Ryanair 2009 Annual Report Download - page 175

Download and view the complete annual report

Please find page 175 of the 2009 Ryanair annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 185

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185

175
24 Note to cash flow statements
At March 31,
2009 2008 2007
€000 €000 €000
Net (debt) / funds at beginning of year................................
.................
(96,941) 335,935 294,243
Increase / (decrease) in cash and cash equivalents in year
...................
112,345 124,430 (92,585)
Movement in financial assets > 3 months ................................
............
(2,873) (186,500) 263,847
Movement in restricted cash ................................
................................
(830) 33,623 54,768
Net cash flow from (increase) in debt ................................
..................
(131,945) (404,429) (184,338)
Movement in net funds resulting from cash flows
...............................
(23,303) (432,876) 41,692
Net funds at end of year ................................................................
.......
(120,244) (96,941) 335,935
Analysed as:
Cash and restricted cash ................................................................
.......
2,278,196 2,169,554 2,198,001
Total borrowings ................................................................
..................
(2,398,440) (2,266,495) (1,862,066)
Net (debt) / funds ................................................................
.................
(120,244) (96,941) 335,935
Net funds arise when cash and liquid resources exceed debt.
25 Post-balance sheet events
On May 21, 2009, Ryanair proposed three resolutions to be put forward at the Aer Lingus annual
general meeting held on June 5, 2009. The first resolution called for a reduction in the non-executive chairman’s
fees from €200,000 to €35,000 per annum. The second resolution called for the non-executive directors’ fees to
be reduced from €45,000 to €17,500 per person per annum (i.e. to rates consistent with those paid to the Aer
Lingus chairman and board members during the fiscal year 2006). Aer Lingus allowed votes on these two
proposed resolutions at the annual general meeting; however, both proposals were rejected by the shareholders.
Ryanair’s third resolution, which sought to enable shareholders to approve in advance severance payments for
executives that resign, was rejected by Aer Lingus and thus not voted upon by shareholders.
During the three-month period ended June 30, 2009, the Company has recognised a further impairment
charge in the income statement of €13.5 million on its Aer Lingus shareholding reflecting the decline in the Aer
Lingus share price from €0.59 at March 31, 2009 to €0.50 at June 30, 2009.
26 Subsidiary undertakings and related party transactions
The following are the principal subsidiary undertakings of Ryanair Holdings plc:
Name Effective date of acquisition
/ incorporation Registered
Office Nature of
Business
Ryanair Limited .......................... August 23, 1996 Corporate Headquarters Airline operator
(acquisition) Dublin Airport
Co Dublin, Ireland.
Darley Investments Limited (a) .. August 23, 1996 Corporate Headquarters Investment holding
(acquisition) Dublin Airport company
Co Dublin, Ireland.
Ryanair.com Limited (a) ............. August 23, 1996 Corporate Headquarters International data
(acquisition) Dublin Airport processing services
Co Dublin, Ireland.
____________________________
(a) These subsidiaries are wholly owned by Ryanair Limited, which is, in turn, wholly owned by
Ryanair Holdings plc.
All of the above subsidiaries are 100% owned by the Company. The shares owned by the Company
comprise one class (ordinary shares) in respect of each subsidiary.
Information regarding all other subsidiaries will be filed with the Company’s next Irish Annual Return
as provided for by Section 16(3) of the Irish Companies (Amendment) Act, 1986.