Ryanair Q3 loss 35 million euros
Revenue per passenger declined 6%, as strong ancillary revenue growth offset a 9% fall in fares. Excluding fuel, sector length adjusted unit costs fell by 9%. Ryanair's full year profit guidance remains unchanged at approximately 510 million euros.
Ryanair is 90% hedged for FY14 at a cost of $980 per tonne (approx. $98 p.bl), the company has taken advantage of recent oil prices and dollar weakness to extend our hedge position to 90% for FY15 at $960 per tonne (approx. $96 per barrel), which together with the benefit of our euro/ dollar hedging programme will deliver fuel cost savings of approx. 80 million euros in 2015.
By the end of Q3 Ryanair had completed another 414 million euros of share buybacks, and announced a systematic share buyback programme of 70 million euros to be completed by the end of March bringing the total of buybacks for FY 2014 to 484m, significantly ahead of our original 400 million euros target.
Ryanair remain scommitted to returning a further 500 million euros to shareholders via a mix of special dividend and some limited share buybacks by the end of FY'15. This will bring the total funds returned to Ryanair shareholders since FY'08 to over 2.5 billion. ■