Shannonfoynespc

COMPANIES
AN O^G U^ CHLASU CUiOÂCH , W

B1 Submission Number: 6745719
B1 - Annual Return - 332414
Company details
Date return made up to 30 September 2009

If the return is made up to a date Yes
earlier than the existing ARD, do you
wish to retain the anniversary of the
existing ARD for next year?
Company details
Company number 332414
Company name Shannon Foynes Port Company
Registered Office Harbour Office, Foynes, Co.
Limerick, Ireland
Financial year from 1 January 2008

Financial year to 31 December 2008
Secretary details
Secretary
Type of entity Individual Resident within EEA
Individual details
Surname Lynch
Forename Frank
Address Elsinore, Clanmaurice Avenue,
Limerick, Ireland
Page 1 of 15
COMPANIES
Directors
Directors
Michael Adams ( 1 )
1 Director
Individual details
Surname Adams
Forename Michael
Country of nationality IRELAND
Date of birth 14 February 1941
Business occupation Company Director
Address Eastwood, Glin, Co. Limerick, Ireland
EEA resident
Other Directorships
1
Company name Adams Garage Limited
Registered in Ireland
Page 2 of 15
COMPANIES
John Carr ( 2 )
2 Director
Individual details
Surname Carr
Forename John
Date of birth 22 November 1957
Address 3 Riverslea, Ballyclough, Co.
Limerick, Ireland
EEA resident
Other Directorships
1
Company name Irish Express Cargo Limited
Edmund Jennings (3 )
3 Director
Individual details
Surname Jennings
Forename Edmund
Date of birth 2 January 1965
Address Old Parochial House, Tulla, Co. Clare
EEA resident
Other Directorships
1
Company name Clare Villas Management Company
Limited
2
Page 3 of 15
/ " / V S j&GgHjAjiO^ OFFKI

Company name Connect Resource Limited
3
Company number
Company name Cregg Labour Solutions Limited
4
Company name Cregg Outsourcing Limited
5
Company name Drummin Village Construction
Limited
Registered in
6 Ireland
Company number
Company name 428815
Drummin Village Management
Registered in Limited
7
Ireland
Company number
Company name
Registered in 387946
8 Partners in Logistics Limited
Company number Ireland
Company name 244355
Shannon & District Chamber of
Commerce
9
Company name Synergy Capital Limited
10
Company name Synergy Construction Limited
11
Company name The Synergy Aplha Fund Limited
Page 4 of 15
V^l an oîTu^'aiIKocOiBÂoTrA? ^
12
Company name Wbp Construction Limited
13
Company name Western Business Park (Shannon)
Management Company Ltd
Kay McGuiness ( 4 )
4 Director
Individual details
Surname McGuiness
Forename Kay
Date of birth 21 May 1947
Business occupation Director
Address Derrycastle, Ballina, Killaloe,
Co. Clare, Ireland
EEA resident
Other Directorships
1
Company name Killoran House Management
Company Limited
2
Company number
Company name Limerick Lodis Limited
Registered in
3
Company number
Company name Southern Advertising Limited
Registered in
Page 5 of 15
COMPANIES
AN O^G U^ CHLASU CUiOÂCH , W B1 Submission Number: 6745719
Rita Mclnerney (5 )
5 Director
Individual details
Surname Mclnerney
Forename Rita
Date of birth 5 August 1975
Address Mountrivers, Doonbeg, Co. Clare
EEA resident
Other Directorships
1
Company number
Company name Doonbeg Development Co. Ltd
David Naughton ( 6 )
6 Director
Individual details
Surname Naughton
Forename David
Date of birth 27 January 1952
Address Ballysteen, Askeaton, Co. Limerick
EEA resident
Other Directorships
1
Company number
Company name Biogreen
2
Company number
Company name GUM Group
Page 6 of 15
Richard Sadlier ( 7 )
7 Director
Individual details
Surname Sadlier
Forename Richard
Address 14 Milltown Manor,
Monaleen, Co. Limerick, Ireland
EEA resident
Pat Keane (8 )
8 Director
Individual details
Surname Keane
Forename Pat
Business occupation Builder
Address Circular Road, Kilkee, Co. Clare,
Ireland
EEA resident
Other Directorships
1
Company name Eiri Corca Baiscinn Limited
2
Company number
Company name Kilkee Development Association
3
Page 7 of 15

Company name Kilkee Housing Association
4
Company name Kilkee Waterworld
Kieran OvHanlon (9 )
9 Director
Individual details
Surname (XHanlon
Forename Kieran
Date of birth 4 June 1952
Business occupation Supervisor
Address Rhebogue, Dublin Road, Limerick,
Ireland
EEA resident
Other Directorships
1
Company name Limerick City Local Sports
Partnership Limited
2
Company name Shannon Estuary Ports Company
3
Company name Limerick Cargo Handling Ltd.
Page 8 of 15
COMPANIES
Gerard Reidy (10)

10 Director
Individual details
Surname Reidy
Forename Gerard
Date of birth 10 June 1952
Business occupation Crane Driver
Address Kilteery, Loghill, Co. Limerick,
Ireland
EEA resident
Joe Treacy (11)

11 Director
Individual details
Surname Treacy
Forename Joe
Date of birth 29 May 1966
Business occupation Dredger Engineer
Address Glengar, Doon, Co. Limerick, Ireland
EEA resident
Page 9 of 15
COMPANIES ^GS'SATlO* OFFICE
AN OIRG UM CHLASU GMACH ,TA:| - fW
List of past and present members

List of past and present members
Total number shares held 17749900
Fintan O'Brien ( 1 )
1 Shareholder
Surname / Company Name Fintan O'Brien
Forename (if person)
Address Department of Transport,
Transport House, Kildare Street,
Dublin 2
Folio number
Shareholding
1
Numbers held 1
Share Class Ordinary
John Lumsden ( 2)
2 Shareholder
Surname / Company Name John Lumsden
Address Department of Transport,
Transport House, Kildare Street,
Dublin 2
Folio number 5
Shareholding
1
Numbers held 1
Page 10 of 15
AN O^G UStf CHLASU CUiiSACH ?"A: W B1 Submission Number: 6745719
Minister for Comm, Marine and Natural Resources ( 3 )

3 Shareholder
Surname / Company Name Minister for Comm, Marine and
Natural Resources
Address Leeson Lane, Dublin 2, Ireland
Folio number 3
Shareholding
1
Numbers held 17749897.000000
Minister for Finance (4 )

4 Shareholder
Surname / Company Name Minister for Finance
Address Government Buildings,
Upper Merion Street, Dublin 2,
Ireland
Folio number 4
Shareholding
1
Numbers held 1
Page 11 of 15
Authorised Share Capital

Authorised Share Capital
t
1
Currency EUR
Total 39375000
Made up as follows:
-i
1
Currency EUR
Class Ordinary
Number of Shares 31500000
Nominal value per share 1.250000
Issued Share Capital
Issued Share Capital
1
Currency EUR
Total 22187375
Made up as follows:
Paid up on shares issued for cash 8129233.750000
Considered paid on other shares 14058141.250000
Total calls unpaid (E) 0.000000
Total not yet paid (F) 0.000000
Total standing to credit of Capital 0.000000
Conversion Reserve Fund
Shares issued
Consideration - all cash

Total Number of shares issued - (A) 6503387
Totals
1
Currency EUR
Total amount paid (C) 8129233.75
Made up as follows:
Page 12 of 15
/ " / V S COMPANIB RSGiSTRATlCSs CmCE
Currency EUR
Class Ordinary
Total nominal value 8129233.750000
Total premium paid 0.000000
Total amount paid 8129233.750000
Consideration - not all cash
Total Number of shares issued -(B) 11246513
Totals
Currency EUR
Total amount considered paid (D) 14058141.25
Made up as follows:
Currency EUR
Class Ordinary
Total nominal value 14058141.250000
Total premium paid 0.000000
Total amount paid 14058141.250000
Totals
Totals
Total number of shares issued (A) + 17749900
(B)
Totals
Currency EUR
Total paid and unpaid and considered 22187375
paid (C) + (D) + (E) + (F)
Page 13 of 15
Particulars of persons verifying the contents of the form
Type of Signature Signature as Agent

