Aer Lingus 2010 Annual Report Download

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Annual Report 2010

Table of contents

  • Page 1
    Annual Report 2010

  • Page 2
    ... Board of directors Executive management team Safety and Security Statement Corporate Social Responsibility Statement Directors' Report Report of the Remuneration Committee on Directors' Remuneration Independent Auditor's Report Financial Statements Shareholder Information Operating and Financial...

  • Page 3
    Financial highlights Aer Lingus Group Plc 1 Financial highlights For the year ended 31 December 2010 2010 Results Revenue EBITDAR 1 Operating profit/(loss) before net exceptional items Net exceptional items Operating profit/(loss) after net exceptional items Net finance income Income tax credit ...

  • Page 4
    ... passenger numbers. However, we continue to offer keenly priced fares in order to remain competitive with Ryanair, which is our strongest competitor on most of our European routes. Meanwhile, Aer Lingus gained market share on key routes during the last year. In 2010, Aer Lingus' passenger offering...

  • Page 5
    ... coming years. Andrew Macfarlane was appointed as Chief Financial Officer on a permanent basis in October 2010 and joined the Board as an executive director. Since joining the Group in December 2009, Andrew has made a significant impact in addressing the key financial challenges faced by Aer Lingus...

  • Page 6
    ... which Aer Lingus initiated in 2009 have delivered results in 2010. Shannon airport and now provide the Shannon region with a total of 8 destinations from Shannon airport including new services to both Paris and London Gatwick. decisive action to address the loss making element of these services in...

  • Page 7
    ... Executive Officer's review Aer Lingus Group Plc 5 In July 2010, Aer Lingus awarded a base maintenance contract to Dublin Aerospace. These services were previously undertaken by Sabena Technics in France and will now migrate to Dublin. Aer Lingus is proud to support the development of Irish air...

  • Page 8
    ...half of 2009 and changes in the senior management of the Group in the autumn of 2009, substantial changes were made to Aer Lingus' strategy coupled with urgent actions to address the losses. These actions included Annual Report 2010 The review of Aer Lingus' business carried out by the new CEO at...

  • Page 9
    ... cost base makes us an attractive partner. Focus on yields We changed our pricing policy to optimise yield rather than load factors. Aer Lingus continues to operate in very price sensitive markets and the bulk of seats continue to be offered at what are designed to be attractive low fares...

  • Page 10
    ...back on 2010, and forward to 2011, the following are apparent: • Our brand and business is firmly rooted in Ireland. Given the state of the Irish economy and the fact that the Irish market is conditioned to expect low fares, growth will remain challenging for Aer Lingus for at least the short-term...

  • Page 11
    ... with reduced fuel prices, capacity related savings and Greenfield staff costs savings being the key contributors. EBITDAR has increased by â,¬139.2m to â,¬196.7m and the Group recorded a net profit for the year of â,¬P9.2m (2009: loss of â,¬130.1m). Annual Report 2010 Staff 2010 has been a year of...

  • Page 12
    ... exceptional item. There were no changes to the size of the short haul ï¬,eet in 2010. Cargo Aer Lingus' strategy is to carry cargo on both long haul and short haul passenger routes where aircraft turnaround times permit. Total cargo revenue increased by 20.P% to â,¬P1.3m (2009: â,¬3P.3m) driven by...

  • Page 13
    ... the majority of its revenues in Euro, but incurs significant expenses in US dollars primarily for fuel, aircraft hire and certain elements of maintenance expenditure. The group also has sterling income in excess of its sterling denominated costs. The company uses foreign exchange contracts to hedge...

  • Page 14
    ... to Annual Report 2010 Fuel and currency hedging To achieve greater certainty on costs we manage our exposure to ï¬,uctuations in the prices of fuel and foreign currency through hedging. At 31 December 2010, our estimated fuel requirements for 2011 and for 2012 were PP9,000 tonnes in each year...

