Task Description:

Assume that CAPM holds and the stock market consists of 3 stocks: Rala Venture,
Cinvas Inc., Panovs Ltd. Given the uncertainty in the market, there are three possible
states with the following probabilities and stock returns:

Company/State Recession (p=0.3) Normal (p=0.5) Boom (p=0.2)

Rala 5.00% 4.00% 9.20%
Cinvas -5.00% 2.60% 7.00%
Panovs 2.00% 5.00% 7.00%

a)Calculate the expected return and standard deviation of returns for all three stocks.

b)Calculate the covariance and the correlation between stocks.

c) If you were to construct a risk-minimizing portfolio consisting of only Rala and

Panovs, what would be their weights in your portfolio? What is the expected return
and standard deviation of your newly formed portfolio?

d) Given that Rala has a market capitalization of 500 million USD, Cinvas 100 million
USD, and Panovs 400 million USD, calculate the expected return and the standard
deviation of the market portfolio.

e) Knowing that the risk-free rate is 1%, which stock would you choose to invest in
according to the Sharpe ratio?

Answer a
Name Probability
Company/State 0.3 0.5 0.2
Rala 5.00% 4.00% 9.20%
Cinvas -5.00% 2.60% 7.00%
Panovs 2.00% 5.00% 7.00%

Expected Return
Rala 0.0534 5.340%
Cinvas 0.012 1.200%
Panovs 0.045 4.500%

Answer b
Covariance Correlation
Cov(Rala,Cinvas) 0.0004172 Cor(Rala,Cinvas) 0.2566653711206
Cov(Rala,Panovs) 0.000185 Cor(Rala,Panovs) 0.2769207889945
Cov(Cinvas,Panovs) 0.00079 Cor(Cinvas,Panovs) 0.9990399997787

Answer d
 Particulars Rala Cinvas Panovs
Weight 0.5 0.1 0.4
Expected Return 0.045900
 Answers:

= 5.34, Cinvas = 1.2, Panovs = 4.54), Standard Deviation (Rala = 0.037057, Cinvas = 0.043863+F12 Panovs = 0.018028)

nvos) 0.000185, Cov(Cinvas,Panvos) 0.00079; Cor(Rala,Cinvas) 0.256665371, Cor(Rala,Panvos) 0.276920789, Cor(Cinvas,Panvos) 0.999

3049, Cinvas = 0.119255427, Panvos = 0.29358152); Expected Return = 0.04559675; Standard Deviation = 0.026577082

Variance
Rala 0.001373248
Cinvas 0.001924
Panovs 0.000325

Standard Deviation
Rala 0.0370573609 3.70574%
Cinvas 0.0438634244 4.38634%
Panovs 0.0180277564 1.80278%

Answer c
Particulars Rala Panovs
Weight 0.105402002 0.894597997998 1
Variance 0.0003102437
Standard Deviation 0.0176137367 Expected Return 0.020033515

Answer e
 Particulars Rala Cinvas Panovs
Sharpe Ratio 1.171157333 0.045596075259 1.941450687
 Task 7. Ratios. You are presented with the BS, IS, CF of Ryanair Holdings. Yo
comment on profitability, liquidity, solvency between 2015-2019. Keep you
as max. Be informative, show analysis.

Profitability Liquidity
EBITDA Margin is negative even though the EBIT Margin is positive and this because The values of liqu
of the amount of depreciation or ammortization counted on the NCAs. This non cash as the current rati
expense amount for the year of 2019 is so big that it generated a negative impact on problem occured
the EBITDA Margin which results in a negative return. Different methods calcuting returns on both o
ROE suggest that it is growing at a diminishing rate as the company is going towards company needs t
it's maturity. repaying their cu

Key Ratios 2019

Growth
Revenues 7.64%
Net income -38.97%
Total assets 7.19%
Equity 16.69%

Profitability
EBITDA margin -25.62%

ROCE 11.23%
= EBIT margin 13.21%
* TOCE 85.04%

ROE (standard DuPont) 17%

Profit margin 11%
Asset turnover 58%
Financial leverage 2.54

ROE (with ROA) 17%

ROA 6.68%
COD 1.65
D/E 1.54

ROE (with ROCE)

ROCE
Rd FCC
Dib/E
SCSI
ROE (with RONA) SCAE
RONA SSTI
Rnd SFAC
ND/E SDFC
ONA SCLR
SANR
Liquidity SARG
Current ratio 0.91 SPDA
STXS
Non-cash WC/ Revenues -0.27 SROT
Acc.rec./ Revenues 0.00773 SINY
Inentory/ Revenues 0.000377 SIFG
Accounts payable/ Revenues 0.46326 SPPD
SDCA
Debtor days SOCA
Inventory days SRCA
Payables days SCAO
STCA
Financial strength
Equity/ Total Assets 0.39 SILT
Debt/ Capital employed 0.42 SLTI
ibDebt/EBITDA 0.19 SNDH
Interest coverage ratio 18.35 SPPE
Payout ratio - SPXE
SLSN
Use of resources SMEN
Average age PPE 0 STEN
Remaining useful life PPE SRTN
Capex/Depr (x) SRFN
Net Capex/Sales SOPN
R&D/ Sales SPPC
SPXC
SLSC
SMEC
STEC
SOPC
SDPP
SDPX
SDLS
SDME
SDTE
SDPZ
SOAS
SDTA
SINN
STIN
SNFN
STLA
ATOT

SAPA
SANC
SAEC
SSTD
SCLD
SCDE
SCFL
SCDV
STXZ
SOCL
SCAV
SCPV
SCLT

SLTD
SDXL
LNCD
SLCL
SDVL
SDTX
SDTL
SLLT
SNCP
SOLL
SLDL

STLB

QTEP
QCEP
SCST
SCOM
SCMS

SPIC
SRES
SRED
SACI

SHRC
SORE
SQCM

STLE

STBL

STCIC
STCOC
STCTC
STCAI
STCII
STCOI
STCTI
STCIIDR
STCOIDR
STCTIDR

SAAFI

SRTNS
SRFNS
SPXR
SDXR

STFL
STDL

STDH
STIV
SLRE
AART
SDAS
SOAT
STXB
SPAB
SANP
SAEA
SDVT

SSND

STLD
SLD1
SLD2
SLD3
SLD4
SLDX
SLD23
SLD45
SLD6B

STLS
SCL1
SCL2
SCL3
SCL4
SCL5
SCLX
SINC
SCL23
SCL45
SCL6B

SACRU
SASAC
SCASH
SCSTI
STDBT
SINVP
SNBKC
SNOPA
SPROV
STCSE
STTAN
SQTAN
STBKC
STCAP
STLTC
STNCA
SUREV
SWCAP
SNCWC
SWCXOAL
STCSEO

