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AER LINGUS GROUP PLC - ANNUAL REPORT 2008
74
16 Cash, cash equivalents and deposits
2008 2007
€’000 €’000
Cash and deposits with maturity less than 3 months 6,081 4,953
Restricted cash 116,384 125,293
Deposits with maturity greater than 3 months 969,193 896,205
1,085,577 1,021,498
Less non-current portion (169,279) (119,513)
Current 916,298 901,985
Total cash, cash equivalents and other deposits 922,379 906,938
Cash, cash equivalents and bank overdrafts include the following for the purposes of the cash flow statement:
Cash and deposits with an original maturity of less than 3 months 6,081 4,953
Bank overdrafts (Note 18) - (17,138)
6,081 (12,185)
The carrying amount of the Group’s cash, cash equivalents and other deposits are denominated in the following currencies:
2008 2007
€’000 €’000
Euro 611,291 757,532
US dollar 307,163 145,873
Pound sterling 1,861 1,439
Other 2,064 2,094
922,379 906,938
Current deposits have maturity terms of between three and twelve months. Given that the maturity of these investments falls
outside the three months timeframe for classification as cash and cash equivalents under IAS 7 Statement of Cash Flows, the
related balances have been treated as ‘Deposits and restricted cash’. The effective interest rate on financial assets classified
as current deposits was 3.8% (2007: 4.6%). These deposits have an average maturity of 84 days (2007: 87 days).
The Group holds deposits in order to meet certain finance lease obligations which are denominated in the same currency and
non-current deposits mainly comprise of these. The deposits, together with the interest receivable thereon, will be sufficient to
meet in full the lease obligations and related lease interest over the period of the leases. Restricted deposits are also held to
meet certain loan obligations.
17 Trade and other payables
2008 2007
€’000 €’000
Trade payables 67,066 57,688
Accruals and deferred income 91,334 103,422
Ticket sales in advance 146,779 164,846
Employment related taxes 15,561 10,988
ESOT (Note 23)
- profit sharing scheme - 9,827
Other amounts payable 95,098 88,486
415,838 435,257
The carrying amounts of trade and other payables approximate their fair value.
Notes to the Consolidated Financial Statements
continued