Type of entity Unknown
Electronic Filing Agent

Company name Grant Thornton
Individual details
Surname Glee son
Forename Damian
Particulars of the presenter
Reference
Reference Number
Presenter details
Name Grant Thornton
Address Mill House, Henry Street, Limerick,
Ireland
Care Of Name Damian Gleeson

E-mail address sheila.forde@grantthornton.ie
Telephone number 061 314622
Fax number
Attachments
Attachments
Balance sheet S128 Companies Act 1963 [CA 63]; S7 and S18
Companies (Amendment) Act 1986 [CAA 86]
Profit and Loss Account S7 and S18 CAA 86
Page 14 of 15
Notes to the Accounts Schedule of CAA 86
Directors Report S.128 CA 63; S.7 and S.18 CAA 86
Auditors Report S.128 CA 63; S.7 and S.18 CA 86
Overall Certification
Legal references
Collective Citation:
Companies Acts, 1963 to 2006
Legal Function Performed:
Annual Return to the registrar of companies
Section:
Act: Companies Act, 1963
Section: 125, 127, 128
Act: Companies (Ammendment) Act 1986
Section: 7
Act: Electoral Act 1997
Section: 26
Act: Companies (Ammendment)(No. 2) Act 1999
Section: 43 and 44
Act: Companies Act, 1990
Section: 249A
Page 15 of 15
SHANNON FOYNES PORT COMPANY
(A COMPANY LIMITED BY SHARES) AND ITS SUBSIDIARY UNDI
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2008
Certified to be a true copy of the Balance Sheet, Profit and Loss Account, Directors' Report
and Independent Auditors' Report laid before the Annual General Meeting.
Signed: Director
Secretary
(A company limited by shares)
and its subsidiary undertakings
Annual Report and Consolidated

Financial Statements
Year Ended 31 December 2008

(A COMPANY LIMITED BY SHARES) AND ITS SUBSIDIARY UNDERTAKINGS
Annual Report and Financial Statements 2008
Table of Contents Page
Directors' and Other Information 2
Directors' Report 3-5
Chairpersons' Statement 6-8
Corporate Governance Report 9-10
Business and Operating Review 11-13
Independent Auditors' Report 14-15
Accounting Policies 16-17
Consolidated Profit & Loss Account 18
Consolidated Statement of Total Recognised Gains & Losses 19
Consolidated Balance Sheet 20
Company Balance Sheet 21
Consolidated Cashflow Statement 22-23
Notes to the Financial Statements 24-36
1
Directors and Other Information
Board Solicitors
K. McGuinncss - Chairperson Harrison O'Dowd

M. Adams 98 Henry Street
J. Can limerick
E. Jennings
P. Keane Holmes O'Malley Sexton
R. Mclnerney Bishop sgate
D. Naughton Henry Street
K. O'Hanlon limerick
G. Reidy
D. Sadlier A&L Goodbody
J. Treacy IFSC
North Mall Quay
Secretary and Registered Office Dublin 1
F. Lynch
Harbour Officc Bankers
Foynes
Co limerick Allied Irish Bank Pic
Main Street
Registered Number. 332414 Foynes, Co. limerick
Bank of Ireland
Independent Auditors 125 O'Connell Street
limcrick
Grant ITiornton
Chartered Accountants & Registered Auditors Actuaries
Mill House Invesco limited
Henry Street 4 South Bank
limcrick Crosses Green
Cork
Management
P. Keating Interim Chief Executive

M. Morrissey Commercial Manager
F. Lynch Administration Manager
A. Coghlan Harbour Master
J. Carlton Engineering and Port Services Manager
E. Stanley Financial Accountant
2
DIRECTORS' REPORT
The Directors have pleasure in submitting their Annual Report to the Shareholders together with the Audited
Consolidated Financial Statements for the year ended 31 December 2008.
Directors' Responsibilities for Financial Statements

Irish Company Law requires the Directors to prepare Financial Statements for each financial year which give a
true and fair view of the state of affairs of the company and the group and of the profit or loss of the company
and the group for that period. In preparing those financial statements, the directors are required to:
• Select suitable accounting policies and then apply them consistently

• Make judgements and estimates that axe reasonable and prudent
• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the company and the group will continue in business
The directors are responsible for keeping proper books of account which disclose with reasonable accuracy at
any time the financial position of the company and the group and to enable them to ensure that the financial
statements are prepared in accordance with accounting standards generally accepted in Ireland and comply with
the Irish Companies Acts, 1963-2006, and the European Communities (Companies: Group Accounts)
Regulations, 1992. They are also responsible for safeguarding the assets of the company and the group and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Books of Account
The measures taken by the directors to secure compliance with the company's and the group's obligations to
keep proper books of account are the use of appropriate systems and procedures and the employment of
competent persons. The books of account are kept at Mill House, Foynes, Co Limerick.
Corporate Governance
The company is committed to the Code of Practice for the governance of state bodies. It has appointed
internal auditors as part of this process. A separate report on corporate governance is set out in pages 9-10.
Prompt Payment of Accounts Act, 1997

It is the policy of the company and the group to comply in all material respects with the terms of the Prompt
Payment of Accounts Act, 1997.
Principal Activities
The business purpose of the group is to facilitate the flow of goods and attendant tracking information
throughout the Shannon Estuary. With this purpose in mind, the group provides the infrastructure, facilities,
services and accommodation necessary to cater for the efficient transfer of goods between land and sea
transport. Revenue in connection with the provision of these facilities is generated from vessel and goods dues,
stevedoring, rent and the ancillary services provided.
Review of the Business

A detailed review of the group's operations is set out on pages 11 - 13.
3
DIRECTORS' REPORT (CONTINUED)
Future Developments
The strategy of the group is aimed at developing its activities in the Shannon Estuary and this will continue in
the coming years.
Post Balance Sheet Events

There have been no significant events affecting the Group since the year end.
Results and Dividends
The consolidated profit and loss account on page 18 shows the group's results for the year.
The directors do not recommend the payment of a dividend.
Capital Injection
This represented the difference between the net book value of assets taken over on Vesting Day (17 September
2000) and the issued share capital at that time.
The shareholder subscribed €3,809,214 for ordinary shares of €1.269738 each during the year ended 2001.
Shares were allotted in respect of this sum during the year ending 31 December 2002 as follows:
3,047,371 Ordinary Shares of €1.25 each
In addition 11,246,513 Ordinary Shares of €1,25 each were issued out of the capital injection as at 31 December
2001.
Directors
The names of the persons who were directors at any time during the year ended 31 December 2008 are set out
below. Unless indicated otherwise they served as directors for the entire year.
1C McGuinness — Appointed 25 September 2008

KL MacSweeney — Resigned 12 June 2008
S. Bugler - Resigned 12 June 2008
P. Keane
J. Dundon - Resigned 12 June 2008
J. Griffin - Resigned 12 June 2008
KL O'Hanlon
G. Reidy
J. Treacy
D. Sadlier - Appointed 25 September 2008
E. Jennings — Resigned 12 June 2008, appointed 25 September 2008
R Mclnerney — Resigned 12 June 2008, appointed 25 September 2008
D. Naughton
M. Adams - Appointed 25 September 2008
J. Carr — Appointed 25 September 2008
o 8 OCT 2m
RECEIVED 4
DIRECTORS' REPORT (CONTINUED)
Directors and Secretary's Interests

ITic directors and secretary have no bcncfidaJ interests, including family interests, in the share capital of the
company or its subsidiary companies at 31 December 2007 and 31 December 2008.
Research and Development
The group is committed to Research and Development to the benefit of the customer and the environment.
Subsidiaries
The information required by Section 158(4) of the Companies Act 1963 is provided in note 10 to the financial
statements.
Auditors
Grant Thornton were re-appointed as auditors during the year and will continue in office in accordance with
Section 160(2) of the Companies Act, 1963.
Approval of Financial Statements