SOLT
SOL1
SOL2
SOL5
SOLX
SOL6B
SETL
SETA
Ryanair Holdings. Yous should calculate Key ratios for 2019 and
2015-2019. Keep your explantions short. Listing ratios will not count

Liquidity
The values of liquidity ratios suggest that the company is suffering from liquidity crisis
as the current ratio for the last is below 1 and it was also decreasing in last 5 years. This
problem occured due to the mismanagement of account receivable and inventory. The
returns on both of those factors were decreasing in last 5 years. Therefore, the
company needs to adjust their liquidity with profitability so that it can generate by
repaying their current liabilities in a proper manner.

Company Fundamentals - Balance Sheet

Company Name
Country
TRBC Industry Group
CF Template
Consolidation Basis
Period
Export Date
Statement Data
Period End Date
Statement Date
Update Type
Standardized Currency
Reporting Currency
Reporting Unit
Source
Source Date
Original Announcement Date
Complete Statement
Flash Update
Consolidated
Auditor Name
Auditor Opinion
Acc. Std
Template Type

Balance Sheet - Standardized (Currency: As Reported)

Field Name
Current Assets
Cash & ST Invst
Cash & Cash Equiv
ST Invst - Tot
 Fin Assets - ST
Deriv Fin Instr - Hedging - ST
Loans & Rcvbl - Net - ST
Trade Acct & Trade Notes Rcvbl - Net
Trade Acct & Trade Notes Rcvbl - Gross
Prov - Trade Acct & Trade Notes Rcvbl
Inc Tax - Rcvbl - ST
Rcvbl - Oth - Tot
Invnt - Tot
Invnt - Fin Goods
Prepaid Expn - ST
Assets Held For Sale/Disc Ops - ST
Oth Curr Assets - Tot
Restr Acct - ST
Oth Curr Assets
Tot Curr Assets
Non-Current Assets
Invst - LT
Invst - AFS/HTM - LT
Deriv Fin Instr - Hedging - LT
PPE - Net - Tot
PPE - excl Assets Leased Out - Net - Tot
Land & Build - Net
Plant, Machinery & Equip - Net
Transport Equip - Net
ROU Tang - Tot - Net
ROU Tang - Cap/Fin Lease - Net
PPE - Oth - Net
PPE - Gross - Tot
PPE - excl Assets Leased Out - Gross
Land & Build - Gross
Plant, Machinery & Equip - Gross
Transport Equip - Gross
PPE - Oth - Gross
PPE - Accum Depr - Tot
PPE - excl Assets Leased Out - Accum Depr - Tot
Land & Build - Accum Depr
Plant, Machinery & Equip - Accum Depr
Transport Equip - Accum Depr
PPE - Oth - Accum Depr
Oth Non-Curr Assets - Tot
Def Tax - Asset - LT
Intang - Tot - Net
Intang - excl Goodw - Net - Tot
Licenses, Franchises etc - Net
Tot Non-Curr Assets
Total Assets
Tot Assets
Current Liabilities
Trade Acct Pble & Accruals - ST
Trade Acct & Trade Notes Pble - ST
Accrued Expn - ST
ST Debt & Curr Port of LT Debt
Curr Port of LT Debt & Cap Leases
Curr Port of LT Debt excl Cap Lease
Cap Lease - Curr Port
Deriv Liab - Hedging - ST
Inc Taxes - Pble - ST
Oth Curr Liab - Tot
Def Inc - ST
Prov - ST
Tot Curr Liab
Non-Current Liabilities
Debt - LT - Tot
LT Debt excl Cap Lease
Debt - Non-Convert - LT
Cap Lease Oblig - LT
Deriv Liab - Hedging - LT
Def Tax & Invst Tax Credits - LT
Def Tax - Liab - LT
Oth Non-Curr Liab - Tot
Prov - LT
Oth Non-Curr Liab
Tot Non-Curr Liab
Total Liabilities
Tot Liab
Shareholders' Equity
Shareholders' Eq - Parent Shareholders - Tot
Com Eq Parent Shareholders
Com Stock - Held in ESOT/ESOP/Def Comp
Com Eq - Contrib
Com Stock - Issued & Paid

Com Stock - Share Premium incl Option Rsrv

Eq - Non-Contrib - Rsrv & Retained Earnings
Retained Earnings - Tot
Compr Inc - Accum - Tot

