| Ryanair Holdings Ltd. | |||
| Ticker: | RYAAY | Dublin Airport | |
| Exchange: | NASDAQ-National Market | Dublin, IRELA | |
| Industry: | Transportation (SIC Code 4512) | ||
| Type of Shares: | American Depositary Receipts | Filing Date: | 5/5/97 | |
| U.S. Shares: | 5,416,759 | Offer Date: | 5/29/97 | |
| Non-U.S. Shares: | 5,416,759 | Filing Range: | $13.07 - $15.44 | |
| Primary Shares: | 6,666,781 | Offer Price: | $14.73 | |
| Secondary Shares: | 4,166,738 | Gross Spread: | $0.88 | |
| Offering Amount: | $154,431,790 | Selling: | $0.53 | |
| Expenses: | $5,000,000 | Reallowance: | $0.10 | |
| Shares Out After: | 31,666,780 |
| Manager | Tier | Phone |
| Morgan Stanley & Co. Incorporated | Lead Manager | (212) 761-5900 |
| CS First Boston | Co-manager | (212) 325-2000 |
| Robinson-Humphrey Company, Inc., The | Co-manager | (404) 266-6450 |
| Issuer's Law Firm: | Cleary, Gottlieb, Steen & Hamilton |
| Bank's Law Firm: | Shearman & Sterling |
| Auditor: | KPMG Peat Marwick |
| Registrar/Transfer Agent: | Bank of Ireland |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 3/31/97 | 3/31/97 | ||||
| Revenue: | $216.13 | Assets: | $125.94 | ||
| Net Income: | $25.94 | Curr Assets: | |||
| EPS: | $103.75 | Liabilities: | $134.57 | ||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | $28.09 | Equity: | -$8.63 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company operates a low-fares no-frills scheduled passenger airline serving short-haul, point-to-point routes primarily between Ireland and the United Kingdom. In operates since 1985, the company began to introduce a low-fares, no-frills operating model under a new management team in the early 1990s. With its fleet of 13 owned Boeing 737-200A jet aircraft (supplemented as needed by other aircraft leased on a short-term basis), the ocmpany currently offers approximately 100 scheduled short-haul flights per day serving eight locations in England, three locations in Ireland and one location in each of Scotland and Wales. In early 1997, the company announced plans to begin service on new routes to three locations in continental Europe (Dublin to Paris (Beauvais) and Brussels (Charleroi) and London Stansted to Stockholm (Skavsta)) and one new location to each of Ireland (Kerry) and the U.K, (Bristol), beginning in May and June of 1997. To serve these routes and its existing network, the company is scheduled to take delivery of six additional used Boeing 737-200A aircraft by the end of 1997. |
| Competition |
| The level of competition among airlines is high. Significant competitive factors among airlines include, among other things, fare levels, frequency and dependability of service, name recognition, passen;ger amenities (such as frequent flyer programs), and the availability and convenience of other passenger services. The company competes with a number of other airlines that currently servie its routes, some of which are larger, have greater name recognition and greater resources than the company. Certain of the company's principal actual and potential competitiors are state-owned or controlled flag carriers that have received or may receive in the future significant amounts of subsidies and other state aid from their respective goverments. Management expects that the company will face competition from start-up low-fares airlines that may be formed to compete in the low-fares segment of the market as a result of the continuing liveralization of the EU air transport market. |
| Business Plan |
| The company's objective is to firmly establish itself as Europe's leading low-fares scheduled passenger airline through continued improvements and expanded offerings of its low-fares, no-frills service. The company aims to offer low fares that generate increased passenger traffic while maintaining a continuous focus on cost-containment an operating efficiencies. The key elements of the company's strategy are: (I) Low-fares, No frills Service, (ii) Frequent Point-to-Point Flights on Short-Haul Routes and (iii) Low Operating Costs. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay debt and to pay for eight aircraft bought from Lufthansa AG, to fund a plan to expand into new routes throughout Europe, taking advantage of deregulation that allows newcomers to compete with national airlines such as Aer Lingus, the state owned Irish carrier. |