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 Directors’ Report Aer Lingus Group Plc – Annual Report 2009
Directors’ Report
Year ended 31 December 2009
Introduction
The Directors present their report to shareholders, together with the
financial statements of Aer Lingus Group plc and the Independent
Auditors’ report thereon, for the year ended 31 December 2009.
Principal activities and future developments
The principal activities during the year continued to be the provision
of air travel services. The Chairman’s Statement and Chief Executive
Officer’s Review on pages 2 to 5 report on developments during
the year, on the state of affairs at 31 December 2009, on events
since 31 December 2009, and on likely future developments. Further
information with respect to the review of the business and future
developments is contained in the Operating and Financial Review
on pages 6 to 9. The financial statements for the year ended
31 December 2009 are set out in detail on pages 45 to 89.
Information on the key performance indicators applicable to
the Group are detailed in the Financial Highlights on page 1,
the Chairman’s Statement on pages 2 to 3, the Chief Executive
Officer’s Review on pages 4 to 5 and in the Operating and
Financial Review on pages 6 to 9.
Results for the year and state of affairs as at
31 December 2009
The consolidated income statement for the year ended 31 December
2009 and the consolidated statement of financial position at that
date are set out on pages 45 and 47 respectively. The loss for the
year after tax amounted to €130.1m (2008: loss of €109.9m).
The movement on the retained earnings for the year is as follows:
€m
Balance, 31 December 2008
Loss for the year
Loss on cancellation of treasury shares
Balance, 31 December 2009
(51.2)
(130.1)
(7.0)
(188.3)
Total equity decreased by €58.0m during the year as a result of
the loss for the year €130.1m, a loss on the cancellation of treasury
shares of €7.0m and an increase in other reserves of €79.1m. No
further transfers to or from reserves are proposed by the Directors.
Substantial interests in share capital
As at 27 April 2010, the Directors are aware of the following
substantial interests in the share capital of the Company,
which represent more than 3% of the issued share capital.
Share held
% of issued
share capital
Ryanair Limited 159,231,025 29.82%
Minister for Finance
of Ireland 134,109,026 25.11%
Aer Lingus ESOP
Trustee Limited 66,577,980 12.47%
As far as the company is aware, other than stated above, no other
person or company has an interest of more than 3% in the share
capital of the company.
Accounting policies
The Group accounts are prepared under International Financial
Reporting Standards as adopted by the EU. The principal accounting
policies, together with the basis of preparation of the accounts are set
out on pages 52 to 63.
Dividends
The Directors do not propose the payment of dividends in respect
of the year ended 31 December 2009.
Principal risks and uncertainties
Information on the principal risks and uncertainties facing the Group
are detailed in the Operating and Financial Review on pages 8 to 9.
The Financial Risk Management policies in place to address these are
set out in Note 3 to the consolidated financial statements.
Directors and Secretary
The names of the current Directors appear on pages 10 to 11,
together with a short biographical note on each Director. The
Directors who served during the year are listed below:
Colm Barrington
David Begg
Leslie Buckley
Thomas Corcoran
Sean Coyle
Laurence Crowley
Ivor Fitzpatrick
Danuta Gray
Francis Hackett
Colin Hunt
Michael Johns
Dermot Mannion
Anne Mills
Thomas Moran
Christoph Mueller
Chris Wall