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.The Company s estimate of the recoverable amount of aircraft residual values is 15% of current marketvalue of new aircraft, determined periodically, based on independent valuations and actual aircraft disposalsduring prior periods.An element of the cost of an acquired aircraft is attributed on acquisition to its service potential,reflecting the maintenance condition of its engines and airframe.This cost, which can equate to a substantialelement of the total aircraft cost, is amortised over the shorter of the period to the next maintenance check(usually between 8 and 12 years for Boeing 737-800 aircraft) or the remaining life of the aircraft.The costs ofsubsequent major airframe and engine maintenance checks are capitalised and amortised over the shorter of theperiod to the next check or the remaining life of the aircraft.Advance and option payments made in respect of aircraft purchase commitments and options to acquireaircraft are recorded at cost and separately disclosed within property, plant and equipment.On acquisition of therelated aircraft, these payments are included as part of the cost of aircraft and are depreciated from that date.Rotable spare parts held by the Company are classified as property, plant and equipment if they areexpected to be used over more than one period.Gains and losses on disposal of items of property, plant and equipment are determined by comparingthe proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised on anet basis within other income/(expenses) in profit or loss.Aircraft maintenance costsThe accounting for the cost of providing major airframe and certain engine maintenance checks forowned aircraft is described in the accounting policy for property, plant and equipment.For aircraft held under operating lease agreements, Ryanair is contractually committed to either returnthe aircraft in a certain condition or to compensate the lessor based on the actual condition of the airframe,140 engines and life-limited parts upon return.In order to fulfill such conditions of the lease, maintenance, in theform of major airframe overhaul, engine maintenance checks, and restitution of major life-limited parts, isrequired to be performed during the period of the lease and upon return of the aircraft to the lessor.Theestimated airframe and engine maintenance costs and the costs associated with the restitution of major life-limited parts, are accrued and charged to profit or loss over the lease term for this contractual obligation, basedon the present value of the estimated future cost of the major airframe overhaul, engine maintenance checks, andrestitution of major life-limited parts, calculated by reference to the number of hours flown or cycles operatedduring the year.Ryanair s aircraft operating lease agreements typically have a term of seven years, which closelycorrelates with the timing of heavy maintenance checks.The contractual obligation to maintain and replenishaircraft held under operating lease exists independently of any future actions within the control of Ryanair.While Ryanair may, in very limited circumstances, sub-lease its aircraft, it remains fully liable to perform all ofits contractual obligations under the head lease notwithstanding any such sub-leasing.All other maintenance costs, other than major airframe overhaul, engine maintenance checks, andrestitution of major life-limited parts costs associated with leased aircraft, are expensed as incurred.Intangible assets - landing rightsIntangible assets acquired are recognised to the extent it is considered probable that expected futurebenefits will flow to the Company and the associated costs can be measured reliably.Landing rights acquired aspart of a business combination are capitalised at fair value at that date and are not amortised, where those rightsare considered to be indefinite.The carrying values of those rights are reviewed for impairment at eachreporting date and are subject to impairment testing when events or changes in circumstances indicate thatcarrying values may not be recoverable [ Pobierz całość w formacie PDF ]
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.The Company s estimate of the recoverable amount of aircraft residual values is 15% of current marketvalue of new aircraft, determined periodically, based on independent valuations and actual aircraft disposalsduring prior periods.An element of the cost of an acquired aircraft is attributed on acquisition to its service potential,reflecting the maintenance condition of its engines and airframe.This cost, which can equate to a substantialelement of the total aircraft cost, is amortised over the shorter of the period to the next maintenance check(usually between 8 and 12 years for Boeing 737-800 aircraft) or the remaining life of the aircraft.The costs ofsubsequent major airframe and engine maintenance checks are capitalised and amortised over the shorter of theperiod to the next check or the remaining life of the aircraft.Advance and option payments made in respect of aircraft purchase commitments and options to acquireaircraft are recorded at cost and separately disclosed within property, plant and equipment.On acquisition of therelated aircraft, these payments are included as part of the cost of aircraft and are depreciated from that date.Rotable spare parts held by the Company are classified as property, plant and equipment if they areexpected to be used over more than one period.Gains and losses on disposal of items of property, plant and equipment are determined by comparingthe proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised on anet basis within other income/(expenses) in profit or loss.Aircraft maintenance costsThe accounting for the cost of providing major airframe and certain engine maintenance checks forowned aircraft is described in the accounting policy for property, plant and equipment.For aircraft held under operating lease agreements, Ryanair is contractually committed to either returnthe aircraft in a certain condition or to compensate the lessor based on the actual condition of the airframe,140 engines and life-limited parts upon return.In order to fulfill such conditions of the lease, maintenance, in theform of major airframe overhaul, engine maintenance checks, and restitution of major life-limited parts, isrequired to be performed during the period of the lease and upon return of the aircraft to the lessor.Theestimated airframe and engine maintenance costs and the costs associated with the restitution of major life-limited parts, are accrued and charged to profit or loss over the lease term for this contractual obligation, basedon the present value of the estimated future cost of the major airframe overhaul, engine maintenance checks, andrestitution of major life-limited parts, calculated by reference to the number of hours flown or cycles operatedduring the year.Ryanair s aircraft operating lease agreements typically have a term of seven years, which closelycorrelates with the timing of heavy maintenance checks.The contractual obligation to maintain and replenishaircraft held under operating lease exists independently of any future actions within the control of Ryanair.While Ryanair may, in very limited circumstances, sub-lease its aircraft, it remains fully liable to perform all ofits contractual obligations under the head lease notwithstanding any such sub-leasing.All other maintenance costs, other than major airframe overhaul, engine maintenance checks, andrestitution of major life-limited parts costs associated with leased aircraft, are expensed as incurred.Intangible assets - landing rightsIntangible assets acquired are recognised to the extent it is considered probable that expected futurebenefits will flow to the Company and the associated costs can be measured reliably.Landing rights acquired aspart of a business combination are capitalised at fair value at that date and are not amortised, where those rightsare considered to be indefinite.The carrying values of those rights are reviewed for impairment at eachreporting date and are subject to impairment testing when events or changes in circumstances indicate thatcarrying values may not be recoverable [ Pobierz całość w formacie PDF ]