Annual Report & Accounts 1999 - Anglo Irish Bank

16
Report of the Directors
The directors present their report and the audited financial statements for the year ended 30 September 1999.
Results
The group profit on ordinary activities before taxation for the year amounted to IR£70.2 million
and has been dealt with as shown in the consolidated profit and loss account on page 27.
Review of Activities
The principal activities of the group are the provision of banking services.The chairman’s
statement and the chief executive’s review on pages 8 to 15 report on developments during
the year, on likely future developments and on events since 30 September 1999.
Dividends
An interim dividend of IR2.1p per share was paid on 31 March 1999 amounting to IR£5.6
million. Subject to shareholders’ approval it is proposed to pay a final dividend on 20 January
2000 of IR3.6p per share to all registered shareholders at the close of business on 3 December
1999.The respective tax credits are IR0.25955p per share on the interim and IR nil p per
share on the final distribution. Following recent changes in tax legislation, tax credits no longer
apply to dividends paid after 5 April 1999.Withholding tax may apply on the proposed final
dividend depending on the tax status of each shareholder. Shareholders chose to receive
3,085,001 ordinary shares instead of the cash dividends paid in January and March.
Shareholders will again be offered the choice of taking new ordinary shares in lieu of the
cash element of the proposed final dividend.
Euro
The Irish pound has been retained as the reporting currency for this annual report.
An additional column has been included in the primary financial statements showing 1999
in euros. For information purposes the rate of exchange for the Irish pound against the euro
was permanently fixed on 1 January 1999 at 1 euro equals IR£0.787564.
Capital
Information concerning allotments of shares arising from the share placing in February 1999,
the scrip dividend scheme and the employee share option scheme is shown in note 23 to the
financial statements. Details in relation to the euro 160 million of preference shares raised in
March 1999 are included in note 22 to the financial statements.At the last annual general
meeting held on 15 January 1999 the shareholders gave the directors authority to make
market purchases of up to 10% of the ordinary shares in the company subject to the terms
and conditions set out in the relevant resolutions.This authority has not been exercised to
date.A new employee share option scheme was also approved by the shareholders at that
meeting to replace the existing scheme which had expired.
Directors and Secretary
The names of the current directors appear on pages 6 and 7, together with a short biographical
note on each director. Sean FitzPatrick, Michael Jacob and Peter Murray retire by rotation as