The Company’s profit for the year includes transactions with subsidiary companies comprising charter income of €18.6 million (2020: €18.7 million), management charges of €0.7 million (2020: €0.7 million), dividends received of €nil million (2020: €10.0 million) and interest payable of €3.8 million (2020: €0.6 million). Details of loan balances to / from subsidiaries are provided in the Company Statement of Financial Position on page 193, in note 46 ‘Trade and other payables’, in note 43 ‘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:
2021 | 2020 | |
€m | €m | |
Amounts due from subsidiary companies (note 43) | 54.3 | 107.1 |
Amounts due to subsidiary companies (note 46) | (31.2) | (112.7) |
23.1 | (5.6) |
The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. Certain of the balances are trading balances and will be settled on normal credit terms. Other balances are repayable on demand.
In the prior reporting period Catherine Duffy, non-executive Director of the Company, was a partner at law firm A&L Goodbody (ALG) until her retirement from the partnership on 31 December 2020. During the year ended 31 December 2020, expenses of €0.3 million of which €50,000 related 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 were provided on an arm’s length basis at the standard commercial terms of ALG.