Ryanair 2010 Annual Report Download - page 188

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186
24 Note to cash flow statements
At March 31,
2010 2009 2008
1M 1M 1M
Net (debt)/funds at beginning of year ................................
...................
(120.2) (97.0) 335.9
Increase/(decrease) in cash and cash equivalents in year
......................
(105.3) 112.4 124.4
Increase/(decrease) in financial assets > 3 months
................................
864.3 (2.9) (186.5)
(Decrease)/increase in restricted cash................................
...................
(223.8) (0.8) 33.6
Net cash flow from (increase) in debt................................
...................
(557.8) (131.9) (404.4)
Movement in net funds resulting from cash flows
................................
(22.6) (23.2) (432.9)
Net funds at end of year................................................................
........
(142.8) (120.2) (97.0)
Analysed as:
Cash and cash equivalents, financial assets and restricted cash
............
2,813.4 2,278.2 2,169.5
Total borrowings................................................................
...................
(2,956.2) (2,398.4) (2,266.5)
Net (debt)/funds................................................................
....................
(142.8) (120.2) (97.0)
Net funds arise when cash and liquid resources exceed debt.
25 Post-balance sheet events
(i) A volcanic ash cloud covered most of Northern Europe between April 15, and April 22, 2010 which
resulted in the closure of airspace during this period. In addition, on various dates in May there were more
airspace closures. These closures resulted in the cancellation of 9,484 flights for 1.5 million passengers. Under
EU 261/2004, the Company is required to either refund passengers the cost of their cancelled flights or, in the
case of passengers who had already traveled, to reimburse them for reasonable accommodation, meals and other
expenses. The Company expects to refund these costs and reimburse passengers reasonable expenses although it
will take a substantial period of time to complete this process, and management estimates that the approximate
costs of this and the non-recoverable fiscal costs incurred during the cancellations will be approximately 150
million.
(ii) The directors of the Company declared on June 1, 2010 that Ryanair Holdings plc intends to pay a
special dividend of 1500 million, to be paid in October, 2010, subject to shareholder approval at the Company’s
AGM on September 22, 2010. In order to ensure the parent company, Ryanair Holdings plc, has sufficient
distributable profits to effect this future dividend payment on June 15, 2010, Ryanair Limited declared a
dividend of 1400 million to Ryanair Holdings plc.
The Company also indicated in the announcement on June 1, 2010 that it may return a further amount
of up to 1500 million to shareholders before the end of fiscal year 2013, subject to, amongst other things, its
continued profitability, the absence of further aircraft orders or any other significant capital expenditures.