dublin port company accounts 2009

8/9/2019 Dublin Port Company accounts 2009

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Annual returnSections 125, 127, 128 Companies Act 1963

Section 7 Companies (Am endment) Act 1986

Section 26 Electoral Act 1997

Sections 43, 44 Companies (Am endment)(No. 2) Act 1999

Section 249A Companies Act 1990 (inserted by section

107 Company Law Enforcement Act 2001)

Companies Act 1990 (Form and Content of Documents

Delivered to Registrar) Regulations 2002

Companies Registration OfficeCRO receipt date stamp

3876537Companies Acts 1963 to 2009

B1Please complete using black typescript or BOLD CAPITALS, referring to explanatory notes

Company name J )in full

Return made up to]^)note on e

If the^returnxis made up to a date earlier than the existing ARD, do you wish to

retain the anniversary of the existing ARD for next year?nore two

Ye s•

Da y Month Year

Financiai year From |o | j | |p | j | \2 0 0 [8

Da y

To |3 | 1 |

Month Year

1 2 2 0 0 8

note three

The com pany is c laiming the exemption f rom audit in respect of the f inancial year covere d by the a ccountsattached to this return.

No•

•Registered office Port Centre

note four Alexandra Road

Dublin 1

Other addresses Address 2 7 OCT 2009 ~ ' Registet(s)/documen ts held at this address

note five

rCQMPANiES REGISTKAMUN L FPlO-i1T1 1 '

Secretary 3

Surname

Forenamenote six

Residential address

note six

Donations forpolitical purposes

note eight

Sheary

Michael

Former surname

Former forenamenote seven

5 St. Andrews Drive

Lucan, Co. Dublin

Name of person or pol i t ical party to whom donat ion was made Value of donat ion € /

None None

Presenter details

Name

Address

DX number

Telephone number

E-mail

Person to whom queries can be addressed

Michael Sheary

Port Centre

Alexandra Road, Dublin 1

DX exchange

01-8876016 Fax [email protected] ' ~ Reference number " — -

mailto:[email protected]




Authorisedshare capital Total

note nine €/_ 120,625,000

Class

made up as fol lows:

Number of shares Nominal value per share €/

Issued share capita(insert nominal values) Total

14,463,753.75 made up a s fol lows:

Paid up on shares issued for cash

Considered paid on other shares

Total cal ls unp aid

Total not yet cal led

6,935,003.75aid up on shares issued for cash




€/_ 7,528,750.00





(E)




Total not yet cal led € / „ (F )

}

he sum of these f igures must

equal the total issued share

capital.

Total standing to credit of Capital Conversion Reserve Fund note ten €/_ 118,882.51

Shares issued -- - - - - - — - — _ -

Consideration - all cash

Class Number o f shares Tota l nominal va lue € / _ Total premium paid €/

Ordinary

Totals

5,548,003

5,548,003 (A)

6,935,003.75

Total amount paid €/

6,935,003.75

6,935,003.75 (C)

Consideration - not all cash

Class Numb er of shares Total nom inal value €/

Ordinary

Totals

Total premium

considered paid €/_

6,023,000

6,023,000 (B)

7,528,750

Total amount

considered paid €/

7,528,750

7,528,750 (D)

11,571,003

Totals

Total number of shares

issued (A) + (B)

This total must agree with the total number of shares held by existing members

as stated in the List of past and present members section of the return.

Total paid and unpaid

and considered paid

<C) + (D) + <E) + (F)

€/_ 14,463,753.75

Other share/debenture details

nofe eleven



List of past andpresent members

notes six and thirteen

Persons holding shares on the date to which the annual return has been mad e up for 20 09 ( insert year) and o

persons who have held shares therein at any t ime since the date of the last return, or in the case of the f irst return, the

date of incorporation of the company, note twelve

| | Tick box i f the l is t of past and present members is submit ted on CD.

Share class

N a m e

A d d r e s s

Fol io no.

N a m e

A d d r e s s

Fol io no.

N a m e

A d d r e s s

Fol io no.

N a m e

A d d r e s s

Folio no.

N a m e

A d d r e s s

Fol io no.

N a m e

A d d r e s s

Fol io no.

Numbers heldnote fourteen

Number t ransferred& date nofe fifteen

Part iculars oftransferee note fifteen

Minister for F inance

Upper Merrion Street

Dublin 2

O r d i n a r y

Minister for Transport

Kildare Street

Dublin 2

Ordinary 1 1 , 5 7 1 , 0 0 0

Fintan O'Brien

Department of Transport

Kildare Street

Dublin 2

Ordinary

J o h n L u m s d e n

Department of Transport

Kildare Street

Dublin 2

Ordi nary

N a m e

A d d r e s s

Folio no.

Total numbe r he l d 11,571,003The total number of shares held must agree with the total number of issued shares given in the

Shares issued section (total of (A ) plus (B».



Directors \Including shadow/alternate)

directors, if any y

Surname

Forename

note six

Date of birth

Residential address

note six

Business occupation

Other directorships

Bryce

CathyDa y

H IMonth

|1 12 j

Year

Former surname


1 CO

6 7 EEA res i dent note sixteen0 Alternate director note seventeen•"Clanrye" 138 Dublin Road

Sutton Cross, Dublin 13

Bank Executive Nationality Irish

Com pany note eighteen Place of incorporat ion note nineteen Company number

Mezzanine Management Ltd

Eyke Ltd.

Ireland

Ireland

158338

159711

Surname

Forenamenote six

Date of birth

Other directorships

Connellan

EndaDay Month

0 n

Year

1 9 4 8

Former surname

Former forename

note seven

EEA res i dent note sixteen0 Alternate director note seventeen•Residential address 1-Kenilworth Square North^—- — - - _ - i.

note six Dublin 6

Business occupation Company Chief Executive Nationality Irish

Company note eighteen

See attached continuation sheet

Place of incorporation note nineteen Company number

Surname

Forenamenote six

Date of birth

Residential address

note six

Business occupation

Other directorships

Hussey

TomDa y

2 5

Month

01]

Year

Former surname


3 6 EEA res i dent note sixteen

0Alternate director note seventeen

•Patch, Glenamaddy

Co. Galway

Auctioneer Nationality Irish

Company note eighteen Place of incorporat ion note nineteen Company number


Certification 3 W e hereby certify that (i) this form h as bee n com pleted in accordance with the Notes on Completionof Form B1, (ii) contains the particulars in respect of the com pany a s at the da te to which the returnis made up and that (iii) nofe twenty

The company is not a private company.

The company is a private company and has not since the date of the last annual return (or the"date 'ofinco rpo ration" if this"is"thefirstTetum)"issuedanyinvitation-to the public to-subscribefor-any-shares or debentures in the company.

Signed

Director

Name in boldcapitals or typescriptEnda Connellan.

Secretary

Michael Sheary

•

0 "

The company is a private company with more than 50 members, the excess of the number ofmembers over 50 consisting wholly of persons who, under section 33(1 )(b) Companies Act 1963, i— iare not included in reckoning the number of 50. ^ ^ I I



Directors \Including shadow/alternateJ

directors. If any

Surname

Forename

note six

Date of birth

Residential address

note six

Business occupation

Other directorships Company note eighteen Place of incorporation nofe nineteen Company number

Surname

Forename

note six

Date of birth

Kiersey

JerryDay Month Year

Former surname

Former forename

note seven

Residential addressnote six

Business occupation

Other directorships

1 H I lo |4 | 1 9 4 6 EEA resident note sixteen [ / J Al ternate director nofe seventeen I —EA resident note sixteen [ / J Al ternate director nofe seventeen I —

Knockieran, Blessington ~ - -— - — - - • -

Co. Wicklow

Company director Nationality Irish

Company note eighteen Place of incorporation note nineteen Company number


Surname

Forename

note six

Date of birth

Residential address

note six

Business occupation

Other directorships

Magner

PatrickDa y Month Year

Former surname

Former forename

nofe seven

2 5 1 9 4 1 EEA resident note sixteen

0Alternate director note seventeen

•10 Trafalgar Lane

Seapoint, Monkstown, Co. Dublin

Public Affairs Consultant Nationality Irish


Equity Expansion Ltd. Ireland 420154

Certification W e hereby certify that (i) this form has been completed in accordan ce with the N otes on Com pletionof Form B1, (ii) contains the particulars in respect of the com pany as at the date to which the return

is made up and that (iii) nofe twenty


_The-Company_is_a_private company and has not since the date of the last annual return (or thedate of incorporation if this is the first return)"issued an y in vitatio ntoth epu blic tosubscribe-for-any-shares or debentures in the company.

Director

Na m e m boldcapitals or typescriptEnda Connellan

•• 0 "

The company is a private company with more than 50 members, the excess of the number ofmembers over 50 consisting "wholly of persons who, under section 33(1 ){b) Companies Act 1963, i— iare not included in reckoning the number of 50. _ ^ I |

Signed



DirectorsIncluding shadow/alternate)

directors, if any

Surname

Forenamenote six

Date of birth

Residential address

note six

Business occupation

Other directorships

Moore

JohnDa y Month Year

Former surname


0 3 5 8 EEA resident note sixteenm Alternate director note seventeen•12A Willie Nolan Road

Baldoyle, Dublin 13

Senior Administrative Officer


None

Nationality Irish

Place of incorporat ion note nineteen Company number

Surname

Forenamenote six

Date of birth

Residential address

note six

Business occupation

Other directorships

Rochfort

CharlesDa y Month

0 E

Year

1 9 6 2

Former surname

Former forename

note seven

EEA resident note sixteen0 Alterna te director note seventeen

•31 =Oaktree Avenue 7^" - -Castleknock, Dublin 15

Maintenance Technician Nationality Irish


None

Surname

Forenamenote six

Date of birth

Residential address

note six

Business occupation

Other directorships

Da y Month Year

Former surname

Former forename

note seven

EEA resident note sixteen Alternate director note seventeen

Nationality


•

Place of incorporat ion note nineteen Company number

Certification We hereby certify that (i) this form has been completed in accordance with the Notes on Completion

of Form B1, (ii) contains the particulars in respect of the company as at the date to which the returnis made up and that (iii) note twenty


The company is a private company and has not since the date of the last annual return (or thedate of iricorporation'if this"is"the"first'return)"issued"any"invitation"to the-pub lic to subscribe for any-shares or debentures in the company.

•

i z r



note Every company must have at least one full-time European Economic Area (EEA) resident director o r a bond or certificate in place pursuant tosixteen s43{3) and s44 Companies (Amendment)(No.2) Act 1999 as amended by $10 Companies (Amendment) Act 2009. The EEA is all of the EU plus

Iceland, Liechten stein and N orway). Place a tick in the "EEA-resident" box if the director is resident in a Memb er State of the EEA . If no full-timedirector is so resident and no s.44 certificate has been g ranted, a valid bond must be furnished with this return, unless sa me has already beendelivered to the C RO on behalf of the company. Note that an EEA-resident alternate director is not sufficient for the purposes of s.43. For furtherinformation see C RO Information Leaflet No. 17.

note Please tick the box if the director is an alternate (substitute) director. If the company's articles so permit and subject to compliance with those articles,seventeen a director may appoint a person to be an alternate director on his/her behalf. The appointment of any person to act as director is notifiable by a

company to the CRO, regardless of how the appointment is described. The company is statutorily obliged to notify the CRO of the addition to andremoval of each person from its register. In the event that a full-time director who has appointed an alternate director ceases to act as director, thecompany is required to notify the CRO of the termination o f appointment of the full-time director and of his/her alternate. Note: The CRO accepts noresponsibility for m aintaining the link between a full-time director and his/her alternate.

note Company name and number of other bodies corporate, whether incorporated in the State or elsewhere, except for bodies (a) of which the personeighteen has not been a director at any time during the past ten years; (b) of which the company is (or was at the relevant time) a wholly owned subsidiary;or (c) which are (or were at the relevant time) wholly owned subsidiaries of the company.Pursuant to s45(1) Companies (Amendment)(No.2) Act 1999, a person shall not at a particular time be a director of more than 25 companies.However, under s45 (3), certain directorships are not reckoned for the purposes of s45 (1).

note Place of incorporat ion i f outs ide the State.nineteen

note twenty T i ^ the re levant box(es).

Checklist of

documents annexedBalance Sheet S128 Companies Act 1963 (CA 63); S7 & S18 Companies (Amendment) Act 1966 (CAA 86) [ / ]

Profit and Loss Account S7 and S 18 CAA 86 [7]

Notes to the Accounts Schedule of CAA 86 (refer specifically to s12 for notes required in the case of small/medium sized

. businesses) 0

Directors" Report S128 CA 63; S7 & S18 CAA 86 [Z l

Auditor's Report S128 CA 63; S7 & S18 CAA 86 [ 7 ]

Special auditor's report duly certified by a director and secretary to be a true copy of the report S128(6 B) CA 63 | |

Overall Certification The Acts require that the balance sheet, profit an d loss account, directors' report and auditor's report be certifiedby both director and secretary to be a true copy as laid or to be laid before theA.G.M . or sent to the sole member in accordance with 0the single m ember private limited company regulations. In the case of full accoun ts, an overall certification will be sufficient.

Guarantee by parent undertaking of the liabilities of subsidiary undertaking S i7 CAA 86 as amended | |

Declaration of consent by shareholders of subsidiary to exemption S17 CAA 86 as amended I |

Notification to shareholders of Guarantee S17 CAA 86 as amend ed O

Note stating company has availed of exemptions in s17 CAA 86, as amended I I

Accounting documents

Reg 39 E.C. (Companies: Group Accounts) Regulations 1992 Q

Reg 7 E.C. (Credit Institutions: Accounts) Regulations 1992

Reg 7 E.C. (Accounts) Regulations 1993

Regs 5, 17 E.C. (Insurance Undertakings: Accounts) Regulations 1996

Section 43 bond See note sixteen above. Q

Form B73 Nomination of a new ARD | |

Further information^)

Professional I f you have a problem complet ing this annual return, and in part icular are unclear of the requirements pertaining to a company's

advice ARD, you should consult your professional adviser.

n••

Change in Where applicable, the part iculars given on Form B1 must acco rd with the part iculars contained in the docum entat ion already del ivered

details to the CRO . The m ost common forms used to noti fy the CRO of any changes to the compa ny detai ls are:

B2 Not ice of chang e in the s ituat ion of the registered of f ice

B3 Not ice of places where register of members, register of debenture holders, register of directors ' and secretary 's interests in

shares and debentures, and directors ' service contracts/memoranda are kept

B4/G1 Not ice of increase in authorised capital

Return of al lotments ( increase in issued share capital) ~ ; ~

B10 Not ice of change of directors or secretaries or in their particulars

CR O address When you have completed and signed the form, please f i le with the CRO. The Public Off ice is at 14 Parnel l Square, Dublin 1.

