Ryanair 2010 Annual Report Download - page 195
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33 Contingencies
a) The Company has provided 14,384.2 million (2009: 120.6 million; 2008: 125.0 million) in letters of
guarantee to secure obligations of subsidiary undertakings in respect of loans, bank advances and long dated
foreign currency transactions.
b) In order to avail itself of the exemption contained in Section 17 of the Companies (Amendment) Act,
1986, the holding company, Ryanair Holdings plc, has guaranteed the liabilities of its subsidiary undertakings
registered in Ireland. As a result, the subsidiary undertakings have been exempted from the provisions of
Section 7 of the Companies (Amendment) Act, 1986. Details of the Group’s principal subsidiaries have been
included at note 26. The Irish subsidiaries of the Group covered by the Section 17 exemption are listed at note
26 to the consolidated financial statements also. Four additional Irish subsidiaries covered by this exemption,
which are not listed as principal subsidiaries at Note 26 to the consolidated financial statements, are Airport
Marketing Services Limited, FRC Investments Limited, Coinside Limited and Mazine Limited.
34 Post-balance sheet events
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 2013, subject to, amongst other things, its
continued profitability, the absence of further aircraft orders or any other significant capital expenditures.
35 Date of approval
The Company financial statements were approved by the board of directors of the Company on July 20, 2010.