Hedging Rsrv
Oth Rsrv/Eq - Tot
 Com Eq - Tot
Total Shareholders' Equity
Tot Shareholders Eq
Total Liabilities & Shareholders' Equity
Tot Liab & Eq
Share/Per Share - Common
Com Shares - Issued - Tot
Com Shares - O/S - Tot
Com Shares - Treasury - Tot
Com Shares - Authorized - Issue
Com Shares - Issued - Issue
Com Shares - O/S - Issue
Com Shares - Treasury - Issue
Com Shares - Issued - Issue - DR
Com Shares - O/S - Issue - DR
Com Shares - Treasury - Issue - DR
Share/Per Share - Preferred
Share/Per Share - Other
Asset Alloc Factor - Issue
Right of Use Tangible Assets
ROU Tang - Tot - Net - Suppl
ROU Tang - Cap/Fin Lease - Net - Suppl
PPE - excl ROU Tang & Cap Lease - Net
PPE - excl ROU Tang & Cap Lease - Accum Depr
Right of Use Intangible Assets
Right of Use Liabilities
Fin & Op Lease Liab - Tot
Debt incl Fin & Op Lease Liab
Long-Term & Short-Term
Deriv Fin Instr - Hedging - Tot
Invst - Tot
Loans & Rcvbl - Tot
Acct & Notes Rcvbl - Trade - Gross - Tot
Assets Held For Sale/Disc Ops - LT & ST
Oth Assets - Tot
Inc Taxes - Pble - LT & ST
Pble & Accrued Expn
Trade Acct Pble - Tot
Accrued Expn
Deriv Liab - Hedging
Debt Related
Net Debt
Debt Maturity
Debt - LT - Mat - Tot
Debt - LT - Mat - within 1 Yr
Debt - LT - Mat - Yr 2
 Debt - LT - Mat - Yr 3
Debt - LT - Mat - Yr 4
Debt - LT - Mat - Remain
Debt - LT - Mat - 2-3 Yr
Debt - LT - Mat - 4-5 Yr
Debt - LT - Mat - Yr 6 & Beyond
Capital Lease Maturity
Cap Lease Mat - Tot
Cap Lease Mat - Due within 1 Yr
Cap Lease Mat - Due in Yr 2
Cap Lease Mat - Due in Yr 3
Cap Lease Mat - Due in Yr 4
Cap Lease Mat - Due in Yr 5
Cap Lease Mat - Remain Mat
Cap Lease Mat - Intr Costs
Cap Lease Mat - Due in 2-3 Yr
Cap Lease Mat - Due in 4-5 Yr
Cap Lease Mat - Due in Yr 6 & Beyond
Other
Accruals - ST
Asset Accruals
Cash & Cash Equiv - Tot
Cash & ST Invst - Tot
Debt - incl Pref Eq & Minority Intr - Tot
Invst - Permanent
Net Book Cap
Net Op Assets
Prov - Tot
Shareholders Eq - Com
Tang Tot Eq
Tang BV
Tot Book Cap
Tot Cap
Tot LT Cap
Tot Fixed Assets - Net
Unearned Rev - Tot
Wkg Cap
Wkg Cap - Non-Cash
Wkg Cap excl Oth Curr Assets & Liab
BV excl Oth Eq

Footnotes
Op Lease Paymt - Tot
Op Lease Paymt - Due in Yr 1
Op Lease Paymt - Due in Yr 2
Op Lease Paymt - Due in Yr 5
Op Lease Paymt - Remain Mat
Op Lease Paymt - Due in Yr 6 & Beyond
Emp - FTE & Equiv - Period End
Emp - FTE & Equiv - Curr Date

Key Ratios

Growth
Revenues
Net income
Total assets
Equity

Profitability
EBITDA margin

ROCE
= EBIT margin
* TOCE

ROE (standard DuPont)

Profit margin
Asset turnover
Financial leverage

ROE (with ROA)

ROA
COD
D/E

ROE (with ROCE)

ROCE
Rd
Dib/E

ROE (with RONA)

RONA
Rnd
ND/E
ONA

Liquidity
Current ratio

Non-cash WC/ Revenues

Acc.rec./ Revenues
Inentory/ Revenues
Accounts payable/ Revenues
Debtor days
Inventory days
Payables days

Financial strength
Equity/ Total Assets
Debt/ Capital employed
ibDebt/EBITDA
Interest coverage ratio
Payout ratio

Use of resources
Average age PPE
Remaining useful life PPE
Capex/Depr (x)
Net Capex/Sales
R&D/ Sales
tios for 2019 and
ratios will not count

suffering from liquidity crisis
decreasing in last 5 years. This
receivable and inventory. The
years. Therefore, the
so that it can generate by
Solvency
The ability to pay the long term liabilities is satisfactory. As the company has massive
investmet in long term assets, it has become strong back up for paying the liabilities. On
the contrary, the company is not paying dividend for last 4 years which generates a
negetive impact on how much effectively the fixed asstes of the company are being
used. s

Ryanair Holdings PLC (RYA.I)

Ireland; Republic of
Passenger Transportation Services
Industrial
Consolidated
Annual
14-05-2020
2019 2018 2017
31-03-2019 31-03-2018 31-03-2017
30-09-2019 31-03-2018 31-03-2017
Reclassification Original Original
EUR EUR EUR
EUR EUR EUR
Millions Millions Millions
IRL Interim Report IRL ARS IRL ARS
04-11-2019 30-07-2018 25-07-2017
20-05-2019 11:53 21-05-2018 12:00 30-05-2017 09:51
Complete Complete Complete
Full Update Full Update Full Update
Consolidated Consolidated Consolidated
KPMG KPMG
Unqualified Unqualified
IFRS IFRS IFRS
Industrial - Differentiated Industrial - Differentiated Industrial - Differentiated

31-03-2019 31-03-2018 31-03-2017

3,160.0 3,645.5 4,128.5

1,675.6 1,515.0 1,224.0
1,484.4 2,130.5 2,904.5
1,484.4 2,130.5 2,904.5
308.7 212.1 286.3
59.50 57.90 55.30
59.50 57.60 54.30
57.70 54.40
0.10 0.10
0
0.30 1.00
2.90 3.70 3.10
3.70 3.10
235.2 221.1
0
272.9 34.60 11.80
34.90 34.60 11.80
238.0
3,804.0 4,189.0 4,706.1

0
0
227.5 2.60 23.00
9,029.6 8,123.4 7,213.8
9,029.6 8,123.4 7,213.8
53.20 49.20
8,060.8 7,154.6
8,053.0 7,147.5
0
0
9,029.6 9.40 10.00
11,494 10,220
11,494 10,220
82.70 77.80
11,349 10,086
11,308 10,049
62.70 56.70
3,370.5 3,006.6
3,370.5 3,006.6
29.50 28.60
3,287.7 2,931.3
3,254.8 2,901.7
53.30 46.70
43.20
43.20
146.4 46.80 46.80
146.4 46.80 46.80
146.4 46.80 46.80
9,446.7 8,172.8 7,283.6
13,251 12,362 11,990

3,565.9 695.1 642.1

573.8 249.6 294.1
2,992.1 445.5 348.0
309.4 434.6 455.9
309.4 434.6 455.9
305.2 325.7
129.4 130.2
189.7 190.5 1.70
31.60 684.4 579.3
102.9 1,408.3 1,332.8
1,408.3 1,332.8
102.9
4,199.5 3,412.9 3,011.8