The DX a ddress for the CRO is 145Q01. The DX (Docu men tExch ange ) service is an alternat ive to f il ing by post.

I f submit t ing by post , please send wi th p7escribed fee to the'Registrar of Companies at : - - - - - - -

Com panies R egistration Off ice, O'Brien Road, Carlow, County Carlow

Please careful ly study the explanatory n otes overleaf . A Form B1 that is not completed correct ly or is not accompa nied by the correct docum ents or

fee is l iable to be rejected and returned to the presenter by the CRO pursuant to sect ion 249A Companies Act 1990 ( inserted by sect ion 107 Company

Law Enforcement Act 2001). Unless the document, duly corrected, is relodged in the CRO within 14 days, i t wi l l be deem ed to have never been

delivered to the CRO.

FURTHER I NFORMATI ON ONCOM PLETl ON^OF_F pRMB1, I NCLUD I NG THE PRESCRI BED FEE, I S AVAI LABLE ____ ___FROM www.cro. ie OR BY E-MAI L [email protected]

http://www.cro.ie/



http://www.cro.ie/



Dublin Port Company

Information in respect of Annual Return to CRO made up to 30/09/09

Directorships - End a Connellan

Personal D etails

Name Enda Connellan

Address 1 Kenilworth Square NorthDublin 6

Occupation Company Chief Executive

Nationality Irish

Date of Birth 18/01/1948

Other Directorships

Company Place of Incorporation Company No.Renore Ltd. Ireland 347708

Weatherwell Ltd. Ireland 8365Greenore Port Ltd.

Ireland 21631Carlingford Lough Shipping Agency Ltd. Ireland 159633

Greenore Stevedoring Ltd. Ireland 120882

Greenore Estates Ltd. Ireland 23326

Previous DirectorshipsCompany Place of Incorporation Company No.

Tall Ships Dublin Ltd Ireland 245725 Dissolved 01/12/00

East Link Ltd. Ireland 76939 Resigned 14/12/01

Enda Connellan



Dublin Port Company

Information in respect of Annual Return to C RO made up to 30/09/09

Directorships - Brian K err

Personal Detai s

Name Brian Kerr

Address Ashdown, 14 Richmond, Newtownpark Avenue

Blackrock, Co. Dublin

Occupation Chartered Shipbroker

Nationality Irish

Date o f Birth 04/10/1938

Other Directorships

Company Place of Incorporation ^ Company No.RefialyEnterprisesTtd. Ireland 17662

The Rehab Council Ltd Ireland 73497

The Rehabilitation Institute Ireland 14800

The United

Kingdom

Timber Trade

Shipowners

Mutual

Association

Ltd. England 497665Adria Ferries Ltd. Ireland 386404St. Andrews

College

Management

Company Ltd. Ireland 348849St. Andrews

College DublinLtd. Ireland 7656Reh ab Lotteries Ltd. Ireland 123795

Previous DirectorshipsCom pany ] Place of Incorporation Company No.

Hamilton Shipping (Ireland) Ltd. Ireland 266105 Director until 01/11/01Brian Kerr Shipping Ltd. Ireland 109881 Dissolved 01/10/04EPA Ireland Ltd. Ireland 151837 Dissolved 16/09/1998Reh ab Foundation Ltd. Ireland 17662 Director until 27/06/2006

Eas t Link Ltd. I Ireland 76939 Director until 01/01/02

Brian Kerr



Dublin Port Company

Information in respect of A nnual Return to CRO made up to 30/09/09

Directorships - Tom Hussev

Personal Details

Name Tom Hussey

Address Patch, Glenamaddy, Co. Galway

Occupation AuctioneerNationality IrishDate of Birth 25/02/1936

Other DirectorshipsCompany Place of Incorporation Company No.

Aontas Ireland 80968Forster Court ManagementCompany (Phase IV) Ltd. Ireland 170928

Previous DirectorshiDSCompany Place of Incorporation Company No.Hussey Hughes & Company Ltd. Ireland 95868 (Dissolved 22/08/03)

Tom Hussey



Dublin Port Company

Information in respect of A nnua J Return to CR O made up to 30/09 /09

Directorships - Jerry Kiersey

Personal Detai ls

N a m e Jerry Kiersey

A ddr ess K nock ier an , B less ington , C o . Wick low

Occupat ion Company Director

Nationality Irish

Date of Birth 11/04/1946

Other Directorships

C o m p a n y Place of Incorporat ion C ompany N o .

Green Tiger Express Ltd. Ireland 306876

Green Tiger Ltd. . reland 271000

Silver Sands C atering Ltd. Ireland 427965

Ballyfermot Resource Centre Ltd. Ireland 135617

Ne w Heart for Dublin Ltd. Ireland 427456

Ballyfermot Regional Chamber of

Commerce Ltd. Ireland 300649

Previous Directorships

C ompany Place of Incorporat ion C ompany N o .

Bluefiite Logistics Ltd. Ireland 199590 Director until 01/08/1998

(Dissolved 13/04/2007)

Dublin Chamber of Comm erce Ireland 588 Director until 06/02/2003

J.J. D.S . Publications Ltd Ireland 368767 Resigned Jul 2007

Jerry Kiersey



DUBLIN PORT COMPANY

(LICENCE EXCU SES THE USE OF THE WORD "LIMi i i l i , ,

We hereby certify that the Profit and Loss Account and Balance Sheet, Report of the

Auditors and R eport of the Directors in respect of the Financial Year ended 31

Decem ber 2008, accom panying this Annual Return are true copies of the do cuments

laid before the An nua l General M eeting held on 27 April 2009 .



Dublin Port CompanyReport & Financial Statements 2008

Directors' Report

The Directors submit their annual report together with the audited financial statements of the Company for the yearended 31 December 2008.

Legal StatusDublin P ort Com pany is a limited liability compan y established pursuant to the Harbours A ct, 1996. On 3 March1997 the Company became the successor entity to Dublin Port & Docks Board, the former statutory entity withresponsibility for the Port of Dublin. On that date Dublin Port Company took over the functions and acquired theassets and liabilities of the predecessor organisation at valuations agreed with the then Minister forCom mun ications, Marine and Natural Resources. In consideration for the assets and liabilities, the Companyissued share capital in the amount of €7.648m to the then Minister for Communications, Marine and NaturalResources.

W ith effect from 26 July 1997 the Com pany became the pilotage authority for Dublin Bay.

Res ponsibilityJor-the^CommerciaLRort-Sector,wasJransferred-from-the„Ministe r forXom mu nications^M arine.andNatural R esources to the Minister for Transport with effect from 1 January 2006.

Principal ActivitiesThe business purpose of Dublin Port Company is to facilitate the movement of goods and passengers, andattendant information flows through the Port.

Th e C omp any provides the infrastructure, facilities, se rvices and hard standing to meet the needs of customers forthe efficient transfer of goods and passengers between land and sea transport modes.

Reven ue in connection with the provision of these facilities is generated from vessel dues, goo ds dues, rent andkey services provided, such as towage and pilotage.

Going ConcernThe Directors are satisfied that the Company has adequate resources to continue in business for the foreseeable

future. For this reason, the financial statements are prepared on the going concern basis.

Books of AccountThe Directors have taken measures to ensure compliance with the Company's obligations under S.202 of theCompanies Act 1990 with regard to keeping proper books of account. The measures taken are the use ofappropriate sy stems and procedures and the em ploym ent of competent accounting personnel. The books ofaccount are kept at the Company's registered office, Port Centre, Alexandra Road, Dublin 1.

Business ReviewDetails of the profit for the year, together with comparative figures for 2007, are set out in the Profit and LossAccount on page 19 and the related notes.

Throughpu t fell by 4.4% from 30.9 million tonnes in 2007 to 29.6 million tonnes in 2008. Despite this fall inthroughput 2008 remained a strong financial year for the Company.

Turnover, for. the -ye ar, am ounted, to~€70.6m,. a m arginal increase on the previou s,year (2007:,_€70.5m). Tota l.O p ^ t i F ^ C ^ t r f e i r t ^ € 4 3 : 6 ^ iP r2 0 0 8 " f r ^ " € 4 8 : 8 ^ i n " 2 0 0 7 rT H i s w as ma in ly ^u e~ to "lo w er 'E xc ep tio na rO pe ra tin g

- -Costs of €5r7m relating to redunda ncy'paym ents and associated early retirement pension costs: — - - - • -

Operat ing P ro fit" i n c r e a ^ r t ( T € 2 7 m ^ (2007: 31%). The u nderlying Operating Profit Margin, before E xceptional Operating Items, remained strong at 39.8%(2007: 40.5%).

Profit retained for the financial year was €18.4m (2007: €125.5m). The 2008 figure reflects a gain of €1.8m, net ofrelated Ca pital Gains Tax of €0.4m , arising from the disposa l of a site to Dublin City Council in respect of the Waste

~ "to'Energy facility proposed for the:Poolbeg Penins uiarThe 2007 figure reflects a gain of €109;2mrre lating to profit

from the sale of the former IGB site in January 2007, net of costs and related Capital Gains Tax of €26.2m.




Directors 1 Report - continued

The Profit and Loss R eserve increased from €206.4m at 31 December 2007 to €207.9m a nd Shareholders' Fundsdecreased from €221.0m to €219.0m during the same period.

The Com pany has a target throughput of 27 million tonnes for 2009. Throughput of 29.6 million tonnes was

achieved in 2008, which was 9% down on its target of 32.5 million tonnes.

Environmental MattersDublin Port Company has again demonstrated in 2008 its commitment to the highest environmental performanceby achieving not only accreditation to EcoPorts through PERS certification but also in September it was awardedIS014001, the highest international environmental standard.

In July at the C40 World Port Climate Conference Dublin Port Company committed to "Adopt, within its own sphereof responsibility, The World Ports Climate Declaration as a document to guide action to combat global climatechange and improve air quality".

This declaration covers:

• Reduction of greenhouse gas emissions from ocean-going shipping

• Reduction of greenhouse gas emissions from port operations and development• Reduction of greenhouse gas emissions from hinterland transport

Enhancement of the use of renewable energy

• Development and auditing of C 02 inventories

In November 2008 Dublin Port Company shared its experience and knowledge on environmental management withparticipants at the UNCTAD training programme.

Dublin Port Company is active within the sustainability committee of ESPO (European Sea Ports Organisation) andkeeps abreast of new technology to ensure it maintains continuous improvement in all its practices.

Resource management is a major focus and water usage in the Port has been driven down considerably throughthe introduction of new water meters and sectioning the Port into district monitoring areas. Electricity usage has

also been reduced through better energy management using new technology, including for example the installationof a wind turbine on the North Bull lighthouse to compliment the solar panels already fitted and the installation ofthe ne w lighting controls at No. 1 Term inal which is due for completion in quarter 1 2009. Wa ste m anagementstream ing both in the wider port area as w ell as offices illustrates that D ublin Port Com pany w ith the proactiveassistance of its staff lives the reduce, reuse, recycle message.

Thr oug h site wide audits Dublin Port Com pany is raising environmental aw areness and performance with all itspartners in the estate and is most grateful for their continuing cooperation.

Employee MattersBuilding on achievem ents to -date in improving organisational effectiveness and .capabilities, the Com pany,com me nce d significant reviews of key areas of Com pany operations during 2008. The se reviews are due forcompletion in 2009.

pany-.wilLcontinue-toJocuslon^enhancing^organisational capabilit ies-throughput:2009-through significantinitiatives.in the_areasjof_Training & D evelopm ent, H ealth & Safety and Equality & Incjusion reviews.

P r i n c i p a l R i s k s - a n d U n c e r t a i n t i e s

Dublin Port's unitised trade has grown by an average of 5.5% per annum over the last 10 years. The principal riskinhibiting the Company's continued growth and ability to facilitate the movement of goods and passengers arisesfrom th e potential shortage of operational capac ity. In this regard the Com pany has put forward its plan to addressthe capa city shortfall and awaits a decisio n-o n its foreshore -application-m ade-to the Minister in March 2002 inrelation to its proposal to expand the Port at the North Eastern perimeter. The Com pany's proposal to expand the

.the North Eastern .perimeter qualifies, to be consjdered ,under_ theS trate gic Infrastructure: legislation and adetailed planning application and Environmental Impact Statement was submitted to an Bord Pleanala in August2008. At the time of writing of the Annu al Report a date had not been set for an oral hearing. It is anticipated thatthis wilt take p lace in May 2009.




Directors' Report - continued

As evidenced by the fall in trade in the latter half of 2008 and continuing into 2009 the Company is exposed,through the normal course of its operations, to the impact of an economic slowdown on port activities.

Financial Risk ManagementThe Company's operations expose it to a variety of financial risks that include foreign exchange risk, interest raterisk, credit risk and liquidity and cash flow risk. Policies to protect the Company from financial risks are kept under

regular review. The Directors have not delegated the responsibility of monitoring financial risk managem ent to asub-com mittee of the Board. The P olicies are set out by the Board of Directors and are implem ented by theCompany's Finance Department.

Foreign Exchange Risk:The Com pany transac ts the m ajority of its business in Euro and therefore has limited exposure to foreign currencymov eme nt. The Comp any also borrows directly in Euro.

Interest-Rate-Risk: . — —In order to manage the Company's exposure to significant adverse interest rate movements, the Company has apolicy of m aintaining a minimu m of 60 per cent (2007: 60 per cent) of its debt at fixed interest rates. In order toachieve this objective, the Company has in place interest rate swap/cap agreements.

Credit Risk:The Company is exposed to credit risk in the course of trading and to manage this risk it carries out appropriatecredit checks on potential customers and trades only with recognised creditworthy third parties.

