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Annual Report & Accounts 2002

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Annual Report & Accounts 2002 Annual Report & Accounts 2002 for the year ended 31 December 2002 Financial highlights for the year ended 31 December 2002 2002 2001 2000 Restated(1) € m € m € m Results Total operating income 3,930 3,751(2) 3,397(2) Group profit before taxation 1,375 1,366(2) 1,274(2) Profit attributable 1,037 484 784 Profit retained 563 41 379 Per € 0.32 ordinary share Earnings – basic 119.4c 56.2c 91.6c Earnings – adjusted (note 22) 123.0c 119.4c 106.7c Earnings – diluted 118.2c 55.9c 91.0c Dividend 49.06c 43.80c 38.75c Dividend cover – times 2.4 1.3 2.3 Net assets 494c 551c 566c Performance measures Return on average total assets 1.24% 1.23%(2) 1.26%(2) (2) Return on average ordinary shareholders’ equity 22.4% 19.4% 18.7%(2) Balance sheet Total assets 86,049 89,359 80,543 Shareholders’ funds: equity interests 4,408 4,851 4,944 Loans etc 58,483 57,445 50,239 Deposits etc 72,190 72,813 65,210 Capital ratios Tier 1 capital 6.9% 6.5% 6.3% Total capital 10.1% 10.1% 10.8% (1)The results for the year ended 31 December 2001 have been restated to reflect the implementation of UITF Abstract 33 - Obligations in Capital Instruments. (2)Adjusted to exclude the exceptional foreign exchange dealing losses in 2001 (note 9(b)) and the impact of the deposit interest retention tax settlement in 2000 (note 6). Allied Irish Banks, p.l.c. Group Headquarters & Registered Office Bankcentre, Ballsbridge Dublin 4, Ireland Telephone +353 1 660 0311 Registered number 24173 1 Forward-Looking Statements A number of statements we make in this document will not be based on historical fact, but will be ‘forward-looking’ statements within the meaning of the United States Private Securities Litigation Reform Act of 1995.Actual results may differ materially from those projected in the ‘forward-looking’ statements. Factors that could cause actual results to differ materially from those in the ‘forward-looking’ statements include, but are not limited to, global, national, regional economic conditions, levels of market interest rates, credit or other risks of lending and investment activities, competitive and regulatory factors and technology change. Contents 1 Financial highlights 4 Chairman’s statement 6 Directors 8 Group Chief Executive’s review 35 Report of the Directors 37 Corporate Governance Statement 41 Financial contents 42 Accounting policies 47 Consolidated profit and loss account 49 Consolidated balance sheet 50 Balance sheet Allied Irish Banks, p.l.c. 51 Consolidated cash flow statement 52 Statement of total recognised gains and losses 52 Reconciliation of movements in shareholders’ funds 52 Note of historical cost profits and losses 53 Notes to the accounts 128 Statement of Directors’ responsibilities in relation to the Accounts 129 Independent auditors’ report 131 Accounts in sterling, US dollars and Polish zloty 132 Five year financial summary 134 Principal addresses 136 Additional information for Shareholders 140 Financial calendar 141 Index Chairman’s statement AIB performed well in 2002 despite the severe setback of the Allfirst fraud. Profit attributable to ordinary shareholders amounted to €1,037 million, a 4% increase over the 2001 figure when you exclude the effect of the Allfirst loss. The Board is recommending a final is finalised,AIB will nominate four members to dividend of EUR 31.81c per share payable on the M&T Board and Bob Wilmers, M&T's 25 April 2003 to shareholders on the company's Chairman, President and CEO, will become a register of members at the close of business on member of the AIB Board. 28 February 2003. In April, we put our audit out to tender, and That dividend together with the interim in June shareholders approved the appointment of dividend of EUR 17.25c amounts to a total KPMG as AIB's Auditors. dividend of EUR 49.06c, an increase of 12% on Frank Bramble retired from the AIB Board 2001. in April 2002 and two executive directors joined Last year's report covered in detail our the board in February 2003.These are Colm response to the Allfirst fraud.The further actions Doherty, Managing Director,AIB Capital Markets, taken by the Board during the year are outlined and Aidan McKeon, Managing Director, AIB on page 26 of this report. Group (UK) p.l.c. In September, we announced a strategic My second three-year term of office ended partnership with M&T Bank Corporation, which on 31 December 2002. Last October, I was asked reaffirmed our commitment to the US market. by the Board to remain as Chairman until the end This deal, which is awaiting the approval of the of 2003. I will be succeeded by Dermot Gleeson, regulators, is of major significance to AIB. It will Deputy Chairman. Dermot has also been see Allfirst merged into one of the US's most appointed