'Ilie financial statements were approved by the directors on.. .v.?".. .P... .
On behalf of the Board
Director ^ V ^
Director
- -
Date:
5
CHAIRPERSONS' STATEMENT
I am pleased to present the annual report for Shannon Foynes Port Company.
Activities
Shannon Foynes Port Company maintained its position as Ireland's second largest port company in terms of
tonnage throughput. Cargo throughput of 10.8 million tonnes was down by 2.5% on the previous year;
however, this still represented an excellent performance despite the global economic difficulties which affected
performance in the latter part of the year. The operating profit before exceptional items, interest and other
financing costs was €2.095 million which was up by 8% on 2007. After the above costs, the Company had a
profit attributable to the Shareholder of approximately €0.939 million.
Noteworthy achievements in 2008 included:

• An increased operating margin from 15.4% in 2007 to 19.3%.
• Increase in market share of 4%.
• The finalising of a Strategic Plan for the period 2009 — 2013 and presenting same to the Departments
of Transport and Finance.
• Promotion of substantial new business propositions at Foynes and the Lower Shannon Estuary.
• Increased integration of staff at different locations on the estuary.
Corporate Governance
Shannon Foynes Port Company saw in 2008, a number of Directors retire, the appointment of new Directors
including a new Chairperson and the reappointment of two directors. 'Lhe changes to the Board of Directors
during the period under review were as follows:
• Ms. Kay McGuinness, appointed as Chairperson,
• Ms. Rita Mclnerney and Mr. Edmund Jennings reappointed as Directors
• Mr. Michael Adams, Mr. John Carr and Mr. Dick Sadlier were newly appointed to the Board.
These changes came into effect on the 25th September 2008.
Shannon Foynes Port Company is committed to the Code ofpractice for the governance of State bodies. A compliance
review was undertaken in early 2008 on the company's compliance with Code of practice for the governance of State
bodies where areas for improvement were identified. Significant steps have been taken during 2008 towards
ensuring that the Company is compliant with the Code and Shannon Foynes Port Company is committed to
being fully compliant within the immediate future.
The Board aims, through executive management, to operate a system of internal financial controls which
mitigate against key financial and business risks and is also in compliance with the corporate governance
guidelines. The system of controls was monitored on behalf of the Board by the Audit Committee, under the
chairmanship of Mr. David Naughton up to December 2008. The Board reviewed its committees in December
2009 and appointed Mr. Dick Sadlier as Chairperson of a newly appointed Audit Committee.
The Boards monitoring and review of the effectiveness of the system of internal financial control is informed
by the work of the management within Shannon Foynes Port Company who develop and maintain the financial
control framework, through its IS09000 quality assurance standard; the internal auditor, the Audit Committee
which oversees the work of Internal Audit and comments made by the External Auditor in their management
letter.
6
Shannon Foynes Port Company has outsourced its Internal Audit function. The work of internal audit is
informed by analysis of the risk to which the company is exposed, and the 2007/2008 annual internal audit plan
was based on this analysis and was agreed by the Board in 2007. The Internal Audit Service provider operates
in accordance with the Framework Codes of Best Practice set out in the Code of Practice on the Governance
of State Bodies and reports direcdy to the Audit Committee. The Internal Auditor reports to and presents its
work to the Audit Committee. The Internal Audit reports presented to the Audit Committee reflects the
Internal Auditor's opinion on the adequacy of the controls that have been reviewed. The 2008/2009 Internal
Audit Plan was approved by the Audit Committee of Shannon Foynes Port Company.
All systems are also subject to external audit. Based on these systems and procedures being in place, I confirm
that the Company conforms to the Corporate Governance Guidelines and to the Codes of Conduct issued by
the Department
Capital Investment
Capital additions during 2008 were €3.0 million. The most significant expenditure (€2.3 million) related to the
"Shannon 1" as a multipurpose vessel which now undertakes necessary dredging throughout the Estuary as well
as servicing navigation aids. Further funds of €0.437 million have been committed to the purchase of a new
hopper.
Remuneration
Shannon Foynes Port Company complies with the Government Guidelines on the payment of Directors' fees
and on the Government policy on the pay of the Interim Chief Executive and all State Body employees.
Statutory Compliance
To the best of my knowledge and belief all the statutory requirements of the Company have been complied
with.
Developments since year-end
The Social Welfare (Miscellaneous Provisions) Act 2008 was enacted on 17 December 2008. Section 24 of that
Act provides that the Pensions Board may allow a longer period for a funding proposal than three years. It is
envisaged that the Trues tee's of the relevant Shannon Foynes Port Company pension schemes will avail of this
amendment to the Pensions Act 1990.
7
The future
The Company intends to invest €1.9 million infixed assets in 2009.
I wish to thank my fellow Directors for their continuing work on behalf of the company throughout the year. I
welcome Mr. Michael Adams, Mr. John Carr and Mr. Dick Sadlier as new members of the Board and Mr.
Edmund Jennings and Ms. Rita Mclncrney who have been reappointed. I acknowledge with thanks the work
done by former members who are no longer Directors. On behalf of the Board I would also like to thank the
management and staff for their efforts and co-operation during 2008 in supporting the direction being provided
by the Board.
Kay McGuinness
Chairperson
Shannon Foynes Port Company
8
CORPORATE GOVERNANCE REPORT
Responsibility for System of Internal Financial Control
On behalf of the Board of Directors of Shannon Foynes Port Company, I acknowledge our responsibility for
ensuring that an effective system of internalfinancial control is maintained and operated.
The system can only provide reasonable and not absolute assurance that the assets are safeguarded, transactions
authorised and properly recorded, and that material errors or irregularities are either prevented or would be
detected in a timely period.
Key Control Procedures
During the year ended 31 December 2008, the Board of Directors has taken steps to ensure an appropriate
control environment is in place by.
• Clearly defining management responsibilities;
• Establishing formal procedures for monitoring the activities and safeguarding the assets of the organisation;
• Having a comprehensive budgeting system with an annual budget which is reviewed by the Audit
Committee and approved by the Board;
• Providing Training to new and existing members of the Board of Directors on their role and
responsibilities;
• The Audit Committee undertaking their role and responsibilities during the period under review;
• Performance of a review of Corporate Governance within the Company;
• Establishing processes to identify and evaluate key business risks by:
o Identifying the nature of the key business risks facing the organisation;
o Evaluating the impact and likelihood of the gross risks materialising;
o Identifying the controls in place to mitigate the gross risks;
o Re-evaluating the risks taking into account the controls in place to identify if the inherent risk is at an
acceptable / manageable level;
o Identifying a risk owner for each Business Risk identified;
o Identifying further strategies where required to manage the key risks;
o Regular review and update of Business Risks process
• Continued certification of the ISO 9000 Quality Assurance Standard;
• Shannon Foynes Port Company has outsourced its Internal Audit function. The work of internal audit is
informed by analysis of the risk to which the company is exposed, and annual internal audit plans are based
on this analysis. The Internal Audit programme for 2007/2008 was agreed by the Board. The Internal
Audit Service provider operates in accordance with the Framework Codes of Best Practice set out in the
Code of Practice on the Governance of State Bodies and reports directly to the Audit Committee. The
Internal Auditor reports to and presents its work to the Audit Committee. The Internal Audit reports
presented to the Audit Committee reflects the Internal Auditor's opinion on the adequacy of the controls
that have been reviewed.
9
CORPORATE GOVERNANCE REPORT
The Boards monitoring and review of the effectiveness of the system of internal financial control is informed
by the work of the management within Shannon Foynes Port Company who develop and maintain the financial
control framework, the internal auditor, the Audit Committee which oversees the work of Internal Audit and
comments made by the External Auditor in their management letter.
In the year ended 31 December 2008, management have conducted a review of the effectiveness of the system
of internal financial controls. In addition, Internal Audit conducted a follow-up of the issues that were
identified from their review of the Internal Financial Control in 2007.
Kay McGuinness
Chairperson
10
BUSINESS AND OPERATING REVIEW
2008 Operating Review
The year ended 31 December 2008 marked a most definite turning point, unfortunately, for the worst, in many
sectors of the Irish economy with our economic destiny determined by global events and exacerbated at home
by the property bubble. With no ending in sight to the credit crunch and its consequence of cutting the
lifeblood of available credit from the economy that ultimately has led to the greatest lack of confidence since
the 1930's it is no surprise that the malaise has spread to almost all sectors of the economy. The port sector in
turn, one of the key pillars for international trade, is at the coalface of the economy and its performance is
closely correlated with economic performance. It is therefore against this economic backdrop that our
performance is gauged and I am satisfied to report that in the circumstances SFPC recorded a very solid
performance during 2008.
Tonnage throughput for 2008 was 10.8m tons (2007:11.1m) or a year on year decline of 2.3%. Given the
prevailing economic conditions referred to above there were substantial fall off in trades in some sectors, such
as the construction, where we experienced a 100% decline in cement products followed closely by timber and
steel with up to 60% declines. These declines, however, were mitigated by the robust performance experienced
in the more defensive sectors such as energy and food production and together with our lack of exposure to
the white goods sectors the Company actually increased its overall market share in the bulk market by 4%.
Year on year turnover declined by 14% but this decline was less to do with the fall in throughputs but rather on
our decision during 2007 to exit non-contributing income streams. Operating profit increased to €2.1m or an
8% increase over 2007 reflecting the concentration by management on the maximisation of revenue streams,
optimising returns on real estate, active cost control and new operating policies implemented over the past few
years. This level of operating profit represents the highest ever achieved by the Company and I am grateful to
all of the employees of the company for the co-operation, teamwork and dedication they have displayed during
the year in achieving same. Furthermore our operating margin, a measurement of our efficiency, has increased
year on year by a whopping 25%, again reflecting the success of work practice changes implemented previously.
After three years of bottom line losses the company has returned to profitability recording a bottom line
surplus of €939k (2007: (€1,274k)) benefiting from rationalisation costs incurred previously and lower
exceptional costs. Finance costs have increased by 25% year on year but this reflects our commitment to
provide best in class infrastructure to facilitate existing customers and win new business. Obviously the current
round of rate cutting by the ECB is gready welcomed and will impact favourably on 2009 but will be diluted by
our policy of fixing rates for a significant portion of debt Finally and in common with all employers with
defined benefit pension schemes, pension performance has been horrendous due to the collapse of global stock
markets. On average, Irish pension funds have lost 34% of their value in 2008, our assets performed better than
average but assets values did fall by 21% or circa €2m during 2008. Our superior performance hinged on asset
allocation rather than investment manger performance. However the reduction of the pension deficits requires
address over the longer term and in this regard we intend utilising non-core assets to service these deficits
without recourse to the exchequer, however, and in the interest of shareholder value, we will require extension
to the normal funding term. In the meantime we are confident that we will continue to meet all short and long
term pension obligations as they fall due.
11
Capital Expenditure
The Company spent circa €3m on upgrading its asset base in 2008. Just over €2m of this was on the Shannon 1,
a custom built multipurpose vessel with dredge and towage capabilities. We took delivery of Shannon 1 in April
of this year and she has already contributed significandy to reducing our dredge costs but more importandy has
allowed us the ability of maintaining advertised depths and so far obviated the need for the imposition of draft
limitations. She also affords us revenue generating opportunities some of which we have already realised and
others that will be explored during 2009. A significant portion of the remaining 2008 capital expenditure was
incurred on extinguishing a leasehold interest in Limerick affording us much more control of that part of our
property and enhancing tide. With regard to 2009, and giving the long lead times for delivery of port
infrastructure, we aim to continue investing in infrastructure and have planned for expenditure of circa €2m in
primarily land based port infrastructure.
Liquidity & Debt
Some of the other commercial port companies have benefited substantially in the past from grant financing
however SFPC has not be so fortuitous and in this regard has had to revert to more expensive debt funding.
Currendy, SFPC has just over 17m debt on board and with gearing of 67% we believe this to be consistent with
our need to re-invest in the business and develop infrastructure enabling us to promote the Shannon Estuary as
Ireland's premier maritime asset. Obviously cash flow is paramount in these straitened times and our liquidity
position and cashflow generated from operations are much stronger than heretofore. Notwithstanding the
aforementioned there is a real need for us to continue to identify and implement initiatives conducive to
increasing cashflow with regard to ongoing operations and the funding of port investment
Years Ahead
ITie Board has recendy finalised ourfive year plan 2009-2013 and we look forward to implementing same in
the coming years. There are many challenging targets set and opportunities identified within the plan, including
infrastructural development, promotional initiatives and increased trade prospects. Furthermore this Company
is well positioned in terms of its experience, technical expertise,flexible and efficient service offerings to
develop its business and despite the current economic gloom we see a very successful future for the company
in the medium to long term.
Obviously the current economic crisis poses challenges but as already mentioned many of our customers are in
the energy, utilities or food sectors, universally seen as defensive sectors and not as prone to a fall off in
demand during a recession as the FMCG sectors. We arc currendy forecasting similar volumes to 2008 levels
however in the current climate accurately forecasting just one month ahead can prove a futile exercise.
Some of the larger private investment projects have moved a considerable way toward realisation during the
year with Shannon LNG receiving all statutory consents and the AFSC new oil terminal at Foynes well under
way with construction and commissioning due to complete next year. These are very exciting projects for us
and emphasize out strengths and capabilities in serving large scale customers in the bulk liquid market
12
Acknowledgments
I would like to sincerely thank all our employees for their hard work and dedication during the year with their
contribution being very much appreciated.
I wish to thank the Directors for their guidance and assistance to me and the management team during the
year. 1 also extend my gratitude and appreciation to the staff in the Marine Transport Section of the
Department of Transport for their assistance during the year.
Finally I would like to thank our customers for their support during the year and look forward to their
continued support ahead.
Pat Keating
Interim Chief Executive
13
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF SHANNON FOYNES PORT COMPANY
Wc have audited the financial statements of Shannon Foynes Port Co Limited for the year ended 31
December 2008, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of
Total Recognised Gains and Losses, the Company and the Consolidated Balance Sheet, the Consolidated Cash
Flow Statement and the notes on pages 16 to 36 which have been prepared under the accounting policies set
out on pages 16 and 17.
Respective responsibilities of Directors and Auditors