Liquidity and Cash Flow Risk:The Company maintains a mix of short and medium term debt finance to ensure sufficient funds are available forplanned cap ital investment. At the end of 2008 the Com pany had in place un-drawn c omm itted facilities of €9million. The Company's policy is to hold minimal levels of surplus cash and where surplus cash balances areavailable these are invested on a short-term basis in low-risk cash deposits. The C ompany is in discussions withits lenders in relation to rescheduling and extending the existing facilities and is satisfied on the basis of thesediscussions that such facilities will be forthcoming.

Post Balance Sheet EventsThere have been no events between the Balance Sheet date and the date on which the financial statements wereapproved by the Board.

Future DevelopmentsThe Company has a budgeted Capital Investment Programme of €28m for 2009. The planned Capital InvestmentProgramme includes:

• Berth 50 Development;

• New Tugs; -

Aggregate Berth;

• .Graving D oc kj n f i l l ; ^ . . ^

• Q

a

i

s

J on s. _ _ _ _ _ _ _ _

Results and Dividends ^ " " ^ ^ __ __ __ __The Company's profit for the financial year amounted to €23.5m. The Directors' allocations and recommendationsin respect of this amount were as follows:

€'000

Interim Dividend of €0.441"per share paid~ - — -5,-1 08-Increase in Profit Re tained 18,391

Profit for the Financial Year 23,499

The.Directors do not propose to declare a final dividend.10




Directors' Report-continued

Directors' and Secretary's Interests

The Directors and Secretary and their families had no beneficial interest in the share capital of the Company at 31December 2008 and 2007.

The re were no contracts or arrangements of any significance in relation to the. Com pany's business or that of itsrelated Company in which the Directors and Secretary of the Company or their families had any interest, as defined

in the C omp anies Act, 1990.

Joint Venture

Details of our interest in a Joint Venture are set out in note 11 to the financial statem ents.

Prompt Payments Act

It is Company policy to pay suppliers in accordance with the terms of the European Communities (Late Paymentsin Commercial Transactions) Regulations, 2002 and the Prompt Payments of Accounts Act, 1997.

To this e nd, the Com pany's paym ent routines are desj^ed_to_provide_reasonable_assurance.against-material-non--com pliance with the"term s"of"the"R eplation s. THe~stanciard credit period is 30 days unless otherwise specified incontractual arrangements. Substantially all payments by number and value were made within the appropriate creditpe rio d- as required. Consequen tly, the Directors are satisfied that the Company has complied with the

requirements of the Act.

DirectorsThe names of the persons who were Directors at any time during the year ended 31 December 2008 are set outbelow. Unless otherw ise indicated they served as Directors for the entire year.

J Burke

E Connellan

P Bourke

C Bryce

K Humphreys

T Hussey

B W Kerr

J Kiersey

P Magner

J Moore

C Rochfort

T Stafford . . - -

Auditors

The auditors, PricewaterhouseCoopers, were re-appointed in accordance with section 160(2) of the CompaniesAct,-19 63. -.-- —

On B ehalf of the Board~

B W Kerr

E Connellan

26 March 200911




Statem ent of Directors' Responsibilities

Financial Statements

The Directors are responsible for preparing the Annual Report and the financial statements in accordance withapplicable Irish law and Generally Accepted Accounting Practice in Ireland including the accounting standardsissued by the Accounting Stan dards Board and published by the Institute of Chartered Accountants in Ireland.

Irish company law requires the Directors to prepare financial statements for each financial year that give a true andfair view of the state of affairs of the Com pany and of the profit or loss of the Company for that period. In preparingthese financial statements, the Directors are required to:

• select suitable accoun ting policies and then apply them consistently;

• make judgements and estima tes that are reasonable and prudent;

• prepare the financial stateme nts on the going concern basis unless it is inappropriate to presume that theCompany will continue in business.

The-Directors .conf irm„that. they-have.compl ied ,wi th .the .above,requ irements jn [ ^ p a m g J h e ^ ^ c i a L s f ^ ^ n t s .

The Directors are responsible for keeping proper books of account, which disclose with reasonable accuracy at anytime the financial position of the Company and enable them to ensure that the financial statements are prepared inaccordance with accounting standards generally accepted in Ireland and comply with the Harbours Act, 1996 andthe Comp anies Acts, 1963 to 2006 . The y are also responsible for safeguarding the assets of the Comp any andhence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Corporate GovernanceDublin Port Company is committed to maintaining the highest standards of corporate governance and has adoptedthe principles of corporate governance and the Code of Practice for the Governance of State Bodies issued by theDepartm ent of Finance in October 2 001. The Com pany also complies with its obligations under the Ethics in PublicOffice Act, 1995 and the Standa rds in Public Office Act, 2001.

The m ajority of Directors are n on-exec utive and are appointed by the M inister. The Board meets formally on a

mon thly basis and has a formal sched ule of matters specifically reserved to it for decision. The Board has accessto the advice and services of the Company Secretary and can take independent professional advice as and whendeemed necessary.

The B oard established an Audit Co mm ittee in 1997 under formal terms of reference. The m embers of theCommittee during the year were Ms. C. Bryce (Chairperson), Mr. B. W. Kerr and Mr. K. Humphreys.

Internal ControlsThe Board has overall responsibility for the Company's systems of internal control, which have been designed togive reasonable assurance that transactions are executed in accordance with management's authorisation, thatassets are safeguarded, that fraud is prevented and that proper financial records are maintained. To ensure theeffective application of the Com pany 's internal controls, the services of qualified personnel have been secu red andduties properly allocated among them.

The systems of internal control include the following:

• The -p7dcess^oridentifyihg~busi^ —- -- - through-regular reviews of the Com pany's strategic plan. - The latest strategic plan-for-the period 2007 to -

2011 was adopted by the Board in January 2007;

• An annual budget appro ved by the Board and monthly consideration of actual results compa red withbudget forecasts;

