Ryanair 2008 Annual Report Download - page 93

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93
Guarantees
The Company occasionally guarantees certain liabilities of subsidiary companies. These are considered
to be insurance arrangements and are accounted for as such i.e. a contingent liability until such time as it
becomes probable that the Company will be required to make a payment under the guarantee.
Loans and borrowings
All loans and borrowings are initially recorded at the fair value of consideration received, net of
attributable transaction costs. Subsequent to initial recognition, non-current interest bearing loans are
measured at amortised cost, using the effective interest yield methodology.
28 Investments in subsidiaries
Year ended
March 31,
2008
Year ended
March 31,
2007
1000 1000
Balance at start of year 79,338 75,403
New investments in subsidiaries by way of share option grant to subsidiary employees 10,925 3,935
Balance at end of year 90,263 79,338
29 Loans and receivables from subsidiaries
Year ended
March 31,
2008
Year ended
March 31,
2007
1000 1000
Due from Ryanair Limited (subsidiary) ................................................................ 589,468 581,065
589,468 581,065
All amounts due from subsidiaries are interest free and repayable upon demand.
30 Amounts due to subsidiaries
Year ended
March 31,
2008
Year ended
March 31,
2007
1000 1000
Due to Ryanair Limited ......................................................................................... 35,172 35,172
35,172 35,172
At March 31, 2008, Ryanair Holdings plc had borrowings of 135,171,745 (2007: 135,171,745) from Ryanair
Limited. The loan is interest free and repayable on demand.
31 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.