3,335.0 3,528.4 3,928.6

3,335.0 3,331.6 3,602.3
3,335.0 3,331.6 3,602.3
0 196.8 326.3
8.00 415.5 2.60
460.6 395.2 473.1
460.6 395.2 473.1
32.70 140.9 150.6
32.70 138.1 138.2
2.80 12.40
3,836.3 4,480.0 4,554.9

8,035.8 7,892.9 7,566.7

5,214.9 4,468.9 4,423.0

5,214.9 4,468.9 4,423.0
0 0
726.2 747.7 741.6
6.80 7.00 7.30

719.4 740.7 734.3

4,488.7 3,721.2 3,681.4
4,185.1 4,080.9 3,459.5
-359.7 221.9

-359.7 221.9
303.6
5,214.9 4,468.9 4,423.0

5,214.9 4,468.9 4,423.0

13,251 12,362 11,990

1,133.4 1,171.1 1,217.9

1,133.4 1,171.1 1,217.9
0 0 0
1,550.0
1,133.4 1,171.1 1,217.9
1,133.4 1,171.1 1,217.9
0 0 0
226.7 234.2 243.6
226.7 234.2 243.6
0 0 0

1.00 1.00 1.00

0
0
9,029.6
3,370.5 3,006.6

0 326.2 456.5
3,644.4 3,963.0 4,384.5

536.2 214.7 309.3

1,484.4 2,130.5 2,904.5
59.50 57.90 55.30
57.70 54.40
0
316.1 34.60 11.80
31.60 684.4 579.3
3,565.9 695.1 642.1
573.8 249.6 294.1
2,992.1 445.5 348.0
197.7 606.0 4.30

484.4 317.5 256.0

3,636.8 3,925.4
305.2 325.7
277.3 297.2
 245.5 272.1
1,033.9 240.4
1,774.9 2,790.0
522.8 569.3
1,033.9 240.4
1,774.9 2,790.0

303.1 414.3
124.5 126.5

178.6 290.5

2.70

178.6 290.5

-2,071.1 -738.9 470.3

11,575 10,847 10,766
1,675.6 1,515.0 1,224.0
3,160.0 3,645.5 4,128.5
3,644.4 3,963.0 4,384.5
0
5,699.3 4,786.4 4,679.0
5,699.3 4,786.4 4,679.0
596.2 533.3 611.3
5,214.9 4,468.9 4,423.0
5,068.5 4,422.1 4,376.2
5,068.5 4,422.1 4,376.2
8,859.3 8,431.9 8,807.5
8,859.3 8,431.9 8,807.5
9,051.2 8,948.9 8,977.9
9,446.7 8,172.8 7,283.6
1,408.3 1,332.8
-395.5 776.1 1,694.3
-3,555.5 -2,869.4 -2,434.2
-565.5 2,149.8 3,015.3
4,911.3

290.1 150.3 231.8

103.5 76.80 88.90
60.70
116.0 73.50 142.9
9.90 0 0
9.90 0 0
 16,840 14,583 13,026
16,840 14,583 13,026
2019 2018 2017

7.64% 7.57% 1.71%

-38.97% 10.21% -15.60%
7.19% 3.10% 6.88%
16.69% 1.04% 22.97%

-25.62% 9.69% 7.63%

11.23% 18.63% 17.09%

13.21% 23.32% 23.08%
85.04% 79.91% 74.05%

17% 32% 30%

11% 20% 20%
58% 58% 55%
2.54 2.77 2.71

17% 32% 30%

6.68% 11.73% 10.98%
1.65 1.57 1.58
1.54 1.77 1.71

17% 32% 30%

9.778% 16.205344% 14.657102%
13.915% 22.737892% 20.746685%
1.21962070221864 1.42717447246526 1.43402667872485
10.2273446327684 6.17080402703076 6.82263089900448

0.91 1.23 1.56

-0.27 -0.10 0.07

0.00773 0.00810 0.00832
0.000376750591109 0.000517410152426 0.000466319684708
0.463260321667056 0.097203188365264 0.096588345016396
 2.82140722841479 2.95532093413509 3.03626763741388
0.267144251242016 0.328846255763422 0.319038514067195

0.39 0.36 0.37

0.42 0.50 0.51
0.19 0.20 0.22
18.35 28.70 24.35
- - -

0 6.00802139037433 6.04341708542714
2.00802139037433 3.04341708542714
2.41483216237315 2.62139037433155 2.91417085427136
0.200937979057864 0.205649559502167 0.21808718673847
e company has massive
or paying the liabilities. On
ars which generates a
he company are being

2016 2015
31-03-2016 31-03-2015
31-03-2016 31-03-2015
Original Original
EUR EUR
EUR EUR
Millions Millions
IRL ARS IRL ARS
26-07-2016 30-07-2015
23-05-2016 12:00 26-05-2015 12:00
Complete Complete
Full Update Full Update
Consolidated Consolidated
KPMG KPMG
Unqualified Unqualified
IFRS IFRS
Industrial - Differentiated Industrial - Differentiated

31-03-2016 31-03-2015 FCC

4,321.5 4,789.2 SNTS

1,259.2 1,184.6 SNTU
3,062.3 3,604.6 STLR
3,062.3 3,604.6
269.1 744.4 SCOR
69.50 65.70 SCGS
66.10 60.10 SDCS
66.20 60.20 SCOS
0.10 0.10 SGRP
0 0.80 SSGA
3.40 4.80 SSGU
3.30 2.10 SLAS
3.30 2.10 SOET
145.1 133.9
SOPR
13.00 6.70
13.00 6.70 SFIE
SNII
4,821.5 5,742.0 SINI
SIEN
0 371.0 SNIF
0 371.0 SIFX
88.50 554.5 SGIT
6,261.5 5,471.1 SINO
6,261.5 5,471.1 SIQA
45.70 45.70 SNPX
6,205.4 5,416.1
6,199.7 5,410.6
SIBT

