Ryanair seems to disagree with many media.
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Air Scoop | The European Low-Cost Carriers Specialists
Ryanair Limited has contacted us to dispute the validity of several statements that appear in Air Scoop’s 2011 report on Ryanair’s business model. In Ryanair’s opinion, these statements are either unsubstantiated and/ or false. We value external input on our work as we strive to produce fair, informative and well-documented research documents.
Air-scoop had made a very interesting paper with lots of details on Ryanair.
It is 56 pages, has info on for example the business structures (shows holdings and Ltd's). Must read for those interested to get some more info on the business model.
It can be downloaded for free at above site.