Annual Report and Accounts 2010-11 - Manchester Airport

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72 74Notes to the Consolidated Financial Statements for the year ended 31 March 201128. ReservesRetained earnings£mAt 1 April 2010 564.8Actuarial losses on retirement benefit liabilities (13.4)Deferred tax on retirement benefits actuarial movements 3.5Deferred tax on pension lump sum contribution (5.6)Effect of change in rate of Corporation tax on deferred tax (1.3)Profit for the year after dividends 64.7At 31 March 2011 612.7Reconciliation of movements in shareholders’ funds 2011 2010£m £mOpening shareholders’ funds 769.1 788.5Total comprehensive income for the year 67.9 0.6Dividends paid in the year (20.0) (20.0)Equity shareholders’ funds as at 31 March 817.0 769.129. Capital commitments2011 2010£m £mCapital expenditure that has been contracted for but has not been provided forin the financial statements 70.7 12.430. Contingent liabilitiesA contingent liability exists in respect of claims that have been made from individual property owners in respect of alleged loss ofproperty value arising from the development and use of new or extended airport runways.The Group will defend any proceedings in respect of these claims and, whilst the outcome of these claims is currently uncertain, it isthe directors’ opinion based on legal and property advice that no further material cost will be incurred.31. Operating lease arrangementsAt 31 March 2011 the Group has commitments under non-cancellable operating leases which expire as follows:2011 2010Land Other Land Other£m £m £m £mExpiring within one year – 0.1 – 0.1Expiring between two and five years inclusive 0.1 0.4 0.1 0.5Expiring in over five years 45.4 – 46.8 –45.5 0.5 46.9 0.6In addition to the amounts stated above the Group also has a commitment in respect of a land lease with The Council of the City ofManchester, a related party as described in note 32.The minimum amount payable on the lease is £7.4m per annum with an additional amount payable related to turnover, the leaseexpires in 2085.The Group receives income from property leases, which are typically for a duration of 3-10 years and subject to periodic rent reviews.Lease and sublease payments recognised in the income statement are summarised in note 8 and note 14.The Manchester Airport Group PLC Annual Report and Accounts 2010-11
Notes to the Consolidated Financial Statements for the year ended 31 March 2011 7332. Related party transactionsTransactions involving the councilsThe Council of the City of Manchester 'MCC' is a related party to, and the ultimate controlling party of, The Manchester Airport GroupPLC as MCC owns 55% of the share capital of the Company. During the year the Group entered into the following transactions withMCC.As at the 31 March 2011 the amount of loans outstanding owed to MCC was £83.2m (2010: £83.2m). The Manchester Airport GroupPLC made loan repayments of £nil (2010: £3.0m) to MCC during the year and paid interest of £10.0m (2010: £10.9m).As at 31 March 2011 the amount of loans outstanding owed to the other nine councils listed on the inside cover was £79.4m (2010:£79.3m). The Manchester Airport Group PLC made loan repayments of £nil (2010: £3.3m) to the nine other councils during the yearand paid interest of £9.5m (2010: £9.8m).Included in external charges are charges for rent and rates amounting to £22.8m (2010: £23.4m) and other sundry charges of £0.4m(2010: £0.2m). The majority of these amounts are due to MCC. The remainder are collected by MCC and distributed to other localauthorities.Other related party transactionsNorth Lincolnshire District Council 'NLDC' is the minority shareholder of Humberside International Airport Limited. During the yearNLDC charged £0.4m (2010: £0.4m) for rates to Humberside International Airport Limited.As at 31 March 2011 the amount of loans outstanding owed to NLDC was £1.1m (2010: £1.2m). Humberside International AirportLimited paid NLDC interest of £0.1m during the year (2010: £0.1m).33. Reconciliation of net cash flow to movement in net debtOther non-cash2010 Cash flow movements 2011£m £m £m £mCash at bank and in hand 1.4 (0.7) – 0.7Cash on short term deposit 1.2 6.6 – 7.8Cash and cash equivalents disclosed on theStatement of Financial Position 2.6 5.9 – 8.5Overdrafts (0.3) – – (0.3)Total cash and cash equivalents (including overdrafts) 2.3 5.9 – 8.2Current debt (2.0) 0.6 – (1.4)Non-current debt (347.9) (34.6) 2.8 (379.7)Net debt (347.6) (28.1) 2.8 (372.9)The 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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11PropertyMAG’s investment proper
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15Car parking yields have improved
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Corporate Responsibility19In all ou
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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
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Page 44 and 45: 42Accounting PoliciesBasis of accou
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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
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Annual Report and Accounts 2010-11 - Manchester Airport

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