Aer Lingus 2010 Annual Report Download - page 91

Download and view the complete annual report

Please find page 91 of the 2010 Aer Lingus annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 96

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

Financial Statements Aer Lingus Group Plc – Annual Report 2010 89
32 Cash generated/(used) in operations
2010 2009
€’000 €’000
Profi t/(loss) before tax 33,447 (154,846)
Adjustments for:
- Depreciation and amortisation 91,431 82,674
- Net movements in provisions for liabilities and charges (45,455) (116,907)
- Net fair value (gains)/losses on derivative fi nancial instruments (989) 704
- Share options and awards expense 882 46
- Gain recognised on assets received in-kind -(1,500)
- Finance income (22,401) (36,900)
- Finance expense 15,613 22,098
- Net exceptional items 6,234 88,630
- Other losses/(gains) – net 4,065 177
Changes in working capital
- Inventories (464) (302)
- Trade and other receivables (5,757) 3,265
- Trade and other payables (30,091) (55,252)
Cash generated/(used) in operations 46,515 (168,113)
33 Financial assets – Company
Investment in subsidiaries
2010 2009
€’000 €’000
Cost
At 1 January and 31 December 109,696 109,696
During the year, Aer Lingus Beachey Limited declared a dividend of €26,083,189 in favour of Aer Lingus Group Plc.
34 Trade and other receivables – Company
2010 2009
€’000 €’000
Amounts due from subsidiary undertakings 833,806 807,722
The fair value of trade and other receivables equate to their book value at 31 December 2010 and 2009. The maximum exposure to credit risk is
the fair value of trade and other receivable above. There was no impairment of these trade and other receivables at 31 December 2010 and 2009.
35 Events after the reporting period
In January 2011, the Group entered into a fi nance lease arrangement for the purchase of an Airbus A320 aircraft, resulting in an increase in
fi nance lease obligations of €25.2m.
On 3 March the group announced that it had reached a settlement with the Irish Revenue Commissioners in relation to PAYE, PRSI, interest
and related costs arising from a restructuring programme negotiated in 2008 and implemented in 2009.
On 23 March, the Company took delivery of an additional A320 aircraft, resulting in an increase in fi nance lease obligations of €23.7m.