Rendimiento global del sistema fotovoltaico o Performance Ratio "PR"

2005 2004

€000 €000

Interest payable on bank loans wholly repayable after five years 57,499 47,564

25 TAXATION

2005 2004

The components of the corporation tax expense were as follows: €000 €000

Current corporation tax 11,351 2,032

Deferred tax charge (see note 13) 17,839 19,837

29,190 21,869

All of the deferred tax charge above arose from the origination and reversal of timing differences.

The following table reconciles the statutory rate of 2005 2004

Irish corporation tax to the group’s effective current corporation tax rate: % %

Statutory rate of Irish corporation tax 12.5 12.5

Adjustments for earnings taxed at higher rates 0.9 1.0

Adjustments for earnings taxed at lower rates (including those qualifying for relief under section 448,TCA 1997) (4.2) (3.9)

Capital allowances in excess of depreciation (7.2) (7.5)

Other timing differences 1.8 (1.0)

Current effective rate of taxation 3.8 1.1

Provision of deferred tax on timing differences 6.0 8.5

Total effective rate of taxation 9.8 9.6

At March 31,2005 and 2004 the group had no unused net operating losses carried forward. In fiscal 2005 the Irish headline corporation tax rate remains at 12.5%. The majority of corporation and deferred tax recorded in each of fiscal 2005 and 2004 relates to domestic tax charges.

Ryanair.com Limited is engaged in international data processing and reservations services. In these circumstances,Ryanair.com Limited is entitled to claim effective 10% corporation tax rate on profits derived from qualifying activities in accordance with Section 448 of the Taxes Consolidation Act,1997. This legislation provides for the continuation of the 10% effective corporation tax rate until 2010.

The principal components of deferred tax liabilities were related to accelerated capital allowances on aircraft.

At March 31, 2005 and 2004, the group had fully provided for deferred tax liabilities. As explained above, profits from certain qualifying activities are levied at an effective 10% rate in Ireland until 2010. No deferred tax has been provided on the unremitted earnings of overseas subsidiaries because there is no intention to remit these to Ireland.

(Continued)

Notes

₅₃

26 PENSIONS

The company operates defined benefit and defined contribution pension schemes.

The group has continued to account for pensions in accordance with the accounting standard SSAP 24 “Accounting for Pension Costs”

and the disclosures given in (a) below are those required by that standard. A new accounting standard on pensions (Financial Reporting Standard No.17 “Retirement Benefits” (“FRS 17”) was issued in November 2000. In July 2002, the Accounting Standards Board deferred the requirement for the full adoption of FRS 17 until the International Accounting Standards Board has reconsidered its international standard, IAS 19 “Employee Benefits”. FRS 17 has, accordingly not been adopted in the profit and loss account or the balance sheet, however the phased disclosures required by FRS 17 have been outlined at (b) below.

(a) SSAP 24 disclosures.

Pensions for certain employees are funded through defined benefit pension schemes, the assets of which are vested in independent trusts for the benefit of the employees and their dependants. The contributions are based on the advice of an independent professionally qualified actuary, obtained at three yearly intervals. The latest actuarial valuation of the scheme was at December 31, 2003 and used the projected unit method. The principal actuarial assumptions used were as follows:

THE PRINCIPAL ACTUARIAL ASSUMPTIONS USED WERE AS FOLLOWS:

Rate of long term investment returns will exceed rates of pensionable pay increases by 3.0%

Rate of long term investment will exceed the rate of post retirement pension increases by 6.5%

The actuarial report showed that at the valuation date the market value of the scheme’s assets was €11.5m, which was sufficient to cover more than 100% of the accrued liabilities, based on current earnings and 78% of the accrued liabilities allowing for expected future increases in earnings. The actuarial report recommends payment of contributions at 11.5% of staff and 17.8% of pilots’

pensionable salaries respectively,which is an increase from previous contribution rates,intended to make good the shortfall on accrued liabilities,allowing for expected future increases in earnings.

The total pension charge for the group for the year to March 31, 2005 was €2,744,707 of which €1,299,654 relates to defined benefit pension schemes. While the actuarial report is not available for public inspection, the results are advised to the members of the scheme.

