Aer Lingus 2011 Annual Report Download - page 114

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Annual Report 2011
112
FINANCIAL STATEMENTS Aer Lingus Group Plc
Notes to the consolidated financial statements (continued)
Impact on statement of financial position
ALG Trustees Limited (the “Trust”) was retained during the year to manage the LTIP. The Trust purchased 2,396,959 shares in May 2008
at a cost of ¤4,862,133. The Trust purchased a further 152,709 shares in April 2009 at a cost of ¤116,450 and 5,690,969 at a cost of
¤4,041,726. In September 2009, the Trust sold 5,605,347 shares to the Company for nil consideration. On 1 September 2011, share
awards in respect of 500,000 shares granted to Mr Christoph Mueller vested. As at 31 December 2011, the Trust held 3,946,658
ordinary shares (2010: 4,446,658). There were no new shares issued to the Trust during the year.
The Trust is consolidated in the Group accounts and these shares are accounted for as treasury shares in the consolidated statement of
financial position.
31 Employee participation
Employee Share Ownership Trust (“ESOT”)
In December 2010, the Group made a once-off cash payment of ¤25.3 million to the ESOT. This transaction fully extinguished the
ESOT’s borrowings and, with it, the Group’s obligation to pay any further share of profits to the ESOT. As a result, approximately 66.4
million shares held by the ESOT have now transferred to the direct ownership of current and former employees. Approximately 0.2
million 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”) until the later of April 2023 and the full
repayment of the ESOT’s debt and associated interest.
The ESOT held 0.05% of the issued share capital of the Company at 31 December 2011 (31 December 2010: 0.76%).
The ESOT is also trustee of the Aer Lingus Approved Profit Sharing Scheme and, at 31 December 2011, held 8,280,631 shares (1.55%)
(31 December 2010: 9,004,676 shares (1.69%)) in the Company on behalf of beneficiaries. Shares held by the Approved Profit Sharing
Scheme transferred to beneficiaries in early 2012.
32 Financial commitments
(a) Capital commitments
At 31 December the Group had capital commitments as follows:
2
20
01
11
12010
¤
¤’
’0
00
00
0¤’000
Contracted for but not provided
- Aircraft and equipment 9
90
08
8,
,5
54
45
5902,511
- Other 3
3,
,2
29
99
9928
9
91
11
1,
,8
84
44
4903,439
(b) Lease commitments
At 31 December 2011 the Group had commitments, under non-cancellable operating leases, which fall due as follows:
Plant and
Property Aircraft machinery
¤
¤’
’0
00
00
0¤
¤’
’0
00
00
0¤
¤’
’0
00
00
0
No later than one year 7,714 44,096 -
Later than one year but no later than five years 32,489 144,744 -
Later than five years 49,587 9,214 -
89,790 198,054 -