Ryanair 2016 Annual Report Download - page 202
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202
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. Additional details are provided in Note 34 to
the company financial statements.
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.
30 Investments in subsidiaries
Year ended
Year ended
Year ended
March 31,
March 31,
March 31,
2016
2015
2014
€M
€M
€M
Balance at start of year
105.8
105.3
103.4
New investments in subsidiaries by way of share option
grant to subsidiary employees
5.9
0.5
1.9
Reversal of unvested cumulative share based expense
-
-
-
Balance at end of year
111.7
105.8
105.3
31 Loans and receivables from subsidiaries
Year ended
Year ended
Year ended
March 31,
March 31,
March 31,
2016
2015
2014
€M
€M
€M
Due from Ryanair Limited (subsidiary)
1,189.3
1,095.9
1,214.1
1,189.3
1,095.9
1,214.1
All amounts due from subsidiaries are interest free and repayable upon demand.
32 Amounts due to subsidiaries
Year ended
Year ended
Year ended
March 31,
March 31,
March 31,
2016
2015
2014
€M
€M
€M
Due to Ryanair Limited
35.2
35.2
35.2
35.2
35.2
35.2
At March 31, 2016, Ryanair Holdings plc had borrowings of €35.2 million (2015: €35.2 million; 2014: €35.2 million)
from Ryanair Limited. The loan is interest free and repayable on demand.
33 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 31 and 32 of the parent
entity financial statements. These inter-company balances are eliminated in the group consolidation.