As described in the Statement of Directors' Responsibilities on page 3, the company's directors are responsible
for the preparation of the financial statements in accordance with applicable law and Generally Accepted
Accounting Practice in Ireland including the accounting standards issued by the Accounting Standards Board
and published by the Institute of Chartered Accountants in Ireland.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory
requirements and International Standards on Auditing (United Kingdom and Ireland).
This report is made solely to the company's shareholders, as a body, in accordance with Section 193 of the
Companies Act, 1990. Our audit work has been undertaken so that we might state to the company's
shareholders those matters we are required to state to them in an auditors' report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
company and the company's shareholders as a body, for our audit work, for this report, or for the opinions we
have formed.
We report to you our opinion as to whether the financial statements give a true and fair view, in accordance
with Generally Accepted Accounting Practice in Ireland, and are properly prepared in accordance with the
Companies Acts 1963 to 2006. We also report to you whether in our opinion proper books of account have
been kept by the company whether at the balance sheet date there exists a financial situation requiring the
convening of an extraordinary general meeting of the company and whether the information given in the
Directors' Report is consistent with the financial statements. In addition, wc state whether we have obtained all
the information and explanations necessary for the purposes of our audit and whether the company's balance
sheet and its profit and loss account are in agreement with the books of account
We report to the shareholders if, in our opinion, any information specified by law regarding directors'
remuneration and directors' transactions is not given and, where practicable, include such information in our
report We read the Directors' Report and consider the implications for our report if we become aware of any
apparent misstatement within it We have also read the Chairpersons' Statement, the Corporate Governance
Report and the Business and Operating Review and we are satisfied that they are consistent with the financial
statements. Our responsibilities do not extend to any other information.
Basis of Audit Opinion