  • Page 15
    ..." in the future, Aer Lingus could seek membership of one of them, but would need to weigh the revenue benefits that would accrue against the costs of membership. Annual Report 2010 Partnerships and alliances Staff productivity and relations The Group seeks to maintain open and constructive...

  • Page 16
    ...risks and uncertainties Aer Lingus Group Plc Risk Cost recovery Impact The group operates in an extremely competitive market. The core Irish market is very price sensitive, with a substantial majority of passengers travelling for leisure or family reasons. Fuel and airport charges represented some...

  • Page 17
    ... bookings and yield management could adversely impact revenue generation and financial performance. In addition, Aer Lingus has identified the need to upgrade certain parts of its core revenue and staff rostering systems in 2011. A default in the payment of basic pension benefits under the Group...

  • Page 18
    ... international travel group listed on the London Stock Exchange and a member of the FTSE 100. He served as Executive Director, Aviation, at TUI Travel plc, where he managed a total of seven separate airlines, a ï¬,eet of 160 short-haul and long-haul aircraft and a team of 11,000 employees. Francis...

  • Page 19
    ... for internal and external communications including media relations, corporate and Government affairs together with all aspects of Aer Lingus branding, marketing and customer service. Enda has over 20 years experience with Aer Lingus and has held a number of positions including Commercial Director...

  • Page 20
    ... Plc Safety and Security Statement Health, Safety and Security Organisation Safety is a corporate value of Aer Lingus, and we are committed to maintaining a safe, healthy and sustainable working environment wherever we operate - for our staff, our customers and the public. We actively manage safety...

  • Page 21
    ... to assess the operational management and control systems of an airline. Security Aer Lingus ensures that staff are made aware of the need for a high level of security at all times. The Group's Corporate Security Office acts in an advisory and consultative capacity in relation to all aspects of...

  • Page 22
    ... short haul ï¬,eet, the Airbus A320/ A321 family, with an average age of just 6.63 years as at December 2010. Aer Lingus expects to return three A321 aircraft (1998 and 1999 vintage) to the Lessor in early 2011 and take delivery of four new A320 aircraft in January to May of this year. We also plan...

  • Page 23
    Corporate Social Responsibility Statement Aer Lingus Group Plc 21 Air Emissions Aer Lingus operates a focused "fuel conservation plan" to minimise fuel burned and the emission of greenhouse gases. This plan harnesses available cost efficiencies and as emissions are directly proportional to fuel ...

  • Page 24
    ... to help staff achieve a healthier balance between their working lives and personal responsibility without compromising business needs and to retain valued, experienced and trained employees. The policy includes ï¬,exible working and leave arrangements such as ï¬,exitime, part-time work, job sharing...

  • Page 25
    .... Aer Lingus for the second year partnered with Belfast City Marathon, as a gold sponsor, for the 2010 Marathon. The airline welcomed many of the participants and spectators on board who travelled to the event in May 2010. Aer Lingus is delighted to continue its support of Special Olympics Ireland...

  • Page 26
    ... - Annual Report 2010 Directors' Report Year ended 31 December 2010 Introduction The Directors present their report to shareholders, together with the financial statements of Aer Lingus Group plc and the Auditors' report thereon, for the year ended 31 December 2010. Substantial interests in share...

  • Page 27
    ... during the year. Mr Andrew Macfarlane was appointed to the Board on 3 October 2010 and will be put forward for election at the forthcoming Annual General Meeting. Statement of Directors' responsibilities The Directors are responsible for preparing the annual report and the financial statements in...

  • Page 28
    ... information included on the Group's website. Irish legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Share ownership restrictions Since Aer Lingus' entitlement to obtain or to continue to hold or enjoy the benefit...

  • Page 29
    Directors' Report Aer Lingus Group Plc - Annual Report 2010 27 Directors' Report (continued) Events after the reporting date In the second half of 2010, the Group faced gradually escalating industrial action from those members of our cabin crew who are members of the IMPACT union. These staff, ...

