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Annual report and accounts 2016

128 Notes to the

128 Notes to the consolidated financial statements continued 17 Investments a Investments in subsidiaries The Group’s principal subsidiaries at December 31, 2016 are listed in the Group investments section. All subsidiary undertakings are included in the consolidation. There have been no significant changes in ownership interests of subsidiaries during the year. The total non-controlling interest at December 31, 2016 is €308 million which largely comprises €300 million of 6.75 per cent fixed coupon euro preferred securities issued by British Airways Finance (Jersey) L.P. (note 31). British Airways Employee Benefit Trustee (Jersey) Limited, a wholly-owned subsidiary of British Airways, governs the British Airways Plc Employee Share Ownership Trust (the Trust). The Trust is not a legal subsidiary of IAG; however, it is consolidated within the Group results. b Investments in associates and joint ventures The share of assets, liabilities, revenue and profit of the Group’s associates and joint ventures, which are included in the Group’s financial statements, are as follows: € million 2016 2015 Total assets 88 100 Total liabilities (61) (64) Revenue 52 75 Profit for the year 6 6 The detail of the movement in Investment in associates and joint ventures is shown as follows: € million 2016 2015 At beginning of year 41 27 Share of retained profits 6 6 Acquired through Business combination – 17 Disposals – (1) Reclassification 1 (15) – Exchange movements – 1 Dividends received (3) (9) 29 41 1 During the year the Group’s 33.33 per cent equity interest in the share capital of Propius Holdings Limited was classified as held for sale. At December 31, 2016 there are no restrictions on the ability of associates or joint ventures to transfer funds to the parent and there are no related contingent liabilities. At December 31, 2016 the investment in Handling Guinea Ecuatorial, S.A. exceeded 50 per cent ownership by the Group (51 per cent) and is treated as an associate as the local partner controls its activities. 18 Available-for-sale financial assets Available-for-sale financial assets include the following: € million 2016 2015 Listed securities Comair Limited 15 9 Unlisted securities 58 65 73 74 The net gain relating to available-for-sale financial assets was €4 million (2015: €5 million). INTERNATIONAL AIRLINES GROUP Annual Report and Accounts 2016

129 19 Trade and other receivables € million 2016 2015 Amounts falling due within one year Trade receivables 1,469 1,280 Provision for doubtful receivables (64) (84) Net trade receivables 1,405 1,196 Prepayments and accrued income 717 925 Other non-trade debtors 182 310 2,304 2,431 Amounts falling due after one year Prepayments and accrued income 313 173 Other interest-bearing deposits (greater than one year) 114 104 Other non-trade debtors 72 88 499 365 Movements in the provision for doubtful trade receivables were as follows: € million 2016 2015 At beginning of year 84 97 Provision for doubtful receivables 7 8 Unused amounts reversed (1) (3) Receivables written off during the year (23) (20) Exchange movements (3) 2 64 84 The ageing analysis of net trade receivables is as follows: € million 2016 2015 Neither past due date nor impaired 1,017 986 < 30 days 235 117 30 – 60 days 96 77 > 60 days 57 16 Net trade receivables 1,405 1,196 Trade receivables are generally non-interest-bearing and on 30 days terms (2015: 30 days). 20 Cash, cash equivalents and other current interest-bearing deposits € million 2016 2015 Cash at bank and in hand 2,021 2,230 Short-term deposits falling due within three months 1,316 679 Cash and cash equivalents 3,337 2,909 Other current interest-bearing deposits maturing after three months 3,091 2,947 Cash, cash equivalents and other interest-bearing deposits 6,428 5,856 Strategic Report Corporate Governance Financial Statements Additional Information Cash at bank is primarily held in AAA money market funds and bank deposits. Short-term deposits are made for periods up to three months depending on the cash requirements of the Group and earn interest based on the floating deposit rates. At December 31, 2016 the Group had no outstanding bank overdrafts (2015: nil). Other current interest-bearing deposits are made for periods in excess of three months with maturity typically within 12 months and earn interest based on the market rates available at the time the deposit was made. At December 31, 2016 Aer Lingus held €47 million of restricted cash (2015: €49 million) within interest-bearing deposits maturing after more than three months to be used for employee related obligations. 21 Trade and other payables € million 2016 2015 Trade creditors 1,776 2,043 Other creditors 910 1,031 Other taxation and social security 218 186 Accruals and deferred income 401 543 3,305 3,803 www.iairgroup.com

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