Ryanair(RYAAY)2024-09-30 16:52Revenue Performance - Scheduled revenues decreased by 2% to €5.95 billion, with traffic growing 9% to 115.3 million despite challenges[31] - Ancillary revenues increased by 10% to €2.74 billion, contributing to total revenues rising 1% to €8.69 billion[32] - Scheduled revenues for Q2 FY25 rose by 1% to €3.62 billion, with traffic growing 9% to 59.8 million[41] - Ancillary revenues in Q2 FY25 rose by 9% to €1.44 billion, leading to total revenues increasing by 3% to €5.07 billion[42] - Scheduled revenues for the half-year ended September 30, 2024, were €5.949 billion, while ancillary revenues were €2.742 billion[81] - Total revenue for the half-year ended September 30, 2024, was €8.692 billion, an increase from €8.575 billion in the same period of 2023[84] Operating Expenses - Operating expenses for fuel and oil rose by 3% to €2.90 billion, while airport and handling charges increased by 12% to €965 million[33] - Staff costs surged by 21% to €897 million due to a larger fleet and ongoing Boeing delivery delays[34] - Staff costs in Q2 FY25 increased by 17% to €449 million, reflecting a larger fleet and higher crewing ratios[45] Financial Position - Net finance income was up 57% to €50 million, supported by a strong cash balance[37] - Gross cash stood at €3.33 billion at September 30, 2024, with net cash at €0.59 billion[38] - Shareholders' equity increased by €0.14 billion to €7.76 billion, driven by a net profit of €1.79 billion[39] - The Group's non-current financial liabilities include long-term debt of €488.9M and bonds valued at €1,197.5M as of September 30, 2024[93] - The total financial liabilities as of September 30, 2024, amounted to €5,594.4M, with current liabilities including trade payables of €883.7M and accrued expenses of €1,592.6M[98] - As of September 30, 2024, the fair value of the Group's financial assets was €3,483.6M, with current financial assets including cash and cash equivalents[97] Capital Expenditures and Investments - Capital expenditures for the period amounted to €760.5 million, reflecting significant investment in aircraft[80] - The Group's net capital additions during the period were €0.69 billion, primarily for aircraft purchases[86] - The Group ordered up to 300 new Boeing 737-MAX-10 aircraft for delivery between 2027 and 2033, approved at the AGM in September 2023[77] Dividends and Share Buybacks - A final dividend of €0.178 per share was paid on September 19, 2024, in line with the Group's Dividend Policy[99] - The Company completed a €700M share buyback program in August 2024 and announced an additional €800M program, buying back approximately 47M shares at a total cost of €0.87BN, equivalent to about 4% of the issued share capital[100] - The Company declared an interim dividend of €0.223 per share payable in late February 2025[103] - Between October 1, 2024, and October 31, 2024, the Company bought back approximately 5M ordinary shares at a cost of approximately €99M under the ongoing €800M share buyback program[102] Taxation - The Group's consolidated tax expense for the half-year ended September 30, 2024, was €276 million, with an effective tax rate of approximately 13%[75] Assets and Fleet - As of September 30, 2024, the Group reported €10.94 billion in long-lived assets, with €10.70 billion related to aircraft[69] - The operating fleet consisted of 581 Boeing 737 and 27 Airbus A320 aircraft as of September 30, 2024[77] - The estimated residual value of each aircraft is 15% of market value on delivery, with a useful life of 23 years[71] Financial Risk Management - The Group's financial risk exposures are primarily related to commodity price, foreign exchange, and interest rate risks, managed through financial instruments[89] - There were no changes in the Group's risk management policies during the period[90] Other Information - No related party transactions materially affected the financial position or performance of the Group for the half-year ended September 30, 2024[88] - The maintenance and integrity of the Ryanair Holdings plc website is the responsibility of the Directors, and auditors do not accept responsibility for any changes to the financial statements since their initial presentation[124] - Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions[124]