  • Page 30
    28 Directors' Report Aer Lingus Group Plc - Annual Report 2010 Directors' Report (continued) Other matters reserved to the Board include treasury policy; internal control, audit and risk management; remuneration of the non-executive Directors; pension schemes; corporate social responsibility and ...

  • Page 31
    ... Aer Lingus Group Plc - Annual Report 2010 29 Directors' Report (continued) for the election of non-executive Directors beyond six years will be made only after review by the Board. None of the non-executive Directors is a party to any service contract with the Company that provides for benefits...

  • Page 32
    30 Directors' Report Aer Lingus Group Plc - Annual Report 2010 Directors' Report (continued) executive Directors present. In addition a further meeting each year consists of the Senior Independent Director and the other non-executive Directors, without the Chairman being present. addition the ...

  • Page 33
    ... to enhance its corporate governance practices. A 'Say on Pay' resolution regarding the Remuneration Report for year ended 31 December 2010 will also be out to shareholders at the forthcoming Annual General Meeting. Chairman, each executive Director and relevant senior management members, within the...

  • Page 34
    ...behalf of the Audit Committee and the Board, an annual review of Aer Lingus' system of internal financial control and risk management systems and reports to the Audit Committee and the Board in this regard. Until June 2010, the Risk Committee comprised Dr Colin Hunt (Chairman), Mr David Begg, Mr Tom...

  • Page 35
    ... that meets regularly during the year, with separate Chairman and Chief Executive roles; Corporate policies for financial reporting, treasury and financial risk management, information technology and security, project appraisal and corporate governance; • Board of Directors approval of all major...

  • Page 36
    34 Directors' Report Aer Lingus Group Plc - Annual Report 2010 Directors' Report (continued) Table 1.1 Attendance at Board and Board Committee meetings in the year ended 31 December 2010 Name Position Board Board (Scheduled) (Conference Call) 10/10 8/10 8/8 7/10 9/10 10/10 10/10 10/10 10/10 10/10...

  • Page 37
    Directors' Report Aer Lingus Group Plc - Annual Report 2010 35 Directors' Report (continued) General meetings The Company's Annual General Meeting (AGM), which is held in Ireland, affords individual shareholders the opportunity to question the Chairman and the Board. It is the Company's policy ...

  • Page 38
    ... annual report includes a fair review of the development and performance of the business and the position of the Company and Group, together with a description of the principal risks and uncertainties that they face. On behalf of the Board of Directors C Barrington Chairman 25 March 2011 C Mueller...

  • Page 39
    ... the Company's strategy and the long term success of the business. As part of the review, the Company's executive and senior management remuneration was benchmarked versus both public and private companies in Ireland and versus peer group airlines. Mr Andrew Macfarlane (Chief Financial Officer) was...

  • Page 40
    ... level of profitability and the Greenfield Cost Reduction Program targets were achieved in 2010 and therefore a sum of â,¬6.25 million is payable to employees under these arrangements. Long Term Incentive Plan Conditional awards of shares are granted to executive Directors under the Company's LTIP...

  • Page 41
    ...to pay profit share was extinguished. By making this payment to the ESOT, a liability which was not within the Group's control has been capped and at the same time the free ï¬,oat of the Company has significantly increased. See Note 28 to the financial statements for more details. Service Contracts...

  • Page 42
    ... Report Aer Lingus Group Plc - Annual Report 2010 Report of the Remuneration Committee on Directors' Remuneration (continued) Audited information Table 2.1 Individual Directors' remuneration for the year ended 31 December 2010 Basic salary and fees â,¬'000 Christoph Mueller Andrew Macfarlane...

  • Page 43
    Remuneration Committee Report Aer Lingus Group Plc - Annual Report 2010 41 Report of the Remuneration Committee on Directors' Remuneration (continued) Table 2.2 Interest of Directors in office at 31 December 2010 in the shares of the Group 31 December 2010 Number of shares Colm Barrington David ...

