Aer Lingus 2013 Annual Report Download - page 115

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113
18 Other financial assets
Loans and receivables
2013
2012
€’000
€’000
At 1 January
43,373
42,180
Interest income
1,902
1,879
Retranslation
(1,646)
(686)
At 31 December
43,629
43,373
Current element
(31,887)
-
Non-current element
11,742
43,373
There were no impairment provisions for loans and receivables in the current or prior year.
Loans and receivables comprise the following:
2013
2012
€’000
€’000
Zero-coupon debt securities traded on inactive markets with maturity dates from August 2014 to
February 2015
43,629
43,373
These assets are unlisted securities denominated in US dollars. They are mainly held in order to meet certain finance lease obligations
denominated in the same currency and with the same maturity.
The maximum exposure to credit risk at the reporting dates is the carrying amount of the debt securities classified as loans and receivables.
None of the debt securities are either past due or expired.
As at 31 December 2013, if the financial assets had not been previously reclassified from available for sale financial assets, the fair value
and carrying value of these financial assets would have been €43.9 million (31 December 2012: €43.8 million) and €43.5 million (31
December 2012: €43.1 million) respectively, which would have resulted in a fair value loss in equity of €0.2 million (2012: gain of €0.1
million). The fair values of unlisted securities are based on cash flows discounted using a rate based on the market interest rate and the risk
premium appropriate to the unlisted securities. €0.2 million (2012: €0.1 million) was amortised from the available-for-sale reserve to the
income statement in the year.
The effective interest rates of the financial assets reclassified into loans and receivable at the date of reclassification were 4.3%.
The estimated undiscounted cash flows that the Group expects to recover from the remaining financial assets reclassified from available for
sale financial assets in 2008 was:
1 year or less
Between 1 and
2 years
Between 2 and
5 years
Over five years
€’000
€’000
€’000
€’000
Unlisted debt securities:
32,876
12,336
-
-
19 Derivative financial instruments
2013
2013
2012
2012
€’000
€’000
€’000
€’000
Assets
Liabilities
Assets
Liabilities
Interest rate swap
-
-
-
595
Forward foreign exchange contracts
525
14,208
1,711
7,399
Forward fuel price contracts
10,868
281
3,835
4,072
Total
11,393
14,489
5,546
12,066
Less non-current portion:
Interest rate swap
-
-
-
595
Forward foreign exchange contracts
17
208
20
107
Forward fuel price contracts
1,251
7
987
144
Total non-current portion
1,268
215
1,007
846
Current portion
10,125
14,274
4,539
11,220