Slide2: Ryanair’s Business Model


Slide3: The “Ryanair Formula” Southwest Lowest fares in all markets Lowest Costs No.1 or 2 share in 68 of 76 markets Single aircraft type, acquired at bottom of cycle Efficient secondary airports Internet sales @ 94%, strong ancillary sales Disciplined organic growth 30% p.a. (9 bases) Strong balance sheet. Cash of €1 bn +        


Slide4: The “Ryanair Formula” – Lowest Fare Wins Ryanair € 49 - 24% Easyjet/GO € 83 + 69% 11% Air Berlin € 102 + 108% ? Deutsche BA € 114 + 132% Loss Germanwings € 131 + 167% 1% Iberia € 174 + 255% 1% Alitalia € 224 + 357% Loss Lufthansa € 268 + 396% Loss British Airways € 321 + 494% Loss Av. Fare % > Ryanair Net Margin Low Med High “Ryanair generates demand through lowest prices” – (Walmart) “Ryanair prices off its lowest cost base, not competitors fares” – (LUV)


Slide5: No. 1 for Traffic – 24 m pax next year No. 1 for On-Times No. 1 for Lowest Fares No. 1 for Lowest Costs No. 1 for People Productivity No. 1 for European Routes and Bases No. 1 for Market Share No. 1 for Profitability and Market Cap. Europe’s No. 1 Low Fares Airline


Slide6: Delivering Growth


Slide7: London - Europe: Now 49 routes


Slide8: UK and Irish Bases continue to grow Shannon Glasgow Dublin


Slide9: Sixth European Base: Brussels April 01 Ryanair demonstrates its low fares services are Equally successful in Europe


Slide10: Seventh European Base: Frankfurt Feb 02 4 New Routes December 02 2 million passengers in first year


Slide11: Ryanair Italy A great strart and what a future 1st low fare airline in Italy 1st airline between Italy and UK 25 routes Making low fare travel a reality for the Italian consumer


Slide12: New Base: Milano Orio al Serio, 6 February 2003 7 routes


Slide13: Three Boeing 737 – 800’s based in Milano Orio al Serio Creation of 100 positions 30 daily flights to 6 European destinations 1.5 million passengers on the routes in 2003 Stimulus for the local economy of 1000 jobs Huge savings for passengers against the high fare airlines Efficient and easily reachable airport for Lombardy. Advantages of the new base


Slide14: Nobody Matches Ryanair’s Coverage Ryanair Bases Easyjet Bases


Slide15: Consistent Passenger Growth ** Includes no shows, prior years adjusted to reflect no show figure Financial Years to March M Pax 5 10 15 20 25 95 96 97 98 99 00 01 02 03 04 16 24


Slide16: Financial Results


Slide17: €Ms (Irish GAAP) Dec 01 Passenger Numbers 2.7 m 3.9 m +46 % Load Factor 79 % 86 % + 7 pts Average Fare € 48 € 44 - 8 % Revenues 136 m 186 m +37 % Profit after Tax 28.8 m 43.2 m +50 % Change Dec 02 Financial Highlights – Third Quarter Figures include no shows


Slide18: Current Developments 4 new routes ex Frankfurt 5 new routes ex London 8th base in Milan – 6th Feb 9th base in Stockholm – 6th April 125 new Boeings ordered Buzz bought for €24 m (€5m net)


Slide19: Four New Routes Ex Frankfurt 4 New Routes December 02 2 million passengers in first year


Slide20: Five New Routes Ex London


Slide21: Eighth European Base: Milan, Feb 03


Slide22: Ninth New Base: Stockholm, April 03


Slide23: Fleet and Passenger Growth * Aircraft in operation in Summer season No. Aircraft Firm Orders Only 0 10 20 30 40 50 02 03 04 05 06 07 08 09 10 0 20 40 60 80 100 120 140 02 03 04 05 06 07 08 09 Passengers


Slide24: Ryanair - Summary Europe’s No. 1 low fares carrier – 24 m pax next year Lower fares, lower costs, higher margins Industry leading customer service delivery Higher growth rate (30% - 35% next year) 40+ New airports and 6+ bases ready 125 new a/c and Buzz facilitates growth to 50m pax Lower costs & faster growth = outstanding shareholder returns


Slide25: Passenger Service


Slide26: Committed to selling lowest fares at all times Yes No Allow Flight and Name changes Yes No Deliver No. 1 on-time performance Yes No Tell passengers the precise reason for delay Yes No Provide prompt complaint response Yes(7) No (28) Provide prompt refunds Yes (7) No (28) Eliminate overbookings Yes No Publish monthly service statistics Yes No Ryanair Customer Service Charter Ryanair’s High Fare Airlines


Slide27: No. of flights on-time 86% Complaints per 1,000 pax 0.68 Mislaid bags per 1,000 pax 0.77 Complaints replied within 7 days 99.4% Ryanair Customer Service; Jan 03 Ryanair Easyjet On Time W 1h On time W 1h 97% 99% 86% 98% * On time performance week ending 26th Jan 2003


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