10.40 9.30 STAX

8,823.8 7,681.6 SCTX
8,823.8 7,681.6 SDTR
70.80 67.40
8,702.4 7,570.1 SIAT
8,670.0 7,540.6
50.60 44.10 SICO
2,562.3 2,210.5 SIBM
2,562.3 2,210.5 SNIC
25.10 21.70
2,497.0 2,154.0 SNIS
2,470.3 2,130.0
40.20 34.80 SOCS
SCGL
SCHN
46.80 46.80 SCOP
46.80 46.80 SCIB
46.80 46.80 SCIE
6,396.8 6,443.4
 BINCC
11,218 12,185 SNCN
SBASC
653.4 613.6 SBAIC
230.6 196.5 SBCOC
422.8 417.1 SBESC
449.9 399.6 BINCI
449.9 399.6 BEAFI
341.2 346.2 SBASI
108.7 53.40 SBAII
555.4 811.7 SBCOI
536.9 433.3 SBESI
1,173.9 1,087.8 SEPSXB
1,173.9 1,087.8 SCBEI

3,369.5 3,346.0 SCDAJ

DINCC
3,573.1 4,032.0 SNCND
3,116.5 4,032.0 SDWSC
3,116.5 4,032.0 SDAIC
456.6 SDCOC
111.6 73.40 SDESC
385.5 462.3 DINNCI
385.5 462.3 DEAFI
181.8 236.6 SDWSI
149.3 180.8 SDAII
32.50 55.80 SDCOI
4,252.0 4,804.3 SDESI
SEPSXD
7,621.5 8,150.3 SCDEI

3,596.8 4,035.1 SDPSGI

3,596.8 4,035.1 SDPSNI
7.30 3.20 SSDSGI
736.3 1,022.3 SSDSNI
SSDSGI
7.70 8.70
DR
SSDSNI
728.6 1,013.6
DR
2,867.8 3,016.0
3,168.4 2,707.5 SEBIT
SEBITD
-300.6 308.5
A
SEBITD
-300.6 308.5
AL
3,596.8 4,035.1 SDEA
SDPR
3,596.8 4,035.1
STDAE
11,218 12,185 STDEP

1,290.7 1,343.3
1,290.7 1,343.3 SLAR
0 0 SVLAR
1,638.0 SVSCN
1,290.7 1,343.3 SVSCP
1,290.7 1,343.3 SVSCT
0 0
258.2 268.7 SAFT
258.2 268.7 SARF
0 0 SATF

SNAT
1.00 1.00 SNCO
SIBL
SNEBIT
SNEBIT
DA

2,562.3 2,210.5
SROL
SCREV
SCOGX
565.3 53.40
D
4,023.0 4,431.6 SINTEX
SOPEX
SGAXR
357.6 1,298.9
D
3,062.3 3,975.6
69.50 65.70
66.20 60.20 SEAV

13.00 6.70
536.9 433.3
653.4 613.6
230.6 196.5
422.8 417.1
667.0 885.1

-298.5 -357.6

3,457.7 4,898.9
341.2 349.8
432.7 343.2
 327.4 441.6
224.1 328.2
2,132.3 3,436.1
760.1 784.8
224.1 328.2
2,132.3 3,436.1

503.1 333.9
106.4 49.80
66.90
70.70
62.60
401.7
83.90
5.00
137.6
401.7 62.60
83.90

192.8 1,211.4
9,959.1 11,001
1,259.2 1,184.6
4,321.5 4,789.2
4,023.0 4,431.6
0 371.0
3,298.3 3,677.5
3,298.3 3,677.5
534.8 643.1
3,596.8 4,035.1
3,550.0 3,988.3
3,550.0 3,988.3
7,619.8 8,466.7
7,619.8 8,466.7
7,848.8 8,839.4
6,396.8 6,443.4
1,173.9 1,087.8
1,452.0 2,396.0
-2,869.5 -2,393.2
2,612.9 3,477.1

278.8 392.3
93.50 134.6

184.8 241.7
0.50 16.00
0.50 16.00
 11,458
11,458
2016 2015

15.60% #DIV/0!
79.89% #DIV/0!
-7.94% #DIV/0!
-10.86% #DIV/0!

32.86% #DIV/0!

18.60% 11.80%
22.34% 18.45%
83.27% 63.96%

43% 21%
24% 15%
58% 46%
3.12 3.02

43% 21%
13.90% 7.11%
1.47 1.50
2.12 2.02

43% 21%
19.864183% 9.804964%
24.505289% 12.442396%
1.76887789145907 1.72627692002677
5.03418638958374 10.1989154263298

1.43 1.72

0.03 0.21
0.01063 0.01162
0.000504911410998 0.000371418464804
0.099972459377582 0.108524938096923
 3.88131521772392 4.24133356915458
0.261385035673554 0.109606474861294

