Ryanair 2009 Annual Report Download - page 180
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180
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.
29 Investments in subsidiaries
Year ended
March 31,
2009
Year ended
March 31,
2008
€000 €000
Balance at start of year 90,263 79,338
New investments in subsidiaries by way of share option grant to subsidiary
employees ..............................................................................................................
3,757
10,925
Balance at end of year 94,020 90,263
30 Loans and receivables from subsidiaries
Year ended
March 31,
2009
Year ended
March 31,
2008
€000 €000
Due from Ryanair Limited (subsidiary) ................................................................ 745,068 589,468
745,068 589,468
All amounts due from subsidiaries are interest free and repayable upon demand.
31 Amounts due to subsidiaries
Year ended
March 31,
2009
Year ended
March 31,
2008
€000 €000
Due to Ryanair Limited ......................................................................................... 35,172 35,172
35,172 35,172
At March 31, 2009, Ryanair Holdings plc had borrowings of €35,171,745 (2008: €35,171,745) 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.