Ryanair Holdings plc (RYAAY)

Q1 2012 Earnings Call

July 25, 2011 9:30 am ET


Michael O'Leary - Chief Executive Officer, Executive Director, Member of Nomination Committee, Member of Executive Committee, Chief Executive Officer of Ryanair Limited and Director of Ryanair Limited

Neil Sorahan -

Howard Millar - Chief Financial Officer and Deputy Chief Executive


Eamonn Hughes - Goodbody Stockbrokers

Neil Glynn - Crédit Suisse AG

Andrew Light - Citigroup Inc

Gerard Moore - Merrion Stockbrokers Ltd.

Jonathan Wober - Societe Generale Cross Asset Research

Peter Hyde - Liberum Capital Limited

James Parker - Raymond James & Associates, Inc.

Tim Marshall - Redburn Partners LLP

Brian Devine - NCB Group Limited

Stephen Furlong - Davy

Bob McAdoo - Avondale Partners, LLC

Geoff van Klaveren - Deutsche Bank AG

Joe Gill - Bloxham Stockbrokers

Jarrod Castle - UBS Investment Bank



Good day, and welcome to the Ryanair Q1 Results Conference Call. Today's conference call is being recorded. At this time, I would like to turn the conference over to Michael O'Leary. Please go ahead, sir.

Michael O'Leary

Okay. Good afternoon, ladies and gentlemen. You're all very welcome to the Ryanair Q1 results call. I'm here with my colleagues in Dublin. Howard Millar is joining us on force [ph] at the moment on the mobile phone from London, but we'll push on. As you have seen, the results this morning are on the website, the Investor page and the homepage. This morning, we announced Q1 net profit of EUR 139 million, a slight increase of 1% on Q1 last year. Revenues were up 29% to EUR 1.15 billion, as traffic increased 18% and average fare rose 11%. Unit costs rose by 40% due to a 49% increase in fuel costs. Excluding fuel, sector length adjusted unit costs fell by 1%.

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