Ryanair 2011 Annual Report Download - page 109

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107
Dividend Policy.
Following shareholder approval at the September 2010 annual general meeting of shareholders, a 1500
million special dividend was paid in October 2010. The Company has indicated that it may pay a further
dividend of up to 1500 million before the end of fiscal year 2013, subject to, amongst other things, its continued
profitability and the absence of further aircraft purchases or any other significant capital expenditures. The
Company may ultimately determine not to pay any such dividend, or may fail to obtain shareholder approval
(where required). The Company may pay other dividends from time to time, or it may not pay any dividends at
all, as has been its practice to date. No assurances can be given that the Company will, or will not, pay
dividends. Any cash dividends or other distributions, if made, are expected to be made in euro, although Ryanair
Holdings’ Articles provide that dividends may be declared and paid in U.S. dollars. In the case of ADRs, the
Depositary will convert all cash dividends and other distributions payable to owners of ADRs into U.S. dollars
to the extent that, in its judgment, it can do so on a reasonable basis, and will distribute the resulting U.S. dollar
amounts (net of conversion expenses and any applicable fees) to the owners of ADRs. See “Item 12. Description
of Securities Other than Equity Securities” for information regarding fees of the Depositary.
Share Buy-back Program
Following shareholder approval at the 2006 annual general meeting of shareholders, a 1300 million
share buy-back program was formally announced on June 5, 2007. Permission was received at the annual
general meeting of the shareholders held on September 20, 2007 to repurchase a maximum of 75.6 million
Ordinary Shares representing 5% of the Company’s then outstanding share capital. The 1300 million share buy-
back of approximately 59.5 million shares, representing approximately 3.8% of the Company’s pre-existing
share capital, was completed in November 2007. In February 2008 the Company announced a second share buy-
back program of up to 1200 million worth of shares, which was ratified by shareholders at the annual general
meeting of the shareholders held on September 18, 2008. 18.1 million shares were repurchased under this
program at a cost of approximately 146.0 million and, as a result, the total amount spent on the two share buy-
back programs was 1346.0 million. All Ordinary Shares repurchased have been cancelled.
See “Item 10. Description of Capital Stock—Trading Markets and Share Prices” below for further
information regarding share buy-backs.
SIGNIFICANT CHANGES
No significant change in the Company’s financial condition has occurred since the date of the
consolidated financial statements included in this annual report.