Notes to the Consolidated Financial Statements
for the year ended 31 March 2009
| 21. Assets/(Liabilities) Classified as Held for Sale |
| 22. Capital and Reserves |
| 23. Deferred Income |
| 24. Provisions |
| 25. Trade and Other Payables |
21. Assets/(Liabilities) Classified as Held for Sale
Assets Classified as Held for Sale
31 March 2009 |
31 March 2008 |
|
| Gross assets of telecommunications subsidiary | - | 33,909 |
| Industrial property | - | 3,405 |
| - | 37,314 |
The movement during the year was:
31 March 2009 |
31 March 2008 |
|
| At start of year | 37,314 | 53,366 |
| Gross assets of subsidiary transferred to assets classified as held for sale | - | 33,909 |
| Industrial property transferred to investment property | (3,405) | - |
| Disposals | (33,909) | (49,961) |
| At end of year | - | 37,314 |
Liabilities Classified as Held for Sale
31 March 2009 |
31 March 2008 |
|
| Gross liabilities of telecommunications subsidiary | - | 29,024 |
The movement during the year was:
31 March 2009 |
31 March 2008 |
|
| At start of year | 29,024 | - |
| Gross liabilities of subsidiary transferred to assets classified as held for sale | - | 29,024 |
| Disposals | (29,024) | |
| At end of year | - | 29,024 |
In May 2008, the Group’s Irish Broadband business was disposed of to Imagine Communications Group in return for the Group acquiring a 19.1% stake in the enlarged Imagine Communications Group.
During the year, the Group transferred a property with a carrying value of €3.405 million from Assets Held for Sale to Investment Properties. The property was classified as held for sale at 31 March 2008 as the Group had planned on selling the property during the year ended 31 March 2009. However, the Group has now decided to hold the property for capital appreciation and the property was reclassified to Investment Properties.
NOTE - Due to the size of the tables listed below these will open in separate windows:
Capital and Reserves (click here to open in new window)
Own shares held
The reserve for own shares comprises the cost of the Company’s shares held by
the Group. At 31 March 2009, the Group held 101,943 (31 March 2008: 176,102)
Company shares.
Capital contribution reserve
The capital contribution reserve related to the minority interest element
of imputed interest on loans provided to Irish Broadband Internet Services
Limited.
Capital redemption reserve
The capital redemption reserve relates to the redemption of the Company’s
own shares.
Translation reserve
The translation reserve comprises all foreign exchange differences arising
from the translation of the financial statements of foreign operations.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative
net change in the fair value of cash flow hedging instruments related
to hedged transactions that have not yet occurred.
Share-based payments reserve
The share-based payments reserve represents the cumulative costs, as determined
in accordance with the relevant accounting policy for equity-settled
awards, net of amounts reversed from the reserve on the transfer of shares
or options to employees. A proportion of this reserve relates to share awards
in subsidiary entities with minority shareholdings. Refer to note
33 for
details on share based payments.
Share Capital
| No. of shares of €0.00125 each |
|
| Authorised at 31 March 2009 | 320,000,000 |
| Issued: | No. of shares |
€’000 |
| In issue at 1 April 2008 | 233,154,192 | 291 |
| Own shares redeemed under Share Redemption Offer | (38,919,260) | (48) |
| Issued on foot of Staff Share Award Scheme | 4,135,336 | 5 |
| Issued for cash on exercise of share options | 720,000 | 1 |
| In issue at 31 March 2009 – fully paid | 199,090,268 | 249 |
A share redemption offer took place during the year, through which shareholders redeemed 38,919,260 Ordinary Shares at a price of €6.65 per Ordinary Share.
Deferred Financing Gain €’000 |
AER VI Revenue |
Total €’000 |
|
| Balance at 1 April 2007 | 1,248 | 2,483 | 3,731 |
| Provisions made during the year | - | 973 | 973 |
| Amortised to Income Statement | (758) | - | (758) |
| Disposal of Airtricity Holdings Limited | (490) | (1,706) | (2,196) |
|
|||
| Balance at 1 April 2008 | - | 1,750 | 1,750 |
| Provisions made during the year | - | 572 | 572 |
| Balance at 31 March 2009 | - | 2,322 | 2,322 |
Bioverda Power Systems Limited holds fifteen year AER VI (Alternative Energy Regime) purchase price agreement contracts with the ESB, which pay 135% of the base price over the first half of the life of the contract and 65% over the second half. This 35% premium will be amortised to the income statement over the second half of the contract.
