Annual Report and Accounts 2010-11 - Manchester Airport

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70 72Notes to the Consolidated Financial Statements for the year ended 31 March 201124. Retirement benefits continuedMovement in present value of defined benefit obligationsEastGMPF EMIA Riding Ventures Total2011 2010 2011 2010 2011 2010 2011 2010 2011 2010£m £m £m £m £m £m £m £m £m £m1 April 354.9 236.9 42.7 29.6 12.0 7.4 2.8 1.3 412.4 275.2Service cost (37.5) 3.6 1.4 0.9 (1.0) 0.2 – – (37.1) 4.7Benefits paid and employeecontributions (11.1) (9.4) (1.4) (1.2) (0.1) (0.1) (0.1) – (12.7) (10.7)Interest cost 18.2 16.1 2.4 2.0 0.6 0.5 0.1 0.1 21.3 18.7Actuarial gains and losses 10.8 107.7 0.7 11.4 (1.8) 4.0 0.2 1.4 9.9 124.531 March 335.3 354.9 45.8 42.7 9.7 12.0 3.0 2.8 393.8 412.4Movement in fair value of scheme assetsEastGMPF EMIA Riding Ventures Total2011 2010 2011 2010 2011 2010 2011 2010 2011 2010£m £m £m £m £m £m £m £m £m £m1 April 288.5 216.1 35.7 26.0 9.3 6.5 2.8 1.9 336.3 250.5Expected return on scheme assets 19.7 13.5 2.4 1.5 0.7 0.4 0.2 0.1 23.0 15.5Contributions 3.9 4.9 1.7 1.7 0.1 0.3 – – 5.7 6.9Benefits paid and employee contributions (11.1) (9.4) (1.4) (1.2) (0.1) (0.1) (0.1) – (12.7) (10.7)Actuarial gains and losses (3.3) 63.4 0.3 7.7 (0.7) 2.2 0.1 0.8 (3.6) 74.131 March 297.7 288.5 38.7 35.7 9.3 9.3 3.0 2.8 348.7 336.3History of experience gains and lossesEastGMPF EMIA Riding Ventures Total2011 2010 2011 2010 2011 2010 2011 2010 2011 2010£m £m £m £m £m £m £m £m £m £mDifference between actual andexpected returns on assets amount (3.3) 63.4 0.3 7.7 (0.7) 2.2 0.1 0.8 (3.6) 74.1% of scheme assets (1.1%) 22.0% 0.8% 21.6% (7.7%) 23.7% 3.3% 28.6% (1.0%) 22.0%Experience gains and losses onliabilities amount – – – – – – (0.4) (1.4) (0.4) (1.4)% of scheme liabilities – – – – – – – – – –Total amount recognised in SOCI (14.1) (44.3) (0.4) (3.7) 1.2 (1.8) (0.1) (0.6) (13.4) (50.4)% of scheme liabilities (4.2%) 12.5% (0.9%) 8.7% 12.4% 15.0% (3.3%) 21.4% (3.4%) 12.2%The estimated amount of contributions expected to be paid to the schemes during the financial year to 31 March 2012 is £6.8m(31 March 2011: £4.7m).The Manchester Airport Group PLC Annual Report and Accounts 2010-11
Notes to the Consolidated Financial Statements for the year ended 31 March 2011 7125. Deferred taxationThe following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current andprior reporting periods.InvestmentpropertiesAccelerated and operational Retirement Fair value Short termcapital assets carried benefit acquisition timingallowances at deemed cost obligations Tax losses adjustment differences Total£m £m £m £m £m £m £mAt 1 April 2010 147.8 118.8 (28.8) (0.8) 7.7 1.0 245.7Charge/(credit) to income (16.3) (11.3) 11.6 (0.1) – 0.4 (15.7)Charge/(credit) to equity – – 5.5 – (0.6) (1.5) 3.4At 31 March 2011 131.5 107.5 (11.7) (0.9) 7.1 (0.1) 233.4At 1 April 2009 151.5 122.0 (14.4) (1.9) 7.7 (2.2) 262.7Charge/(credit) to income (3.7) (3.2) (0.3) 1.1 – 3.2 (2.9)Charge/(credit) to equity – – (14.1) – – – (14.1)At 31 March 2010 147.8 118.8 (28.8) (0.8) 7.7 1.0 245.7Deferred tax assets and liabilities have been offset in the disclosure above. The following is the analysis of the deferred tax balancefor financial reporting purposes:2011 2010£m £mDeferred tax liabilities (246.1) (275.3)Deferred tax assets 12.7 29.6(233.4) (245.7)26. Other non-current liabilities2011 2010£m £mAccruals and deferred income 6.2 5.3Capital-based grants 13.8 14.520.0 19.827. Share capitalNumber (m) £mAuthorised, allotted, called up and fully paid204,280,000 ordinary shares of £1 each 204.3 204.3At 31 March 2010 and 31 March 2011 204.3 204.3The Manchester Airport Group PLC Annual Report and Accounts 2010-11
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03Chairman’s StatementIt has been
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07Manchester Airport was also very
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09Such increases have compensated f
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11PropertyMAG’s investment proper
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13Adjusting for the impact of the v
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15Car parking yields have improved
Page 21: Corporate Responsibility19In all ou
Page 24 and 25: 22Corporate ResponsibilityOur commu
Page 26 and 27: 24Corporate ResponsibilityOur desig
Page 28 and 29: 26 Corporate ResponsibilityEast Mid
Page 30 and 31: 28Corporate ResponsibilityServing o
Page 32 and 33: 30Report on Corporate GovernanceThi
Page 34 and 35: 32 Report on Corporate GovernanceTh
Page 36 and 37: 34The Board of DirectorsChairmanMik
Page 38 and 39: 36Directors’ Remuneration ReportE
Page 40 and 41: 38 Directors’ Report for the year
Page 42 and 43: 40 Statement of Directors’ Respon
Page 44 and 45: 42Accounting PoliciesBasis of accou
Page 46 and 47: 44Accounting PoliciesInvestment pro
Page 49 and 50: Consolidated Statement of Comprehen
Page 52 and 53: Conseil Economique et Social2. Cons
Page 57: Notes to the Consolidated Financial
Page 66 and 67: 64Notes to the Consolidated Financi
Page 68 and 69: 66 Notes to the Consolidated Financ
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Page 74 and 75: 72 74Notes to the Consolidated Fina
Page 76 and 77: 74Independent Auditors’ Report to
Page 78 and 79: 76Company Balance SheetNotes 2011 2
Page 80 and 81: 78Notes to the Financial Statements
Page 82 and 83: 80Principal Subsidiary Undertakings
Page 84: The Manchester Airport Group PLCReg
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Annual Report and Accounts 2010-11 - Manchester Airport

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