Note to the 2006 Interim Statement - Statutory basis Six months to 30 June 2006 1. Amendments to previously published Interim 2005 statements
As indicated in the 2005 interim report, certain IFRS were still subject to change and to the issue of additional interpretation. The comparative six months 2005 results shown in this announcement include changes to those previously published arising from the refinement of these IFRS bases in the second half of 2005 prior to their application to the full year financial statements. In particular the calculation and presentation of taxation for life assurance business remained under discussion by the industry. Where these discussions have given rise to a different interpretation, results for the six months to June 2005 have been restated to reflect the outcome of these discussions and are now consistent with December 2005 results. The net impact of the change is as follows: 30 June 2005 As previously Published €m Profit for the period attributable to equityholders Shareholders’ equity at 1 January 2005 Shareholders’ equity at 30 June 2005 171 1,829 1,901
Revised €m 186 1,783 1,871
2.
Reconciliation of Opening Shareholders’ Equity
The group adopted IAS 32, IAS 39 and IFRS 4 with effect from 1 January 2005. The impact on opening shareholders equity of these changes is as follows €m Shareholders' equity at 31 December 2004 IAS 39 Impairment provisions Effective yield Available for sale IFRS 4 Deferred acquisition costs Deferred front end fees Shareholders' value of in-force business on investment contracts Other reserve changes Deferred tax 2,136
50 77 3 130 182 (203) (619) 67 87 (486) 3 1,783
Minority share of IFRS adjustments Shareholders' equity at 1 January 2005
3.
Discontinued Activities
On 2 June 2005 the group disposed of its UK life assurance subsidiary City of Westminster Assurance Company Limited. The proceeds net of costs were €63m, the profit after tax for the period up to the date of disposal was €3m, the loss on disposal was €2m.
35
Notes to the 2006 Interim Statement - Statutory basis Six months to 30 June 2006 4. Earnings per share
6 months to 30 June 2006 6 months to 30 June 2005 12 months to 31 Dec 2005
(a) Basic EPS Weighted average ordinary shares in issue and ranking for dividend Profit for the year attributable to equityholders Continuing operations Discontinued operations Total EPS Continuing operations Discontinued operations Total (b) Fully diluted EPS Weighted average of potential dilutive ordinary shares arising from the group's share option schemes Weighted average number of ordinary shares used in the calculation of fully diluted EPS Fully diluted EPS Continuing operations Discontinued operations Total 3,365,278 1,987,836 2,071,187 265,218,470 262,604,139 262,813,871
€130m €0m €130m
€183m €3m €186m
€352m €1m €353m
49.0 49.0
69.7 1.1 70.8
133.9 0.4 134.3
268,583,748
264,591,975
264,885,058
48.4 48.4
69.2 1.1 70.3
132.9 0.4 133.3
36
Note to the 2006 Interim Statement – Statutory basis Six months to 30 June 2006 5. Reconciliation of movement in capital and reserves
Total excluding minority interest 2,075 35 130 19 Total including minority interest 2,083 35 131 19
Share capital As at start of period Issue of share capital Profit for the period Revaluation gains Change in value of available for sale financial assets Transfer between reserves Change in own shares at cost Equity settled transactions Dividends paid As at end of period 87 1 -
Share premium 74 34 -
Revaluation reserve 189 19
Available for sale reserve (1) -
Other capital reserves 15 -
Revenue reserves 1,711 130 -
Minority interest 8 1 -
88
108
(5) 203
1 -
1 16
5 7 (117) 1,736
1 7 1 (117) 2,151
9
1 7 1 (117) 2,160
6.
The statutory basis interim financial information (which is unaudited) was approved by the Board of Directors on 4 September 2006.
37