Annual Report & Accounts 1999 - Anglo Irish Bank

36
Notes to the Financial Statements (continued)
4. Taxation On Profit On Ordinary Activities
1999 €m
1999 IR£m 1998 IR£m
Irish Corporation Tax (9.2) (6.9)
Irish Deferred Tax 2.5 –
Foreign Corporation Tax (5.2) (1.8)
Overprovision in Previous Years 0.3 0.6
(11.6) (8.1)
Effective Tax Rate 16.5% 18.0%
The tax charge for the year, at an effective rate of 16.5%, is lower than the average Irish Corporation Tax rate of 29% for the year mainly because
of relief arising from tax-based lending, the International Financial Services Centre 10% tax rate and lower rates of tax in foreign subsidiaries.
5. Group Profit Attributable To Ordinary Shareholders
IR£19.1m (1998: IR£15.5m) of the group profit attributable to ordinary shareholders is dealt with in the accounts of the parent undertaking.
As permitted by Regulation 5 (2) of the European Communities (Credit Institutions:Accounts) Regulations, 1992, a separate profit and loss account
for the parent undertaking has not been presented.
6. Dividends
Paid:
Interim Dividend of IR2.1p per Share (1998:IR1.85p)
1999 IR£m 1998 IR£m
Cash (4.1) (3.9)
Issued as Scrip (1.5) (0.9)
(5.6) (4.8)
Proposed:
Final Dividend of IR3.6p per Share (1998:IR3.0p) (10.1) (7.8)
(15.7) (12.6)
Scrip Dividends:
Final (Previous Year) 4.0 2.8
Interim 1.5 0.9
5.5 3.7
(10.2) (8.9)
Tax credits of IR0.25955p (1998: IR0.22865p) and IR nil p (1998: IR0.37078p) attach to the interim and final dividends respectively.
7. Earnings Per Share
1999 IR£m 1998 IR£m
The calculation of basic earnings per share is based on the group profit of IR£46.237m (1998: IR£30.014m) which is after taxation and minority
interests and on the weighted average number of equity shares in issue of 273,088,339 (1998: 258,348,239).The effect of options granted under the
employee share option scheme is to increase the weighted average number of equity shares for the calculation of diluted earnings per share by
8,479,690 to 281,568,029 for the current year .