Aer Lingus 2008 Annual Report Download - page 11

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AER LINGUS GROUP PLC - ANNUAL REPORT 2008
9
Finance income and costs
Finance income fell by 6.6% to €60.9m with the
decrease driven by reducing interest rates. While
borrowings increased by 47.3% in the year, interest
payable decreased by 2.5% to €22.0m again due to
reducing interest rates. The Group’s treasury division
continues to successfully manage funds raised under
the Initial Public Offering to finance the expansion and
replacement of Aer Lingus’ aircraft fleet. This forms a very
significant part of the treasury division’s activities and will
continue to do so over the next four years through 2012.
In addition, this division also provides essential day-to-day
treasury and financial services to the airline business.
Net exceptional items
Net exceptional losses of €140.9m were recorded in
2008. This consisted of €117.5m in relation to staff
cost restructuring, €5.9m relating to the defence of
a takeover bid by Ryanair Holdings plc and €17.5m
compensation payments under the Programme for
Continuous Improvement.
Taxation
The taxation credit was €11.9m in 2008 (2007: charge
of €19.5m).
Loss per share
The loss attributable to shareholders amounted to
€107.8m in 2008 (2007: profit of €105.3m). Loss per
share in 2008 was 20.4c (2007: earnings per share
of 19.9c).
Balance sheet
The Group continues to maintain a strong balance
sheet position, with net cash of €653.9m. Total equity
decreased by €171.2m during the year as a result
of the loss for the year (€107.8m) and a decrease
in other reserves (€63.4m). No further transfers to
or from reserves are proposed by the Directors.
Pictured at the American Ambassador’s Residence on the occasion of the Aer Lingus 50th anniversary of transatlantic flying were Minister Noel Dempsey, TD,
former Aer Lingus CEO Dermot Mannion, Cabin Crew member Alison Knightly, and American Ambassador Thomas C Foley.
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