Ryanair(RYAAY) - 2024 Q4 - Annual Report

Revenue Growth - Scheduled revenues increased by 32% to €9.15 billion, driven by a 9% traffic growth from 168.6 million to 183.7 million and a 21% increase in average fare to approximately €49.80[39] - Ancillary revenues rose by 12% to €4.30 billion, with discretionary spending per passenger increasing to approximately €23.40[40] - Total revenues increased by 25% to €13.44 billion[41] - Scheduled revenue for the year ended March 31, 2024, was €9,145.1M, an increase from €6,930.3M in the previous year, representing a growth of 32.4%[77] - Ancillary revenue reached €4,298.7M for the year ended March 31, 2024, compared to €3,844.9M in the previous year, marking an increase of 11.8%[79] - Revenue from Italy, Spain, and the United Kingdom for the year ended March 31, 2024, was €2,853.3M, €2,416.2M, and €2,031.0M respectively, contributing significantly to total revenue[79] Expenses and Costs - Fuel and oil expenses rose by 32% to €5.14 billion due to higher jet fuel prices and an 8% increase in sectors flown[42] - Staff costs increased by 26% to €1.50 billion, attributed to a larger fleet and restoration of Covid-19 pay reductions[43] - Airport and handling charges increased by 20% to €1.48 billion, driven by 9% traffic growth and higher ground handling rates[44] - Depreciation increased by 15% to €1.06 billion, primarily due to the delivery of 48 new "Gamechanger" aircraft[45] - Capital expenditure for the year ended March 31, 2024, was €1,969.3M, primarily reflecting aircraft deliveries and capitalized maintenance[81] Profitability - The reportable segment profit after income tax for the year ended March 31, 2024, was €1,917.1M, up from €1,428.0M in the previous year, reflecting a growth of 34.3%[77] - The Group's net finance income for the year ended March 31, 2024, was €61.8M, compared to a net finance expense of €34.4M in the previous year[77] Financial Position - Gross cash at March 31, 2024, was €4.12 billion, despite €2.39 billion in capital expenditures and over €1 billion in debt repayments[50] - Shareholders' equity increased by €1.97 billion to €7.61 billion, primarily due to a €1.92 billion net profit[52] - The Group's liquidity position included €4.12BN gross cash and €1.37BN net cash at March 31, 2024[98] - Total segment assets as of March 31, 2024, amounted to €17,175.6M, compared to €16,405.9M as of March 31, 2023, indicating an increase of 4.7%[77] Shareholder Returns - A total of €200M in dividends was paid for the year ended March 31, 2024, with a proposed final dividend of €0.178 per share[96] - The Group approved a €700M share buyback program subsequent to the year-end[99] Fleet and Operations - The Group has an operating fleet of 557 Boeing 737 and 27 Airbus A320 aircraft, with plans to take delivery of the remaining Boeing 737-8200 aircraft by the end of FY25[74] - The Group has a strong balance sheet with a fleet of 556 owned B737 aircraft unencumbered[103] Risk Management - Approximately 70% of FY25 jet fuel requirements were hedged as of March 31, 2024[103] - Strong cost control measures are implemented across the Group[103] - The Group has access to debt capital markets, including unsecured/secured bank debt and sale & leaseback transactions[103] - The Group holds a BBB+ (stable) credit rating from both S&P and Fitch Ratings[103]