Ryanair 2010 Annual Report Download - page 194

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192
29 Investments in subsidiaries
Year ended
March 31,
2010
Year ended
March 31,
2009
Year ended
March 31,
2008
1M 1M 1M
Balance at start of year 94.0 90.2 79.3
New investments in subsidiaries by way of share
option grant to subsidiary employees
.............................
4.9
3.8
10.9
Balance at end of year 98.9 94.0 90.2
30 Loans and receivables from subsidiaries
Year ended
March 31,
2010
Year ended
March 31,
2009
Year ended
March 31,
2008
1M 1M 1M
Due from Ryanair Limited (subsidiary)
........................
759.6 745.1 589.5
759.6 745.1 589.5
All amounts due from subsidiaries are interest free and repayable upon demand.
31 Amounts due to subsidiaries
Year ended
March 31,
2010
Year ended
March 31,
2009
Year ended
March 31,
2008
1M 1M 1M
Due to Ryanair Limited................................
..................
35.2 35.2 35.2
35.2 35.2 35.2
At March 31, 2010, Ryanair Holdings plc had borrowings of 135.2 million (2009: 135.2 million; 2008:
135.2 million) from Ryanair Limited. The loan is interest free and repayable on demand.
32 Financial instruments
The Company does not undertake hedging activities on behalf of itself or other companies within the
Group. Financial instruments in the Company primarily take the form of loans to subsidiary undertakings.
Amounts due to or from subsidiary undertakings (primarily Ryanair Limited) in the form of inter-company
loans are interest free and are repayable upon demand and further details of these have been given in Notes 30
and 31 of the parent entity financial statements. These inter-company balances are eliminated in the group
consolidation.
The euro is the functional and presentation currency of the Company’s balance sheet and all transactions
entered into by the Company are euro denominated. As such, the Company does not have any significant
foreign currency risk.
The credit risk associated with the Company’s financial assets principally relates to the credit risk of the
Ryanair group as a whole, which is not rated by an external rating agency. Additionally the Company had
guaranteed certain of its subsidiary company liabilities. Details of these arrangements are given in Note 35 to
the company financial statements.