Ryanair reported €2.03 billion ($2.84 billion) cash and cash equivalents at the end of its 2011 fiscal year (ended 31 March), up from €1.48 billion the year before. Restricted cash accounted for €42.9 million compared with €67.8 million as at 31 March 2010.
Ryanair says its balance sheet remains one of the strongest in the industry. "Our floating cash deposits will benefit from rising interest rates, and we have taken advantage of the recent low interest rates to secure almost 60% of our fleet financed over seven years at all-in rates of under 4%," it comments.
During the 12-month period the Irish low-cost carrier took delivery of 44 new Boeing 737-800s and capital expenditure was €897.2 million, down from €997.8 million in fiscal year 2010.
Ryanair operates a fleet of 272 737-800 aircraft with firm orders for a further 40 new aircraft (before taking account of planned disposals), which will be delivered over the next year. It extended its long-term dollar hedging programme to cover all its remaining Boeing deliveries and we will be acquiring the new aircraft in 2011 and 2012 at €/$ exchange rates of 1.43.
The low-cost carrier posted a €374.6 million net profit in fiscal year 2011 and a €488.2 million operating profit.
Gross cash increased by €127.2 million in the year to €2.94 billion. Net cash provided by operating activities amounted to €786.3 million, down from €871.5 million the year before. Net cash used in investing activities totalled €474 million, down from €1.54 billion in fiscal year 2010. The carrier paid €500 million dividend to shareholder and generated €238.1 million net cash from financing activities, down from €572.3 million in fiscal year 2010.
Gross debt increased by €693.2 million to €3.65 billion. Net debt at year-end increased by €566.0 million to €708.8 million.