Aer Lingus 2013 Annual Report Download - page 113

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111
A further US$4.8 million (€3.6 million) was also invested into the Joint Venture during 2013 as the Group’s share of new share capital
issued by the Joint Venture. This amount was used by the Joint Venture to fund the purchase of the entire share capital of Propius Leasing
Limited (formerly Arann Aircraft Leasing Limited). Propius Leasing Limited subsequently acquired two ATR 72-500’s from Comhfhorbairt
(Gaillimh), a company in the Aer Arann Group, which were then leased back to Comhfhorbairt (Gaillimh).
Together, the cost of investment in respect of further amounts of share capital paid over to the Joint Venture in the year total €10.6 million.
The amount shown in the cashflow statement in respect of investment in the Joint Venture during the year is €10.7 million. The difference
of €0.1 million represents offsetting cashflows in respect of hedges taken out to cover the cost of the share capital payments. These are
shown in the cashflow statement within the “Other (gains) - net” line within cash generated from operations.
The Group’s share of the results of its Joint Venture in the year was a profit (after tax) of €6,000 (2012: loss of €190,000). The Group’s
share of capital commitments of the Joint Venture at 31 December 2013 was €6.2 million (31 December 2012, €33.1 million). There are no
contingent liabilities relating to the Group’s interest in the Joint Venture.
Summarised financial information for the joint venture
The table below sets out summarised financial information for Propius Holdings Limited. The Group accounts for this investment under
the equity method, including recognition of the Group's share of post acquisition results. Propius Holdings Limited is an entity incorporated
within the Cayman Islands, whose registered office is PO Box 309, Ugland House, Grand Cayman, KY1-1104. The principal place of
business of the entity is the Republic of Ireland.
The amounts below reflect the results of the entity translated from its reporting currency, US dollars, into the Group's reporting currency,
euro, at the average exchange rate for the year, and reflect the opening and closing assets and liabilities of the entity at the relevant rates.
Summarised balance sheet
2013
2012
€’000
€’000
Current assets and liabilities
Cash and cash equivalents
4,012
1,004
Other current assets
3,655
17,295
Total current assets
7,667
18,299
Financial liabilities
(6,174)
-
Other liabilities (including trade payables)
(2,097)
(655)
Total current liabilities
(8,271)
(655)
Non-current assets and liabilities
Non-current assets
104,286
14,146
Financial liabilities
(60,512)
-
Other liabilities
(1,373)
-
Total non-current liabilities
(61,885)
-
Net assets
41,797
31,790
Summarised statement of comprehensive income
2013
2012
(7 weeks)
€’000
€’000
Revenue
3,789
-
Depreciation
(1,648)
-
Other operating expenses
(702)
(586)
Interest expense
(1,448)
-
Other net income
64
-
Profit/(loss) on operating activities before tax
55
(586)
Profit/(loss) on operating activities after tax, being total comprehensive income
18
(586)