  • Page 44
    ... financial statements. The other information comprises only the Chairman's Statement, the Chief Executive Officer's Review, the Operating and Financial Review, the Principal Risks and Uncertainties, the Safety & Security Statement, the Corporate Social Responsibility Statement, the Directors' Report...

  • Page 45
    ... of account. In our opinion the information given in the Directors' Report is consistent with the financial statements and the description in the Corporate Governance Statement of the main features of the internal control and risk management systems in relation to the process for preparing the group...

  • Page 46
    44 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Consolidated income statement Year ended 31 December Note 2010 â,¬'000 Revenue Operating expenses Staff costs, pre net exceptional items Depreciation and amortisation Aircraft operating lease costs Fuel and oil costs Maintenance ...

  • Page 47
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 45 Consolidated statement of comprehensive income Year ended 31 December Note 2010 â,¬'000 Profit/(loss) for the period Other comprehensive income/(loss) Available-for-sale reserve - Amortisation of available-for-sale reserve - ...

  • Page 48
    46 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Consolidated statement of financial position Note ASSETS Non-current assets Property, plant and equipment Intangible assets Loans and receivables Derivative financial instruments Deferred tax asset Deposits Current assets ...

  • Page 49
    ... of Companies. The Company's result for the financial year determined in accordance with IFRS is a profit of â,¬26.1m (2009: loss of â,¬7.0m). The notes on pages 51 to 89 form an integral part of these financial statements. Andrew Macfarlane Director Christoph Mueller Director Approved by the Board...

  • Page 50
    48 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Consolidated statement of changes in equity Called-up share capital â,¬'000 Capital conversion reserve fund â,¬'000 Capital redemption reserve fund â,¬'000 Cash ï¬,ow hedging reserve â,¬'000 Availablefor-sale reserve â,¬'000 Share ...

  • Page 51
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 49 Company statement of changes in equity Called up share capital Share premium â,¬'000 Balance at 1 January 2009 Comprehensive (loss) for the year Ended 31 December 2009 Issue of new shares Cancellation of shares Balance at 31 ...

  • Page 52
    50 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Consolidated statement of cash ï¬,ows Year ended 31 December Note 2010 â,¬'000 Cash ï¬,ows from operating activities Income tax paid Net cash generated/(used) in operations Cash ï¬,ows from investing activities Purchases of property...

  • Page 53
    .... Dublin, Ireland. The Company has its primary listing on the Irish Stock Exchange and a secondary listing on the London Stock Exchange. These financial statements were authorised for issue by the Board of directors on 25 March 2011. The financial statements are for the Group for the financial years...

  • Page 54
    52 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 2 Summary of significant accounting policies (continued)  Improvements to IFRSs (April 2009) - IFRS 2 Share-based Payments - IFRS 5 Non-current Assets Held for Sale ...

  • Page 55
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 53 2 Summary of significant accounting policies (continued) 2.2 Consolidation (a) Subsidiaries Subsidiaries are all entities (including special purpose entities) over which the Group has the power to govern the financial and ...

  • Page 56
    54 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 2 Summary of significant accounting policies (continued) Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate ...

  • Page 57
    ...Aer Lingus Group Plc - Annual Report 2010 55 2 Summary of significant accounting policies (continued) 2.8 Financial assets 2.8.1 Classification The Group classifies its financial assets in the following categories: loans and receivables and financial assets at fair value through profit or loss...

  • Page 58
    56 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 2 Summary of significant accounting policies (continued) When securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustments ...

  • Page 59
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 57 2 Summary of significant accounting policies (continued) (b) Assets classified as available-for-sale The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of ...

  • Page 60
    ...Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 2 Summary of significant accounting policies (continued) Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit...

  • Page 61
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 59 2 Summary of significant accounting policies (continued) 2.17 Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference ...

  • Page 62
    60 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 2 Summary of significant accounting policies (continued) 2.20 Share-based payment The Group operate an equity-settled, share-based compensation plan, under which the ...

  • Page 63
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 61 2 Summary of significant accounting policies (continued) (a) Revenues Scheduled passenger and cargo revenues are recognised when transportation is provided. The value of sales made for which transportation has not bee provided at ...