(b) FRS 17 disclosures

The valuation of Ryanair’s defined benefit scheme used for the purposes of the FRS 17 disclosures has been based on the most recent triennial actuarial valuation of the scheme identified above and updated to March 31, 2005 by an independent qualified actuary. The assets and liabilities of the Company’s UK defined benefit pension plan are included in the disclosures for the first time in the current year.

2005 2004 2003

The financial assumptions used for the Ryanair defined benefit schemes are: % % %

Rate of general increase in salaries 3.65 3.50 3.50

Discount rate 4.67 5.00 5.25

Rate of price inflation 2.15 2.00 2.50

(Continued)

Notes

54

26 PENSIONS

(Continued) (b) FRS 17 disclosures (continued)

The assets in the Ryanair pension scheme (excluding AVC’s) and expected rates of return were:

Expected Value at Expected Value Expected Value

rate of return March 31, 2005 rate of return March 31, 2004 rate of return March 31, 2003

% €000 % €000 % €000

Equities 7.20 14,359 7.50 8,868 8.50 5,430

Properties 6.25 684 7.00 602 7.50 458

Bonds 4.04 2,498 4.50 2,106 5.50 1,878

Cash 2.25 758 2.50 457 3.25 400

Other 4.00 286 - - -

-Outstanding contributions at year end

(paid subsequent to year end) - - - - - 112

Total market value of scheme assets 18,585 12,033 8,278

Actuarial value of scheme liablities (29,213) (16,955) (13,343)

Recoverable (deficit) (10,628) (4,922) (5,065)

Related deferred tax asset 1,329 615 633

Net pension (liability) (9,299) (4,307) (4,432)

If these amounts had been recognised in the financial statements, the group’s 2005 2004 2003

net assets and revenue reserves would be as follows: €000 €000 €000

Net assets

Net assets excluding pension assets 1,727,411 1,455,288 1,241,728

Net pension (liability) (9,299) (4,307) (4,432)

Net assets including pension asset 1,718,112 1,450,981 1,237,296

Revenue reserve

Revenue reserves per balance sheet 1,151,980 885,239 678,628

Net pension (liability) (9,299) (4,307) (4,432)

Net reserves including pension assets 1,142,681 880,932 674,196

(Continued)

Notes

₅₅

26 PENSIONS

(Continued) (b) FRS 17 disclosures (continued)

The following tables set out the components of the defined benefit costs which would have been included in the profit and loss account for the year ended March 31, 2005 and 2004 if FRS 17 had been applied:

2005 2004

€000 €000

Included in finance costs

Expected return on pension scheme assets (1,077) (664)

Interest on pension scheme liabilities 1,207 766

Net finance costs 130 102

Included in payroll costs

Current service costs 1,417 704

Total costs in accordance with FRS 17 1,547 806

The following table sets out the amounts that would have been recognised in the Statement of Total Recognised Gains and Losses (STRGL) for the year ended March 31, 2005 and 2004 if FRS 17 had been applied:

2005 2004

€000 €000

Actual return less expected return on pension schemes assets 952 1,903

Experience losses on scheme liabilities (242) (407)

Changes in financial and demographic assumptions underlying present value of scheme liabilities (4,128) (1,193)

Actuarial (losses)/gains recognised in the STRGL (3,419) 303

(Continued)

Notes

56

26 PENSIONS

(Continued)

(b) FRS 17 disclosures (continued)

2005 2004 2003

Movement in (deficit) during the year is as follows: €000 €000 €000 (Deficit) in scheme at beginning of year (4,922) (5,065) 1,072 Opening deficit in UK scheme (1,969) - -Current service costs (1,417) (704) (960) Contributions 1,229 646 795 Other finance income/investment return (130) (102) (286) Actuarial (losses)/gains (3,419) 303 (5,686) Deficit in scheme at end of year (10,628) (4,922) (5,065)

2005 2004 2003

History of actuarial gains and losses: €000 €000 €000 Difference between expected and actual return on assets 952 1,903 (2,910) Expressed as a percentage of scheme assets 5% 16% (35%) Experience losses on scheme liabilities (242) (407) (784) Expressed as a percentage of scheme liabilities (1%) (2%) (6%) Total actuarial (losses)/gains (3,419) 303 (5,686) Expressed as a percentage of scheme liabilities (12%) 2% (43%) (Continued)

Notes

₅₇

In document Estudio de viabilidad de una instalación fotovoltaica para una vivienda unifamiliar situada en Cabo de Palos (página 90-97)