Ryanair Low Fares Made Simple
Conservative Financial Policies
Liquidity Management
✈ Significant cash balances (€3.2bn)
No liquidity lines required
Ample unsecured hedging lines
Cash in term or structured deposits
Placed with highly rated institutions
Hedging
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✈ OPEX, 95% FY17, 85% FY18
CAPEX, B737-800's hedged
✈ Match GBP costs & revenues
✈ Interest rate exposure c.80% fixed
✈ Floating interest exposure matched with
cash deposits
RYANAIR
LOW FARES. MADE SIMPLE.
Results in Industry Leading Liquidity
✈ Strong positive working capital
Very low cost base
Customers pay in advance
Pre delivery payments paid with cash
New aircraft purchased with cash
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Shareholder Returns
✈ €550m buyback program Nov 16-Feb 17
✈ €1bn total buybacks in FY17
✈ Further returns subject to:
Continuing profitability
CAPEX & OPEX requirement
Fuel prices
Fares
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