Preliminary results - 12 months ended 31 December 2005
15. Dividends and appropriations
| 2005 £m |
2004 £m |
|
|---|---|---|
| Ordinary dividends declared and charged to equity in the year | ||
| Final 2003 - 15.15p per share, paid on 17 May 2004 | - | 342 |
| Interim 2004 - 9.36p per share, paid on 17 November 2004 | - | 211 |
| Final 2004 -16.00p per share, paid on 17 May 2005 | 364 | - |
| Interim 2005 - 9.83p per share, paid on 17 November 2005 | 234 | - |
| 598 | 553 | |
| Preference dividends declared and charged to equity in the year | 17 | 17 |
| Coupon payments on direct capital instrument-gross of tax | 42 | - |
| 657 | 570 |
Subsequent to 31 December 2005, the directors proposed a final dividend for 2005 of 17.44p per ordinary share, amounting to £418 million in total. Subject to approval by shareholders at the AGM, the dividend will be paid on 17 May 2006 and will be accounted for as an appropriation of retained earnings in the year ending 31 December 2006.
Interest on the direct capital instrument issued in November 2004 is treated as an appropriation of retained profits and, accordingly, it is accounted for when paid. Tax relief will be obtained at a rate of 30%.
Irish shareholders who are due to be paid a dividend denominated in euros will receive a payment at the exchange rate prevailing on 1 March 2006.
