Aer Lingus 2014 Annual Report Download - page 116

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114
Full details of all group companies will be filed with the Company’s annual return, which will be available from the Companies Registration
Office, Parnell House, 14 Parnell Square, Dublin 1.
19 Other financial assets
Loans and receivables
2014
2013
€'000
€'000
At 1 January
43,629
43,373
Interest income
1,532
1,902
Maturity of loans and receivables
(34,316)
-
Retranslation
2,925
(1,646)
At 31 December
13,770
43,629
Current element
13,770
31,887
Non-current element
-
11,742
There were no impairment provisions for loans and receivables in the current or prior year.
Loans and receivables comprise the following:
2014
2013
€'000
€'000
Zero-coupon debt securities traded on inactive markets with a maturity date of
February 2015
13,770
43,629
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 2014, 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 €13.8 million (31 December 2013: €43.9 million) and €13.8 million (31
December 2013: €43.5 million) respectively, which would have resulted in a fair value loss in equity of €0.2 million (2013: loss of €0.2
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 (2013: €0.2 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:
13,770
-
-
-