax for FY12 to be similar to the FY11 result of EUR400m,” Company statement. Source: Ryanair, 23-May-2011.

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