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Financial Statements Aer Lingus Group Plc – Annual Report 2010
88
Notes to the consolidated fi nancial statements (continued)
31 Related party transactions
Key management compensation 2010 2009
€’000 €’000
Short-term employee benefi ts 1,719 1,688
Post employment benefi ts 279 254
Termination benefi ts 630 1,017
Other benefi ts 1,488 278
4,116 3,237
There was a charge of €263,000 to the income statement in 2010 in relation to the estimated cost of shares which could vest under the 2010
LTIP in respect of key management included above (2009: €Nil).
An amount of €146,404 was charged to the income statement during the period in respect of share options and a conditional share award
granted to Mr Christoph Mueller on 8 September 2009 (2009: €46,337).
Amounts due to the Company from subsidiary undertakings are disclosed in Note 34.
The Minister for Finance of Ireland holds 25.11% of the Group’s issued share capital and is entitled to appoint three directors to the Board.
The Group considers that, for the purpose of IAS 24 (2009) the government of Ireland is in a position to exercise signifi cant infl uence over
it, and therefore regards the government of Ireland and various of its bodies, including the Dublin Airport Authority (DAA), as related parties
for the purpose of the disclosures required by IAS 24 (2009).
The Group incurs rental charges in respect of offi ce space, check in facilities and other operational facilities at various Irish airports. The
Group also incurs passenger, landing and other charges for the use of these airports. The Group incurs air navigation charges as a result of
services provided by the Irish Aviation Authority.
The Group collects Airport Departure Tax and various payroll taxes on behalf of the Irish Revenue Commissioners and is liable to Irish
Corporation Tax on profi ts earned, and to employer’s PRSI on its payroll. The Group accounts for VAT in Ireland.
The Group sells seats on its scheduled services to various Government bodies in the normal course of its business and has banking
relationships with institutions now controlled by the Irish government. As an airline, the Irish Department of Transport is the Group’s
principal regulator.
The transactions described above are collectively but not individually signifi cant to the fi nancial statements.
In June 2010, the Group signed a Heads of Agreement with the DAA under which it has agreed to surrender the leasehold interest in its
Head Offi ce Building site to the DAA. Further details are provided in Note 30.