Notes to the Company financial statements

for the year ended 31 March 2009

1. Basis of Preparation

Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have elected to prepare the Company financial statements in accordance with International Financial Reporting Standards (IFRS) adopted by the European Union (EU).

The Company financial statements have been prepared in accordance with International Financial Reporting Standards adopted by the EU (EU IFRS) and effective at 31 March 2009.

The Company’s financial statements are presented in euro, rounded to the nearest thousand, in accordance with applicable accounting principles. They are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: share options.

As permitted by section 148(8) of the Companies Act 1963 no separate profit and loss account is presented in respect of the Company. The company recorded a profit for the year of €36.9 million (2008: €479.5 million). The Statement of Group Accounting Policies on pages 58 to 66 apply to these Company financial statements.

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2. Statutory and Other Information

	31 March 2009 €’000	31 March 2008 €’000

Directors’ emoluments:

Fees	326	369
Salaries & bonuses	1,643	3,673
Pension contributions	451	3,290
Death & disability plan premia	22	25
Share based payments	4,479	11,085
Other	126	90

	7,047	18,532

Directors’ shares and share options are detailed in the Director’s Report.

	31 March 2009 €’000	31 March 2008 €’000

Auditor’s remuneration (included in administration expenses):
Audit	366	324
Other	346	666
Depreciation of property, plant and equipment	123	82

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3. Employment

Particulars of numbers of employees (including executive directors) and related costs are as follows:

	31 March 2009 €’000	31 March 2008 €’000

Employee costs during the year comprised:
Wages and salaries	8,094	6,866
Social welfare costs	1,023	1,855
Pension costs	908	3,533
Share based payments	9,323	25,087
Other	97	80

Total employee benefit costs	19,445	37,421

The average monthly number of persons employed by the Company (including executive directors):	45	31

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4. Property, Plant and Equipment

	Land €’000	Fixtures & Fittings €’000	Computer Equipment €’000	Total €’000

Cost
At 1 April 2007	25	287	567	879
Additions	-	12	113	125

At 1 April 2008	25	299	680	1,004
Additions	-	28	309	337

At 31 March 2009	25	327	989	1,341

Depreciation
At 1 April 2007	-	268	481	749
Charge for the year	-	16	66	82

At 1 April 2008	-	284	547	831
Charge for the year	-	6	117	123

At 31 March 2009	-	290	664	954

Net book value

At 31 March 2008	25	15	133	173

At 31 March 2009	25	37	325	387

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5. OTHER Financial assets

	Unlisted investments in subsidiary companies €’000	Loans to subsidiary under- takings €’000	Capital Contri- butions €’000	Escrow €’000	Total €’000

Balance at 1 April 2008	104,182	112,563	5,549	55,573	277,867
Net investments during the year	42,354	(98,561)	4,003	-	(52,204)
Impairment	(232)	-	-	-	(232)
Effect of movement in foreign exchange	-	-	-	494	494
Transfer to current receivables	-	-	-	(56,067)	(56,067)

Balance at 31 March 2009	146,304	14,002	9,552	-	169,858

In the opinion of the Directors, the value of the Company’s other financial assets is not less than the carrying amount of €169.9 million (2008: €277.9 million). The Company’s subsidiaries are listed in Note 34 to the consolidated financial statements.

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