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 Financial Statements Aer Lingus Group Plc – Annual Report 2009
Notes to the Financial Statements
1 General information
Aer Lingus Group plc (the “Company”) and its subsidiaries (together the “Group”) operates as an Irish airline primarily providing
passenger and cargo transportation services from Ireland to the UK and Europe (“short haul”) and also to the US (“long haul”).
The Company is a public limited liability company incorporated and domiciled in Ireland. The address of its registered office is
Dublin Airport, Co Dublin, Ireland. The Company has its primary listing on the Irish Stock Exchange and a secondary listing on the
London Stock Exchange.
These financial statements were authorised for issue by the Board of directors on 28 April 2010. The financial statements are for the
Group for the financial years ended 31 December 2009 and 31 December 2008. The principal companies within the Group during the
years ended 31 December 2009 and 31 December 2008 are disclosed in Note 16.
2 Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have
been consistently applied to all the years presented, unless otherwise stated.
2.1 Basis of preparation
The consolidated financial statements of Aer Lingus Group plc, which are presented in euro and rounded to the nearest thousand
(€’000) have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”),
International Financial Reporting Interpretations Committee (“IFRIC”) interpretations and the Companies Acts 1963 to 2009 applicable
to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention,
as modified by the revaluation of derivative financial instruments and the revaluation of available-for-sale financial assets.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts
of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the
amount, event or actions, actual results ultimately may differ from those estimated. The areas involving a higher degree of judgement
or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4.
2.1.1 Changes in accounting policy and disclosures
The following new standards, amendments to existing standards and interpretations are mandatory for the first time for the financial
year beginning 1 January 2009:
n IFRIC 13 Customer Loyalty Programmes
n IFRIC 16 Hedges of a Net Investment in a Foreign Operation
n IFRS 1 and IAS 27 (Amendment) Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
n IFRS 2 (Amendment) Vesting Conditions and Cancellations
n IFRS 7 (Amendment) Improving Disclosures about Financial Instruments
n IFRS 8 Operating Segments
n IAS 1 (Revised) Presentation of Financial Statements
n IAS 1 and IAS 32 (Amendment) Puttable Financial Instruments and Obligations Arising on Liquidation
n IAS 23 (Revised) Borrowing Costs
n IFRIC 15 Agreements for the Construction of Real Estate