We conducted our audit in accordance with International Standards on Auditing (United Kingdom and Ireland)
issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to
the amounts and disclosures in the financial statements. It also includes an assessment of the significant
estimates and judgements made by the directors in the preparation of the financial statements, and of whether
the accounting policies are appropriate to the company's circumstances, consistendy applied and adequately
disclosed.
We planned and performed our audit so as to obtain all the information and explanations which wc considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial
statements are free from material misstatement, whether caused by fraud or other irregularity or error. In
forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial
statements.
14
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF SHANNON FOYNES PORT COMPANY
(iCONTINUED)
Opinion
In our opinion the financial statements give a true and fair view, in accordance with Generally Accepted
Accounting Practice in Ireland, of the state of the Company and of the Group's affairs as at 31 December 2008
and of the profit and cashflows of the group for the year then ended and have been properly prepared in
accordance with the provisions of the Companies Acts 1963 — 2006 and the European Communities,
(Companies Group Accounts) Regulations 1992.
We have obtained all the information and explanations we consider necessary for the purposes of our audit In
our opinion, proper books of account have been kept by the company. The financial statements are in
agreement with the books of account. In our opinion the information given in the Directors' Report on pages 3
to 5 is consistent with thefinancial statements.
The net assets of the group as stated in the Balance Sheet, on page 20, 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 financial
situation which, under Section 40(1) of the Companies (Amendment) Act 1983, would require the convening of
an extraordinary general meeting of the company.
Chartered Accountants & Registered Auditors

Mill House
Henry Street
Limerick
Date: 2.7-
15
ACCOUNTING POLICIES
'l*hcfinancial statements have been prepared in accordance with accounting standards generally accepted in
Ireland and Irish Statute comprising the Companies Acts, 1963 to 2006 and the European Communities
(Companies: Group Accounts) Regulations, 1992. Accounting standards generally accepted in Ireland in
preparingfinancial statements giving a true and fair view are those published by the Institute of Chartered
Accountants in Ireland and issued by the Accounting Standards Board.
Thefinancial statements are presented in Euro.
a) Accounting Convention
Thefinancial statements have been prepared under the historical cost convention and in accordance
with applicable accounting standards.
b) Basis of Consolidation
The groupfinancial statements consolidate thefinancial statements of the company and its subsidiary
undertakings.
c) Goodwill
Goodwill represents the excess of the fair value of the acquisition cost over the fair value of the net
assets acquired and is being written off to the profit and loss account over 20 years.
d) Turnover
Turnover represents the value of goods and services at invoiced value, exclusive of value added tax and
trade discounts.
e) Tangible Fixed Assets

The cost of tangible fixed assets includes direcdy attributable costs, including appropriate
commissioning costs. Tangible fixed assets are stated at cost less accumulated depreciation.
Depreciation is provided at rates which are estimated to write off tangible fixed assets by the end of
their expected useful lives. It the Company*s policy not to revaluefixed assets.
Annual Rate
Straight Line Basis
Docks, Quays and Works 2-10%
Buildings 2-50%
Plant & Machinery 5-10%
Fixture & Fittings and Office Equipment 20-33.33%
Motor Vehicles 20%
River lights 10%
Leased Plant & Equipment 14-25%
Leasehold Improvements 10%
Land is not depreciated
16
ACCOUNTING POLICIES (CONTINUED)
Leases
Under transactions where the group is a lessee of assets, the accounting policy is dependent upon the
classification of underlying leases as either finance leases or operating leases. Underfinance leases the
related assets are treated asfixed assets and depreciated in accordance with the group's depreciation
policy. The totalfinance charge under finance leases is allocated to accounting periods over the lease
term so as to produce a constant periodic rate of charge on the remaining balance of the obligation for
each accounting period. Charges under operating leases are charged to the profit and loss account on a
straight line basis over the period of the respective leases.
Government and European Union Grants

Capital grants received are treated as deferred income and credited to the profit and loss account by
instalments on a basis consistent with the relevant depreciation policy. Revenue grants are credited to
the profit and loss account to offset the matching expenditure.
Research and Development
All expenditure on research and development is written off as incurred.
Dredging
l"he cost of routine or maintenance dredging projects is charged to the profit and loss account as
incurred. Other dredging expenditure is capitalised and written off over its economic life.
Deferred Taxation
Deferred taxation is provided on all timing differences that have originated but not reversed at the
balance sheet date where transactions or events that result in an obligation to pay more tax in the
future or a right to pay less tax in the future have occurred at the balance sheet date.
Timing differences are temporary differences between profits/(losses) as computed for tax purposes
and profits/(losses) as stated in thefinancial statements which arise because certain items of income
and expenditure in thefinancial statements are dealt with in different years for tax purposes.
Deferred tax is measured at the tax rates that are expected to apply in the years in which the timing
differences are expected to reverse based on tax rates and laws that have been enacted or substantively
enacted by the balance sheet date. Deferred taxation is not discounted.
Pensions
The parent company operates four defined benefit pension schemes. Due to deficits in all of the
schemes the parent company is currently paying pensions out of current revenue. No contributions
are being made to the three legacy Shannon Estuary Port Company Pension Schemes. Contributions
are being accrued to the legacy Foynes Port Company pension scheme.
The company provides for the deficits in the schemes in accordance with FRS 17.
17
CONSOLIDATED PROFIT & LOSS ACCOUNT

Year Ended 31 December 2008
Note 2008 2007

€ €
Turnover 1(a) 10,877,368 12,652,393
Operational Costs 1(b) (6,170,413) (8,217,517)
Gross Profit 4,706,955 4,434,876
Administration Expenses 1(b) (2,582,925) (2,459,852)

Amortisation of Goodwill 12 (29,204) (29,204)
Operating Profit 2,094,826 1,945,820
Exceptional Items 3 231,021 (2,259,888)

Interest Payable and Similar Charges 4 (817,312) (660,761)
Interest Receivable and Similar Income 1,148 1,351
Other Financing Cost 25(a) (575,000) (520,000)
Profit on Sale of Fixed Assets 3,999 219,239
Profit/(Loss) on Ordinary Activities before Taxation 5 938,682 (1,274,239)
Taxation on Profit/(Loss) on Ordinary Activities 6 - -
Profit/(Loss) Attributable to the Shareholder 21 938,682 (1,274,239)
All thefigures relate to continuing operations.
There were no recognised gains or losses other than those dealt with in the profit and loss account.
Note on Historical Cost Losses

There is no difference between the profit/(loss) on ordinary activities before taxation and the retained profit
for the year on an historical cost basis and the corresponding amounts stated above.
Approved by the Board of Directors on^. I^Jbf and signed on its behalf by;
Director
Director
The notes on pages 24 — 36 form part of these audited financial statements.

18
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

31 DECEMBER 2008
Note 2008 2007

€ €
Profit/(Loss) for the year 938,682 (1,274,239)
Actuarial return less expected return on
Pension scheme assets 25(a) (2,628,000) (1,189,000)
Experience (losses)/gains arising on the Pension Scheme's
liabilities 25(a) (238,000) 198,000
Changes in assumptions underlying the present value of the
schemes liabilities 25(a) 220,000 1,031,000

TOTAL RECOGNISED LOSSES (1,376,568) (1,234,239)
Deferred Tax related to Actuarial Loss 330,750
19
CONSOLIDATED BALANCE SHEET

31 DECEMBER 2008
Note 2008 2007

€ €
Fixed Assets
Tangible Assets 8(a) 51,066,123 50,065,283
Financial Assets 9 2,539 2,539
Intangible Assets 12 342,834 372,038
51,411,496 50,439,860
Current Assets
Debtors 13 2,683,586 4,340,085
Cash and Bank Balances 220,720 149,941
2,904,306 4,490,026
Creditors (Amounts falling due within one year) 14 (2,994,756) (6,003,154)
Net Current (Liabilities) (90,450) (1,513,128)
Total Assets 51,321,046 48,926,732
Creditors (amounts falling due after more than one year) 15 (15,808,126) (14,045,694)
Provision for Liabilities and Charges 25(a) (12,250,875) (9,949,625)
Deferred Income 18 (6,469,634) (6,762,434)
Net Assets 16,792,411 18,168,979
Capital and Reserves

Called Up Share Capital 19 22,187,359 22,187,359
Capital Injection 20 4,916,921 4,916,921
(Loss) Carried Forward 21 (10,311,869) (8,935,301)
Equity Shareholders Funds 22 16,792,411 18,168,979
Approved by the Board of Directors on .... and signed on its behalf by;
Director /VvY ^Cuyr^JÔ
Director