• An Audit Com mittee which has been established to review and discuss, with the internal and externalauditors, the Company's internal accounting controls, Internal Audit function, choice of accounting policies,

~~~internal and external audit plans, statutory auditors' report, financial reporting and other related matters;




Statemen t of Directors' R esponsibilities - continued

• An Internal Audit function which reviews key business processes and controls;

* Formal codes of conduct for Directors and em ployee s;

• Procurem ent policies and procedures. The se ensure, firstly, that procurement activities are carried out soas to provide value for money in terms of overall lifecycle costs and, secondly, that all relevant StateGuidelines and EU Directives applicable to Public Utilities are complied with.

The Board through the Audit Comm ittee is responsible for reviewing the effectiveness of the system s of internal

control.

On behalf of the board

B W Kerr

E Connellan

26 March 2009




Independ ent Au ditors' R eport to the mem bers of Dublin Port Com pany

We have a udited the financial statements on pages 16 to 40. These financial statements have been preparedunder the ac counting policies set out in the statement of accounting policies on pages 16 to 18.

Respective Responsibilities of Directors and AuditorsThe Directors' responsibilities for preparing the Annual Report and the financial statements in accordance withapplicable Irish law and accounting standards issued by the Accounting Standards Board and published by the

Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland) are set out in theStatement of Directors' Responsibilities on page 12.

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirementsand International Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared forand only for the Company's members as a body in accordance with section 193 of the Companies Act, 1990 andfor no other purpose. We d o not, in giving this opinion, accept or assume responsibility for any other purpose or toany other person to whom this report is shown or into whose hands it may come save where expressly agreed byour prior consent in writing.

We report t ^ y o u " o ur~op n io n~as~to~wlTetlTeFtl,:Te_f narici a I "staternents -^ true and'fair vie w; in accordance with"Generally Accepted Accounting Practice in Ireland, and are properly prepared in accordance with Irish statutecomprising the Com panies A cts, 1963 to 2006. W e state whether we have obtained all the information andexplanations we consider necessary for the purposes of our audit and whether the financial statements are inagreeme nt with the books of account. We also report to you our opinion as to:

• whether the Com pany has kept proper books of account;

• whether the Directors' Report is consistent with the financial statements; and

• whether at the Balance Sheet date there existed a financial situation which may require the Company toconvene an extraordinary general meeting; such a financial situation may exist if the net assets of theCom pany, as stated in the Balance S heet, are not more than half of its called-up share capital.

We also report to you if, in our opinion, any information specified by law regarding Directors' remuneration andDirectors' transactions is not disclosed and, where practicable, include such information in our report.

W e read the other information contained in the Annual Report and consider whether it is consistent with the auditedfinancial statements. This other information comprises only the Chief Executive's Review of Operations, the

Directors' Report and the Statement of Directors' Responsibilities for Corporate Governance and Internal Controls.We consider the implications for our report if we become aware of any apparent misstatements or materialinconsistencies w ith the financial statements. Our responsibilities do not extend to any other information.

Basis of Audit OpinionWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by theAuditing Practices B oard. An audit includes exam ination, on a test basis, of evidence relevant to the amounts anddisclosures in the financial statements. It also includes an assessment of the significant estimates and judgem entsmade by the Directors in the preparation of the financial statements, and of whether the accounting policies areappropriate to the Company's.circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations w hich we considerednecessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statementsare free from material misstatem ent, whether cau se d.b yjr au d or^other irregularrty^or.error. In forming our opinion

we also evaluatecfthe overall "adequacy df"the_

presentation"of1nformation"in"the"financial"Statements:

OpinionIn our opinion the financial stateThentsT • • • . - • ~

• give a true and fair view, in accordance w ith Gen erally Accepted Accounting Practice in Ireland, of thestate of the Com pany's affairs as at 31 Decem ber 2008 and of its profit and cash flows for the year thenended; and

• have been properly prepared in accordance with the Com panies Acts, 1963 to 2006.

We have obtained all the information and explanations w e consider necessary for the purposes of our audit. In ouropinion proper books of account have been kept by the Com pany . The financial statements are in agreement withthe books of account.

14




Independ ent A uditors' Report to the members of Dublin Port Com pany - continued

In our opinion the information given in the Directors' Report on pages 8 to 11 is consistent.with the financialstatements.

The net assets of the Company, as stated in the Balance Sheet on page 21. are more than half of the amount of its

called-up share capital and, in our opinion, on that basis there did not exist at 31 December 2008 a financialsituation which under section 40(1) of the Companies (Amendment) Act, 1983 would require the convening of anextraordinary general meeting of the C ompany.

PricewaterhouseCoopersChartered Accountants and Registered AuditorsDublin

27 March 2009




Profit and Loss AccountFor the year ended 31 December 2008

Notes 2008€'000

2007€'000

Turnover

Cost of sales

2 70,597

(23,769)

70,450

(23,992)

Gross ProfitAdministration and general expenditure

46,828(18,728)

28,100

46,458(17,919)

28,539

Exceptional O perating Items 4 (1.131) (6,875)

Onpra t inn Pro fi t -— — — ~ .

incom e from'Other Financial Assets 1126,969 21,664

375

Exceptional Items 5 2,235 135,408

Profit o n Ordinary Activities Before Interest and TaxationNet financing (expense)/income 6

29,204(1,259)

157,44745 4

Profit on Ordinary Activities Before TaxationTaxation

78

27,945(4,446)

157,901(28,210)

Profit on Ordinary Activities After TaxationDividends 9

23,499(5,108)

129,691(4,200)

Profit for the Financial Year 22 18,391 125,491

Turnov er a nd Operating Profit arose solely from co ntinuing activities.

On behalf of Board

B W Kerr

E Connellan

26 March 2009

19




Statem ent of Total R ecognised Gains and LossesFor the year ended 31 December 2008

Notes 2008 2007€'000 €'000

Profit for the financial year 18,391 125,491

Actuarial (loss)/gain recognised on defined benefit obligations 31 (19,357) 25,223

Deferred tax related to actuarial (loss)/gain on defined benefit

obligations 19 2,420 (3,153)

Revaluation of Investment Property 10 (3,446) ^

Total-Reco gnised-G ains-and-L osses - _ . -__ _ _ ,992)_ 147,561

On behalf of the Board

B W Kerr

E Connellan

26 March 2009




Balance SheetAs at 31 December 2008

Notes 2008€ ' 0 0 0

2007€ 0 0 0

Fixed Assets

Tangible assets 10 266,102 250,501

investmentsJoint Venture 11 8,800 7,250

Current AssetsDevelopment landStocks •---Debtors and prepaymentsCash at bank and in hand

Creditors - Amounts falling due within one year

Net Current Liabilities

12- 1 3

14

15

1,246- 8.17

15,6392,345

20,047

(31,967)

(11,920)

1,246805

20,8001,880

24,731

(30,144)

(5,413)

Total Assets less Current Liabilities

Creditors - Amounts falling due after one year

Deferred incom e

Net Assets excluding Defined Benefit Pension Liability

Defined Benefit Pension Liability

Net Assets including Defined Benefit Pension Liability

Capital and ReservesCalled up share capitalCapital Conversion Reserve Fund -Profit and Loss AccountInvestment Property Revaluation Reserve

16

18

31

20212223

262,982

(18,000)

(14,499)

230,483

(11,452)

219,031

14,464119

207,894(3,446)

252,338

(11,000)

(14,985)

226,353

(5,330)

221,023

14,464119

206,440

-Shareholders

L

Funds- -24- 219,031 -221,023-

On behalf of the B oard

B W Kerr

E Connellan

26 March 200921



Dublin Port Com panyReport & Financial Statements 2008

Contents Page

Directors and Other Information 2

Chief Executive's Review 3-5

Corporate Social Responsibility 6-7

Directors' Report 8-11

Statement of Directors' Responsibilities 12-13

Independent Auditors' Report 14-15

Accounting Policies 16-18

Profit and Loss Account 19

Statement of Total Recognised Gains and Losses 20

Balance Sheet 21

Cash Flow Statement 22

Notes to the Financial Statements 23-40

Port-Statistics 41-




Directors & Other Information

Board of Directors Executive Management Team

Enda Connellan (Chief Executive)

Paddy BourkeCathy BryceKevin HumphreysTom HusseyBrian W KerrJerry KierseyPat MagnerJohn M ooreCharles RochfortTom Stafford

Enda Connellan

Michael ShearySeam us McLoughlinKen WhelanJoanne M D oyle

Chief Executive

Company Secretary/Chief Financial OfficerHead of OperationsHead of Research for DevelopmentHuman Resources Manager

Senior Management Group

Capt.David DignamCiaran CallanMarie P orterConor FarrellBrenda DalyGerry Barry

Joseph HineyJohn Fairley

Harbour MasterMaintenance & Services ManagerFinance ManagerIT ManagerMarketing/Public Relations ManagerProperties Manager

Research for Development ManagerSecurity Manager

Secretary & Registered Office Principal Bankers

Mic hae l Sheary Bank of IrelandPort CentreAlexa ndra Road KBC Bank Ireland picDublin 1.

Registered Number 262367

Auditors Solicitors

PricewaterhouseCoopersChartered Accountants & Registered A uditorsOne Spencer DockNorth Wall QuayDublin 1.

Arthur CoxEarlsfort CentreEarlsfort TerraceDublin 2.

Actuaries

MercerCharlotte HouseCharlemont StreetDublin 2.




Chief Executive's Review

Dublin Port Com pany con tinued to perform strongly in 2008 desp ite more challenging trading con ditions,particularly in the last quarter of the year. While trade volumes through the port fell slightly in 2008, we still handledclose to the record levels of trade in 2007 when Dublin Port broke through the 30 million tonne barrier for the first

time. It is important to put in context that, notwithstanding the reduction, Dublin Port is handling five times the tradethat it handled just fifteen years a go.

Dublin Port remains Ireland's premier port, handling two-thirds of containerised trade to and from Ireland and 50%of all Ireland's imports and exports.

The reduced dem and from consu me rs m eans that trade levels in Lo-Lo (Lift on-Lift off) and Ro-Ro (Roll on-Roll off)fell during the year. Lo-Lo twenty-foot equivalent units (TEU's) were 9% lower in 2008 at 677,000 TEU's while Ro-Ro trade declined by 4.1% to 704,000 units.

In bulk trade, tonnage of Bulk Liquids at 4.1 million tonnes remained constant on 2007 levels, while throughput inBulk Solids fell slightly by 2.9% to 2.4 m illion tonnes. Break Bulk /Project Cargoes increased from 70,000 tonnes in2007 to 164,000 tonnes in 2008.

Financial ReviewDespite the overall 4.4% fall in throughput at the Port, 2008 was yet another strong financial year for the Company.Both turnover and underlying Operating Profit, before Exceptional Operating Items, remained broadly in line with2007 levels. While cargo dues were negatively impacted by the 4.4% fall in throughput, the very positive impact ofthe Com pany's new integrated S ervice Station and Truck Park, which was fully operational from March 2008,resulted in a marginal increase in overall turnover to €70.6m . As a result, the Com pany's underlying O peratingProfit, before Exceptional Operating Items, held up very strongly at €28.1 m in 2008 (2007: €28.5 m). OperatingProfit at €27m increased from €21.7m the previous year resulting in an Operating Margin of 38.2% (2007: 30.8% ).

Constant ImprovementAs an organisation we are focused on helping to address the challenge s of the Irish econom y. The currenteconom ic climate will place great emphas is on ensuring competitivene ss. The se new realities require a greateremphasis on the smooth, reliable, secure and cost efficient movem ent of goods. Our investment of over €250

million in infrastructure since 1997 and the introduction of nine comp eting terminals ensure that Dublin Portremains the m ost cost efficient wa y for importers and exporters to move goods to and from Ireland's largest m arket.

With our customers at the forefront of our business model, and to protect our robust financial performance, wecontinued to improve the Port's facilities by investing €26.6 million in capital expenditure in 2008. In March 2008 theMinster for Transport, Mr. N oel Dem psey T.D. officially o pened Ireland's largest service station at the gateway tothe Port Tunnel following an inves tment of €7 million, the majority being invested by Dublin Port Com pany. ThisEuropean motorway style service station has a myriad of facilities including fuel, truck-park, washrooms, arestaurant and restrooms. Our focus of constantly investing in our facilities to keep pace with the requirements ofour increasing vo lume of customers will continue.

Speaking at the opening Minster Dempsey, said: "The opening of this service station is a great boost to theCoun try's econom y. Dublin Port is a vital part of keeping trade mov ing in Ireland. This facility will be of huge

benefit to the haulage industry, the 4,000 p eople working at the Port and the 1.4 million ferry passengers that useferries from Dublin Port."

Future Needs, Future SolutionsAs an open island-based e conom y, Ireland is hugely dependent on ports. At peak periods during the week som e11 kilometres of trucks roll off the ferries and have effected their deliveries to locations like Liffey V alley, Dun drum,Blanchardstown and the Square in Tallaght before many of us have risen for our breakfast.

We have to ensure that importers and exporters can continue to depend on us to move trade through Dublin Portwithout delay. Wh ile we are currently experiencing a fall-off in trade levels w e must ensure that we have sufficientcapacity to service their need s w ell into the future.

In this regard we hav e ma de our formal su bmission to An Bord Pleanala unde r the Strategic Infrastructure A ct,

which was enacted to deal with the planning of major infrastructural projects. As part of our comm itment toproviding solutions for our economy we made an application to An Bord Pleanala for planning permission for ourDublin Gateway proposal. The completion of Dublin Gateway will provide much needed additional capacity at




Chief Executive's Review - continued

Dub lin Port, which is of strategic importance to the Irish econom y and its capital City. It will enable Dublin Port tocontinue its vital role, located as it is at the mouth of the Irish economy. It will support the 4,000 real jobs in theDublin Port estate and protect the €35 billion per annum in trade flows in and out of the Port at the heart of its mainmarket. At the time of writing the Oral Hearing is scheduled for May and we expect to have a decision from An BordPleanala during 2009.

Continu ed Focus on EfficienciesSince corporatisation, Dublin Port Company has been focused on investment in the modernisation of systems,processes and work practices. This com mitment m eans that 2008 is the seventh consecutive year the C ompany'spayroll costs have been reduced. Consequently, staff numbers have fallen by almost two-thirds since 1997 from465 employees to 160 employees in December 2008. In 2008, the Com pany's payroll expenditure was reduced bya further 4.5% to €12.4m. As a result, payroll costs are now in excess of 35% lower than in 2001, putting theCompany in a very strong position to remain competitive in the future.

During the year there was a slight increase of 1.4% in operating expenses, excluding Exceptional Operating Items,to €42.5 million. Non-pay costs rose by €1.2 million to €30.1.million. However, when the 10% increase in City Ratespayable to Dublin City Councirand the €1.5 million cost of our bi-annual dredging programme are stripped out, non-pay costs actually fell by 3%.

The Company is committed to providing a return to its shareholder and 2008 was the second year that theCompany paid a dividend to the State. The dividend, amounting to €5.1 m, was paid in June 2008 whichrepresented an increase of 22% o n 2007.

One of the most significant achievements of this Company has been the tackling of the pension fund deficit weinherited on corporatisation in 1997. Since then we have invested over €236 million in the fund, with €13.6 millionbeing p aid into the fund in 2008. In what was a very difficult year for pension funds gene rally, where nega tivereturns of 30% to 40% were experienced, the Dublin Port Company fund show ed a decline closer to 10%. Thiswas as a result of the Company's and the Trustees decision a number of years ago to re-structure the fundsportfolio to match the maturity and liability profile of the fund. As a result, the Company's funds continue to meet theMinimum Funding Standard prescribed by the Pensions Act 1990.

Partners in the CommunityEach year we highlight our com mitm ent to our Corporate Social Responsibility programm e. W e take our