the Senior Independent Non-Executive successful regional banks. AIB will have a 22.5% Director in line with the requirements of the shareholding in the enlarged M&T.When the deal corporate governance combined code.This code 4 is due to be updated later in the year.This markets, we have tremendous opportunities follows the publication of the Higgs Review, for consistent long-term growth in profit and commissioned by the UK Government from dividends, and I have every confidence in Derek Higgs, an AIB non-executive director.AIB AIB's future. will, of course, review its corporate governance practices in light of these developments. This is my last Chairman's statement. I would like to express my deep appreciation to all my Board colleagues for their support, dedication, advice and friendship since I became Chairman. I would also like to thank the management and staff who worked closely with me for their advice and guidance. AIB has strong businesses in four economies - Lochlann Quinn Ireland, the UK, Poland and the US.Whilst Chairman economic growth will vary over time in these 18 February 2003 5 Directors Lochlann Quinn Colm Doherty* B Comm, FCA B Comm Chairman Managing Director,AIB Capital Deputy Chairman of Glen Markets Division. Joined AIB in Dimplex and a Director of Glen 1988 as an Associate Director, Dimplex related companies in AIB International Financial the UK, France, Germany, Services, and became its Holland and Canada. Chairman managing director in 1991. of the National Gallery of Appointed Head of Investment Ireland. Board Member of the Michael Smurfit Graduate Banking in 1994, and assumed his present position in School of Business at University College Dublin. Joined 1999. Member of the International Financial Services the Board in 1995 and appointed Chairman in 1997. Centre Clearing House Group. Co-opted to the Board (Age 61) on 13 February 2003. (Age 45) Dermot Gleeson Padraic M Fallon BA, LlM BBS, MA, FRSA Deputy Chairman and Senior Independent Non-Executive Director Chairman of Euromoney Institutional Investor PLC and Director of Independent News Director of Daily Mail & and Media PLC, and the Gate General Trust Plc in Britain. Theatre. Served as Attorney Joined the Board in 1988. General of Ireland and a (Age 56) member of the Council of State from 1994 to 1997. Chaired the Review Body on Higher Remuneration in the Public Sector from 1986 to 1992.Vice Chairman of the Irish Council for Bioethics. Joined the Board in 2000. (Age 54) Michael Buckley* Don Godson MA, LPh, MSI BE, MIE, FIEI, C Eng Group Chief Executive Director and former Chief Former Managing Director, Executive of CRH plc. AIB Poland Division and of Chairman of Project AIB Capital Markets Division. Management Holdings Ltd. Former Managing Director, Board Member of the Michael NCB Group and public Smurfit Graduate School of servant in Irish Government Business at University College and EU. Chairman of the Review Body on Higher Dublin. Joined the Board in 1997. (Age 63) Remuneration in the Public Sector from 1995 to 2001. Member of the Maynooth University Foundation. Joined the Board in 1995. (Age 57) Adrian Burke Derek A Higgs B Comm, FCA BA, FCA Audit Committee Chairman Chairman of Partnerships President of the Institute of UK plc and Business in the Chartered Accountants in Environment and a Senior Ireland and Council Member Adviser to UBS Warburg. of the Institute of European Deputy Chairman of The Affairs. Former Managing British Land Company PLC, Partner of Arthur Andersen in Director of Egg plc, Jones Lang Ireland and former Chairman of the Joint Ethics Board LaSalle Inc. and London Regional Transport.Author of of the Institutes of Chartered Accountants in Ireland, the UK Government commissioned Review of the Role Scotland, and England and Wales. Joined the Board in and Effectiveness of Non-Executive Directors. Former 1997. (Age 61) Chairman of S.G.Warburg & Co. Ltd. and former Director 6 of Prudential plc. Joined the Board in 2000. (Age 58) Gary Kennedy* Carol Moffett BA, FCA Fellow of the Irish Management Group Director, Finance & Institute. Former member of Enterprise Technology. Joined the Board of Co-operation AIB and appointed to the Ireland and former Director of Board in 1997. Member of the the Irish Trade Board. Joined Board of the Industrial the Board in 1995. (Age 50) Development Agency and member of the Galway University Foundation. Former Vice President Enterprise Networks Europe and Managing Director, Northern Telecom (Ireland) Ltd. (Age 44) John B McGuckian Jim O’Leary BSc Econ MA Econ Chairman of Ulster Television Lecturer in economics at the plc and a Director of a number National University of Ireland, of other companies in Ireland Maynooth. Former Chairman and the UK. Former Pro- of the Public Sector Chancellor of The Queen's Benchmarking Body.
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