  • Page 64
    ...'s work in relation to foreign exchange rate risk relates to the management of the Group's cashï¬,ow exposures. Significant currency exposures are managed for the current and next financial years on a selective hedging basis. The dollar deficit arises because the dollar costs for fuel and aircraft...

  • Page 65
    ... Statements Aer Lingus Group Plc - Annual Report 2010 63 3 Financial risk management (continued) Under the policy the Group can derogate from this systematic hedging requirement, in event of unusual market conditions. The products used by the group treasury function in managing commodity price...

  • Page 66
    64 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 3 Financial risk management (continued) The table below analyses the Group's derivative financial instruments, which will be settled on a gross basis, into relevant ...

  • Page 67
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 65 3 Financial risk management (continued) The following table presents the Group's assets and liabilities that are measured at fair value at 31 December 2010. Level 1 â,¬'000 Assets Derivative financial instruments Liabilities ...

  • Page 68
    .... The Group is managed as a single business unit that provides air transportation for passengers and cargo, which allows the Group to benefit from an integrated revenue pricing and route network. Our ï¬,ight equipment forms one ï¬,eet, which is deployed through a single route scheduling system. When...

  • Page 69
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 67 6 Revenue 2010 â,¬'000 Passenger revenue Ancillary revenue Cargo revenue Other revenue 1,001,119 165,127 41,271 8,055 1,215,572 2009 â,¬'000 992,683 173,907 3P,338 P,811 1,205,739 7 Other (gains)/losses - net 2010 â,¬'000 Fair ...

  • Page 70
    68 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 9 Net exceptional items 2010 â,¬'000 Northern European airspace closure costs (a) Profit on disposal of property, plant and equipment (b) Payment to discharge ESOT profit...

  • Page 71
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 69 10 Finance income and expense 2010 â,¬'000 Finance income Interest on cash and term deposits Interest income on loans and receivables Amortisation of available-for-sale reserve Other financial income 13,182 3,752 795 4,672 22,401 ...

  • Page 72
    ...Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 12 Income tax (i) Income tax credit recognised in the income statement 2010 â,¬'000 Current taxation Irish corporation tax Remeasurment of income tax provisions Deferred tax...

  • Page 73
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 71 14 Property, plant and equipment Flight equipment â,¬'000 Cost 1 January 2009 Additions Disposals 31 December 2009 Accumulated depreciation 1 January 2009 Depreciation charge for the period Disposals 31 December 2009 Cost 1 January...

  • Page 74
    ... revenue relates to depreciation incurred on the aircraft used in the extended codeshare agreement with United Airlines. 15 Intangible assets Computer software 2010 â,¬'000 Cost At 1 January Additions At 31 December Aggregate amortisation At 1 January Charge for the year At 31 December Net book...

  • Page 75
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 73 16 Group undertakings Aer Lingus Group plc is a company incorporated under the Irish Companies Acts, 1963 to 2009. Its head office is at Dublin Airport, Co. Dublin, Ireland. It is the ultimate parent company in the Aer Lingus group...

  • Page 76
    74 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 17 Other financial assets (continued) As at 31 December 2010 the fair value and carrying value of the financial assets reclassified from available for sale financial ...

  • Page 77
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 75 18 Derivative financial instruments (continued) Aircraft fuel price contracts The Group enters into derivative contracts to fix the price of its forecast aircraft fuel purchases. The notional principal amounts of the outstanding ...

  • Page 78
    76 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 20 Trade and other receivables (continued) The other classes within trade and other receivables do not contain impaired assets. The carrying amounts of the Group's trade ...

  • Page 79
    ... Statements Aer Lingus Group Plc - Annual Report 2010 77 21 Deposits and cash and cash equivalents (continued) During the year deposits with a maturity date of less than three months were reclassified to cash and cash equivalents. Comparative balances have been updated accordingly. The carrying...

