Annual Report 1999 in PDF - Aer Lingus

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AER LINGUS GROUP PLCNotes to the Consolidated Accounts (continued)22. Guarantees and Other Financial Commitments (continued)(b) Lease commitmentsAt 31 December, 1999 the Group had annual commitments under operating leases as set out below:Plant andProperty Aircraft Machinerye000 e000 e000Operating leases which expire:Within one year 2,710 21,500 132Between two and five years 759 46,700 42After five years 2,462 45,811 -5,931 114,011 174(c)Contingent liabilities(i)(ii)The Company has irrevocably guaranteed the liabilities as defined in Section 5(c) of the Companies(Amendment) Act, 1986 of the following subsidiary undertakings incorporated in Ireland: Aer Lingus Limited,Aer Lingus Shannon Limited, Aer Lingus Commuter Limited, Aer Lingus Investments Limited, Aer LingusFinancial Services Limited, Aberport Limited, Aviation Services (Ireland) Limited, Dirnan Ireland Limited, ShinaghLimited and SRS Aviation (Ireland) Limited.There are certain legal and other claims, which arise from the Group’s activities which the Directors consider willnot materially affect the financial position of the Group.(d)Treasury contractsDue to the scale of its international operations and the nature of its business, the Group is exposed to the effects offluctuations in exchange rates and interest rates. These exposures arise principally in relation to foreign currencydebt, anticipated revenues and expenditure commitments. In order to hedge against these exposures, the Grouphas entered into various treasury arrangements to change the currency exposure of certain debt and to fix interestrates and exchange rates. The principal commitments outstanding under treasury arrangements at 31 December,1999 are forward purchases of US Dollars 88 million (1998: US Dollars 162m) and forward sales ofSterling £107 million (1998: Sterling £93m).23. Related Party Transactions(a)(b)(c)Ownership of the Company95.24% of the issued share capital of the Company was held by the Minister for Finance on behalf of the IrishGovernment at the balance sheet date.Purchase of services from entities owned by the Irish GovernmentIn the ordinary course of its business the Group purchases services from entities controlled by the Irish Government(including Aer Rianta, Irish Aviation Authority and ESB). Purchases of services from these entities during the yearwere less than 5% of group operating costs.Deposits with the National Treasury Management Agency of Ireland and with financial institutionsowned by the Irish GovernmentIn the ordinary course of its business the Group deposits funds with the National Treasury Management Agency ofIreland and financial institutions owned by the Irish Government (ACC Bank and ICC Bank). At 31 December, 1999deposits with these entities amounted to e48 million.44
AER LINGUS GROUP PLC24. Principal Group CompaniesCountry of Principal GroupIncorporation Activity Holding %Aer Lingus Limited Ireland Air Transportation 100Aer Lingus Beachey Limited Isle of Man Aircraft Financing 100Compania Hispano Irlandesade Aviacion SA (trading as Futura) Spain European Charter Services 85Timas Limited (trading as Galileo Ireland) Ireland Reservations Systems Support 75Manchester Cargo Centre Limited United Kingdom Cargo Handling 51Aviation Services (Ireland) Limited Ireland Revenue Accounting Services 100Full details of all group companies will be filed with the Company’s annual return. In addition, the Group trades througha number of overseas branches.45
Page 1 and 2: AER LINGUS GROUP PLCAnnual Report&
Page 3 and 4: Financial Highlights1998 1999 1999
Page 5 and 6: warning of lower profits. Those ear
Page 7 and 8: These alliances are structured to p
Page 9 and 10: Message from theGroup Chief Executi
Page 11 and 12: 66.971.6The Employee Share Particip
Page 13 and 14: AMSTERDAM…BRUSSELS…DUSSELDORF
Page 15 and 16: BRISTOL…EDINBURGH…GLASGOW…LEE
Page 17 and 18: The sun rises. Nations riseand the
Page 19 and 20: FleetDuring 1999 Aer Lingus operate
Page 21 and 22: Is dœn n— da ingean ia ddo ghŽa
Page 23 and 24: AER LINGUS GROUP PLCEmployee Partic
Page 25 and 26: AER LINGUS GROUP PLCAuditors’ Rep
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Page 31 and 32: AER LINGUS GROUP PLCStatement of Ac
Page 33 and 34: AER LINGUS GROUP PLCJKLMLeasesAsset
Page 35 and 36: AER LINGUS GROUP PLC3. Exceptional
Page 37 and 38: AER LINGUS GROUP PLC6. Staff CostsT
Page 39 and 40: AER LINGUS GROUP PLC11. Stocks1999
Page 41 and 42: AER LINGUS GROUP PLC(a) This loan,
Page 43 and 44: AER LINGUS GROUP PLC19. Consolidate
Page 45: AER LINGUS GROUP PLCMovements on th
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