0.32 0.33
0.54 0.54
0.24 0.28
27.55 18.56
- 0.60

5.99648958577112 5.85252846174212
3.99648958577112 4.85252846174212
1.91809033465949 2.08763568970082
0.12540163407693 0.139458790237
Company Fundamentals - Income Statement
Company Name
Country
TRBC Industry Group
CF Template
Consolidation Basis
Period
Export Date
Statement Data
Period End Date
Period Length
Statement Date
Update Type
Standardized Currency
Reporting Currency
Reporting Unit
Source
Source Date
Original Announcement Date
Complete Statement
Flash Update
Consolidated
Auditor Name
Auditor Opinion
Acc. Std
Template Type
Income Statement - Standardized (Currency: As Reported)
Field Name
Revenues
Rev from Goods & Srvc
Sales of Goods & Srvc - Net - Unclassif
Tot Rev from Biz Activ
Operating Expenses
Cost of Op Rev
COGS - Tot
Depr in COGS
COGS - Oth - Tot
Gross Profit - Ind/Prop - Tot
SGA - Tot
SGA Unclassif
Labor & Related Expn incl Stock-Based Comp in SGA
Op Expn - Tot
Operating Profit
Op Profit Bef Non-Recur Inc/(Expn)
Non-Operating Expenses
Fin Inc/(Expn) - Net - Tot
Intr Expn - Net of (Intr Inc)
Intr Inc - Non-Bank
Intr Expn - Net of Cap Intr
Non-Intr Fin Inc/(Expn) - Tot
FX G/(L) - Non-Biz
Sale of Invst Held For Sale, Mat & Trad - G/(L)
Non-Intr Fin Inc/(Expn) - Oth - Net
Eq Earnings/(Loss) - Bef Taxes incl Non-Recur
Norm Pretax Profit
Non-Recurring Income/Expense
Pre-Tax Income
Inc Bef Taxes
Taxes
Inc Taxes
Inc Taxes For The Yr - Curr
Inc Taxes - Def
Net Income After Tax
Net Inc After Taxes
After Tax Income/Expense
Inc Bef Disc Ops & Exord Items
Net Inc Bef Minority Intr
Net Inc After Minority Intr
Net Income
Inc Avail to Com Shares
Other Coprehensive Income
Oth Compr Inc - Starting Line
Oth Compr Inc - Unreal Invst G/(L)
Oth Compr Inc - Hedging G/(L)
Oth Compr Inc - Net of Tax - Tot
Compr Inc Bef Minority Intr - Tot
Compr Inc - Parent - Tot
Share/Per Share - Basic
Net Inc - Basic - incl Exord Items, Com - Tot
Inc Avail to Com excl Exord Items
Shares Used to Calc Basic EPS - Tot
EPS Basic - incl Exord Items, Com - Tot
EPS Basic - excl Exord Items, Com - Tot
EPS Basic - excl Exord Items - Norm - Tot
Alloc Net Inc incl Exord Items, Com - Issue
Earnings Alloc Factor - Basic - Issue
Shares Used to Calc Basic EPS - Issue
EPS Basic - incl Exord Items, Com - Issue
EPS Basic - excl Exord Items, Com - Issue
EPS Basic - excl Exord Items - Norm - Issue
EPS Basic from Disc Ops & Exord Items
Compr EPS Basic - Issue
Share/Per Share - Diluted
Dil Adj
Net Inc - Diluted - incl Exord Items, Com - Tot
Diluted Inc Avail to Com excl Exord Items
Shares Used to Calc Diluted EPS - Tot
EPS Diluted - incl Exord Items, Com - Tot
EPS Diluted - excl Exord Items, Com - Tot
EPS Diluted - excl Exord Items - Norm - Tot
Alloc Diluted Net Inc incl Exord Items, Com - Issue
Earnings Alloc Factor - Diluted - Issue
Shares Used to Calc EPS Diluted - Issue
EPS Diluted - incl Exord Items, Com - Issue
EPS Diluted - excl Exord Items, Com - Issue
EPS Diluted - excl Exord Items - Norm - Issue
EPS Diluted from Disc Ops & Exord Items
Compr EPS Diluted - Issue
Share/Per Share - Dividends
DPS - Com - Gross - Issue
DPS - Com - Net - Issue
DPS - Special - Issue
DPS - Special - Net - Issue
DPS - Special - Gross - Issue - DR

DPS - Special - Net - Issue - DR

EBIT/EBITDA & related
EBIT
EBITDA

EBITDA & Op Lease Paymt

Depreciation/Amortization - Income Statement
Depr & Amort - Suppl
Depr Expn - Tot - Suppl
Depreciation/Amortization - Total
Depr, Depl & Amort - Tot
Depr - Tot
Research & Development
Labor & Related Expenses
Labor & Related Expn - Tot
Labor & Related Expn - Suppl
Stock-Based Comp Expn - Net of Tax - Suppl
Stock-Based Comp Expn - Pretax - Suppl
Stock-Based Comp - Tax Benefit - Suppl
Auditor Fees
Auditor Fees
Audit-Related Fees
Tax Fees
Normalized
Norm After Taxes Profit
Norm Net Inc from Cont Ops
Norm Net Inc - Bottom Line
EBIT - Norm
EBITDA - Norm
Derivatives
Other
Rental/Op Lease Expn
COGS incl Op & Maint (Util) - Tot
COGS excl Depr
Intr Expn
Op Expn
SGA excl R&D Expn

Footnotes
Emp - Avg

Statement Data
Ryanair Holdings PLC (RYA.I)
Ireland; Republic of
Passenger Transportation Services
Industrial
Consolidated
Annual
14-05-2020
2019 2018 2017
31-03-2019 31-03-2018 31-03-2017
12 Months 12 Months 12 Months
31-03-2019 31-03-2018 31-03-2017
Original Original Original
EUR EUR EUR
EUR EUR EUR
Millions Millions Millions
IRL ARS IRL ARS IRL ARS
30-07-2019 30-07-2018 25-07-2017
20-05-2019 11:53 21-05-2018 12:00 30-05-2017 09:51
Complete Complete Complete
Full Update Full Update Full Update
Consolidated Consolidated Consolidated
KPMG KPMG KPMG
Unqualified Unqualified Unqualified
IFRS IFRS IFRS
Industrial - Operating Industrial - Operating Industrial - Operating

31-03-2019 31-03-2018 31-03-2017

7,697.4 7,151.0 6,647.8

7,697.4 7,151.0 6,647.8
7,697.4 7,151.0 6,647.8
5,149.3 4,334.8 4,158.5
5,149.3 4,334.8 4,158.5
640.5 561.0 497.5
4,508.8 3,773.8 3,661.0
2,548.1 2,816.2 2,489.3
1,531.3 1,148.9 955.3
547.3 410.4 322.3
984.0 738.5 633.0
6,680.6 5,483.7 5,113.8

1,016.8 1,667.3 1,534.0

-52.90 -56.00 -63.70

55.40 58.10 63.00
3.70 2.00 4.20
59.10 60.10 67.20
2.50 2.10 -0.70
-3.50 2.10 -0.70
6.00 0 0
0 0 0
-15.80
948.1 1,611.3 1,470.3

948.1 1,611.3 1,470.3

63.10 161.1 154.4

96.50 152.0 143.6
-33.40 9.10 10.80

885.0 1,450.2 1,315.9

885.0 1,450.2 1,315.9

885.0 1,450.2 1,315.9
885.0 1,450.2 1,315.9

885.0 1,450.2 1,315.9

885.0 1,450.2
0
634.3 -581.6
634.3 -581.6
1,519.3 868.6
1,519.3 868.6
 885.0 1,450.2 1,315.9
885.0 1,450.2 1,315.9
1,143.6 1,193.5 1,249.7
0.77 1.22 1.05
0.77 1.22 1.05
0.77 1.22 1.05
885.0 1,450.2 1,315.9
1.00 1.00 1.00
1,143.6 1,193.5 1,249.7
0.77 1.22 1.05
0.77 1.22 1.05
0.77 1.22 1.05
0 0 0
1.33 0.73