  • Page 80
    78 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 23 Finance lease obligations 2010 â,¬'000 Repayable - within one year Repayable - from one to two years Repayable - from two to five years Repayable - after five years 55...

  • Page 81
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 79 23 Finance lease obligations (continued) Finance lease obligation - minimum lease payments 2010 â,¬'000 No later than one year Later than one year but no later than five years Later than five years 78,381 325,606 251,314 655,301 ...

  • Page 82
    80 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 24 Provisions for liabilities and charges (continued) (a) Business repositioning A provision for business repositioning costs is recognised when a constructive obligation...

  • Page 83
    ...credited to equity during the period is as follows: 2010 â,¬'000 Fair value reserves in shareholders' equity - Cash ï¬,ow hedging reserve - Revaluation reserve on available-for-sale financial assets Share based payment reserve (6,949) 82 (111) (6,978) (10,756) P1 1P9 (10,566) 2009 â,¬'000 The Group...

  • Page 84
    ...Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 26 Called-up share capital 2010 â,¬'000 Authorised 900,000,000 ordinary shares of â,¬0.05 each Issued and fully paid At 1 January Issued during the period: NIL â,¬0.05 (2009...

  • Page 85
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 83 27 Share premium, capital conversion reserve fund, capital redemption reserve fund and other reserves (continued) 2010 â,¬'000 Other reserves Cash ï¬,ow hedging reserve At 1 January Movement in the period Deferred tax on movement ...

  • Page 86
    ... of market and non-market based performance conditions of the plan. Impact on income statement The total expense is analysed as follows: Expense in the consolidated income statement 2010 Long Term Incentive Plan Staff costs The 2010 awards will expire in 2012. The fair value of the shares awarded...

  • Page 87
    ... shares will transfer in due course to non-Irish resident beneficiaries. The profit share obligation, established at the time of the Group's initial public offering in 2006, required the Group to pay an annual share of profits to the Aer Lingus Employee Share Ownership Trust ("ESOT" or the "Trust...

  • Page 88
    86 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 29 Pensions and other post employment benefits (continued) The rules of the Irish Pension Schemes provide for the following in the event that there is an actuarial ...

  • Page 89
    .... The HOB is in need of refurbishment and will be too large for the Group's requirements following the "Greenfield" cost reduction programme. Employees, administrative and support services currently based in the HOB will re-locate to Hangar 6 and other parts of Aer Lingus' property portfolio during...

  • Page 90
    88 Financial Statements Aer Lingus Group Plc - Annual Report 2010 Notes to the consolidated financial statements (continued) 31 Related party transactions Key management compensation 2010 â,¬'000 Short-term employee benefits Post employment benefits Termination benefits Other benefits 1,719 279...

  • Page 91
    Financial Statements Aer Lingus Group Plc - Annual Report 2010 89 32 Cash generated/(used) in operations 2010 â,¬'000 Profit/(loss) before tax Adjustments for: - Depreciation and amortisation - Net movements in provisions for liabilities and charges - Net fair value (gains)/losses on derivative ...

  • Page 92
    ... Aer Lingus Group Plc - Annual Report 2010 Shareholder information 2011 financial calendar Annual General Meeting 2011 H1 period ends 2011 H1 results 2011 FY ends 6 May 2011 30 June 2011 August 2011 31 December 2011 Share price data â,¬ Share price movement during 2010 - High - Low Share price...

  • Page 93
    ... and investors. News releases are also made available in this section of the website immediately after release to the Stock Exchanges. Company officers and advisors Directors Colm Barrington (Chairman) Christoph Mueller (Chief Executive Officer) Andrew Macfarlane (Chief Financial Officer) Laurence...

  • Page 94
    ...statistics Aer Lingus Group Plc - Annual Report 2010 Operating and financial statistics For the year ended 31 December 2010 2010 Long haul (1) 2009 Change 2008 2007 2006 Number of routes ï¬,own Number of sectors ï¬,own (ï¬,ights) Average sector length (in kilometres) Number of passengers (in...

  • Page 95

  • Page 96