Consolidated Balance Sheet (all amounts in €000)

2004 2003
Fixed Asset
Intangible assets 44,499 -
Tangible assets 1,576,526 1,352,361
Total Fixed assets 1,621,025 1,352,361

Current Assets
Cash and liquid resources 1,257,350 1,060,218
Accounts receivable 14,932 14,970
Other assets 19,251 16,370
Inventories 26,440 22,788
Total Current Assets 1,317,973 1,114,346

Total Assets 2,938,998 2,466,707

Current Liabilities
Account payable 67,936 61,604
Accrued expenses and other liabilities 338,208 251,328
Current maturities and other liabilities 80,337 63,291
Short term borrowings 345 1,316
Total current liabilities 486,826 377,539

Other Liabilities
Provisions for liabilities and charges 94,192 67,833
Accounts payable due after one year 30,047 5,673
Long-term debt 872,645 773,934
Total other liabilities 996,884 847,440

Shareholders' funds-equity
Called-up share capital 9,643 9,588
Share premium account 560,406 553,512
Profit and loss account 885,239 678,628
Total shareholders' funds-equity 1,455,288 1,241,728

Total Liabilities and Shareholders' Funds 2,938,998 2,466,707

Consolidate Profit and Loss Account
2004 2003 2002
Operating Revenue
Scheduled Revenues 924,566 731,951 550,991
Ancillary Revenues 149,658 110,557 73,059
Total Operating revenue-continuing operations 1,074,224 842,508 624,050

Operating Expenses
Staff cost (123,624) (93,073) (78,240)
Depriciation and amortization (101,391) (76,865) (59,010)
Other operating Expenses (597,922) (409,096) (323,867)
Total operating expenses excluding goodwill (822,937) (579,034) (461,117)
Operating Profit - continuing operations before
amortization of goodwill 251,287 263,474 162,933

Amortization of goodwill (2,342)

Operating proft continuing operations after amortization
of goodwill 248,945 263,474 162,933

Other (expense)/income
Foreign exchange gaines 3,217 628 975
(Loss) on disposal of fixed assets (9) (29) 527
Interest receivable and similar income 23,891 31,363 27,548
Interest payable and similar changes (47,564) (30,886) (19,609)
Total Other (expense)/income (20,465) 1,076 9,441
Profit on ordinary activities before tax 228,480 264,550 172,374

Tax on profit on ordinary activities (21,869) (25,152) (21,999)

Profit for the financial year 206,611 239,398 150,375

Earning per ordinary share (Euro Cent)

Basic 0.2728 0.3171 0.2064
Diluted 0.2721 0.3124 0.2032

Weighted average number of ordinary shares (000's)

Basic 757,447 755,055 728,726
Diluted 759,300 766,279 739,961
 2004 2003 2002

0.2750 0.3501

-0.09572 -0.09507 -0.12762

DCF
Assumption
Revenue Growth Rate
EBIT (Operating) Margin
Tax rate
Increase in CAPEX + WC as % of Sales
Cost of Capital

Free Cash Flow to Firm

Revenues
EBIT
EBIT(1-tax)
Increase in CAPEX + WC
FCFF
Terminal Value

Present Value :
Cumulative discount factor
PV of FCFF and TV

Value of firm
- Debt
+ Excess Cash
Value of Equity
- Cost of equity options (after tax) WACC
Value of common equity Market value
Number of shares (Mils) Weights in WACC
Estimated Value/share Cost of Components
 Equity Debt Preferred Capital

Market value
Weights in WACC
Cost of Components
Consolidated Cash Flow Statement (all amounts in €000)
2004
Net cash inflow from operating activities 462,062

Return on investments and servicing of finance

Interest received 26,292
Interest paid (46,605)
Net cash (outflow)/inflow from retuen on investments and servicing of finance (20,313)

Taxation
Corporation tax paid (2,056)

Capital Expenditure
Purchase of tangible fixed assets (331,603)
Sale of tangible fixed assets 4
Net cash (outflow) from capital expenditure (331,599)

Acquisitions
Purchase consideration (20,795)
Onerous ease payments (11,901)
Net cash (outflow) from acquisition of subsidiary undertakings (32,696)

Net cash inflow/(outflow) before financing and management of liquid resources 75,398

Financing
Loans raised 187,035
Loans repaid (71,278)
Issue of share capital 6,948
Share issue costs -
Capital element of finance leases -
Net cash inflow from financing 122,705

Management of liquid resources

(Increase) in liquid resources (249,220)

Net cash (outflow)/inflow from financing and management of liquid resources (126,515)

Increase (decrease) in cash (51,117)

2003 2002
351,003 309,109

30,171 30,193
(29,563) (19,833)
608 10,360

(3,410) (5,071)

(469,878) (372,587)
31 563
(469,847) (372,024)

- -
- -
- -

(121,646) (57,626)

331,502 175,746
(44,779) (27,886)
56 188,331
- (6,330)
(1) (107)
286,778 329,754

(166,329) (251,241)

120,449 78,513

(1,197) 20,887
Summary of differences between Irish/UK and US GAAP (€000)
2004 2003

Profit for financial year as reported in the consolidated profit and loss account 206,611 239,398
and in accordance with Irish and UK GAAP
Adjustments
Pension 89 697
Derivative financial instruments (net of tax) - (4,189)
Amortization of goodwill 2,342 -
Employment grants - 469
Capitalized interest regarding aircraft acquisition programme 7,213 5,262
Darley Investments Limited 88 88
Taxation - effect of above adjustments (913) 85
Net income in accordance with US GAAP 215,430 241,810

Total assets as reported in the consolidated balance sheets and in acordance 2,938,998 2,466,707
with Irish and UK GAAP
Adjustments
Pension 3,200 3,111
Amortization of goodwill 2,342 -
Capitalized interest regarding aircraft acquisition programme 17,502 10,289
Darley Investments Limited (151) (239)
Total assets as adjusted to accord with US GAAP 2,961,891 2,479,868

Shareholders' equity as reported in the consolidated balance sheets and in 1,455,288 1,241,728
accordance with Irish and UK GAAP
Adjustments
Pension 3,200 3,111
Amortization of goodwill 2,342 -
Employment grants - -
Capitalized interest regarding aircraft acquisition program 17,502 10,289
Darley Investments Limited (151) (239)
Minimum pension liability (net of tax) (2,631) (2,656)
Unrealized (losses) on derivative financial instrument (net of tax) (116,681) (73,371)
Tax effect of adjustments (excluding pension and derivative adjustments) (2,588) (1,675)
Shareholders' equity as adjusted to accord with US GAAP 1,356,281 1,177,187
 2002

150,375

751
-
-
464
5,027
88
(1,156)
155,549

1,889,572

2,414
-
5,027
(327)
1,896,686

1,002,274

2,414
-
(469)
5,027
(327)
-
12,448
(1,760)
1,019,607