The following table presents the Group's net assets and
liabilities that are measured at fair value at 31 December
2014:
Level 1 Level 2 Level 3 Total
--------------------- ------- ------- ------- -------
EUR'000 EUR'000 EUR'000 EUR'000
--------------------- ------- ------- ------- -------
Assets
Derivative financial
instruments - 30,097 - 30,097
Liabilities
Derivative financial
instruments - 118,434 - 118,434
14 Trade and other receivables
As at As at As at
30 June 31 December 30 June
2015 2014 2014
EUR'000 EUR'000 EUR'000
Trade and other receivables 66,995 53,845 66,932
Other amounts receivables 33,982 32,162 29,917
Prepayments and accrued income 57,633 42,544 52,438
------------------------------- -------- ------------ --------
158,610 128,551 149,287
------------------------------- -------- ------------ --------
15 Gross Cash
Gross cash comprises the following:
As at As at As at
30 June 31 December 30 June
2015 2014 2014
EUR'000 EUR'000 EUR'000
Non-current
Deposits 108,247 95,408 107,235
------------------------------------ --------- ----------- ---------
108,247 95,408 107,235
------------------------------------ --------- ----------- ---------
Current
Loans and receivables - 13,770 44,898
Deposits 610,580 442,021 602,335
Restricted deposit - pension escrow 55,566 190,700 -
Cash and cash equivalents 238,691 193,769 279,954
Bank overdraft - (155) -
------------------------------------ --------- ----------- ---------
904,837 840,105 927,187
------------------------------------ --------- ----------- ---------
Total gross cash 1,013,084 935,513 1,034,422
------------------------------------ --------- ----------- ---------
At 30 June 2015, the Group held restricted cash of EUR76.7
million (of which EUR55.6 million related to the pension escrow).
These restricted cash balances are not available for immediate use
by the Group. At 31 December 2014, the restricted cash balance was
EUR211.7 million (of which EUR190.7 million related to the pension
escrow).
The movement in loans and receivables has been shown as a
financing activity within the condensed consolidated interim
statement of cashflows as per IAS 7 'Statement of Cashflows' as
these balances were held to meet the maturity of finance lease
obligations, which themselves are disclosed as financing cashflows.
The movement in deposits has been classified as a cash flow from an
investing activity' in line with IAS 7 'Statement of Cashflows' on
the basis that the Group holds these deposits in order to acquire
long term fixed assets (namely, finance leased aircraft).
16 Trade and other payables
As at As at As at
30 June 31 Dec 30 June
2015 2014 2014
EUR'000 EUR'000 EUR'000
Trade payables 92,020 66,866 74,444
Accruals and deferred income 60,732 74,139 59,081
Ticket sales in advance excluding taxes
and charges 355,486 150,676 299,300
Employment related taxes 6,695 6,361 6,270
Other amounts payable 87,927 32,252 68,561
---------------------------------------- ------- ------- -------
602,860 330,294 507,656
---------------------------------------- ------- ------- -------
In the six months to 30 June 2015 there was a significant
increase in ticket sales in advance when compared to the balance at
31 December 2014. This is due to the seasonal impact of passengers
purchasing tickets in advance of travel in the summer months. The
fares collected for future travel are recorded as a liability until
the passenger has flown, at which time they are recognised as
revenue. The taxes and charges collected on these tickets are also
recorded as a liability in other amounts payable until the
passenger has flown, at which time they become payable to the
relevant authorities. There has also been a significant increase
compared to the balance at 30 June 2014. The primary drivers for
this are additional frequencies on transatlantic routes, the launch
of the Washington route and the increased strength in US$
Dollar.
17 Finance lease obligations
The Group did not enter into any new finance lease arrangements
during the six-month period ended 30 June 2015. During the period,
the Group made lease repayments of EUR42.5 million (six month
period ended 30 June 2014: EUR33.6 million).
18 Post employment benefit obligations
The liabilities in respect of the Group's post employment
benefit obligations are as follows:
As at 30 June As at 31 December
2015 2014
EUR'000 EUR'000
North American Pension (a) 4,415 3,450
North American Post Employment Medical
Benefit (b) 2,486 2,578
Post Retirement Income Streaming (c) 1,990 13,395
Other (396) 143
--------------------------------------- ------------- -----------------
8,495 19,566
--------------------------------------- ------------- -----------------
(a) The Group operates a funded defined benefit scheme for
qualifying employees and former employees of its operation in North
America. Under the scheme, employees are entitled to retirement
benefits comprising a lump sum on retirement representing 50% of
final average compensation, plus a pension calculated as 1% of
final average compensation for each year of membership, on reaching
retirement age of 65. Retirement benefits are reduced for service
of less than 20 years. Both participation in this plan and accrual
of benefits are now frozen.
(b) The Group operates an unfunded post employment medical
benefit scheme for certain former employees of the operation in
North America. Both participation in the plan and accrual of
benefits are frozen.
(c) The Group operates an unfunded income streaming arrangement
in respect of certain current and former employees who have an
elective entitlement to a pension at 60. These arrangements provide
an income equating to a pension until members reach age 65, at
which point benefits cease.
19 Defined contribution pension schemes
The Group's operating subsidiary, Aer Lingus Limited,
participates in a number of pension schemes for its staff.
Historically, the two main pension schemes in which Aer Lingus
Limited has participated are the Irish Airlines (Pilots)
Superannuation Scheme (the "Pilots Scheme"), for the Group's
pilots, and the Irish Airlines (General Employees) Superannuation
Scheme (the "IASS"). The IASS is a multi-employer scheme for other
employees who fall within the category of "General Employees" (daa,
Public Limited Company ("daa"), Shannon Airport Authority plc
("SAA") and SR Technics being the other employers). Collectively
the IASS and Pilots Scheme are referred to as the "Irish Pension
Schemes" in this note. Although similar rules apply to both Irish
Pension Schemes, the contribution rates and benefits have
historically differed between these schemes.
In addition to the Irish Pension Schemes, the Group also
participates in a number of other defined contribution schemes
including the new pension arrangements described later in this
note. The Group's contributions to all of these pension schemes are
set out in the table below.
Six months ended 30 June
2015 2014
EUR'000 EUR'000
Irish Airlines (General Employees)
Superannuation Scheme - 2,395
Irish Airlines (Pilots) Superannuation
Scheme 5,796 5,676
Other defined contribution schemes 5,368 1,792
--------------------------------------- ------------ ------------
Total 11,164 9,863
--------------------------------------- ------------ ------------
The Irish Pension Schemes are accounted for as defined
contribution schemes in both the entity accounts of Aer Lingus
Limited and in the Group's consolidated accounts because the rate
of contribution to these schemes is fixed. In the case of the IASS,
the fixed employee and employer contributions ceased at 31 December
2014 through the process outlined below which included amending the
IASS trust deed to reflect the cessation of contributions.
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