responsibilities in this area very seriously and we commit significant resources to it.

An outline of our programme and achievements during 2008 is included in the Annual Report.

We will continue to work with the local community and beyond to identify areas where we can make a realdifference.

TourismDublin Port Company places great importance on developing and promoting tourism through the Port. Followingthe significant increases in 2007, regrettably 2008 saw a decline in ferry travel, which was in line with the overallreduction in the Port's throughput. Ferry passenger num bers declined by 4.6% to 1.26 million passengers whiletourist cars fell by 2.1 % to 266,000 units.

J^ie_cruise_industr.y-continues-to-grow-and-this-year"Dublin"Pdrt"Company hosted a record number of 83 cruiseliners, the same number as the famed-port city of Hamburg, carrying in excess of 75,000 passengers and crew.Dublin Port Company's tireless work in promoting Dublin as a leading cruise destination has generated a majorcash boost of between €35 million and €50 million for the local economy through direct and indirect spend everyyear.

2009 will also see a milestone in Dublin Port Company's development of the cruise sector in Ireland with PrincessCruises confirming their first turnaround in Dublin of "Tahitian Princess" carrying in excess of 700 passengers. Thiswill increase tourism revenues even further. The success of this turnaround will ensure more turnaroundsJn-thefuture, which would mark further progress for Dublin Port in the evolution of this trade.

4




Chief Executive's Review - continued

Outlook 2009

2008 w as yet another strong year for Dublin Port Company in terms of financial performance. However, 2009prese nts significant challenges for the Irish econom y and for Dublin Port Com pany. We hav e a considerable taskahead of us to maintain the strong growth that we have all worked so hard to achieve over the last number ofyears.

Recently economist David McWilliams spoke about how Ireland Inc. can overcome the challenges facing oureco nom y. He highlighted the key role trade will play, and said, "Well run strategic assets suc h as Dublin Port willbecome the basis for the recovery of the Irish economy."

We are committed to maintaining Dublin Port as the port of choice for Ireland's importers and exporters and to getus through the challenging period ahead through to the other side when growth returns. We will achieve this byensuring that Dublin Port continues to be the cleanest, greenest and most efficient way of getting goods toconsumers and facilitating exporters. We have proposals to invest €100m in the next five years to utilise the bestava ilable techno logy to grow the bus iness. W e will continue to exploit the full potential of the cruise industry andmake Dublin Port a 'Home PortLfor cruise liners.=We will-continue to develop the Port in line with the City's social,cultural and economic objectives in a responsible and sustainable way.

The continued success of Dublin Port Company and Dublin Port is down to the joint contributions made by ourcustomers, our staff and our Board of Directors.

I would like to express my thanks to our customers for their continued investment in Dublin Port. Shortly after year-end, Joe Burke stood down as Chairman of the Company. I would like to thank Joe for his contribution to theCompany as its Chairman over the past seven years and wish him well with his future plans. Since his appointmentin 2002, the Company continued to grow successfully and profitably and it is well placed to continue its role andresponsibility as a key national asset of the Irish economy.

I would sincerely like to thank all of our staff for their commitment and contribution to the Company. I would alsolike to thank the Board of Directors for their significant advice and support. Their contribution to the governance ofthe Company continues to ensure that we remain a national resource playing a hugely positive role in the life of the

City and that of the State's economy and ensures that, we are here, we are near and importers and exporters candepend on us.

Enda C onnellanChief Executive

26 March 2009




Corporate Social Responsibility

Dublin Port has been part of the City it serves for generations. Over the years we have built strong associationswith communities around the port area. By reaching out and working with them, Dublin Port Company has achievedsignificant successes in improving the surrounding communities through a range of sporting, educational and socialinitiatives. We are proud of the work we do and we are delighted that the contribution we have made locally hasbeen independently recognised by winning Chambers Ireland CSR "Good N eighbour Award" for a third consecutiveyear.

How we work with the communityThe outreach, understanding and contact with the community which Dublin Port Company achieves is due to thetireless efforts of the Dublin Port Com pany Co mm unity Liaison Comm ittee. This group ensures a m eaningfulprogramme is activated each year. Comprising of representatives from the comm unity and Dublin Port Com pany,the Committee plays a vital role in ensuring that the local communities have a voice, can share their views and aresupported by Dublin Port Com pany.

Arts and EducationOn the arts and education front, 2008 saw continued support of the "100 Flowers to Bloom" project and the eighthyear of our scholarship sch eme.

The culmination of a year's hard work by the students of St. Joseph's Primary School of East Wall, artist DavidJacques and Dublin Port Company was the publication of an illustrated book along with a public display of thechildren's artwork, "100 Flowers to Bloom". This exhibition and the book mapped the extensive study of non-nativeplant life in Dublin Port, by 97 children from the area.

In April of this year the book, along with large reprints of the children's artwork, were exhibited to the public. Theproject allowed Dublin Port Company to engage in a meaningful way with the surrounding local communities alongwith having a visual impact on the largely industrial landscape. The project was also recognised with aBusiness2Arts award this year, winning the Corporate Social Responsibility Award.

Since 2001 we have awarded an annual educational bursary to applicants through the Company's scholarshipprogramme. In those eight years we have awarded 365 scholarships to members of the Port's local communities,

including Ringsend, Irishtown, Pearse Street, East Wa ll and Sheriff Street.

The annual educational bursary has provided a means for many local people to realise their true potential througheducation while it also creates greater opportunities for employment in the area.

Sporting and Social inclusion supportOur commitment to local sports continued through our sponsorship of Clontarf Rugby Club and Clann na nGaelFontenoy GAA Club.

On the social inclusion front our involvement with the community based drug response project, Ringsend DistrictResponse to Drugs (RDRD), continued. Since its formation 12 years ago we have given support to a range ofimportant initiatives they undertake annually. These include the Family Support Group, Weekends Away and anAnnual Graduation ceremony.

Opening the Port to the com munity-Dublin-Port-Company-once-again-opened-its-doors-to-the-public-with-its-hugely-popular-Open-Day-and-had-a-recordattendance. The O pen D ay allows the local com munity to see first-hand how Dublin Port plays such an importantrole in their everyday lives. Dancers, clowns and various festivities entertained from early morning until evening setin. As part of the festivities visitors w ere brought on a guided tour of Ireland's busiest port and w ere able to exploreits history.




Corporate Social Responsibility - continued

International C omm unity Initiatives

This year we held a major two-week United Nations Conference on Trade and Development (UNCTAD). The UNevent w hich we sup ported in association with Irish Aid was attended by delegates from over 20 countries from Asiaand Africa including Ghan a, Sierra Leone, Benin, Maldives, Namibia, India and Cambod ia. Th e delegates wereparticipating in the UNCTAD TrainForTrade Port Training Programme, which is focused on the port sector ofdeveloping countries to help strengthen their training capacities and develop human resources.

The conference is expected to launch an international training and cooperation network of English-speaking portcommunities in developing countries. To deliver the training, to help build human resources, knowledge and skills,Dublin Port Company has been named the UN's English-speaking partner in delivering training to ports indeveloping countries.




Directors' Report

The Directors submit their annual report together with the audited financial statements of the Company for the yearended 31 December 2008.

Legal StatusDub lin Port Company is a limited liability compan y established pursuant to the Harbours Act, 1996. On 3 March1997 the Company became the successor entity to Dublin Port & Docks Board, the former statutory entity with

responsibility for the Port of Dublin. On that date Dublin Port Company took over the functions and acquired theassets and liabilities of the predecessor organisation at valuations agreed with the then Minister forCom mu nications , Marine and Natural Resources . In consideration for the assets and liabilities, the Comp anyissued share capital in the amount of €7.648m to the then Minister for Communications, Marine and NaturalResources.

W ith effect from 26 July 1997 the Co mp any becam e the pilotage authority for D ublin Bay.

Res ponsibility for the Com mercial Port Sector was transferred from the Minister for Com munications, M arine andNatural Resources to the Minister for Transport w ith effect fron rl January 2006.

Principal ActivitiesThe business purpose of Dublin Port Company is to facilitate the movement of goods and passengers, and

attendant information flows through the Port.

Th e Co mpa ny provides the infrastructure, facilities, services and hard standing to meet the needs of customers forthe efficient transfer of goods and passengers between land and sea transport modes.

Re venu e in connection with the provision of these facilities is generated from vessel dues, goods dues, rent andkey services provided, such as towage and pilotage.

Going ConcernThe Directors are satisfied that the Company has adequate resources to continue in business for the foreseeablefuture. For this reason, the financial statem ents are prepared on the going concern basis.

Books of A ccountThe Directors have taken measures to ensure compliance with the Company's obligations under S.202 of theCompanies Act 1990 with regard to keeping proper books of account. The measures taken are the use ofappropriate system s and procedures a nd the employm ent of comp etent accounting personnel. The books ofaccount are kept at the Company's registered office, Port Centre, Alexandra Road, Dublin 1.

Business ReviewDetails of the profit for the year, together with comparative figures for 2007, are set out in the Profit and LossAccount on page 19 and the related notes.

Thro ughpu t fell by 4.4% from 30.9 million tonnes in 2007 to 29.6 million tonnes in 2008. Despite this fall inthroughput 2008 remained a strong financial year for the Com pany.

Turnover for the year amounted to €70.6m, a marginal increase on the previous year (2007: €70.5m). Total-Operating-Costs-feiUo-€43.6m-in-2008-from-€48.8mJn-2007-^

Costs of €5.7m relating to redundancy payments and associated early retirement pension costs.

Op erating Profit increased to €27 m in 2008 from €21.7m in 2007 resulting in an Operating Margin of 38% (2007:31% ). The underlying Operating Profit Margin, before Exceptional Operating Items, remained strong at 39.8%(2007: 40.5%).

Profit retained for the financial year was €18.4m (2007: €125.5m ). The 20 08 figure reflects a gain of €1.8m , net ofrelated Ca pital Gains Tax of €0.4m , arising from the disposal of a site to Dublin City Council in respect of the W asteto-Energy facility proposedJor the Poolbeg Peninsula. The 2007 figure reflects a gain of €109.2m, relating to profitfrom the sale of the former IGB site in Janua ry 2007 , net of costs and related Ca pital Gains Tax of €26.2m.

8





The Profit and Loss R eserve increased from €206.4m at 31 December 2007 to €207.9m and Shareholders' Fundsdecreased from €221,0m to €219.0m during the same period.

The C ompa ny has a target throughput of 27 million tonnes for 2009. Throughput of 29.6 million tonnes wasachieved in 2008, which was 9% down on its target of 32.5 million tonnes.

Environmental MattersDublin Port Company has again demonstrated in 2008 its commitment to the highest environmental performanceby achieving not only accreditation to EcoPorts through PERS certification but also in September it was awardedIS014001, the highest international environmental standard.

In July at the C40 World Port Climate Conference Dublin Port Company committed to "Adopt, within its own sphereof responsibility, The World Ports Climate Declaration as a document to guide action to combat global climatechange and improve air quality".

This declaration covers:

• Reduction of greenhouse gas emissions from ocean-going shipping

• Reduc tion of greenhou se gas emissions from port operations and development• Reduc tion of greenhou se gas emissions from hinterland transport

• Enhancement of the use of renewable energy

• Developm ent and auditing of C 02 inventories

In November 2008 Dublin Port Company shared its experience and knowledge on environmental management withparticipants at the U NCT AD training programme.

Dublin Port Company is active within the sustainability committee of ESPO (European Sea Ports Organisation) andkeeps abreast of new technology to ensure it maintains continuous improvement in all its practices.

Resource management is a major focus and water usage in the Port has been driven down considerably throughthe introduction of new water meters and sectioning the Port into district monitoring areas. Electricity u sage has

also been reduced through better energy management using new technology, including for example the installationof a wind turbine on the North Bull lighthouse to compliment the solar panels already fitted and the installation ofthe new lighting controls at No. 1 Term inal which is due for completion in quarter 1 2009. W aste manag emen tstreaming both in the wider port area as well as offices illustrates that Dublin Port Comp any w ith the proactiveassistance of its staff lives the reduce, reuse, recycle message.

Throug h site wide audits Dublin Port Company is raising environmental awareness and performance with all itspartners in the estate and is most grateful for their continuing cooperation.

Employee MattersBuilding on achievem ents to date in improving organisa tional effectiveness and capabilities the Com panycomm enced significant reviews of key areas of Company operations during 2008. These reviews are due forcompletion in 2009.

The Company will continue to focus on enhancing organisational capabilities throughout 2009 through significant"init iativesintheareasof-Training-&-DevelopmentrHearth-&-SafetyandEquality-&-lnclusion-reviews:

Principal Risks and UncertaintiesDublin Port's u nitised trade has grown by an average of 5.5% per annum over the last 10 years. The principal riskinhibiting the Company's continued growth and ability to facilitate the movement of goods and passengers arisesfrom the potential shortage of operational capacity. In this regard the Com pany has put forward its plan to addressthe capacity shortfall an d awaits a decision on its foreshore application m ade to the Minister in March 2002 inrelation to its proposal to expand the Port at the North Eastern perimeter. The Com pany's propos al to expand thePort at the North Ea stern perimeter qualifies to be con sidered under the Strategic Infrastructure legislation and adetailed planning application and Environmental Impact Statement was submitted to an Bord Pleanala in August2008. At the time of writing of the Annual Report a date had not been set for an oral hearing. It is anticipated that

this will take place in May 2009.





As evidenced by the fall in trade in the latter half of 2008 and continuing into 2009 the Company is exposed,through the normal course of its operations, to the impact of an economic slowdown on port activities.

Financial Risk ManagementThe Company's operations expose it to a variety of financial risks that include foreign exchange risk, interest raterisk, credit risk and liquidity and cash flow risk. Policies to protect the Compa ny from financial risks are kept under

regular review. The Directors have not delegated the responsibility of monitoring financial risk man agem ent to asub-c om mittee of the Board. The Policies are set out by the Board of Directors and are implemented by theCompany's Finance Department.

Foreign Exchange Risk:

The C om pany transacts the majority of its business in Euro and therefore has limited exposure to foreign currencymov emen t. The Company also borrows directly in Euro.

Interest Rate Risk:In order to manage the Company's exposure to significant adverse interest rate movements, the Company has apolicy of maintaining a minim um of 60 per cent (2007: 60 per cent) of its debt at fixed interest rates. In order toachieve this objective, the Company has in place interest rate swap/cap agreements.

Credit Risk:The Company is exposed to credit risk in the course of trading and to manage this risk it carries out appropriatecredit checks on potential customers and trades only with recognised creditworthy third parties.

