annual report 2009 - Aer Lingus

More documents

Recommendations

Info

88 Financial Statements Aer Lingus Group Plc – Annual Report 2009Notes to the Consolidated Financial Statements [continued]30 Financial commitments(a) Capital commitmentsAt 31 December the Group had capital commitments as follows:2009 2008€’000 €’000Contracted for but not provided– Aircraft and equipment 889,012 1,070,761– Other 1,830 2,162890,842 1,072,923(b) Lease commitmentsAt 31 December 2009 the Group had commitments, under non-cancellable operating leases, which fall due as follows:PropertyAircraftPlant andmachinery€’000 €’000 €’000No later than one year 8,484 45,690 74Later than one year but no later than five years 26,292 93,428 –Later than five years 64,142 10,598 –98,918 149,716 74At 31 December 2008 the Group had commitments, under non-cancellable operating leases, which fall due as follows:PropertyAircraftPlant andmachinery€’000 €’000 €’000No later than one year 5,360 49,428 73Later than one year but no later than five years 16,356 97,437 –Later than five years 29,493 5,619 –51,209 152,484 7331 Related party transactionsKey management compensation2009 2008€’000 €’000Short-term employee benefits 1,688 2,049Post employment benefits 254 332Payments in lieu of notice 1,017 –Other benefits 278 2713,237 2,652In addition to the amounts above, in 2008 an amount was charged to the income statement in relation to the estimated cost of shares,which could vest under the 2008 LTIP. In respect of key management included above, a total amount of €424,000 was charged. Therewas no charge to the income statement in 2009 in relation to the estimated cost of shares which could vest under the 2009 LTIP inrespect of key management included above.An amount of €46,337 was charged to the income statement during the period in respect of share options and a conditional shareaward granted to Mr Christoph Mueller on 8 September 2009.Amounts due to the Company from subsidiary undertakings are disclosed in Note 34.
Financial Statements Aer Lingus Group Plc – Annual Report 20098932 Cash used in operations2009 2008€’000 €’000Loss before tax (154,846) (122,058)Adjustments for:– Depreciation and amortisation 82,674 71,865– Net movements in provisions for liabilities and charges (116,907) (10,722)– Net fair value losses on derivative financial instruments 704 945– Share options and awards expense 46 –– Gain recognised on assets received in-kind (1,500) –– Finance income (36,900) (60,860)– Finance expense 22,098 22,018– Net exceptional items 88,630 140,888– Other losses/(gains) – net 177 (8,796)Changes in working capital– Inventories (302) 360– Trade and other receivables 3,265 (16,329)– Trade and other payables (55,252) (25,938)Cash used in operations (168,113) (8,627)33 Financial assets – CompanyInvestment in subsidiaries2009 2008€’000 €’000CostAt 1 January and at 31 December 109,696 109,69634 Trade and other receivables – Company2009 2008€’000 €’000Amounts due from subsidiary undertakings 807,722 810,650The fair value of trade and other receivables equate to their book value at 31 December 2009 and 2008. The maximum exposureto credit risk is the carrying value of trade and other receivables above. There was no impairment of these trade and other receivablesat 31 December 2009 and 2008.35 Events after the reporting periodIn October 2009, the Group launched its Cost Reduction Programme (“Greenfield”), which targeted annualised cost savings of approximately€97m over the period to 2012. On 5 March 2010, the Group was notified that the Greenfield proposals were rejected in a staff ballotof cabin crew represented by IMPACT. The Group was separately notified that the four other staff ballots conducted by Pilots (IALPA),Middle Management (IAESA), SIPTU (Ground Operations/Support areas/certain cabin crew) and Maintenance Staff (Craft Union) hadsupported the Greenfield proposals. On 9 March 2010, the Group announced that it would immediately commence the implementationof those elements of the Greenfield programme that were agreed with the four union groups that supported the proposals. On 26 March2010 the Group was notified that the Greenfield proposals were supported in a re-ballot of cabin crew staff represented by IMPACT.The Group then commenced the implementation of the Greenfield programme with cabin crew staff.In April 2010, a volcanic eruption in Iceland caused severe disruption to European air traffic and caused the cancellation of more than1,500 Aer Lingus flights. The current estimate of the impact on the Group’s profits is approximately €20 million but the long-term impacton customer confidence is unclear.In April 2010, the Group entered into a finance lease arrangement for the purchase of an Airbus A330 aircraft, resulting in an increasein finance lease obligations of €58.5m.
Page 1 and 2:
annual report 2009
Page 3 and 4:
Financial HighlightsFor the year en
Page 5 and 6:
Chairman’s Statement Aer Lingus G
Page 11 and 12:
Operating and Financial Review Aer
Page 13 and 14:
Board of Directors Aer Lingus Group
Page 15 and 16:
Corporate Social Responsibility Sta
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Directors’ Report Aer Lingus Grou
Page 31 and 32:
Page 33 and 34:
Page 35:
Page 38 and 39:
36 Directors’ Report Aer Lingus G
Page 41 and 42: Remuneration Committee Report Aer L
Page 43 and 44: Remuneration Committee Report Aer L
Page 45 and 46: Independent Auditors’ Report Aer
Page 47 and 48: Financial Statements Aer Lingus Gro
Page 89: Financial Statements Aer Lingus Gro
show all

annual report 2009 - Aer Lingus

Create successful ePaper yourself

Delete template?

Save as template?