Lease Incentives |
Site Restoration & Aftercare |
Deferred Purchase Consid- |
Re-structuring €’000 |
Govern- Grants |
Provision for Joint Venture Liabilities |
Other €’000 |
Total €’000 |
|
| Balance at 1 April 2007 | 172 | 9,530 | 9,465 | 356 | 75 | - | 300 | 19,898 |
| Expenditure during the year | - | (1,221) | (1,902) | (356) | - | - | - | (3,479) |
| Provisions made during the year | 301 | 1,459 | - | 14,800 | - | - | 20,761 | 37,321 |
| Aftercare charges for the year | - | 1,355 | - | - | - | - | - | 1,355 |
| Provisions reversed during the year | - | - | (192) | - | - | - | - | (192) |
| Unwinding of discount | - | 608 | - | - | - | - | - | 608 |
| Acquisition of subsidiaries | - | - | 17,370 | - | - | - | 611 | 17,981 |
| Disposal of Airtricity Holdings Limited | - | - | (12,229) | - | - | - | - | (12,229) |
| Disposals | - | - | (5,569) | - | - | - | - | (5,569) |
| Effect of movements in foreign exchange | - | - | (314) | - | - | - | - | (314) |
| Amortised to Income Statement | (8) | - | - | - | (30) | - | - | (38) |
|
||||||||
| Balance at 1 April 2008 | 465 | 11,731 | 6,629 | 14,800 | 45 | - | 21,672 | 55,342 |
| Expenditure during the year | - | (1,624) | (4,044) | (4,183) | - | - | (2,697) | (12,548) |
| Provisions made during the year | 370 | 9,404 | 5,362 | - | 1,600 | - | 2,998 | 19,734 |
| Aftercare charges during the year | - | 1,895 | - | - | - | - | - | 1,895 |
| Provisions reversed during the year | - | - | - | - | - | - | (1,221) | (1,221) |
| Transfer to inventory | - | - | - | - | - | - | (313) | (313) |
| Unwinding of discount | - | 760 | - | - | - | - | - | 760 |
| Arising on acquisitions | - | - | 8,604 | - | - | - | 1,877 | 10,481 |
| Arising on amendment to fair value of prior year acquisitions | - | - | 699 | - | - | - | 3,391 | 4,090 |
| Amortised to Income Statement | (308) | - | - | - | (70) | - | - | (378) |
| Disposal of subsidiary | - | - | (1,078) | - | - | - | - | (1,078) |
| Arising on merger of VBV LLC with GPRE Inc | - | - | - | - | (1,600) | - | - | (1,600) |
| Transfer from joint ventures | - | - | - | - | - | 17,684 | - | 17,684 |
| Transfer from/(to) trade and other payables | - | - | 6,887 | (63) | 78 | - | 377 | 7,279 |
| Transfer to landfill assets | - | 1,274 | - | - | - | - | - | 1,274 |
| Effect of movements in foreign exchange | 25 | - | 2,307 | - | (4) | - | (11) | 2,317 |
| Balance at 31 March 2009 | 552 | 23,440 | 25,366 | 10,554 | 49 | 17,684 | 26,073 | 103,718 |
| Payable within one year | 197 | 1,484 | 9,228 | 10,554 | 21 | - | 1,734 | 23,218 |
| Payable after more than one year | 355 | 21,956 | 16,138 | - | 28 | 17,684 | 24,339 | 80,500 |
| 552 | 23,440 | 25,366 | 10,554 | 49 | 17,684 | 26,073 | 103,718 |
Lease incentives
This provision relates to rent-free periods included in lease agreements in
respected of certain of the Group’s leased buildings. This provision will be
amortised over the life of the leases.
Site restoration and aftercare
In accordance with the relevant accounting policy, the Group makes provision
for the costs expected to be incurred in order to restore and care for
its landfill and other sites. The provisions are based on management’s experience
as to the best estimate of the costs that will ultimately be incurred
and the timing of those costs. Initial provisions are made when the site
is commissioned and further annual aftercare costs are recorded over the
life of the landfill to cover the additional costs of restoration that arise
from the amounts deposited in the landfill during each accounting period.
These estimates are reviewed annually. Restoration provisions will become
payable as landfill sites near their end of life.
Deferred purchase consideration
Total deferred acquisition consideration amounts to €25,366,000 (2008: €6,629,000)
and represents full provision of the net present value of the amounts expected
to be payable in respect of acquisitions. See note
31 for details of deferred
consideration which arose in the current year.
Restructuring
The restructuring provision is in relation to the cost of restructuring
programmes. It is expected that all costs will become payable within
one year.
Government Grants
A government grant was awarded to Bioverda Power Systems Limited as their
work in deriving electricity from landfill sites was in line with and
assisting the governments plan to preserve and protect the environment.
The grant awarded was a once off receipt and is being amortised over the
life of a landfill site (10 years). No conditions were set out under which
it would become repayable.
Provision for Joint Venture Liabilities
This provision is in respect of the Group’s share of the net liabilities
of certain of its joint venture companies.
Other
Other provisions comprise provisions for costs associated with discontinued
operations.
31 March 2009 |
31 March 2008 |
|
| Trade payables | 24,532 | 25,638 |
| West-Link Licence Fee | - | 21,928 |
| Due to East Link Toll Scheme | - | 424 |
| Deferred revenue | 8,289 | 8,815 |
| VAT | 954 | 4,653 |
| PAYE/PRSI | 1,179 | 968 |
| Capital expenditure accruals | 4,768 | 3,076 |
| Other payables and accruals | 84,805 | 107,357 |
| 124,527 | 172,859 |