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    RYA   IE00BYTBXV33

RYANAIR HOLDINGS PLC

(RYA)
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Real-time Irish Stock Exchange  -  06:02 2022-11-28 am EST
13.07 EUR   +0.15%
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Ryanair appeals against Hungary's consumer protection fine

08/24/2022 | 05:39am EST
FILE PHOTO: Ryanair airplane taxis past two parked aircraft at Weeze Airport

BUDAPEST (Reuters) - Budget airline Ryanair said on Wednesday it had appealed to the courts after Hungary fined it for passing on to customers the cost of a business tax meant to target excess profits.

Nationalist Prime Minister Viktor Orban's government in May announced the special tax targeting "extra profits" earned by major banks, energy companies and other firms, aiming to plug budget holes created by a spending spree that helped him gain re-election in April.

The new levy on the airline industry involves a tax worth 10 to 25 euros per passenger departing Hungary from July.

Ryanair said earlier this month that it would appeal against a 300 million forints ($726,000) fine following a consumer protection investigation.

Ryanair said it was "confident that EU Courts will validate its decision to pass on this retrospective tax to passengers."

Ryanair's chief executive Michael O'Leary said in an emailed statement that EU law guarantees airlines' freedom to set prices and pass on retrospective taxes to consumers.

O'Leary went on to say that "applying an "excess profits" tax to the loss-making airline sector in Hungary is inexplicable, and only succeeds in making flying to/from Hungary more expensive and less competitive compared to other Central European airports..."

Ryanair has previously called on Orban's government to scrap the new tax, saying the measure would damage Hungarian tourism and the economy.

Orban's taxes on what his government calls "extra" profits at banks, insurers, large retail chains, the energy industry, telecoms companies and airlines is reminiscent of the tax regime he used to fix the budget after he swept to power in 2010.

($1 = 413.3000 forints)

(Reporting by Krisztina Than;Editing by Elaine Hardcastle)


ę Reuters 2022
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Analyst Recommendations on RYANAIR HOLDINGS PLC
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Financials
Sales 2023 10 450 M 10 866 M 10 866 M
Net income 2023 1 143 M 1 188 M 1 188 M
Net Debt 2023 941 M 979 M 979 M
P/E ratio 2023 13,3x
Yield 2023 -
Capitalization 14 840 M 15 431 M 15 431 M
EV / Sales 2023 1,51x
EV / Sales 2024 1,26x
Nbr of Employees 19 000
Free-Float 96,0%
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Mean consensus BUY
Number of Analysts 16
Last Close Price 13,05 €
Average target price 16,88 €
Spread / Average Target 29,4%
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Managers and Directors
Michael OĺLeary Chief Executive Officer & Executive Director
Neil Sorahan Treasurer
Stan McCarthy Non-Executive Chairman
John Hurley Chief Technology Officer
Julie O'Neill Independent Non-Executive Director
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