annual report 2009 - Aer Lingus

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84 Financial Statements Aer Lingus Group Plc – Annual Report 2009Notes to the Consolidated Financial Statements [continued]26 Called-up share capital2009 2008€’000 €’000Authorised900,000,000 ordinary shares of €0.05 each 45,000 45,000Issued and fully paidAt 1 January 26,698 26,575Issued during the period: 5,690,969 @ €0.05 (2008: 2,449,097 @ €0.05) 284 123Cancelled during the period: 5,605,347 @ 0.05 (2008: nil) (280) –At 31 December 26,702 26,698In May 2009 5,690,969 shares were issued in respect of the Group’s Long-Term Incentive Plan (“LTIP”), for the vesting period ending31 December 2011. In September 2009 the Company acquired 5,605,347 shares from ALG Trustee Limited, the trustee of the Group’sLTIP, and subsequently cancelled the acquired shares.The total number of ordinary shares of €0.05 each in issue at 31 December 2009 was 534,040,090 (31 December 2008: 533,954,468)of which 4,446,658 (31 December 2008: 4,208,327) were treasury shares.27 Share premium, capital conversion reserve fund, capital redemption reserve fund and other reserves2009 2008€’000 €’000Share premiumAt 1 January 506,847 502,108Shares issued at premium 3,758 4,742Issue of bonus shares – (3)At 31 December 510,605 506,8472009 2008€’000 €’000Capital conversion reserve fundAt 1 January and 31 December 5,048 5,0482009 2008€’000 €’000Capital redemption reserve fundAt 1 January 343,516 343,516Shares cancelled during the period 280 –At 31 December 343,796 343,516
Financial Statements Aer Lingus Group Plc – Annual Report 20098527 Share premium, capital conversion reserve fund and other reserves [continued]2009 2008€’000 €’000Other reservesCash flow hedging reserveAt 1 January (63,594) (261)Movement in the period 86,055 (72,381)Deferred tax on movement in the period (10,756) 9,048At 31 December 11,705 (63,594)Available-for-sale reserveAt 1 January 3,242 3,953Movement in the period (2,060) (1,080)Deferred tax on movement in the period 41 369At 31 December 1,223 3,242Treasury sharesAt 1 January (9,137) (4,275)Purchase of shares (4,159) (4,862)Cancellation of shares 6,970 –At 31 December (6,326) (9,137)Share-based payment reserveAt 1 January 1,081 439Movement in the period (1,189) 735Deferred tax on movement in the period 149 (93)At 31 December 41 1,081Total other reserves 6,643 (68,408)Long-Term Incentive Plan (“LTIP”)In July 2007, arising from the review of the Group’s compensation arrangements for executive directors and senior managers, theCompany’s shareholders approved the introduction of a LTIP in order to further align the interests of such executives and senior managerswith those of shareholders. The LTIP is a share-based performance award scheme, which will provide for the vesting of shares subjectto the achievement of minimum performance objectives measured over a three year period. The LTIP is tied to achievement of botha targeted Business Performance Measure (selected by the Remuneration Committee) and to Total Shareholder Return (“TSR”). TheTSR element is assessed against a peer group of European airlines and the Business Performance Measure set by the RemunerationCommittee. The maximum award under the LTIP is 150% of base salary. The maximum number of shares that can vest is set at 125% ofthe maximum salary multiple. Awards under the LTIP can be made on an annual basis at the discretion of the Remuneration Committee.Under the terms of the Group’s LTIP an early vesting of an award may occur at the discretion of the Remuneration Committee if therewere to be a change of control of the Company. 4,446,658 shares have been issued in respect of the LTIP and are registered in the nameof ALG Trustee Limited. Any voting rights attaching to the shares are exercised in the absolute discretion of the ALG Trustee Limitedhaving regard to the interests of the LTIP participants.For awards issued in 2009, the Remuneration Committee set the minimum performance under the Business Performance Measureas 10% compound growth in EBITDAR over the 3 year performance period. Conditional awards granted under the Company’s LTIPin the year ended 31 December 2009 amounted to 4,552,775 ordinary shares (2008: 1,917,567). The share price was €0.71 (2008: €2.03)at the date of the award and fair value was determined to be €Nil (2008: €1.55).
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Chairman’s Statement Aer Lingus G
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Board of Directors Aer Lingus Group
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