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Ryanair Holdings

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Ryanair Holdings As filed with the Securities and Exchange Commission on September 30, 2003 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ——————— FORM 20-F ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended: March 31, 2003 0-29304 (Commission file number) Ryanair Holdings plc (Exact name of registrant as specified in its charter) Ryanair Holdings plc (Translation of registrant’s name into English) Republic of Ireland (Jurisdiction of incorporation or organization) c/o Ryanair Limited Corporate Head Office Dublin Airport County Dublin, Ireland (Address of principal executive offices) Securities registered or to be registered pursuant to Section 12(b) of the Act. None Securities registered or to be registered pursuant to Section 12(g) of the Act: Title of each class Name of each national market on which registered American Depositary Shares, each Nasdaq National Market representing five Ordinary Shares Ordinary Shares, par value Nasdaq National Market* 1.27 euro cent per Share Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None (Title of Class) Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. 755,130,716 Ordinary Shares Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨ Indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ¨ Item 18 þ ———————— * Not for trading, but only in connection with the registration of the American Depositary Shares. TABLE OF CONTENTS Page Presentation of Financial and Certain Other Information ..................................................................... iv Cautionary Statement Regarding Forward Looking Information ............................................................v PART I Item 1. Identity of Directors, Senior Management and Advisers.......................................................... 1 Item 2. Offer Statistics and Expected Timetable................................................................................. 1 Item 3. Key Information................................................................................................................... 1 THE COMPANY ........................................................................................................... 1 SELECTED FINANCIAL DATA ................................................................................... 1 EXCHANGE RATES..................................................................................................... 6 SELECTED OPERATING AND OTHER DATA ............................................................ 8 RISK FACTORS............................................................................................................ 9 Item 4. Information on the Company............................................................................................... 22 INTRODUCTION........................................................................................................ 22 STRATEGY ................................................................................................................ 23 INDUSTRY OVERVIEW ............................................................................................ 26 European Airline Market......................................................................................... 26 Ireland-U.K. Market ............................................................................................... 27 Service to Continental Europe ................................................................................. 28 The Acquisition of Buzz ......................................................................................... 28 ROUTE SYSTEM, SCHEDULING AND FARES ......................................................... 29 Route System and Scheduling ................................................................................. 29 Low and Widely-Available Fares ............................................................................ 33 MARKETING AND ADVERTISING ........................................................................... 33 RESERVATIONS/RYANAIR.COM ............................................................................. 34 AIRCRAFT ................................................................................................................. 34 Aircraft.................................................................................................................. 35 Fleet Expansion...................................................................................................... 36 Training and Regulatory Compliance....................................................................... 37 ANCILLARY SERVICES ............................................................................................ 37 MAINTENANCE AND REPAIRS................................................................................ 38 General.................................................................................................................. 38 Heavy Maintenance ................................................................................................ 39 SAFETY RECORD...................................................................................................... 40 AIRPORT OPERATIONS ............................................................................................ 41 Airport Handling Services....................................................................................... 41 Airport Charges...................................................................................................... 41 FUEL .......................................................................................................................... 42 INSURANCE .............................................................................................................. 42 FACILITIES................................................................................................................ 44 TRADEMARKS .......................................................................................................... 45 GOVERNMENT REGULATION ................................................................................. 45 Liberalization of the EU Air Transportation Market.................................................. 45 Regulatory Authorities............................................................................................ 46 Registration of Aircraft ........................................................................................... 48 Regulation of Competition ...................................................................................... 48 i Environmental Regulation....................................................................................... 49 Slots ...................................................................................................................... 49 Other ..................................................................................................................... 50 DESCRIPTION OF PROPERTY.................................................................................. 50 Item 5. Operating and Financial Review and Prospects ................................................................... 50 HISTORY.................................................................................................................... 51 BUSINESS OVERVIEW.............................................................................................. 51 RECENT OPERATING RESULTS............................................................................... 52 CRITICAL ACCOUNTING POLICIES ........................................................................ 53 RESULTS OF OPERATIONS ...................................................................................... 54 FISCAL YEAR 2003 COMPARED WITH FISCAL YEAR 2002 ................................... 55 FISCAL YEAR 2002 COMPARED WITH FISCAL YEAR 2001 ................................... 59 QUARTERLY FLUCTUATIONS................................................................................. 62 U.S. GAAP RECONCILIATION .................................................................................. 63 RECENTLY ISSUED ACCOUNTING STANDARDS .................................................. 63 LIQUIDITY AND CAPITAL RESOURCES ................................................................. 65 TREND INFORMATION............................................................................................. 72 INFLATION................................................................................................................ 72 Item 6. Directors, Senior Management and Employees .................................................................... 73 DIRECTORS ............................................................................................................... 73 Action and Powers of Board of Directors............................................................ 76 Composition
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