Annual Report 1999 in PDF - Aer Lingus

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AER LINGUS GROUP PLCDirectors’ Report (continued)Directors’ Responsibility StatementAs required by Irish company law, the Directors have had prepared and are responsible for the accompanying accounts, thenotes to these accounts, the choice of the accounting policies used in their preparation and the other related financialinformation contained in this report, which give a true and fair view of the state of affairs of the Group and of its profit, cashflows, and total recognised gains and losses for the year. The Group’s accounts have been prepared in conformity withaccounting standards generally accepted in Ireland and the Irish Companies Acts, 1963 to 1999, applying prudent andreasonable estimates and informed judgements as required. The accounts have been prepared on the going concern basis.The Group maintains systems of internal control which have been designed to give reasonable assurance that transactions areexecuted in accordance with management’s authorisation, that assets are safeguarded, that fraud is prevented and that properfinancial records are maintained. To assist in the effective application of the Group’s internal controls, the services of qualifiedpersonnel have been secured and duties properly allocated among them.Internal auditors monitor the Group’s control systems by examining financial reports, by testing the accuracy of the reporting oftransactions, and by otherwise obtaining assurances that the systems are operating in accordance with the Group’s objectives.The Audit Committee of the Board of Directors is composed of non-executive Directors. The Committee meets periodically withthe internal auditors and the external auditors to discuss the Group’s internal accounting controls, the internal audit function,the choice of accounting policies, the external audit programme, the statutory audit report, financial reporting and other relatedmatters. The internal auditors and the external auditors have full and unrestricted access to the Audit Committee.Payment PracticesThe Directors acknowledge their responsibility for ensuring compliance, in all material respects, with the provisions of thePrompt Payment of Accounts Act, 1997 ("the Act"). Procedures have been implemented to identify the dates upon whichinvoices fall due for payment and to ensure that payments are made by such dates. Such procedures provide reasonableassurance against material non-compliance with the Act. The payment policy throughout 1999 was to comply with therequirements of the Act.AuditorsThe Auditors, PricewaterhouseCoopers, will continue in office in accordance with the provisions of S.160 of the Companies Act,1963.ON BEHALF OF THE DIRECTORSB.M. CahillCHAIRMAN05 September, 2000R. HynesDIRECTOR22
AER LINGUS GROUP PLCAuditors’ ReportAuditors’ Report to the Members of Aer Lingus Group plcWe have audited the accounts on pages 24 to 45.Respective Responsibilities of Directors and AuditorsThe Directors are responsible for preparing the Directors’ Report and, as described on page 22, for preparing the accounts inaccordance with Accounting Standards generally accepted in Ireland. Our responsibilities, as independent auditors, areestablished in Ireland by statute, the Auditing Practices Board and our profession’s ethical guidance.We report to you our opinion as to whether the accounts give a true and fair view and are properly prepared in accordancewith Irish statute comprising the Companies Acts, 1963 to 1999, and the European Communities (Companies: Group Accounts)Regulations, 1992. We state whether we have obtained all the information and explanations we consider necessary for thepurposes of our audit and whether the Company balance sheet is in agreement with the books of account. We also report toyou our opinion as to:• whether the Company has kept proper books of account• whether the Directors’ Report is consistent with the accounts; and• whether at the balance sheet date there existed a financial situation which may require the Company to convene anextraordinary general meeting; such a financial situation may exist if the net assets of the Company, as stated in theCompany balance sheet, are not more than half of its called-up share capital.We also report to you if, in our opinion, information specified by law regarding Directors’ remuneration and transactions is notdisclosed.We read the other information contained in the Annual Report and consider the implications for our report if we becomeaware of any apparent misstatements or material inconsistencies with the accounts.Basis of Audit OpinionWe conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includesexamination, on a test basis, of evidence relevant to the amounts and disclosures in the accounts. It also includes anassessment of the significant estimates and judgements made by the Directors in the preparation of the accounts, and ofwhether the accounting policies are appropriate to the Group’s circumstances, consistently applied and adequately disclosed.We planned and performed our audit so as to obtain all the information and explanations which we considered necessary inorder to provide us with sufficient evidence to give reasonable assurance that the accounts are free from material misstatement,whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of thepresentation of information in the accounts.OpinionIn our opinion, the accounts give a true and fair view of the state of affairs of the Company and Group at 31 December, 1999and of the profit and cash flows of the Group for the year then ended and have been properly prepared in accordance with theCompanies Acts, 1963 to 1999 and the European Communities (Companies: Group Accounts) Regulations, 1992.We have obtained all the information and explanations we consider necessary for the purposes of our audit. In our opinion,proper books of account have been kept by the Company. The Company balance sheet is in agreement with the books ofaccount.In our opinion, the information given in the Directors’ Report on pages 20 to 22 is consistent with the accounts.The net assets of the Company, as stated in the balance sheet on page 26, are more than half of the amount of its called-upshare capital and, in our opinion, on that basis there did not exist at 31 December, 1999 a financial situation which, underSection 40(1) of the Companies (Amendment) Act, 1983, would require the convening of an extraordinary general meeting ofthe Company.PricewaterhouseCoopersChartered Accountants and Registered AuditorsDublin05 September, 200023
Page 1 and 2: AER LINGUS GROUP PLCAnnual Report&
Page 3 and 4: Financial Highlights1998 1999 1999
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Page 9 and 10: Message from theGroup Chief Executi
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Page 13 and 14: AMSTERDAM…BRUSSELS…DUSSELDORF
Page 15 and 16: BRISTOL…EDINBURGH…GLASGOW…LEE
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Page 29 and 30: AER LINGUS GROUP PLCConsolidated Ca
Page 31 and 32: AER LINGUS GROUP PLCStatement of Ac
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Page 35 and 36: AER LINGUS GROUP PLC3. Exceptional
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Page 39 and 40: AER LINGUS GROUP PLC11. Stocks1999
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Page 49: AER LINGUS GROUP PLCNotesAer Lingus

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