0
885.0 1,450.2 1,315.9
885.0 1,450.2 1,315.9
1,154.6 1,204.0 1,257.5
0.77 1.20 1.05
0.77 1.20 1.05
0.77 1.20 1.05
885.0 1,450.2 1,315.9
1.0% 1.0% 1.0%
1,154.6 1,204.0 1,257.5
0.77 1.20 1.05
0.77 1.20 1.05
0.77 1.20 1.05
0 0 0
1.32 0.72

0
0

1,016.8 1,667.3 1,534.0

1,657.3 2,228.3 2,031.5

1,741.2 2,310.6 2,117.6

 640.5 561.0 497.5
640.5 561.0 497.5

640.5 561.0 497.5

640.5 561.0 497.5

991.7 744.9 638.7

984.0 738.5 633.0
6.74 5.60 4.99
7.70 6.40 5.70
0.96 0.80 0.71

0.90 0.70 0.90

0.60 0.50 0.40
0.30 0.20 0.50

885.0 1,450.2 1,315.9

885.0 1,450.2 1,315.9
885.0 1,450.2 1,315.9
1,003.5 1,669.4 1,533.3
1,644.0 2,230.4 2,030.8

83.90 82.30 86.10

5,149.3 4,334.8 4,158.5
4,508.8 3,773.8 3,661.0
59.10 60.10 67.20
6,680.6 5,483.7 5,113.8
1,531.3 1,148.9 955.3

15,938 13,803 12,438

2019 2018 2017

 2016 2015
31-03-2016 31-03-2015
12 Months 12 Months
31-03-2016 31-03-2015
Original Original
EUR EUR
EUR EUR
Millions Millions
IRL ARS IRL ARS
26-07-2016 30-07-2015
23-05-2016 12:00 26-05-2015 12:00
Complete Complete
Full Update Full Update
Consolidated Consolidated
KPMG KPMG
Unqualified Unqualified
IFRS IFRS
Industrial - Operating Industrial - Operating

31-03-2016 31-03-2015 FCC

6,535.8 5,654.0 SPLS

6,535.8 5,654.0 SNCR
6,535.8 5,654.0 SEIA
 SRFI
4,197.6 3,874.3 SOCF
4,197.6 3,874.3 SDAI
427.3 377.7 SDEP
3,770.3 3,496.6 SRGL
2,338.2 1,779.7 SEBE
878.1 736.8 SCTN
292.7 233.9 SCIP
585.4 502.9 SIDR
5,075.7 4,611.1 SONC
SCWC
1,460.1 1,042.9 SACR
SITL
261.8 -60.50 SASO
53.00 56.20 SAPB
17.90 17.90 SAEX
70.90 74.10 STXP
314.8 -4.30 SOLB
-2.50 -4.20 STLO
317.5
-0.20 -0.10 SCAP
SPPN
1,721.9 982.4 SCEP
SSFA
SCEX
1,721.9 982.4 SBAS
SBAQ
162.8 115.7 SEQI
149.2 90.10 SICF
13.60 25.60 STLI

1,559.1 866.7 SCDP

SPDC
1,559.1 866.7 SPSS
1,559.1 866.7 SSNU
1,559.1 866.7 SCSN
SSIC
1,559.1 866.7 SSRC
SPRD
SLDN
SLDI
SLDR
STLF

SNCC
SCNC
1,559.1 866.7 SNCB
1,559.1 866.7 SNCE
1,341.0 1,350.1
1.16 0.64 SSTN
1.16 0.64 SIPS
1.16 0.64 SSID
1,559.1 866.7 SDCSBN
1.00 1.00 SCSBN
1,341.0 1,350.1 SDDAA
1.16 0.64 SFCFE
1.16 0.64 SFCFO
1.16 0.64 SFCFL
0 0

SDCM

1,559.1 866.7
1,559.1 866.7
1,348.4 1,352.9
1.16 0.64
1.16 0.64
1.16 0.64
1,559.1 866.7
1.0% 1.0%
1,348.4 1,352.9
1.16 0.64
1.16 0.64
1.16 0.64
0 0

0 0
0 0
0.38
0.31
1.42 1.73

1.12 1.71

1,460.1 1,042.9
1,887.4 1,420.6

2,002.5 1,530.0
 427.3 377.7
427.3 377.7

427.3 377.7
427.3 377.7

591.3 503.4
585.4 502.9
5.16 0.44
5.90 0.50
0.74 0.06

0.70 0.80
0.40 0.50
0.30 0.30

1,559.1 866.7
1,559.1 866.7
1,559.1 866.7
1,774.9 1,038.6
2,202.2 1,416.3

115.1 109.4
4,197.6 3,874.3
3,770.3 3,496.6
70.90 74.10
5,075.7 4,611.1
878.1 736.8