Liquidity and Cash Flow Risk:The Company maintains a mix of short and medium term debt finance to ensure sufficient funds are available forplann ed capital investment. At the end of 2008 the Company had in place un-drawn com mitted facilities of €9million. The Company's policy is to hold minimal levels of surplus cash and where surplus cash balances areava ilable these are invested on a short-term basis in low-risk cash deposits. The Com pany is in discussions withits lenders in relation to rescheduling and extending the existing facilities and is satisfied on the basis of thesediscussions that such facilities will be forthcoming.

Post Balance Sheet EventsThere have been no events between the Balance Sheet date and the date on which the financial statements wereapproved by the Board.

Future DevelopmentsThe Company has a budgeted Capital Investment Programme of €28m for 2009. The planned Capital InvestmentProgramme includes:

• Berth 50 Developm ent;

• New Tugs;

• Aggregate Berth;

Graving Dock Infill;

Results and DividendsThe Company's profit for the financial year amounted to €23.5m. The Directors' allocations and recommendationsin respect of this amount were as follows:

-—Caissons.

€ ' 0 0 0

Interim Dividend of €0.441 per share paidIncrease in Profit Retained

5,10818,391

Profit for the Financial Year 23,499

The Directors do not propose to declare a final dividend.10





Directors' and Secretary's InterestsThe Directors and Secretary and their families had no beneficial interest in the share capital of the Company at 31December 2008 and 2007.

There were no contracts or arrangements of any significance in relation to the Company's business or that of itsrelated Company in which the Directors and Secretary of the Company or their families had any interest, as defined

in the Companies Act, 1990.

Joint Venture

Details of our interest in a Joint Ven ture are set out in note 11 to the financial statements.

Prompt Payments Act

It is Company policy to pay suppliers in accordance with the terms of the European Communities {Late Paymentsin Commercial Transactions) Regulations, 2002 and the Prompt Payments of Accounts Act, 1997.To this end, the Company's payment-routines are designed to provide reasonable assurance against material non-com pliance with the term s of the Regu lations. The standard credit period is 30 days unless otherwise specified incontractual arrangements. Substantially all payments by number and value were made within the appropriate creditperiod as required. Con sequen tly, the Directors are satisfied that the Com pany has complied with the

requirements of the Act.

DirectorsThe names of the persons who were Directors at any time during the year ended 31 December 2008 are set outbelow. Unless otherwise indicated they served as Directors for the entire year.

J Burke

E Connellan

P Bourke

C Bryce

K Humphreys

T Hussey

B W Kerr

J Kiersey

P Magner

J Moore

C Rochfort

T Stafford

AuditorsThe auditors, PricewaterhouseCoopers, were re-appointed in accordance with section 160(2) of the Companies

~Act7l963" ;

On Behalf of the Board

B W Kerr

E Connellan

26 March 200911




Statement of Directors' Responsibilities

Financial Statements

The Directors are responsible for preparing the Annual Report and the financial statements in accordance withapplicable Irish law and Generally Accepted Accounting Practice in Ireland including the accounting standardsissued by the Accounting Standards Board and published by the Institute of Chartered Accountants in Ireland.

Irish company law requires the Directors to prepare financial statements for each financial year that give a true and

fair view of the state of affairs of the Com pany and of the profit or loss of the Company for that pe riod. In preparingthese financial statements, the Directors are required to:

• select suitable accou nting policies and then apply them consistently;

• make judgem ents and estimates that are reasonable and prudent;

• prepare the financial statemen ts on the going concern basis unless it is inappropriate to presum e that theCompany will continue in business.

The D irectors confirm tha t they have complied with the above-requirem ents in preparing the financial statemen ts.

The Directors are responsible for keeping proper books of account, which disclose with reasonable accuracy at anytime the financial position of the Company and enable them to ensure that the financial statements are prepared in

accordance with accounting standards generally accepted in Ireland and comply with the Harbours Act, 1996 andthe Com panies Acts, 1963 to 2006. The y are also responsible for safeguarding the assets of the Com pany andhence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Corporate GovernanceDublin Port Company is committed to maintaining the highest standards of corporate governance and has adoptedthe principles of corporate governance and the Code of Practice for the Governance of State Bodies issued by theDepartme nt of Finance in October 2001. The Com pany also com plies with its obligations under the Ethics in PublicOffice Act, 1995 and the Standards in Public Office A ct, 2001.

Th e majority of Directors are n on-executive and are appointed by the Minister. The Board meets formally on amon thly basis and has a formal schedule of matters specifically reserved to it for decision. The Board has accessto the advice and services of the Company Secretary and can take independent professional advice as and whendeemed necessary.

The Board established an Audit Com mittee in 1997 under formal terms of reference. The me mbers of theCommittee during the year were Ms. C. Bryce (Chairperson), Mr. B. W. Kerr and Mr. K. Humphreys.

Internal ControlsThe Board has overall responsibility for the Company's systems of internal control, which have been designed togive reasonable assurance that transactions are executed in accordance with management's authorisation, thatassets are safeguarded, that fraud is prevented and that proper financial records are maintained. To ensure theeffective application of the Com pany 's internal controls, the services of qualified personnel have been secu red andduties properly allocated am ong them .

The systems of internal control include the following:

• The process of identifying business risks and the evaluation of their financial implications is carried outthrough regular reviews of the Comp any's strategic plan. The latest strategic plan for the period 2007 to2011 was adopted by the Board in January 2007;

• An annual budget approved by the Board and mon thly consideration of actual results compa red withbudget forecasts;

• An Audit Com mittee wh ich has been established to review and discuss, with the internal and externalauditors, the Company's internal.accounting controls, Internal Audit function, choice of accounting policies,,internal and external audit plans, statutory auditors' report, financial reporting and other related matters;

12




Statem ent of Directors' Responsibilities - continued

• An Internal Audit function which reviews key business processes and controls;

• Formal codes of conduct for Directors and employees;

Procurem ent policies and procedures. The se ensure, firstly, that procurement ac tivities are carried out soas to provide value for money in terms of overall lifecycle costs and, secondly, that all relevant State

Guidelines and EU Directives applicable to Public Utilities are complied with.

The Board through the Audit Comm ittee is responsible for reviewing the effectiveness of the systems of internal

control.

On behalf of the board

B W Kerr

E Connellan

26 March 2009

13




Independent Auditors' Report to the members of Dublin Port Company

W e have audited the financial statemen ts on pages 16 to 40. Thes e financial statements have been preparedunder the acco unting policies set out in the statement of accounting policies on page s 16 to 18.

Respective Respon sibilities of Directors and Aud itorsThe Directors' responsibilities for preparing the Annual Report and the financial statements in accordance withapplicable Irish law and accounting standards issued by the Accounting Standards Board and published by theInstitute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland) are set out in the

Statement of Directors' Responsibilities on page 12.

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirementsand International Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared forand only for the Company's members as a body in accordance with section 193 of the Companies Act, 1990 andfor no other purpose. W e do not, in giving this opinion, accept or assume responsibility for any other pu rpose or toany other person to whom this report is shown or into whose hands it may come save where expressly agreed byour prior consent in writing.

We report to you our opinion as to whether the financial statements give a true and fair view, in accordance withGenerally Accepted Accounting Practice in Ireland, and are properly prepared in accordance with Irish statutecom prising the Com panies A cts, 1963 to 2006. We state whether we have obtained all the information andexplanations we consider necessary for the purposes of our audit and whether the financial statements are in

agreem ent w ith the books of account. We also report to you our opinion as to:• whether the Com pany has kept proper books of account;

whether the Directors' Report is consistent with the financial statements; and

• whether at the Balance Sheet date there existed a financial situation which may require the Com pany toconvene an extraordinary general meeting; such a financial situation may exist if the net assets of theCompany, as stated in the Balance Sheet, are not more than half of its called-up share capital.

We also report to you if, in our opinion, any information specified by law regarding Directors' remuneration andDirectors' transactions is not disclosed and, where practicable, include such information in our report.

We read the other information contained in the Annual Report and consider whether it is consistent with the auditedfinancial statements. This other information comprises only the Chief Executive's Review of Operations, theDirectors' Report and the Statement of Directors' Responsibilities for Corporate Governance and Internal Controls.

We consider the implications for our report if we become aware of any apparent misstatements or materialinconsistencies with the financial statements. Our respon sibilities do not extend to any other information.

Basis of Audit OpinionWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by theAuditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts an ddisclosures in the financial statemen ts. It also includes an assessm ent of the significant estimates and judg em entsmade by the Directors in the preparation of the financial statements, and of whether the accounting policies areappropriate to the Company's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information an d explanations w hich we co nsiderednecessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statementsare free from material m isstateme nt, whether caused by fraud or other irregularity or error. In forming our opinionwe also eva luate dlhe overalfadequacy of the presentation of information in the financial statements.

OpinionIn our opinion the financial statements:

• give a true and fair view, in accordance with Generally Acc epted Accounting Practice in Ireland, of thestate of the Co mp any's affairs as at 31 Dec ember 2008 a nd of its profit and cash flows for the year thenended;and

have been properly prepared in accordance with the Com panies Acts, 1963 to 2006. _

We have obtained all the information and explanations we cons ider necess ary for the purposes of our audit. In ouropinion proper books of account have been kept by the Com pany . The financial statements are in agreement withthe books of account.

14




Independent Auditors' Report to the members of Dublin Port Company - continued

In our opinion the information given in the Directors' Report on pages 8 to 11 is consistent with the financialstatements.

The net assets of the Company, as stated in the Balance Sheet on page 21, are more than half of the amount of itscalled-up share capital and, in our opinion, on that basis there did not exist at 31 December 2008 a financialsituation which under section 40(1) of the Companies (Amendment) Act, 1983 would require the convening of an

extraordinary general meeting of the C ompan y.

PricewaterhouseCoopersChartered Accountants and Registered AuditorsDublin

27 March 2009

15




Acco unting Policies - continued

Investment Properties

The Company's investment property is re-valued annually in accordance with SSAP 19 and the surplus or deficit onrevaluation is transferred to the investment revaluation reserve unless a deficit below origina l cost, or its reversal, isexpected to be permanent, in which case it is recognised in the Profit and Loss Account for the year.

Although the Companies Acts would normally require the systematic annual depreciation of fixed assets, the

Directors believe that the policy of not providing depreciation is necessary in order for the financial statements togive a true and fair view, since the current value of the investment property, and changes to its value, are of primeimportance rather than a calculation of systematic annual depreciation. Depreciation is only one of the manyfactors reflected in the annual valuation, and the amount, which might otherwise have been included, cannot beseparately identified or quantified.

Capital Grants and Contributions to Fixed Assets' CostCapital grants and contributions to fixed as sets' cos ts are treated as deferred cred its, which are am ortised to theProfit and Loss Account on the same basis as the related tangible fixed assets are depreciated.

Grants are recognised, by inclusion in the financial statements, when their ultimate cash realisation can beestablished with reasonable certainty.

Development LandDevelopment land comprises land which is not held for long-term business usage, but which is held fordevelopment or re-sale purposes and is carried at the lower of cost or market value.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Cost includes cost of purchase, and where appropriate, import duties and transportation costs.

Net realisable value is determined as cost less provision for damaged, deteriorated, obsolete and unusable items.

Leases

All operating lease rentals are charged to the Profit and Loss Account on a straight-line basis.

Foreign Currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at theBalance Sheet date and revenues, costs and non-monetary assets at the exchange rate ruling at the date of thetransaction.Profits and loss es arising from foreign currenc y trans lation and on settlement of amounts receivable and payable inforeign currency are dealt with in the Profit and Loss Account.

Monetary assets are money held and amounts to be received in money; all other assets are non-monetary assets.

Retirement Benefits

The Company has both defined benefit and defined contribution arrangements. Defined benefit pension fundassets-are-measured-at-fair-value—D efined-benefiLpension-fund liabilities are measured on an actuarial basis usingthe projected unit actuarial cost method. The e xcess of pension fund liabilities over pension fund assets ispresented on the Balance Sheet as a liability net of related deferred tax. The defined benefit pension charge toOperating Profit com prises the current service cost and past service costs. The exces s of the interest cost on thefund liabilities over the expected return on fund assets is presented in the Profit and Loss Account under "Netfinancing (exp ense)/incom e". Actuarial gains and losses arising from changes in actuarial assump tions and fromexperience surpluses and deficits are recognised in the Statement of Total Recognised Gains and Losses for theyear in which they occur. The contributions payable by the Company under the defined contribution schem es arecharged to the Profit and Loss Account in the period in which they become payable.DredgingThe cost of routine or ongoing dredging projects is charged to Profit and Loss Accou nt as incurred. Capitaldredging, w hich enhances Port access or infrastructure, is capitalised as part of the related fixed asset anddepreciated over its estimated useful life.

17




Acco unting Policies - continued

Deferred TaxDeferred tax is provided on all timing differences that have originated but not reversed at the B alance Sheet datewhere transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in thefuture have occurred at the Balance Sheet date.

Tim ing differences are temporary differences between profits as com puted for tax purposes and profits as stated inthe financial statements, which arise because certain items of income and expenditure in the financial statementsare dealt with in different years for taxation purposes.

Deferred tax is m easured at the tax rates that are expected to apply in the years in which the timing differences areexpected to reverse based on tax rates and laws that have been enacted or substantively enacted by the BalanceSheet date. Deferred tax is not discounted.

Interest Rate Risk ManagementInterest rate swaps/ca ps are used to hedge the Com pany's exposure to interest rate mo vem ents. The amountpayable or receivable on such hedging instruments is accrued in the same way as interest arising on borrowings.

