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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 offi ce is at Dublin Airport,
Co. Dublin, Ireland. It is the ultimate parent company in the Aer Lingus group.
The principal group companies are Aer Lingus Limited, Aer Lingus Beachey Limited, Aer Lingus (Ireland) Limited and Dirnan Insurance
Company Limited all of which are wholly owned. Aer Lingus Limited is incorporated in Ireland and is the principal operating company.
Aer Lingus (Ireland) Limited was established in 2009 and employees former employees of SR Technics who provide maintenance service
on the Aer Lingus fl eet. Aer Lingus Beachey Limited is incorporated in the Isle of Man and its principal activity is aircraft fi nancing. Dirnan
Insurance Company is incorporated in Bermuda and its principal activity is handling and resolving claims on expired insurance policies
as it is currently in “run-off”. Full details of all group companies will be fi led with the Company’s annual return, which is available from
the Companies Registration Offi ce, Parnell House, 14 Parnell Square, Dublin 1. In addition, the Group trades through a number of overseas
branches. ALG Trustees Limited was established in 2007 to manage the Group’s Long Term Incentive Plan (LTIP). The Group consolidates
ALG Trustees Limited in the group accounts.
Aer Lingus Group plc has guaranteed the liabilities of its subsidiary undertakings for the purposes of Section 17 of the Companies
(Amendment) Act, 1986.
17 Other fi nancial assets
Loans and receivables
2010 2009
€’000 €’000
1 January 77,306 115,109
Matured during the period (51,092) (40,204)
Exchange differences 9,824 (1,749)
Interest income 3,752 4,150
At 31 December 39,790 77,306
Less: non-current portion (39,790) (71,944)
Current portion - 5,362
There were no impairment provisions for loans and receivables in 2010 and 2009.
Loans and receivables comprise the following:
2010 2009
€’000 €’000
Unlisted securities:
- Zero-coupon debt securities traded on inactive markets with maturity dates from August 2014
to February 2015 39,790 77,306
These assets are all denominated in US dollars. These unlisted securities are mainly held in order to meet certain fi nance lease obligations
denominated in the same currency and with the same maturity. These securities, together with the interest receivable thereon, will be
suffi cient to meet the associated lease obligations.
The maximum exposure to credit risk at the reporting dates is the carrying amount of the debt securities classifi ed as loans and receivables.
None of the debt securities are either past due or expired.