10,926 9,393.0

2016 2015
Company Fundamentals - Cash Flow
Company Name Ryanair Holdings PLC (RYA.I)
Country Ireland; Republic of
TRBC Industry Group Passenger Transportation Services
CF Template Industrial
Consolidation Basis Consolidated
Period Annual
Export Date 14-05-2020
Statement Data 2019
Period End Date 31-03-2019
Period Length 12 Months
Statement Date 31-03-2019
Update Type Original
Standardized Currency EUR
Reporting Currency EUR
Reporting Unit Millions
Source IRL ARS
Source Date 30-07-2019
Original Announcement Date 20-05-2019 11:53
Complete Statement Complete
Flash Update Full Update
Consolidated Consolidated
Auditor Name KPMG
Auditor Opinion Unqualified
Acc. Std IFRS
Template Type Industrial - Indirect
Cash Flow - Standardized (Currency: As Reported)
Field Name 31-03-2019
Operating Cash Flow - Indirect
Profit/(Loss) - Starting Line - CF 885.0
Non-Cash Items & Reconc Adj - CF 657.5
Eq Inc/(Loss) in Net Earnings - CF 9.80
 Fin Inc/(Expn) - CF -0.50
Oth Non-Cash Items & Reconc Adj - CF
Depr, Depl & Amort incl Impair - CF 640.5
Depr & Depl - PPE - CF 640.5
Assets Sale - G/(L) - CF
Share Based Paymt - CF 7.70
Inc Taxes - Paid/(Reimb) - Indirect CF 100.9
Intr Paid - Cash 1.50
Intr & Div - Received - Tot - CF
Cash Flow from Op Bef Chg in Wkg Cap 1,440.1
Wkg Cap - Incr/(Decr) - CF 577.4
Acct Rcvbl - Decr/(Incr) - CF -1.90
Invnt - Decr/(Incr) - CF 0.80
Oth Assets - Decr/(Incr) - CF -2.10
Acct Pble - Incr/(Decr) - CF 321.4
Accrued Expn - Incr/(Decr) - CF 198.6
Taxes Pble - Incr/(Decr) - CF 63.10
Oth Liab - Incr/(Decr) - Tot - CF -2.50
Net Cash Flow from Op 2,017.5
Investing Cash Flow
CAPEX - Net - CF 1,546.7
PPE - Purch/(Sold) - Net - CF 1,546.7
PPE - Purch - CF 1,546.7
PPE Sold - CF
CAPEX - Tot 1,546.7
Acq & Disp of Biz - Assets - Sold/(Acq) - Net - CF -86.50
Acq of Biz - CF 86.50
Invst - Assoc Co & JVs - Sold/(Purch) - CF -15.00
Oth Invst Cash Flow - Decr/(Incr) 645.8
Net Cash Flow from Invst -1,002.4
Financing Cash Flow
Div Paid - Cash - Tot - CF
Div - Com - Cash Paid
Stock - Tot - Issuance/(Ret) - Net - CF -531.6
Stock - Issuance/(Ret) - Net - excl Options/Warrants
-531.6
- CF
Stock - Com - Issuance/(Ret) - Net - CF -531.6
Stock - Com - Issued/Sold - CF
Stock - Com - Repurch/Retired - CF 531.6
Debt - LT & ST - Issuance/(Ret) - Tot - CF -322.9
Debt - Issued/(Reduced) - LT - CF -322.9
Debt - Issued - LT - CF 99.90
Debt - Reduced - LT - CF 422.8
Net Cash Flow from Fin -854.5
Change in Cash
Net Chg in Cash - Tot 160.6
Net Cash from Cont Ops 160.6
Net Cash - Beg Bal 1,515.0
Net Cash - Ending Bal 1,675.6
Supplemental
Inc Taxes - Paid/(Reimb) - CF - Suppl 100.9
Intr Paid - CF - Suppl 1.50
Intr & Div - Received - CF - Suppl
Cash Div Paid & Com Stock Buyback - Net
Com Stock Buyback - Net 531.6
Depr, Depl & Amort - CF 640.5
Free Cash Flow to Eq 147.9
FOCF 470.8
Levered FOCF 470.8

Footnotes
Div Provided/Paid - Com 0
Statement Data 2019
 2018 2017 2016 2015
31-03-2018 31-03-2017 31-03-2016 31-03-2015
12 Months 12 Months 12 Months 12 Months
31-03-2018 31-03-2017 31-03-2016 31-03-2015
Original Original Original Original
EUR EUR EUR EUR
EUR EUR EUR EUR
Millions Millions Millions Millions
IRL ARS IRL ARS IRL ARS IRL ARS
30-07-2018 25-07-2017 26-07-2016 30-07-2015
21-05-2018 12:00 30-05-2017 09:51 23-05-2016 12:00 26-05-2015 12:00
Complete Complete Complete Complete
Full Update Full Update Full Update Full Update
Consolidated Consolidated Consolidated Consolidated
KPMG KPMG KPMG KPMG
Unqualified Unqualified Unqualified Unqualified
IFRS IFRS IFRS IFRS
Industrial - Indirect Industrial - Indirect Industrial - Indirect Industrial - Indirect

31-03-2018 31-03-2017 31-03-2016 31-03-2015

1,450.2 1,315.9 1,559.1 866.7

568.1 505.6 117.3 376.2
 0.70 2.40 1.40 -2.20
0 0 0.20 0.20
561.0 497.5 427.3 377.7
561.0 497.5 427.3 377.7
0 0 -317.5
6.40 5.70 5.90 0.50
118.9 161.6 127.5 88.40
0.20 1.00
3.80 12.80
1,903.2 1,659.7 1,547.9 1,167.3
330.0 267.5 298.4 522.1
-3.30 11.80 -6.00 -2.00
-0.60 0.20 -1.20 0.40
-14.10 -76.00 -11.20 -12.30
-54.10 43.40 10.80 11.90
241.1 144.7 175.0 364.4
161.1 154.4 162.8 115.7
-0.10 -11.00 -31.80 44.00
2,233.2 1,927.2 1,846.3 1,689.4

1,470.6 1,449.8 819.6 788.5

1,470.6 1,449.8 819.6 788.5
1,470.6 1,449.8 1,217.7 788.5
0 0 398.1
1,470.6 1,449.8 1,217.7 788.5

751.2 159.0 536.0 -2,099.7

-719.4 -1,290.8 -283.6 -2,888.2

520.3
520.3
-829.1 -1,017.9 -1,103.2 -97.60
-829.1 -1,017.9 -1,103.2 -97.60
-829.1 -1,017.9 -1,103.2 -97.60
0 0 0.80 14.40
829.1 1,017.9 1,104.0 112.0
-393.7 346.3 -384.9 1,271.2
-393.7 346.3 -384.9 1,271.2
65.20 793.4 0 1,690.9
458.9 447.1 384.9 419.7
-1,222.8 -671.6 -1,488.1 653.3

291.0 -35.20 74.60 -545.5

291.0 -35.20 74.60 -545.5
1,224.0 1,259.2 1,184.6 1,730.1
1,515.0 1,224.0 1,259.2 1,184.6

118.9 161.6 127.5 88.40

0.20 1.00
3.80 12.80
617.9
829.1 1,017.9 1,103.2 97.60
561.0 497.5 427.3 377.7
368.9 823.7 641.8 2,172.1
762.6 477.4 628.6 380.6
762.6 477.4 628.6 900.9

0 0 0 520.3
2018 2017 2016 2015