20
COMPANY BALANCE SHEET

31 DECEMBER 2008
Note 2008 2007

€ €
Fixed Assets
Tangible Assets 8(b) 51,027,981 50,004,912
Financial Assets 9 1,070,142 1,070,142
52,098,123 51,075,054
Current Assets
Debtors 13 2,560,427 4,099,430
Cash and Bank Balances 26,543 25,426
2,586,970 4,124,856
Creditors (Amounts falling due within one year) 14 (2,978,609) (5,938,744)
Net Current (Liabilities) (391,639) (1,813,888)
Total Assets 51,706,484 49,261,166
Creditors (amounts falling due after more than one year) 15 (15,808,126) (14,044,628)
Provision for Liabilities and Charges 25(a) (12,250,875) (9,949,625)
Deferred Income 18 (6,469,634) (6,762,434)
Net Assets 17,177,849 18,504,479
Capital and Reserves

Called Up Share Capital 19 22,187,359 22,187,359
Capital Injection 20 5,457,046 5,457,046
(Loss) Carried Forward (10,466,556) (9,139,926)
Equity Shareholders Funds 17,177,849 18,504,479
Approved by the Board of Directors on ... a i f i M . . and signed on its behalf by;
Director H^T^^^MK^
Director
The notes on pages 24 — 36 form part of these audited financial statements

21
CONSOLIDATED CASHFLOW STATEMENT

31 DECEMBER 2008
Note 2008 2007

€ €
Net Cash Inflow from Operating Activities A 1,842,305 664,447
Returns on Investments and Servicing of Finance B (800,606) (653,073)
Taxation - -
Capital Expenditure and Financial Investment C (1,757,496) (2,494,843)
Financing D 1,659,646 2,019,399
Increase/(Decrease) in Cash In Period 943,849 (464,070)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN

NET (DEBT) 2008 2007
f
£
Increase/(Decrease) in Cash in the period 943,849 (464,070)

Medium and Long Term Loans (1,796,530) (2,237,634)
Lease Finance received net of Capital Elements paid 136,883 218,235
(715,798) (2,483,469)
ANALYSIS OF CLOSING NET (DEBT) Opening Net Closing Net

AT 31 DECEMBER (debt) at (debt) at
31 December Cash 31 December
2007 Flow 2008
€ € €
Cash and bank balances 149,940 70,780 220,720

Overdrafts and loans (2,660,825) 873,068 (1,787,757)
Debt falling due within one year (2,510,885) 943,848 (1,567,037)

Debt falling due after one year (13,973,415) (1,796,529) (15,769,944)
Finance leases (206,833) 136,883 (69,950)
(16,691,133) (715,798) (17,406,931)

22
CONSOLIDATED CASHFLOW STATEMENT

31 DECEMBER 2008
Reconciliation of Operating Profit to Net Cash Inflow from

Operating Activities 2008 2007
€ €
Operating Profit 2,094,826 1,945,820
Depreciation Charges 1,970,564 1,846,297
Amortisation of Goodwill 29,204 29,204
Grant Amortisation (292,800) (292,800)
Decrease in Debtors 446,593 1,318,144
(Decrease) in Creditors (2,048,103) (1,290,955)
Exceptional Items 231,021 (2,259,888)
(589,000) (631,375)
(Decrease) in provision for Liabilities and Charges
1,842,305 664.447
Net Cash Inflow from Operating Activities
B Returns on Investment and Service of Finance

2008 2007
€ €
Interest Paid (801,754) (654,499)
Interest Received 1,148 1.426
(800,606) (653,073)
Capital Expenditure and Financial Investment

2008 2007
€ €
Payments to Acquire Tangible Fixed Assets (1,763,996) (2,847,988)
Sale of Tangible Fixed Assets 6,500 353,145
(1,757,496) (2,494,843)
D Financing
2008 2007
€ €
Medium and Long Term Loans 1,796,529 2,237,634
Lease Finance Paid Net of Capital Elements Paid (136,883) (218,235)
1,659,646 2,019,399
23
NOTES TO THE FINANCIAL STATEMENTS
Analysis of Turnover and Operational Administration Expenses 2008 2007

(a) Turnover € €
Ship and Cargo Dues 6,108,029 6,151,671
Stevedoring 1,426,832 1,797,446
Other Operating Income 3,342,507 4,703,276
10,877,368 12,652,393
(b) Operational and Administration Expenses 2008 2007

€ €
Operating and Maintenance (4,384,742) (6,492,265)
Dredging (162,157) (221,557)
Depreciation (1,916,314) (1,796,495)
Grant Amortisation 292,800 292,800
Total Operational Costs (6,170,413) (8,217,517)
Administration and Other (2,582,925) (2,459,852)
2 Employment Information 2008 2007

The Group Costs incurred in respect of Employees were: € €
Wages and Salaries 2,956,553 3,010,131
Social Welfare Costs 284,226 325,266
Pension Costs 506,950 483,012
3,747,729 3,818,409
The average number of staff employed by the company during the

financial year amounted to:
2008 2007
Number Number
Operational 37 39
Administration 11 11
48 50
24
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
Exceptional Items 2008 2007

€ €
Legal provisions and rationalisation (231,021) 2,259,888
The release of the exceptional items to the profit and loss account during
the year is as a result of over provisions in previous years.
Interest Payable and Similar Charges

2008 2007
On Bank Borrowings: € €
- interest payable on bank loans and overdrafts wholly repayable
after five years 786,917 619,684
- interest payable on other loans wholly repayable after five years 21,775 23,918
- onfinance lease agreements 8,620 17,159
817,312 660,761
Profit on Ordinary Activities Before Taxation

2008 2007
Profit on Ordinary Activities is stated after charging/(crediting): € €
Directors Remuneration for Management Services:
Salary 123,376
Pension 30,844
Directors Remuneration for Services as Directors 87,243 91,731
Auditors Remuneration 21,000 21,000
Depreciation 1,970,564 1,846,297
Amortisation of Intangible Fixed Assets 29,204 29,204
Amortisation of Capital Grants (292,800) (292,800)
25
Tax on Profit on Ordinary Activities

2008 2007
Current Tax: € €
Irish Corporation Tax on Profit/(Loss) for the year
Adjustments in rcspect of prior years
Current tax credit for the year
Deferred Tax:
Origination and Reversal of Timing Difference
'l*he current tax credit for the year is lower than the current credit that would result from applying the
standard rate of Irish Corporation Tax to Profit/(Loss) on Ordinary Activities. The differences are
explained below:
2008 2007
€ €
Profit/(lôss) on Ordinary Activities before Tax 938.682 (1,274,239)
Profit/(lx>ss) on Ordinary Activities multiplied by the average rate

of Irish Corporation Tax for the year of 125% (2007: 12.5%) 117.335 (159,280)
Effects of:
Disallowable Expenses by the rate of tax (85,647) (9,764)
Excess depreciation over capital allowances by the rate of tax 155,514 (34,653)
Interest income by rate of tax 144 169
Losses by the rate of tax (187,346) 203.528
Current Tax Credit for the year
Profit Attributable to Shannon Foynes Port Company
A profit of €988,621 (2007: loss of €995,485) attributable to the shareholders of Shannon Foynes Port
Company (a company limited by shares) has been dealt with in thefinancial statements of that
company.
A separate profit and loss account has not been prepared for the parent company because the
conditions laid down in Section 3(2) of the Companies (Amendment) Act 1986 have been complied
with.
26
SHANNON FOYNES PORT COMPANY (A COMPANY LIMITED BY SHARES) AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Fixtures,
8(a) Tangible Fixed Assets - Group Fittings and
Docks, Quays River Plant & Motor Office Land &
And Works Lights Machinery Vehicles Equipment Buildings Total
€ € € €
Cost
At 31 December 2007 34,451,448 1,186,929 9,961,723 231,374 462,662 14,293,162 60,587,298
Transfers 1,380 (1,380)
Additions 25.176 53,550 2,332,113 92,777 12,305 457,984 2,973,905
Disposals (13,644) (13,644)
At 31 December 2008 34,476,624 1,240,479 12,295,216 310,507 473,587 14,751,146 63,547,559
Depreciation
At 31 December 2007 4,246,966 939,264 3,868,855 86,807 336,620 1,043,503 10,522,015
Transfers 60,977 (60,977) 1,380 (1,380)
Charge for year 717,553 124,497 717,765 57,719 55,240 297,790 1,970,564
Disposals (11,143) (11,143)
At 31 December 2008 5,025,496 1,002,784 4,588,000 133,383 390,480 1,341,293 12,481,436
Net Book Value

