Annual Report 1999 in PDF - Aer Lingus
Annual Report 1999 in PDF - Aer Lingus Annual Report 1999 in PDF - Aer Lingus
AER LINGUS GROUP PLCDirectors’ ReportYear Ended 31 December, 1999IntroductionThe Directors present their report to shareholders, together with the consolidated accounts of Aer Lingus Group plc and theauditors’ report thereon, for the year ended 31 December, 1999.Principal Activities and Business ReviewThe principal continuing activities of the Group during the year were the provision of passenger and cargo air transportationservices to the UK, mainland Europe, the US and within Ireland.During the year, the Group discontinued its ground and cargo handling activities at London Heathrow through the sale of thebusiness. The Group also completed the disposal of its Shannon based aircraft maintenance subsidiary, Shannon MRO Limited,and disposed of 49% of its cargo handling subsidiary, Manchester Cargo Centre Limited.Results for the Year and State of Affairs as at 31 December, 1999The consolidated profit and loss account for the year ended 31 December, 1999 and the consolidated balance sheet at thatdate are set out on pages 24 and 25. The profit for the year, after net exceptional losses of e11.3 million, amounted toe51.9 million (1998 - e74.6m, after net exceptional profits of e4.4m).The movement on the consolidated profit and loss account for the year is as follows:e millionBalance, 31 December, 1998 – as previously reported (57.4)Prior year adjustment (23.7)Balance, 31 December, 1998 – as restated (81.1)Profit for the year 51.9Other movements, net 1.1Balance, 31 December, 1999 (28.1)As a result of the profit for the year of e51.9 million, currency translation and other adjustments of e1.1 million, a prior yearadjustment of e23.7 million arising from a change in accounting policies and the issue of 2.0 million ordinary shares of IR£1(e1.269738) each under the Employee Share Participation Scheme, shareholders’ funds increased by e31.8 million since thosereported at 31 December, 1998. No further transfers to or from reserves are proposed by the Directors.DividendsThe Directors do not propose the payment of any dividends in respect of the year ended 31 December, 1999.Important Events since 31 December, 1999No significant events affecting the Group have taken place between 31 December, 1999 and the date of approval of theseaccounts.Future DevelopmentsThe Directors intend to continue the development of the Group’s activities by focusing on core businesses, consolidating onprogress achieved to date, and seeking prudent expansion in the context of growth opportunities. Following the IrishGovernment announcement on 14 December, 1999 that a decision had been taken to arrange an Initial Public Offering (IPO) ofthe Company’s shares, work has been ongoing on preparations for an IPO.20
AER LINGUS GROUP PLCEmployee ParticipationIn accordance with the formal agreement as provided for in the Worker Participation (State Enterprises) Acts ("the Acts") therewere regular meetings during the year between the Central Representative Council (comprising staff representatives) andmembers of senior management to discuss business issues. Local participation councils, which have been set up in a number ofdepartments, and the European Central Representative Council were also active during the year. As indicated below fouremployees served on the Board during the year under the provisions of the Acts.Employee Health and SafetyAll trading subsidiaries in the Group have produced and implemented corporate safety statements in accordance with theSafety, Health and Welfare at Work Act, 1989.DirectorsThe Directors who served during the year are listed below:Bernie Cahill (Chairman)Willie Clarke*Aidan Dolan*Máire Geoghegan-QuinnRose HynesJohn KeaneJoan Loughnane*Jim O’LearyDesmond RichardsonMick Sweeney*Chris WallPatrick Wright*Worker Director, elected under provisions of Worker Participation (State Enterprises) Acts.Mick Sweeney was appointed to the Board on 29 January, 1999. Aidan Dolan retired from the Board on 30 November, 1999 inaccordance with the provisions of the Worker Participation (State Enterprises) Acts and was replaced by Dermot Rafferty on03 February, 2000. Jim O’Leary retired from the Board on 17 January, 2000 and Máire Geoghegan-Quinn retired from theBoard on 29 February, 2000. John O’Donovan