Ryanair 2011 Annual Report Download - page 191
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34 Contingencies
a) The Company has provided 15,349.6 million (2010: 14,384.2 million; 2009: 120.6 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 27. The Irish subsidiaries of the Group covered by the Section 17 exemption are listed at note
27 to the consolidated financial statements also. Four additional Irish subsidiaries covered by this exemption,
which are not listed as principal subsidiaries at Note 27 to the consolidated financial statements, are Airport
Marketing Services Limited, FRC Investments Limited, Coinside Limited and Mazine Limited.
35 Dividends
On October 1, 2010, following shareholder approval at the Company’s AGM on September 22, 2010,
Ryanair Holdings plc paid a special dividend of 1500 million, (33.57 euro cent per ordinary share), to
shareholders. Prior to effecting the dividend payment and in order to ensure that the parent company, Ryanair
Holdings plc, had sufficient distributable profits to effect the dividend payment, on June 15, 2010, Ryanair
Limited declared a dividend of 1400 million to Ryanair Holdings plc.
The Company previously indicated in a June 1, 2010 announcement, that it may return a further amount of
up to 1500 million to shareholders before the end of fiscal year 2013, subject to, amongst other things, its
continued profitability, and the absence of further aircraft orders or any other significant capital expenditure.
36 Post-balance sheet events
There were no significant post-balance sheet events.
37 Date of approval
The Company financial statements were approved by the Board of Directors of the Company on July 25, 2011.