At 31 December 2008 29,451,128 237,695 7,707,216 177,124 83,107 13,409,853 51,066,123
At 31 December 2007 30,204,482 247,665 6,092,868 144,567 126,042 13,249,659 50,065,283
Included in the NBV above are the following amounts in respect of motor vehicles and plant and machinery held under finance leases.
2008 2007
€ €
Net book value amount at 31 December
113,581 245,617
Depreciation charge for the year
132,035 131,642
27
SHANNON FOYNES PORT COMPANY (A COMPANY LIMITED BY SHARES) AND ITS SUBSIDIARY UNDERTAKINGS
NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Fixtures,
8(b) Tangible Fixed Assets Company Fittings and
Docks, Quays River Plant & Motor Office Land &
And Works Lights Machinery Vehicles Equipment Buildings Total
€ € € €
Cost
At 31 December 2007 34,451,448 1,186,929 9,455,912 231,374 405,722 14,279,168 60,010,553
Transfers 12,955 3,990 16,945
Additions 25,176 53,550 2,332,113 92,777 12,305 457,984 2,973,905
Disposals (13,644) (13,644)
At 31 December 2008 34,476,624 1,240,479 11,800,980 310,507 422,017 14,737,152 62,987,759
Depreciation
At 31 December 2007 4,246,966 939,264 3,411,449 86,807 289,492 1,031,663 10,005,641
Transfers 60,977 (60,977) 3,599 3,990 7,589
Charge for year 717,553 124,497 705,899 57,719 54,250 297,773 1,957,691
Disposals (11,143) (11,143)
At 31 December 2008 5,025,496 1,002,784 4,120,947 133,383 347,732 1,329,436 11,959,778
Net Book Value

At 31 December 2008 29,451,128 237,695 7,680,033 177,124 74,285 13,407,716 51,027,981
At 31 December 2007 30,204,482 247,665 6,044,463 144.567 116,230 13,247,505 50,004,912
The transfers in the note above are in respect of assets transferred from limerick Docks Container Storage, a subsidiary company that ceased to trade in 2007.
Included in the NBV above are amounts in respect of motor vehicles and plant and machinery held underfinance leases.
2008 2007
€ €
Net book value amount at 31 December 100,381 225,217
Depreciation charge for the year 124,835 124.442
28
9 Financial Fixed Assets Group Company Group Company

2008 2008 2007 2007
€ € € €
Investment in subsidiary undertakings at cost (note 10) - 343,852 - 343,852

Other investment at cost (note 11) 2,539 2,539 2,539 2,539
Long term loan due from subsidiary company (note 10) - 723,751 - 723,751
2,539 1,070,142 2,539 1,070,142
10 Subsidiary Undertakings
Details of the subsidiaries, which are incorporated and carry on their business in the Republic of Ireland, are as
follows:
Name of Nature of Group Number and Address of

Subsidiary Business Holding % Class of Shares held Registered Office
limerick Cargo Stevedoring 100% 3 Ordinary Shares Mill House, Foynes,

Handling limited of €1.269738 Co. Limerick.
11 Other Investments at Cost Group Company

2008 & 2007 2008 & 2007
Prize Bonds 2.539 2,539
29
12 Intangible Fixed Assets — Group Goodwill

€
Cost
At 31 December 2007 586,789
At 31 December 2008 586,789
Amortisation
At 31 December 2007 214,751
Charge for year 29,204
At 31 December 2008 243,955
Net Book Value

At 31 December 2008 342,834
At 31 December 2007 372,038
Debtors Group Company Group Company

2008 2008 2007 2007
€ € € €
Trade Debtors 1,966,874 1,586,257 2,271,241 1,827,602

Value Added Tax Receivable 25,110 14,362 151,256 118,682
Other Debtors and Prepayments 691,602 691,602 1,917,588 1,917,588
Amounts owed by Subsidiary Companies - 268,206 - 235,558
2,683,586 2,560,427 4,340,085 4,099,430
mount due from Subsidiary Companies is unsecured, interest free and has no fixed repayment schedule.
Creditors Group Company Group Company

2008 2008 2007 2007
€ € € €
Government Loans (Note 16) 46,498 46,498 46,498 46,498

Bank Loans (Note 16) 1,291,935 1,291,935 1,285,401 1,285,401
Bank Overdraft (Note 16) 449,324 449,324 1,328,926 1,324,510
Trade Creditors 114,013 113,380 233,445 228,517
Other Taxes and PRSI 154,345 148,427 148,753 135,284
Net Obligations under Finance Incases (Note 17) 31,768 30,702 134,554 122,575
Other Creditors and Accruals 906,873 898,343 2,825,577 2,795,959
2,994,756 2,978,609 6,003,154 5,938,744
30
Creditors (amounts falling due after more Group Company Group Company
than one year) 2008 2008 2007 2007
€ € € €
Bank Borrowings (Note 16) 15,655,378 15,655,378 13,834,546 13,834,546

Government Loans (Note 16) 114,566 114,566 138,869 138,869
Net Obligations under Finance Leases (Note 17) 38,182 38,182 72.279 71.213
15,808,126 15,808,126 14,045,694 14,044,628
Bank Borrowings, Overdrafts and Group Company Group Company

Government Loans 2008 2008 2007 2007
€ € € €
Analysis of bank borrowings, overdrafts and
Government loans payable:
- within one year 1,787,757 1,787,757 2,660,825 2,656,409
- between one and two years 1,338,432 1,338,432 1,331,899 1,331,899
- between two andfive years 4,336,485 4,336,485 3,948,580 3,948,580
- overfive years 10,095,027 10.095.027 8,692,936 8,692,936
17,557,701 17,557,701 16,634,240 16,629,824
Finance Leases Group Company Group Company

2008 2008 2007 2007
€ € € €
Net obligations underfinance leases are
Analysed as follows: payable within 1 year 31,768 30,702 134,554 122,575
- payable within one and two years 26,675 26,675 31,768 30,702
- payable between two andfive years 11,507 11,507 40,511 40,511
69,950 68,884 206,833 193,788
Deferred Income — Group and Company

€
Capital Grants
At 31 December 2007 6,762,434
Received during year
Amortised during the year (292,800)
At 31 December 2008 6,469,634
Total Deferred Income at 31 December 2008 6,469,634
Total Deferred Income at 31 December 2007 6,762,434
31
19 Share Capital-Company 2008 2007

Authorised € €
31,500,000 Ordinary Shares of €1.25 each 39,375,000 39,375,000
Allotted, Called Up and Fully Paid
17,749,900 Ordinary Shares of €1.25 each 22,187,359 22,187,359
20 Capital Injection Group Company Group Company

2008 2008 2007 2007
€ € € €
At 1 January 4,916,921 5,457,046 4,916,921 5,457,046

Share Capital Issued during the year
At 31 December 4,916,921 5,457,046 4,916,921 5,457,046
(a) 'I*he shareholder subscribed €3,809,214 in cash for Ordinary Shares of €1.269738 each during the year
ended 2001. Shares were allotted in respect of this sum during year ending 31 December 2002 as follows:
3,047,371 Ordinary Shares of €1.25 each
In addition 11,246,513 Ordinary Shares of €1.25 each were issued out of the capital injection as at 31
December 2001.
21 (Loss) Carried Forward Group

€
At 31 December 2007 (8,935,301)

Profit for the year 938,682
Other recognised (losses) (2,646,000)
Deferred Tax related to actuarial loss 330,750
At 31 December 2008 (10,311,869)
32
22 Reconciliation of Movements in Equity Shareholders' Funds Group