DividendsDividends are recognised in the financial statements when they have been appropriately approved or authorised bythe shareholders and are no longer at the discretion of the Compan y. Interim dividends declared by the Directorsare recognised when paid.




Profit and Loss AccountFor the year ended 31 December 2008

Notes 2008 2007€'000 €'000

Turnover 2 70,597 70,450

Cost of sales (23,769) (23,992)

Gross Profit 46,828 46,458Administration and general expenditure (18,728) (17,919)

28,100 28,539

Exceptional Operating Items 4 (1,131) (6,875)

Operating Profit 26,969 21,664Income from Other Financial Assets 11 - 375

Exceptional Items 5 2,235 135,408

Profit on Ordinary Activities Before Interest and Taxation 29,204 157,447Net financing (expense)/income 6 (1,259) 45 4

Profit on Ordinary Activities Before Taxation 7 27,945 157,901Taxation 8 (4,446) (28,210)

Profit on Ordinary Activities A fter Taxation 23,499 129,691Dividends 9 (5,108) (4,200)

Profit for the Financial Year 22 18,391 125,491

Turnover and Operating Profit arose so lely from continuing activities.

On behalf of Board

B W Kerr

E Connellan

26 March 2009

19




Statement of Total Recognised Gains and LossesFor the year ended 31 December 2008

Notes 2008€ ' 0 0 0

2007€ ' 0 0 0

Profit for the financial year

Actuarial (loss)/gain recognised on defined benefit obligations

Deferred tax related to actuarial (loss)/gain on defined benefitobligations

Revaluation of Investment Property

31

19

1 0

18,391

(19,357)

2,420

(3,446)

125,491

25,223

(3,153)

Total Recognised Gains and Losses (1,992) 147,561

On behalf of the B oard

B W Kerr

E Connellan

26 March 2009

20




Balance SheetAs at 31 December 2008

Notes 2008€ 0 0 0

2007€'000

Fixed Assets

Tangible assets 10 266,102 250,501

InvestmentsJoint Venture 11 8,800 7,250

Current AssetsDevelopment landStocksDebtors and prepaymentsCash at bank and in hand

121314

1,24681 7

15,6392,345

20,047

1,246805

20,8001,880

24,731

Creditors - Amounts falling due within one year 15 (31,967) (30,144)

Net Current Liabilities (11,920) (5,413)

Total Assets less Current Liabilities 262,982 252,338

Creditors - Amounts falling due after one year 16 (18,000) (11,000)

Deferred Income 18 (14,499) (14,985)

Net Assets excluding D efined Benefit Pension Liability 230,483 226,353

Defined Benefit Pension Liability 31 (11,452) (5,330)

Net Assets including Defined Benefit Pension Liability 219,031 221,023

Capital and ReservesCalled up share capitalCapital Conversion Reserve FundProfit and Loss AccountInvestment Property Revaluation Reserve

20212223

14,464119

207,894(3,446)

14,464119

206,440

-Shareholders'-Funds- 24 219;031 221;023

On beh alf of the Board

B W Kerr

E Connellan

26 March 200921




Cash Flow StatementFor the year ended 31 December 2008

Notes 2008 2007€'000 € '000

Reconciliation of O perating Profit to Net Cash Inflow fromOperating Activities

Ope rating Profit 26,969 21,664Amortisation of capital grants 18 (625) (763)Depreciation charges 6,91 0 6,941Profit on disposal of tangible assets - (3)Increase in stocks (12) (3)Decrease/Oncrease) in debtors 2,48 9 (2,776)(Decrease)/lncrease in creditors (7,422) 5,998Cha nge in relation to pension provision (12,370) (46,055)

Net cash inflow/(outflow) from operating activities 15,939 (14,997)

Cash Flow Statement

Net cash inflow/(outflow) from operating activities 15,939 (14,997)Dividend s from Joint Ventures and Associates 11 - 37 5Returns on investments and servicing of finance 25 (994) 225Taxation 36 2 (29,880)Capital Expenditure and financial investment 25 (25,734) 94,848

(10,427) 50,571Equity Dividends paid (5,108) (4,200)

(15,535) 46,371Financing 25 16,000 (58,462)

lncrease/(Decrease) in cash 465 (12,091)

Reconciliation of Net Cash Flow to Movement in Net Debt

lncrease/(Decrease) in cash in the yearCash flow from (lncrease)/Decrease in debt

Change in net debt

Opening-net debt

Closing net debt

On behalf of the Board

B W Kerr

E Connellan

26 March 2009

26 465 (12,091)26 (16,000) 58,462

(15,535) 46,371

- 2 6 (18:120)- (647491)

26 (33,655) (18,120)

22




Notes to the Financial Statements

1. Asse ts and liabilities acquired on Vesting Day

Under the provisions of the Harbours Act, 1996, the Company took over the functions carried on by the formerDublin Port and Docks Board on 3 March 1997 ("Vesting Day").

The cost to the Company of the assets acquired on Vesting Day was determined by the then Minister for

Co mm unica tions, M arine and Natural Resource s. Liabilities (including pensions and capital grants) were takenover at their actual or determined am ounts. Pension liabilities (see note 31) include those in respect of pre-Ves ting D ay pension entitleme nts of the Com pany 's employees an d the current and deferred pensioners of itspredecessor entity, Dublin Port and Docks Board.

The assets and functions of the Pilotage Committee, established under the Pilotage Act 1913, were transferredby operation of law to Dublin Port Company in July 1997, under the Harbours Act, 1996 (CommencementKNo.3) Order 1997.

Th e co nsideration for the net assets transferred to the Com pany was satisfied by the creation and issue of6.023 million ordinary shares of IR£1 (€1.27) each fully paid. One ordinary share is held by the Minister forFinance and the remainder are held by the Minister for Transport at 31 December 2008.

2. Turnover 2008 2007€'000 €'000

By class of business

Port dues 57,662 58,708Rents 8,558 8,829East Link (see note 3) 1,960 1,719Licences 779 710Other 1,638 484_

70,597 70,450

3. East-Link

Under agreements dated the 16 March 1983 and 24 November 1983, the latter being in consideration for theloss of limited berthage and the disposal of certain lands, the Board acquired the right to participate in thefuture profits of the Toll Scheme for a period of 25 years from the date on wh ich the building costs were finallydisch arge d or until 31 December 201 5, whichever date first occurs. The appropriate date, therefore, is 31December 2015.

4. Exceptiona l Operating Items

-2008 2007-€'000 €'000

Red undan cy paym ents (1,131) (2,770)Past Service Cost (see note 31) (4,105)

(1,131) (6,875)

The above costs would have been classified in the Profit and Loss Account under the heading Cost of Sales ifthey had not been classified as Exceptional Operating Items by virtue of their size or incidence under FRS 3 -"Reporting Financial Performance".

23




Notes to the Financial Statem ents - continued

5. Exceptional Items

2008 2007

€'000 €'000

Net Profit on disposal of Fixed Assets 2,235 135,408

2,235 135,408

Net Profit on disposal of Fixed Assets in 2008 arose in respect of the disposal of a site to Dublin City Councilin respect of the W aste to Energy facility proposed for the Poo lbeg Peninsu la. A site of similar size wastransferred from DCC to the Comp any and the valuation of this site has been included in Fixed Assetadditions. Capital Gains Tax a rising on the disposal is separately disclose d in note 8.

In 2007 Net Profit on disposal of Fixed Assets arose in respect of the disposal of the former IGB site inJanuary 2007." Sales Proceeds^amounted to €138.4m.:The gain on disposal, net of costs associated with thedisposa l of the site, is presented above. Capital Gains Tax arising on the disposal is separately disclosed innote 8.

6. Net financing (expense)/income

2008 2007€'000 €'000

Bank overdraft and Loans- borrowings wholly repayable within five years (1,50 0) (974)- borrowings not wholly repayable within five years

Interest receivable 250 1,909

(1,250) 935

Pension fund deficit - financing cost (see note 31 ) (9)_ (481)

(1,259) 454

24




Notes to the Financial Statemen ts - continued

Profit on Ordinary A ctivities Before Taxation

2008€'000

2007€ 0 0 0

Profit on ordinary activities before taxation has been arrived at

after charging/(crediting):

Staff costs- wages and salaries- social welfare costs (PRSI)- other pension costs Defined Benefit Scheme (see note 31)- other pension costs Defined Contribution Scheme (see note 31)

11,55582 9

1,25025

12,154810

2,051

13,659 15,015

Auditors' remuneration 41 41

Depreciation 6,910 6,941

Redundancy payments (see note 4) 1,131 2,770

Amortisation of capital grants (see note 18) (625) (763)

8. Taxation

2008 2007€'000 € '000

Current tax charge:Based on Port activity profits for the year:Corporation Tax at an effective rate of 12.5% (2007:12.5%)

Based on non Port activity profits

Corporation Tax at an effective rate of 2 5 % ( 2 0 0 7 : 2 5 % ) ( 1 2 8 )

Capital Gains Tax (see below) ( 4 6 2 ) ( 2 6 , 1 5 2 )

Current tax charge for the year (590) (26,152)

Deferred Tax charge:

Timing differences on accelerated Capital Allowances (510) (421)Timing differences between pension contributions paid and ( 1 , 5 4 6 ) ( 5 , 6 9 6 )

pensions chargedDeferred Tax on unutilised tax losses c/fwd to future years - 1,857DeferredTax"on"pension"contributions_c/fwdtofutureyears ( 2 r 1 5 9 ) - 2 r 1 5 9

Deferred tax charge for the year

Over provision in prior year - Deferred Ta x

Total tax charge

(4,215) (2,101)

35 9 43

(3,856) (2,058)

(4,446) (28,210)

25





8. Taxation (continued)

Capital Gains Tax

During the year the Company had a Capital Gains Tax liability in respect of the disposal of a site to Dublin CityCou ncil. In 2007 the Comp any had a Capital Gains Tax liability in respect of the disposal of the former 1GB site(see note 5).

The current Corporation Tax charge for the year is lower than the current tax charge that would result fromapplying the standard rate of Irish Corporation Tax to profit on ordinary activities. The differences are explainedbelow:

2008 2007€ ' 0 0 0 € 0 0 0

Profit on ordinary activities before tax 27,945 157,901

Profit on ordinary activities mu ltiplied by the average rate of

Irish Corporation Tax for the year of 12.5% (2007:12.5%) (3,493) (19,738)

Effects of:

Disallowable expenses (432) (270)Net Profit on disposal of Fixed Assets liable to Capital Gains Tax 280 16,925Difference between depreciation and capital allowances 510 421Pension contributions in excess of pensions charge 1,264 5,69 6Carry forward/(Utilisation) of pension contributions c/fwd 2,159 (2,159)Carry forward/(Utilisation) of tax losses (140)Passive income liable to tax at 25% (416) (735)

Current tax charge for the year (128)

9. Dividend Paid

2008 2007€ 0 0 0 € ' 0 0 0

Ordinary dividend paid of €0.441 per share (2007: €0.363 per share) (5,108) (4,200)

26




Notes to the Financial Statements - continued

10. Tangible Assets

Land and Terminals Dock Floating Cranes Plant and Investment TotalBuildings Structures, Craft Machinery Property

Dry Docksand Quays

€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000

Cost or valuation •

At 1 January 2008 60,844 188,266 41,677 10,978 3,786 10,860 10,946 327,357

Additions during year 6,964 5,511 8,084 4,284 - 1,756 - 26,599Revaluation of Investment Propert v - - - - ' - (3,446) (3,446)

Disposals (642) - - (34) - - - (676)

At 31 December 2008 67,166 193,777 49,761 15,228 3,786 12,616 7,500 349,834

Accumulated DepreciationAt 1 January 2008 5,441 48,272 13,341 2,568 2,157 5,077 - 76,856Charge for year 1,156 3,575 859 264 232 824 - 6,910

Disposals - - - (34) - - (34)

At 31 December 2008 6,597 51,847 14,200 2,798 2,389 5,901 - 83,732

Net Book AmountsAt 1 January 2008 55,403 139,994 28,336 8,410 1,629 5,783 10,946 250,501

At 31 December 2008 60,569 141,930 35,561 12,430 1,397 6,715 7,500 266,102

The cost to the Company of assets acquired on Vesting Day, 3 March 1997, under the Harbours Act, 1996 was determined by the then Minister for Communications,Marine and Natural Resources in consideration for shares issued.

! |

On the historical cost basis the net book value of the Investment Property carried at valuation is €10.9m.

27

i





10. Tangible Assets (Continued)

The Company's investment property was independently valued by Savills as at 31 December 2008, at its openmarket value of €7.5m based on existing rental yield. The valuation represented the valuer's opinion of marketvalue at 31 December 2008 and complied with the requirements of the Valuation and Appraisal Standards (6

th

Edition) issued under the auspices of the Society of Chartered Surveyors. The valuer noted that values aresubject to changes on account of market adjustments and other factors, and that values in the future maytherefore be higher or lower than at the valuation date.

The main risks to the Company in respect of the value of the investment property is the recovery of the Irisheconomy, the freeing up of credit availability generally, and in particular for property development, and thelength of time and at what prices it takes to clear the current excesssupply in the Irish market. It may take some time for all of these to happen. In the meantime, values may fallfurther before recovery takes place.

In the context of the^good location of the property, the long-term nature of the asset involved; and the absenceof any commercial requirement to sell the property in the short term, the Company does not expect thediminution in value to be permanent.

In accordance with Statement of Standard Accounting Practice (SSAP) 19 - "Accounting for InvestmentProperties", no de preciation is provided in respect of the investment property. This d eparture from therequirements of the Companies Acts 1963 to 2006, for all properties to be depreciated, is, in the opinion of theDirectors, necessary for the financial statements to give a true and fair view in accordance with applicableaccounting standards, as the investment property is included in the financial statements at its open marketvalue.

The effect of depreciation is already reflected annually in the valuation of the property, and the amountattributed to this factor by the valuers cannot reasonably be separately identified or quantified. Had theprovisions of the Acts been followed, net assets wo uld not have been affected but revenue profits w ould havebeen reduced for this.

11. Investm ent in Joint Venture

During 2002, the Company established a Joint Venture Company, Renore Ltd., on a 50/50 basis with One51Ltd. Th e registered office of Renore Ltd. is located at Port Centre, Alexandra R oad, Dublin 1. This Joint Venturewas established in order to purchase the Greenore Port group of Companies, the nature of its business beingport operations. This purchase was com pleted in April 2002 at a cost to Dublin Port Com pany of €7.25m. Theclass of shares held by the Company are ordinary shares.

2008 2007€'000 €'000

7,250 7,2501,550 -

8,800- 7,250

During the year the C ompany advanced a loan of €1.55m to Renore Limited. This formed part of a deposit sumof €3.1 m provided by the shareholders as security for the mortgage for the purchase of additional lands byRenore L imited. This loan is non-interest bearing and there is no fixed date of repaym ent.

Renore's financial statements for 2008 are not yet available. Renore's financial statements for 2007 showed aturnover of €10.3m (2006: €10.9m) and retained profit for the financial year amounted to €867,238 (2006:€1,423,28 4). Trad e hand led through the Port in that year am ounted to 777,000 tonnes.

No dividend w as receive d during the year in respect of the Company's shareholding in Renore Ltd. A dividendof €375,000 w as received during 2007.

Shares at costLoan

28




Notes to the Financial Stateme nts - continued

12. Development Land

In July 1999 the Company entered into a joint business arrangement with Earlsfort East Point and Eastpoint(Development) Two Ltd., for a development comprising approximately 14 acres of land adjoining the East PointBusiness Park Development Phase I.

In addition to consideration for the land sold, the Company is entitled to share in the ultimate profits realised onthe sale of the deve loped p roperties by Eastpoint (Development) Tw o Ltd. These profits w ill be recognised inthe financial stateme nts when they are realised by Dublin Port Comp any. There were no profit distributionsreceived during the year 2008 or 2007.

13. Stocks

2008 2007€ ' 0 0 0 € ' 0 0 0

817 805

Stocks com prise consu ma ble items, spare parts and stores used in the maintenance of plant. There w as no

material difference betwe en the replacement cost of stocks and the book amou nt.

14. Debtors - Amounts falling due within one year

2008€'000

2007€'000

Trade Debtors 12,619 14,972

VAT 32 8 473

Tax Recoverable - 824

Deferred Tax Asset (see note 19) 32 2,342

Other 2,660 2,189

15,639 20,800

15. Creditors - Amounts fall ing due within one year

2008 2007€ ' 0 0 0 € ' 0 0 0

^W loa ns ~(s een dt^ 17) ; 18;000 - 9 ;000Trade creditors and accruals 12,921 20,046Deferred income (see note 18 ) 624 763Corporation Tax 128 -Income tax deducted under PAYE 208 235Pay related social insurance 86_ 100

31,967 30,144

Creditors for taxation and social welfare included above 422 335

29





16. Creditors - Amounts falling due after one year

2008€'000

2007€'000

Bank Loans (see note 17) 18,000 11,000

17. Bank Loans

2008€'000

2007€'000

Bank Loans 36,000 20,000

- 36,000 20,000

These loans are repayable in the following periods after the year end:

Within one year 18,000 9,000

Between one and two yearsBetween two and five years

9,0009,000

9,0002,000

18,000 11,000

36,000 20,000

The Company is in discussions with its lenders in relation to rescheduling and extending the existing facilitiesand is satisfied on the basis of these discussions that such facilities will be forthcoming.

18. Deferred Income

2008€'000

2007€'000

Capital grants and contributions to fixed assets

Opening BalanceAmortised to Profit and Loss Account during the year

