Ryanair 2016 Annual Report Download - page 203
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203
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.
The credit risk associated with the Company’s financial assets principally relates to the credit risk of the Ryanair
group as a whole. Ryanair has received a BBB+ (stable) credit rating from both Standard and Poor’s and Fitch Ratings.
Additionally, the Company had guaranteed certain subsidiary company liabilities. Details of these arrangements are given
in Note 34 of the Company financial statements.
34 Contingencies
a) The Company has provided €5,274.6 million (2015: €7,663.0 million; 2014: €4,803.4 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 357 of the Companies Act, 2014, 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 requirement to annex their statutory financial
statements to their annual returns. 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. Eight additional Irish subsidiaries covered by this exemption, which are not listed as principal
subsidiaries at Note 27 to the consolidated financial statements, include Airport Marketing Services Limited, FRC
Investments Limited, Coinside Limited and Mazine Limited.
35 Dividends
Please refer to Note 25 of the Consolidated Financial Statements.
36 Post-balance sheet events
Please refer to Note 26 of the Consolidated Financial Statements.
37 Date of approval
The Company financial statements were approved by the Board of Directors of the Company on July 22, 2016.