€
At 31 December 2007 18,168,979

Profit for the year 938,682
Other recognised (losses) (2,646,000)
Deferred Tax related to actuarial loss 330,750
At 31 December 2008 16,792,411
23 Financial Commitments Group Company Group Company

2008 2008 2007 2007
€ € € €
Financial Commitments
- commitments approved but not contracted for 1,849,000 1,849,000 1,480,000 1,480,000
- committed 145,000 145,000 720,000 720,000
1,994,000 1,994,000 2,200,000 2,200,000
24 Retirement Benefits
(a) The group operates four defined benefit schemes which are funded through separate trustee administered
funds. There were deficits totalling €14,001,000 on these schemes at 31 December 2008.
The total deficit has been fully provided for net of the related deferred tax asset in the financial statements
and is therefore reflected in the group net assets €16,792,411 and the group loss carried forward of
€10,311,869.
The most recent valuations were at 31 December 2008 and are available for inspection by the scheme
members but not for public inspection.
The intention of the group is that, over time, the schemes should be fully funded and that they should meet
the funding requirement set by Section 41 (3) of the Harbours Act, 1996 by the appropriate date as
determined by the Minister for Transport following consultation with the parent company.
33
Financial Reporting Standard 17 'Retirement Benefits' Disclosures
The company operates four defined benefit schemes. Fui] actuarial valuations were carried out at 31
December 2008 for Financial Reporting Standard 17 disclosure purposes by a qualified independent actuary.
The mainfinancial assumptions used in the valuations were:
2008 2007 2006

Rate of increase in salaries 4.0% 4.0% 4.0%
Rate of increase in pension payments 3.0% 3.0% 3.0%
Discount rate 5.6% 5.5% 5.0%
Inflation assumption 2.0% 2.25% 2.0%
The assets in the scheme and the expected rates of return were:
Long-Term Market Long-Term Market Long-Term Market

Rate of return Value Rate of return Value Rate of return Value
Expected at 31 December Expected at 31 December Expected at 31 December
31 December 2008 31 December 2007 31 December 2006
2008 €'000 2007 €'000 2006 €'000
Equities 6.9% 2,919 7.50% 5,106 7.25% 5,592
Fixed interest 3.9% 2,627 4.50% 2,434 4.25% 2,212
Property 5.9% 308 6.50% 458 6.25% 392
Cash 2.0% 1,651 3.50% 1,546 2.00% 1,850
Other - - - - 5.25% 111
7,505 9,544 10,157
Retirement Benefits Continued
Financial Reporting Standard 17 'Retirement Benefits* Disclosures Continued
The following amounts at 31 December 2008 were measured in accordance with the requirements of
Financial Reporting Standard 17:
2008 2007 2006

€'000 €'000 €'000
Total market value of assets 7,505 9,544 10,157

Present value of the (liabilities) of the schemes (21,506) (20,915) (21,701)
(Deficit) in the schemes (14,001) (11,371) (11,544)
Related deferred tax asset 1,750 1,421 1,443
Net Pension (Liability) (12,251) (9,950) (10,101)
34
The following amounts would have been recognised in the performance statements for the years ended 31
December 2008 and 31 December 2007 under the requirements of FRS 17.
2008 2007
€'000 €'000
Operating Profit
Current Service Cost 373 350
Otherfinance (cost)
Expected rate of return on pension schemes' assets 550 540
Interest on pension schemes'liabilities (1,125) (1,060)
(575) (520)
Statement of total recognised gains and losses:

Actual return less expected return on pension schemes' assets (2,628) (1,189)
Experience losses arising on the schemes' liabilities (238) 198
Changes in assumptions underlying the present value of the schemes'
liabilities 220 1,031
Actuarial gain /(loss) recognised in the statement of total recognised

gains and losses (2,646) 40
25 Retirement Benefits Continued
(b) Financial Reporting Standard 17 'Retirement Benefits* Disclosures Continued
2008 2007
€'000 €'000
Movement in (deficit) during the year:
(Deficit) in schemes at 31 December (11,371) (11,544)
Movement in yean
Current service cost (373) (350)
Contributions paid 964 1,003
Other finance cost (575) (520)
Actuarial (loss)/gain (2,646) 40
(Deficit) in schemcs at 31 December (14,001) (11,371)
35
2008 2007
Experience gains and losses for the year ended 31 December €000 €000
Difference between the expected and actual return on schemes' assets (2,628) 0,189)
Percentage of schemes' assets (35%) 12.5%
Experience(losses) /gains on schemes' liabilities (238) 198

Percentage of schemes' liabilities (1.1%) 0.9%
Total recognised in statement of total recognised gains and losses (2,646) 40

Percentage of the present value of the schemes' liabilities (12.3%) 0.2%
26 Ultimate controlling party
The ultimate controlling party of the company is the Minister for Transport.
27 Related Party Transactions
(i) The company in the normal course of its business trades with certain government and semi-
state bodies. The company also has loans of €161,063 from certain government and semi-state
bodies. Interest of €21,775 has been charged on these loans during the year.
(ii) A former director of the company, Mr John Dundon, is also a director of Mullock & Sons
Limited. Mullock & Sons Limited is a significant customer of Shannon Foynes Port Company.
At the balance sheet date an amount of €53,379 was due to the company from Mullock & Sons
Limited. Income of €1,068,462 was earned during the year for services provided to Mullock &
Sons Limited. Purchases from Mullock & Sons limited amounted to €23,803 during the year.
(iii) There are no other contracts or arrangements of significance in relation to the business of the
company in which any director had an interest in, as defined within the Companies Act 1990 at
any time during the year ended 31 December 2008.
The company has availed of the exemption in FRS No. 8 "Related Party Transactions" which permit a
qualifying subsidiary of any undertakings not to disclose details of transactions between group entities that
are eliminated on consolidation.
28 Contingent Liabilities
Group and Company
The parent company has given a guarantee in the sum of €19,046 (2007: €19,046) in respect of borrowings
of the subsidiary company.
29 Approval of Financial Statements
Thefinancial statements were approved by the Board of Directors on

36

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COMPANIES

AN O^G U^ CHLASU CUiO^ACH , W

B1 - Annual Return - 332414

Date return made up to 30 September 2009

Financial year from 1 January 2008

Company number 324319

Company number 352068

Gerard Reidy (10)

Joe Treacy (11)

List of past and present members

Minister for Comm, Marine and Natural Resources ( 3 )

Minister for Finance (4 )

Authorised Share Capital

Issued Share Capital

Issued Share Capital

Consideration - all cash

Particulars of persons verifying the contents of the form

Type of Signature Signature as Agent

Electronic Filing Agent

Particulars of the presenter

Care Of Name Damian Gleeson

Profit and Loss Account S7 and S18 CAA 86

Notes to the Accounts Schedule of CAA 86

Directors Report S.128 CA 63; S.7 and S.18 CAA 86

Auditors Report S.128 CA 63; S.7 and S.18 CA 86

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2008

Annual Report and Consolidated

Year Ended 31 December 2008

Annual Report and Financial Statements 2008

Table of Contents Page

Directors' and Other Information 2

Directors' Report 3-5

Chairpersons' Statement 6-8

Corporate Governance Report 9-10

Business and Operating Review 11-13

Independent Auditors' Report 14-15

Accounting Policies 16-17

Consolidated Profit & Loss Account 18

Consolidated Statement of Total Recognised Gains & Losses 19

Consolidated Balance Sheet 20

Company Balance Sheet 21

Consolidated Cashflow Statement 22-23

Notes to the Financial Statements 24-36

Directors and Other Information

K. McGuinncss - Chairperson Harrison O'Dowd

P. Keating Interim Chief Executive

Directors' Responsibilities for Financial Statements

• Select suitable accounting policies and then apply them consistently

Prompt Payment of Accounts Act, 1997

Review of the Business

DIRECTORS' REPORT (CONTINUED)

Post Balance Sheet Events

Results and Dividends

The directors do not recommend the payment of a dividend.

1C McGuinness — Appointed 25 September 2008

DIRECTORS' REPORT (CONTINUED)

Directors and Secretary's Interests

Research and Development

Approval of Financial Statements

On behalf of the Board

Noteworthy achievements in 2008 included:

Developments since year-end