was appointed to the Board on 14 July, 2000.Directors’ and Secretary’s Shareholdings and Other InterestsThe beneficial interests, including family interests, of the directors and secretary in office at 31 December, 1999 in the sharecapital of the Company or any Group undertaking at 01 January, 1999 and 31 December, 1999 were:Aer Lingus Group plcIR£1 (e1.269738) Shares31 December, 1999 01 January, 1999*Willie Clarke 2,410 1,864Joan Loughnane 2,410 1,864Mick Sweeney 2,410 1,864John O’Donovan (Secretary) 1,890 1,344*at date of appointment if later.All the above shares were held in trust under the Employee Share Scheme. The directors and secretary and their families hadno other beneficial interests in the shares of the Company or any other Group undertaking at 31 December, 1999.There were no contracts or arrangements entered into during the year in which a Director was materially interested and whichwere significant in relation to the Group’s business.21
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AER LINGUS GROUP PLCEmployee ParticipationIn accordance with the formal agreement as provided for <strong>in</strong> the Worker Participation (State Enterprises) Acts ("the Acts") therewere regular meet<strong>in</strong>gs dur<strong>in</strong>g the year between the Central Representative Council (compris<strong>in</strong>g staff representatives) andmembers of senior management to discuss bus<strong>in</strong>ess issues. Local participation councils, which have been set up <strong>in</strong> a number ofdepartments, and the European Central Representative Council were also active dur<strong>in</strong>g the year. As <strong>in</strong>dicated below fouremployees served on the Board dur<strong>in</strong>g the year under the provisions of the Acts.Employee Health and SafetyAll trad<strong>in</strong>g subsidiaries <strong>in</strong> the Group have produced and implemented corporate safety statements <strong>in</strong> accordance with theSafety, Health and Welfare at Work Act, 1989.DirectorsThe Directors who served dur<strong>in</strong>g the year are listed below:Bernie Cahill (Chairman)Willie Clarke*Aidan Dolan*Máire Geoghegan-Qu<strong>in</strong>nRose HynesJohn KeaneJoan Loughnane*Jim O’LearyDesmond RichardsonMick Sweeney*Chris WallPatrick Wright*Worker Director, elected under provisions of Worker Participation (State Enterprises) Acts.Mick Sweeney was appo<strong>in</strong>ted to the Board on 29 January, <strong>1999</strong>. Aidan Dolan retired from the Board on 30 November, <strong>1999</strong> <strong>in</strong>accordance with the provisions of the Worker Participation (State Enterprises) Acts and was replaced by Dermot Rafferty on03 February, 2000. Jim O’Leary retired from the Board on 17 January, 2000 and Máire Geoghegan-Qu<strong>in</strong>n retired from theBoard on 29 February, 2000. John O’Donovan was appo<strong>in</strong>ted to the Board on 14 July, 2000.Directors’ and Secretary’s Sharehold<strong>in</strong>gs and Other InterestsThe beneficial <strong>in</strong>terests, <strong>in</strong>clud<strong>in</strong>g family <strong>in</strong>terests, of the directors and secretary <strong>in</strong> office at 31 December, <strong>1999</strong> <strong>in</strong> the sharecapital of the Company or any Group undertak<strong>in</strong>g at 01 January, <strong>1999</strong> and 31 December, <strong>1999</strong> were:<strong>Aer</strong> L<strong>in</strong>gus Group plcIR£1 (e1.269738) Shares31 December, <strong>1999</strong> 01 January, <strong>1999</strong>*Willie Clarke 2,410 1,864Joan Loughnane 2,410 1,864Mick Sweeney 2,410 1,864John O’Donovan (Secretary) 1,890 1,344*at date of appo<strong>in</strong>tment if later.All the above shares were held <strong>in</strong> trust under the Employee Share Scheme. The directors and secretary and their families hadno other beneficial <strong>in</strong>terests <strong>in</strong> the shares of the Company or any other Group undertak<strong>in</strong>g at 31 December, <strong>1999</strong>.There were no contracts or arrangements entered <strong>in</strong>to dur<strong>in</strong>g the year <strong>in</strong> which a Director was materially <strong>in</strong>terested and whichwere significant <strong>in</strong> relation to the Group’s bus<strong>in</strong>ess.21
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