annual report 2009 - Aer Lingus

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74 Financial Statements Aer Lingus Group Plc – Annual Report 2009Notes to the Consolidated Financial Statements [continued]15 Intangible assetsComputer software2009 2008€’000 €’000CostAt 1 January 44,554 44,049Additions 3,889 5,619Disposals – (15,415)Transfer from property, plant and equipment – 10,301At 31 December 48,443 44,554Aggregate amortisationAt 1 January 37,445 40,252Charge for the year 5,385 2,307Disposals – (15,415)Transfer from property, plant and equipment – 10,301At 31 December 42,830 37,445Net book valueAt 1 January 7,109 3,797At 31 December 5,643 7,109The amortisation expense of €5.4m (2008: €2.3m) has been charged in ‘depreciation and amortisation’ in the income statement.16 Group undertakingsAer Lingus Group plc is a company incorporated under the Irish Companies Acts, 1963 to 2009. Its head office is at Dublin Airport,Co Dublin, Ireland. It is the ultimate parent company in the Aer Lingus group.The principal group companies are Aer Lingus Limited, Aer Lingus Beachey Limited, Aer Lingus (Ireland) Limited and Dirnan InsuranceCompany Limited, all of which are wholly owned. Aer Lingus Limited is incorporated in Ireland and is the principal operating company.Aer Lingus (Ireland) Limited was established during the year and employs former employees of SR Technics who provide maintenanceservices on the Aer Lingus fleet. Aer Lingus Beachey Limited is incorporated in the Isle of Man and its principal activity is aircraftfinancing. Dirnan Insurance Company Limited is incorporated in Bermuda and its principal activity is handling and resolving claimson expired insurance policies as it is currently in “run-off”. Full details of all group companies will be filed with the Company’s annualreturn, which is available from the Companies Registration Office, Parnell House, 14 Parnell Square, Dublin 1, Ireland. In addition, theGroup trades through a number of overseas branches. ALG Trustees Limited was established in 2007 to manage the Group’s Long-TermIncentive Plan (LTIP). The Group consolidates ALG Trustees Limited in the group accounts.During 2008, three group companies (Seres Limited, Duneast Limited and Crodley Limited) were put into liquidation and dissolved.All of these companies were dormant.Aer Lingus Group plc has guaranteed the liabilities of its Irish subsidiary undertakings for the purposes of Section 17 of the Companies(Amendment) Act, 1986.
Financial Statements Aer Lingus Group Plc – Annual Report 20097517 Loans and receivablesFollowing amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures theGroup reclassified as loans and receivables, all the financial assets that had been previously classified as available-for-sale, with effectfrom 1 July 2008. This reclassification was made as these financial assets meet the definition of loans and receivables and the Group hasthe intention and ability to hold these financial assets until maturity.Available-for-sale financial assets2009 2008€’000 €’000At 1 January – 105,823Exchange differences – (7,141)Interest income – 1,464Revaluation movement transferred to equity – 562Reclassification to loans and receivables – (100,708)At 31 December – –Less: non-current portion – –Current portion – –Loans and receivables2009 2008€’000 €’000At 1 January 115,109 –Reclassification from available-for-sale – 100,708Matured during the period (40,204) –Exchange differences (1,749) 11,445Interest income 4,150 2,956At 31 December 77,306 115,109Less: non-current portion (71,944) (80,983)Current portion 5,362 34,126There were no impairment provisions for loans and receivables in 2009 and 2008.Loans and receivables comprise the following:Unlisted securities:2009 2008€’000 €’000– Zero-coupon debt securities traded on inactive markets with maturity datesfrom September 2010 to September 2015 77,306 115,109
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Chairman’s Statement Aer Lingus G
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Board of Directors Aer Lingus Group
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annual report 2009 - Aer Lingus

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