For the reporting period, Catherine Duffy, non-executive Director of the Company, was a partner at law firm A&L Goodbody (ALG). During the year ended 31 December 2020, expenses of €0.3 million of which €50,000 relates to Catherine’s remuneration for her role as non-executive Director (2019: €0.8 million of which €50,000 relates to Catherine’s remuneration for her role as non-executive Director) were incurred for services received from ALG in their capacity as legal advisors to the Company and Group. All services have been provided on an arm’s length basis at the standard commercial terms of ALG.
The Company’s profit for the period includes transactions with subsidiaries compromising charter income of €18.7 million (2019: €18.0 million), management charges of €0.7 million (2019: €0.9 million), dividends received of €10.0 million (2019: €nil) and interest payable of €0.6 million (2019 €0.8 million). Details of loan balances to / from subsidiaries are provided in the Company Statement of Financial Position on page 183, in note 48 ‘Trade and other payables’, in note 44 ‘Trade and other receivables’ and in the table below.
The Company has provided Letters of Financial Support for certain of its other subsidiaries.
At 31 December the following amounts were due to or from the Company by its subsidiaries:
2020 | 2019 | |
€m | €m | |
Amounts due from subsidiary companies (note 44) | 107.1 | 83.7 |
Amounts due to subsidiary companies (note 48) | (112.7) | (126.1) |
(5.6) | (42.4) |
The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. There are no set terms and conditions attached to the amounts outstanding.