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Iaaibgroupa2006ieng.Pdf 48082 Cover 12/03/2007 19:51 Page 1 Contents 3 Financial highlights 4 Chairman’s statement 6 AIB Board / Executive Committee 8 Group Chief Executive’s review 10 Corporate Social Responsibility 14 Performance review 22 Divisional commentary 27 Financial review 38 Report of the Directors 40 Corporate Governance 47 Accounting policies 63 Consolidated income statement 64 Balance sheets 66 Statement of cash flows 68 Statement of recognised income and expense 69 Reconciliation of movements in shareholders’ equity 71 Notes to the accounts 146 Statement of Directors’ responsibilities in relation to the Accounts 147 Independent auditor’s report 149 Accounts in sterling, US dollars and Polish zloty 150 Five year financial summary 152 Principal addresses 154 Additional information for shareholders 157 Financial calendar 158 Index 1 Forward-Looking Information This document contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Group and certain of the plans and objectives of the Group. In particular, among other statements, certain statements in the Chairman’s statement, the Group Chief Executive’s review, the Performance review and the Financial review with regard to management objectives, trends in results of operations, margins, risk management, competition and the impact of International Accounting Standards are forward-looking in nature. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, changes in economic conditions globally and in the regions in which the Group conducts its business, changes in fiscal or other policies adopted by various governments and regulatory authorities, the effects of competition in the geographic and business areas in which the Group conducts its operations, the ability to increase market share and control expenses, the effects of changes in taxation or accounting standards and practices, acquisitions, future exchange and interest rates and the success of the Group in managing these events. Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made. AIB cautions that the foregoing list of important factors is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and events when making an investment decision based on any forward-looking statement. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Report may not occur. 2 Financial highlights for the year ended 31 December 2006 31 December 31 December 2006 2005 € m € m Results Total operating income 4,326 3,647 Operating profit 1,908 1,493 Profit before taxation - continuing operations 2,615 1,706 Profit attributable to equity holders of the parent 2,185 1,343 Per € 0.32 ordinary share Earnings – basic (note 18(a)) 246.8c 151.0c Earnings – diluted (note 18(b)) 244.6c 149.8c Dividend 71.8c 65.3c Dividend payout 29% 44% Net assets 928c 773c Performance measures Return on average total assets 1.63% 1.20% Return on average ordinary shareholders’ equity 29.0% 20.6% Balance sheet Total assets 158,526 133,214 Ordinary shareholders’ equity 8,108 6,672 Loans etc 120,015 92,361 Deposits etc 136,839 109,520 Capital ratios(1) Tier 1 capital 8.2% 7.2% Total capital 11.1% 10.7% (1) The final dividend of € 407m has not been taken into account in the calculation of the Tier 1 and Total capital ratios. The Financial Regulator has issued a requirement that a Prudential Filter be applied to proposed final dividends with effect from July 2007. If applied at 31 December 2006, the Tier 1 and Total capital ratios would be 7.9% and 10.8% respectively. Allied Irish Banks, p.l.c. Group Headquarters & Registered Office Bankcentre, Ballsbridge Dublin 4, Ireland Telephone (01) 6600311 Registered number 24173 3 Chairman’s Statement AIB Group delivered an exceptional performance in Anne recently retired as Chief Executive of The 2006. Operating profit increased substantially across Pensions Board for Ireland. She is a board all our divisions and adjusted earnings per share was member of the Irish Accounting and Auditing EUR 182.8c. Supervisory Authority and was recently appointed as first Chair of the Medical Council’s This is good news for shareholders.Your total Performance Committee. dividend was 10% higher than 2005 with your final dividend at EUR 46.5c.This final dividend is Dan was previously President and Chief Executive payable on 10 May 2007 to shareholders on the Officer, GE Consumer Finance Europe, based in company’s register of members at the close of Dublin and a Senior Vice-President of GE. He is a business on 16 March 2007. non-executive director of CRH. The 2006 performance was achieved at a time Donal Forde, Managing Director of AIB Bank RoI when competition in all our marketplaces was Division, was also appointed to the AIB Board in intense. I want to place on record my thanks to all January. He joined AIB in 1978 and was appointed the people who work for AIB around the world Head of Treasury Services in 1998, with additional for their contribution to these terrific results. responsibility for AIB’s International Payments and Accounts Services, as well as its business in Board changes International Trade Finance. Donal is responsible There were a series of changes to the AIB Board for AIB’s retail banking operations in the Republic over the past year. In September, we announced the of Ireland. appointment of two new non-executive Directors, Sean O’Driscoll and Bernard Somers. I welcome all the new directors to the AIB Board. I know their collective experience of business in Sean, Group Chief Executive of Glen Dimplex Ireland and internationally will further strengthen our Group, is also a member of UCC’s Foundation board as we build on our successes and pursue Board as well as the Enterprise Advisory Group sustained growth and development in the years ahead. established by the Irish Government to advise on the implementation of enterprise strategy for Ireland. After this year’s annual general meeting, two long serving members of the AIB Board are to step Bernard is a non-executive director of DCC plc, down. John B McGuckian, our Senior Independent Independent News & Media plc, Irish Continental non-executive director, has served on the AIB Group plc, South Wharf plc and is Chairman of Board for more than 30 years. eTel Group, a Central European telecommunications company. He is a former Also retiring in May this year is Padraic Fallon director of the Central Bank of Ireland. who joined the AIB Board in 1988. I want to pay tribute to both John and Padraic for their In January 2007,Anne Maher and Dan O’Connor outstanding contribution to the AIB Board over joined the AIB Board as non-executive directors. many years. 4 Corporate Governance and Risk Management The UK economy is expected to grow above trend AIB continues to enhance its risk management in 2007, with GDP underpinned by strong growth resources and processes. Kieran Bennett succeeded in the services sector.The pace of economic to the position of Group Chief Credit Officer, on activity, however, is forecast to cool over the course the retirement of David Meagher after a of the year as higher interest rates start to bite. distinguished career.A senior Group Head of Market Risk Management, Steve Warr was recruited The outlook externally as was Eddie Ward in the new position of AIB’s track record of growth over the past five years Deputy Group Chief Credit Officer. is impressive.AIB has been quick to meet the challenges of increased competition with a A comprehensive Board-level Risk Assessment is compelling mix of products and services.The group well embedded across the businesses.The Risk knows how vital it is to ensure its back-office Management Committee, comprising top operations are run in the most efficient way. It also management, reviews all risks on a regular basis understands the contribution made by its loyal and to ensure management action. Basel II work is talented workforce to its continuing success. resulting in improved risk measurement tools which will better align capital estimation with The outlook for 2007 is positive.AIB is well the bank’s actual risk exposures. positioned to continue to deliver excellent value to its shareholders - now and into the future. Economic outlook The economic outlook in AIB’s main markets remains generally bright. Prospects for the Irish economy in 2007 remain favourable with buoyant domestic demand the key driver of overall economic growth. Personal spending in particular Dermot Gleeson Chairman 5 March 2007 should be supported by strong job growth and by maturing SSIAs. However, the pace of GDP growth is still likely to moderate from last year’s growth rate of 6.0% as activity in the housing market decelerates and higher interest rates impact. The US economy has clearly lost momentum as a result of downturns in the housing market and to a lesser extent in manufacturing.The consensus view is that this will prove to be a soft landing. Indeed, growth could start to pick up pace again before the end of 2007. Meanwhile, the Polish economy is expected to grow by about 6% this year, supported by a generally positive outlook for the global economy.
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