15,748(625)

16,511(763)

Closing Balance 15,123 15,748

Creditors---amountsialling.due-within-one-year_feee_noteJ.5J 624 763

Deferred Income 14,499 14,985

15,123 15,748

30





19. Deferred Tax Ass ets and Liabilities

2008€ ' 0 0 0

Deferred Tax on accelerated Capital Allowances (2,116)Deferred Ta x on pe nsion contribution timing differenceDeferred Tax on unutilised tax losses forward 2,148

Net Deferred Tax Asset 32

2007€ ' 0 0 0

(1,674)2,1591,857

Net Deferred Tax Assets are included in Debtors and prepaym ents (see note 14).

Movem ent in Deferred Tax Assets and Liabilities

2008€ 0 0 0

Opening BalanceTransfer (to)/from Profit and Loss (see note 8)

In respect of accelerated Capital AllowancesOver provision in prior yearPension contributions c/fwd to future years

Closing Balance

2,342

(510)35 9

(2,159) (2,310)

Deferred Tax A sset on Pension fund liability (see note 31)

Opening BalanceTransfer to Profit and Loss (see note 8)

Transfer from/(to) the Statement of Total Recognised Gains and Losses

Closing Balance

2008 2007€'000 €'000

76 2 9,611(1,546) (5,696)

2,420 (3,153)

1,636 762

The abo ve Deferred Tax Asset is included in the Pe nsion Liability Balance on the Ba lance Sh eet.

31





20. Share Capital

No. 0000) €'000

Authorised - 96.5m ordinary shares of €1.25 each at31 December 2008 and 2007 96,500 120,625

Allotted and fully paid at 31 Decem ber 2008 and 2007 11,571 14,464

21. Capital Conversion Reserve Fund

The ordinary shares of the C ompany were renominalised from €1.269738 each to €1.25 each in 2001 and theamoun t by which the issued share capital of the Company was reduced was transferred to a fund know n as theCapital Conversion Reserve Fund.'

22. Profit and Loss Reserve

2008 2007€ ' 0 0 0 € ' 0 0 0

Opening Balance 206,440 58,879


Actuarial (loss)/gain recognised on pension funds (19,357) 25,223

Deferred Tax related to actuarial (loss)/gain 2,420 (3,153)

Closing Balance 207,894 206.440

23. Investment Property Revaluation Reserve

2008€ ' 0 0 0

Opening Balance

Revaluation of Investment Property (see note 10) 3,446

Closing Balance 3,446

32





24. Reconciliation of Movements in Shareholders' Funds

2008 2007

€'000 €'000


Dividend Paid (5,108) (4,200)

Actuarial (loss)/gain recognised on pension funds (19,357) 25,223

Deferred Tax related to actuarial (loss)Zgain 2,420 (3,153)

Revaluation of Investment Property (3,446) -

Net (decrease)Zincrease in Shareholders' Funds (1,992) 147,561

Opening Shareholders' Funds 221,023 73,462

Closing Shareholders' Funds 219,031 221,023

25. Gross Cash Flows

Return o n investments and servicing of finance

2008 2007€ ' 0 0 0 € ' 0 0 0

Interest received 250 1,909Interest and similar charges paid (1.244 ) (1,684)

Net cash (outflow)/inflow from return on investmen ts andservicing of finance (994) 225

Capital expenditure and financial investm ent

Paym ents to acquire tangible fixed assets (24,199) (41,966)Loan to Joint Venture (see note 11) (1,550)Receipts from sales of development land andtangible fixed assets 136,814

Net cash (outflow)/inflow from capital expenditure (25,734) 94,848

Financing

Receipts from medium term borrowings 16,000 20,000Repaym ent of amounts borrowed (78,462)

16,000 (58,462)

33





26. A nalysis of changes in net debt

1 January Cash Non Cash 31

2008 Flows Changes December2008

€'000 €'000 €'000 €'000

Net cash at bank and in hand 1,880 465 - 2,345

Debt due within one year (9,000) - (9,000) (18,000)

Debt due after one year (11,000) (16,000) 9,000 (18,000)

Total (18,120) (15,535) - (33,655)

27. Commitments

Future capital expenditure not provided for

Contracted for

Authorised by the Directors but not contracted for

2008€ ' 0 0 0

10,345

1,950

12,295

2007€ ' 0 0 0

23,367

4,500

27,867

Interest Rate SWAP Agreements

Interest Rate SWAP'S were held at year-end at a rate of 3.9875% covering 67% of the borrowings of the

Company.

28. Directors' Remuneration

Remuneration- fees for services as Directors- emoluments for other services- pension contributions

2008€ ' 0 0 0

17841 7

65

2007€ ' 0 0 0

164411

61

66 0 636

Included in the above is the remuneration package of~the~Chief~Executivemade-up-asfollows:-

Director's FeesSalaryOther Benefits including Pension Costs and Taxable Benefits

2008€ ' 0 0 0

14222

63

2007€ ' 0 0 0

1421 4

62

299 290

34





29. Employees

The average number of persons employed by the Company during the year was 166 (2007: 193).

30. Related Party Transactions

In common with many other entities, Dublin Port Company deals in the normal course of business withGovernment entities and other state owned companies on an arm's length basis.

No Board member, who would be regarded as a related party, or members of key management staff have

undertaken any material transactions with the Company during the year.

31. Pensions

The C ompany operates defined benefit pension schemes and a defined contribution pension scheme. On 1January 2005 the defined benefit schem es were closed to new em ployees.

Defined Contribution Scheme

Employees that joined the Company after 1 January 2005 are members of the defined contribution scheme.Contributions are paid by the me mbe rs and by the Company at fixed rates. During the year the C om panycontributed €25k to the defined contribution scheme and this amount was charged to the Profit and Lossaccou nt. Contributions to the scheme com me nced during 2008 and the balance payable in respect of arrears ofemployer contributions as at 31 December 2008 amounted to €130k.

Defined Benefit Schemes

a) The Company operates two defined benefit type pension schemes based on final pensionable pay foreligible employees, including employees and former employees of the Company's predecessor entity, DublinPort & Docks Board. Pens ions in payment were paid by the Com pany out of operating cash flows for theyears 2008 and 2007.

Under the provisions of the Harbours Act, 1996 the Company is responsible for funding the payment ofpension entitlements (including the entitlements relating to pre-Vesting Day service with Dublin Port & DocksBoard) of:

• all eligible current em ployees of the Com pany;• all eligible current and deferred pensioners of Dublin Port & Docks Board;• former eligible employees of the Company who since Vesting Day have or may become current or

deferred pensioners of the Company;» eligible spouse s and children of eligible emp loyees or former em ployees.

Separate trustee adm inistered funds have been established for this purpose. The most recent trusteeelections for one of the funds was held on 15 December 2005 and the appointment of the four successfulcandidates was ratified by the Board at its meeting on 26 January 2006. In addition to the four m embertrustees, the Company also appointed_a"further-four-trustees—T.he-Company is the trustee of the secondfund.

b) Actuarial Valuation

The funding position of the defined benefit schemes are assessed in accordance with the advice ofindependent actuaries and obtained at three yearly intervals. The m ost recent long-term actuarial valuationwas carried out at 1 January 2009 and is available for inspection by the fund members but not for publicinspection. Contributions to the funds have been determ ined by the actuary and the Com pany intends tomake regular contributions to the trustee administered funds in accordance with these recommendations.

35




No tes to the Financial Statem ents - continued

31 (b) Actuarial Valuation (continued):

The funds were required to meet the Minimum Funding Standard (MFS) in accordance with Section 44 of thePensions Act, 1990 and section 41(3) of the Harbours Act, 1996 by the "appropriate date" which was 30 April2008 . The M FS, in general terms, m easures whether the accum ulated assets cover liabilities accrued tomembers assuming the funds were wound up at the valuation date. The assumptions on which the MFS

liability is determined is prescribed in actuarial guidance. Confirmation that the funds met the MFS at 30 April2008 w as submitted to the Pensions Board in Decem ber 2008. The actuarial valuation carried out at 1Janu ary 20 09 confirmed that the funds continue d to meet the MFS at 1 January 200 9. Under the MFS at 1January 2009, assets were €187.9m and liabilities were €181.3m resulting in an aggregate surplus of €6.6m.

Having met the MFS, it is the Company's intention to continue to provide funding in accordance with theactuary's recommendation to ensure that the funds meet the actuarially assessed ongoing liability consistingof obligations to make pension and other benefit payments to current and potential future beneficiaries. Inparticular, this assesses the funding level assuming the funds continue to operate and that accrued liabilitiesfor act ive members mcrease in l in e^ thj utu j^s ala ry jnc re as es . The^yaluation at 1 January 2009 for fundingpurposes was'prepared using"the attained age method" The principal actuarial assumptions adopted in thevaluation were that the annual rate of return on investments before retirement would be 5.5% per annum, theannual rate of return on investments after retirement would be 4.0% per annum, salaries would increase by

3.75% per annum and pensions wo uld increase at 3.25% per annu m. Under this valuation method at 1January 2009, assets were €187.9m and accrued liabilities taking account of future salary increases were€247.1 m. This results in a funding deficit of €59.2m and a funding ratio (assets: liabilities) as at 1 January

2009 of 76%.

c) Financial Reporting Standard 17 (FRS 17) "Retirement Benefits"

The funds have been valued by independent actuaries for the purposes of FRS 17 based on data providedfor the actuarial valuations of the funds as at 1 January 2009.

As required by FRS 17 the valuation was ca rried out using the projected unit actuarial cost method. As thefund is closed to new entrants it has an a ge profile that is rising and therefore under the projected unitmethod the current service cost will increase as members of the scheme approach retirement.

Financial Assumptions:

The main financial assumptions used by the actuaries to calculate the liabilities under FRS 17 at the BalanceSheet date were:

31 December 2008 31 December 2007

Rate of interest applied to discount liabilitiesRate of increase of salaries

Rate of increase of pensions in paym entRate of increase of pensions in deferment

"Price'inflation

Expected rate of return on fund assets

5.70%3.75%3.25%3.25%

2.00%

5.14%

5.50%

4.00%3.50%

3J>0%

2.25%

5.52%

The discount rate used by the actuaries in the calculation of the pension liability at year-end is 5.70%. Thisis determ ined by reference to market yields at the Balance Sheet date on high quality corporate bonds. Thecurrency and term of the corporate bonds is consistent with the currency and estimated term of the post-emp loyme nt benefit obligations. Hav ing regard to the duration of the fund liabilities, a discount rate of 5.70%was adopted at 31 December 2008. _ . . . _ - .

36





31 (c) Financial Reporting Standard 17 (FRS 17) 'Retirement Benefits' (continued):

Demographic Assumptions:

The assumptions relating to the life expectancy at retirement for members is set out below:

2008 2007Male Years Female Years Male Years Fema le Years

Current m embers age 40 (life expectancyat age 65) 21.8 24.8 21.8 24.8

Current pensioners age 65 (life expectancyat age 65) 20.8 23.8 20.8 23.8

Sensitivity Analysis of Scheme Liabilities:

The sensitivity of the defined benefit obligation to changes in the mortality assumptions is set out below:

Change in mortality assumption Change in % ChangeBenefit Obligation (as % of original)

€ ' 0 0 0

Increase in life expectancy by 1 year 7,000 3%Decrease in life expectancy by 1 year (7,000) (3%)

Plan Assets:

The weighted average plan asset allocations at the Balance Sheet date were as follows:

Asset Class Proportion of Fund Proportion of Fundassets at 31 December assets at 31 December

2008 2007

Equities 18.30% 28.84%Bonds 76.30% 67.28%Property 4.60% 3.73%Other 0.80% 0.15%

100.00% 100.00%

To develop the expected long term rate of return on assets assumption, the Company considered the current

level of expected returns on risk~fil^irw^tments~ (primarily-gove rnmpremium associated with the other asset classes in which the portfolio is invested, and the expectations forfuture returns on each asset class. The exp ected return for each asset class was then weighted based onthe target asset allocation to develop the expected long-term rate of return on the asset assumption for theportfolio. This resulted in the selection of the 5.14% ass ump tion (2007: 5.52%).

37



»I »


Notes to the Financial Stateme nts - continued

31 (c) Financial Reporting Standard 17 (FRS 17) 'Retirement Benefits' (continued):

The fair value of the assets in the pension funds and the expected rate of return at the Balance Sheet date

were:

Equities

BondsProperty

Rate of ReturnExpected at 31

December 2008

8.50%4.25%7.00%2.00%

Fair value at31 December

2008€ ' 0 0 0

34,169143,351

8,634

Rate of ReturnExpected at 31

December 2007

7.75%4.50%6.75%2.50%

Fair value at31 December

2007€ ' 0 0 0

59,036137,718

7,637313

Currentservicecost- -(.1,250).

Total Fair value of Assets 187;912 204,704

The amounts recog nised in the Balance Sheet are as follows:

31 December 2008 31 December 2007

€'000 €'000

Total Market Value of Assets 187,912 204,704

Actuarial value of fund liabilities (201,000) (210,796)

Net deficit in the p ension funds (13,088) (6,092)

Related deferred tax asse t 1,636 762

Net Pension liability (11,452) (5,330)

Analysis of the amoun ts recognised in the Profit an d Loss Account:

2008 2007

€'000 €'000

Charged to Operating Profit

(2,051)

(4,105)

(1,250) (6,156)

Charged/(Credited) to financing expense

Expected return on pension fund assetsInterest on pe nsion fund liabilities

11,370(11,379)

10,035(10,516)

Net financing cost (9) (481)

Total Charge in the Profit and Loss Account (1,259) (6,637)




No tes to the Financial Statem ents - continued

31 (c) Financial R eporting Standard 17 (FRS 17) 'Retirement Benefits' (continued):

2008 2007€ ' 0 0 0 € ' 0 0 0

Actual return on fund assets (19,492) 4,543

Analysis of amount recognised in Statement of Total Recognised Gains and Losses (STRGL):

2008 2007€ ' 0 0 0 € ' 0 0 0

Actua l less expected return on fund assets (30,862) (5,492)Experience gains and losses arising on fund

liabilities (2,495) ^ (1,503)

Changes in assumptions underlying the presentvalue of the fund liabilities 14,000 32,218

Actuarial (loss)/gain recognised in the STRG L (19,357) 25,223

The cumulative actuarial loss recognised in the statement of total recognised gains and losses up to andincluding the financial year ended 31 D ecember 2008 is €87.9m (2007: €68.5m).

At 31 Decemb er At 31 December 20072008

€ ' 0 0 0 € ' 0 0 0

Changes in the present value of the definedbenefit o bligation are as follows:

Benefit obligation at beginning of year (210,796) (233,800)

Movement in year:

Current service cost (1,250) (2,051)Past service cost - (4,105)Mem bers contributions (600) (525)Benefits paid 11,520 9,486Interest cost (11,379) (10,516)

Actuarial-gain -1-1,505 _ 30,715

Benefit obligation at end of year (201,000) (210,796)

Th e above liabilities arise from schem es that are wholly funded.

39





31 (c) Financial Reporting Standard 17 (FRS 17) 'Retirement B enefits' (continued):

At 31 December At 31 December 2007

2008€ ' 0 0 0 € ' 0 0 0

Cha nge s in the fair value of fund assets are asfollows:

Fair value of fund assets at beginning of year 204,704 156,911

Movement in year:

Exp ected return on fund assets 11,370 10,035Actua rial loss (30,862) (5,492)Em ployer contributions 13,620 52,211Mem ber contributions 600 525

Benefits paid from fund (11,520) (9,486)

Fair value of fund assets at end of year 187,912 204,704

The expected employer contribution rate to the pension fund in 2009 is €6 million.

History of defined benefit obligations, assets and experience gains and losses for years end 31

December:

2008 2007 2006 2005 2004€'000 €'000 €'000 €'000 €'000

Present value of Defined BenefitObligation (201,000) (210,796) (233,800) (210,850) (193,010)

Fair value of fund assets 187,912 204,704 156,911 138,119 99,581

Net Deficit (13,088) (6,092) (76,889) (72,731) (93,429)

Experience gains and losses on fundassets:

Am ount (€m) (30,862) (5,492) (2,445) 19,713 (1,580)

Perce ntage of fund assets (16.4%) (2.7%) (1.6%) 14.3% (1.6%)

Experience gains and losses on fundliabilities:

Amount (€m) : (27495) (1:503) (t3; 09 T) (875) (-12;642)-Percentage of the present value of thefund liabilities: (1.2%) (0.7%) (5.6%) (0.4%) (6.5%)

32. Post Balance Sheet Events

There have been no events between the Balance Sheet date and the date on which the financial statement

were approved by the Board, which would require adjustment to the financial statements or any additional

disclosures.

33. Appro val of the Financial Statements




Port Statistics

The financial statements set out on pages 16 to 40 cover the year ended 31 December 2008 together with

comparative figures for 2007.

For comparison purposes, the unaudited statistics reproduced below cover trade for Dublin Port Company for the

calendar years 2006 - 2008.

2008 2007 2006

Ve ss els -T ot al Arrivals 7,621 7,872 7,427

Throughput ('000 tonnes)

16,351 17,137 16,0756,556 7,151 6,7784,077 4,075 4,0552-429 -2,5 03 2,285

164 70 73

29,577 30,936 29,266

RoRo units (c000) 704 73 3 693

LoLo TEU's 0000) 677 74 4 68 1

Passenger Numbers 0000) 1,260 1,321 1,185

RoRoLoLoBulk LiquidBulk SolidBreak Bulk