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Our Mission We will develop Dublin Docklands into a world-class city quarter – a paragon of sustainable inner city regeneration – one in which the whole community enjoys the highest standards of access to education, employment, housing and social amenity and which delivers a major contribution to the social and economic prosperity of Dublin and the whole of Ireland.

CUSTOM HOUSE DOCKS/IFSC

George’s Dock Spencer Dock Point Village

DOCKLANDS NORTH LOTTS GRAND CANAL DOCK

Grand Canal SquareU2 TowerSean O’Casey Bridge

Contents

02 The Council

04 The Executive Board

05 The Executive

06 Chairman’s Statement

08 Chief Executive’s Review

09 Education

11 Community Development

12 Social and Affordable Housing

14 Planning

16 Development

21 Transport and Infrastructure

21 Public Amenity

22 Leisure and Tourism

24 Finance

27 Report of the Executive Boardand Financial Statements

57 Appendix A

58 Appendix B

To the Minister for the Environment, Heritage and Local Government

Pursuant to the Dublin DocklandsDevelopment Authority Act, 1997, theDublin Docklands Development Authorityherewith presents its report and financialstatements for the period

1 January 2006 to 31 December 2006.

Dublin Docklands Development Authority

52–55 Sir John Rogerson’s QuayDocklands, Dublin 2, Ireland.T +353 1 818 3300 F +353 1 818 3399www.dublindocklands.ie

2 Annual Report & Accounts 2006

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3Annual Report & Accounts 2006 Annual Report & Accounts 2006

01 Lar Bradshaw – ChairmanDublin Docklands Development Authority

02 Betty Ashe – St. Andrew’s Resource Centre

03 John Boylan – Bord Gais Éireann

04 Séan Carey – Dublin City Council

05 Enda Connellan – Dublin Port Company

06 Michael Conroy – Department of Community, Rural and Gaeltacht Affairs (retired in August 2006)

07 Frances Corr – Combined Ringsend/Irishtown Residents Association

08 Cllr. Emer Costello – Dublin City Council

09 Benny Counihan – Shared Services, ESB (retired in October 2006)

10 Willie Dwyer – East Wall Community Council

11 Mary Finan – Dublin Chamber of Commerce

12 Niall Grogan – CIE Group Property

13 Sandra Guilfoyle – Construction Industry Federation

14 John Henry – Dublin Transportation Office

15 Arthur Hickey – Royal Institute of Architects of Ireland

16 Cllr. Kevin Humphreys – Dublin City Council

17 Cllr. Garry Keegan – Dublin City Council (retired in October 2006)

18 Séanie Lambe – Inner City Renewal Group

19 Pat Magner – Government Task Force on Grand and Royal Canals

20 Sheena McCambley – Royal Town Planning Institute

21 Charlie Murphy – Irish Nautical Trust

22 Geraldine O’Driscoll – North Wall Women’s Centre

23 Cllr. Aodhan O’Riordan – Dublin City Council

24 Cllr. Tom Stafford – Dublin City Council

25 Liam Whelan – Department of the Environment,Heritage and Local Government

26 Dolores Wilson – St. Andrew’s Resource Centre

27 Colm Treanor – Department of Community, Rural and Gaeltacht Affairs

Malcolm Alexander and Cllr. Chris Andrews were appointed to the Council in December 2006

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01 Lar Bradshaw – Chairman


02 Mary Moylan – Department of the Environment,

Heritage and Local Government

03 Declan McCourt – OHM Group

04 Angela Cavendish – Alexsam Corporate Finance Ltd

05 Dónall Curtin – Byrne, Curtin, Kelly

06 Niamh O’Sullivan – Arup Consulting Engineers

07 Sean FitzPatrick – Anglo Irish Bank

08 Joan O’Connor – Interactive Project Managers Ltd

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5Annual Report & Accounts 2006

01 Paul Maloney – Chief Executive

02 Gerry Kelly – Director of Social Regeneration

03 David Higgins – Director of Finance

04 John Mc Laughlin – Director of Architecture

05 Loretta Lambkin – Director of Marketing

06 Neil Mulcahy – Secretary / Director of Property

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Chairman’s Statement

Inthepagesthatfollow,PaulMaloney,CEOoftheDocklandsAuthority,willsetoutthemajordevelopmentsandachievementsthatreflectthechangingfaceofDocklandsoverthelastyear.AstheBoardandCounciloftheDocklandsAuthorityapproachtheendoftheirfiveyearterm,Iwouldliketotakethisopportunitytoreflectonthatlongertimeframe,andtolooktothefutureofthisremarkableproject.

Itisgenerallythecasethatinaprojectofthisnature,thephysicalmanifestationofeffortincreasesovertime.SoitisthatthephysicalrealityofthenewDocklandsisthereforalltosee,andwhatwasamasterplanin1997isnowwellonitswaytocompletion.TheIFSCisnowcomplete;theinfluxofcompaniestoDocklandscontinues;andthenewlegalquarterhasemerged–bothnorthandsouthoftheriver.Moreover,residentsaremovingintoDocklandsatanacceleratingrate;agrowingnumberofretailandleisureoutletshaveopenedorareintheprocessofdoingso–alwaysthehallmarkofathrivinganddevelopingcommunity–andagrowingnumberofeagerlyanticipatedeventspunctuatetheDocklandsyear.

Themomentumbehindtheconstructionprogrammeisunstoppable,andaseriesofexcitingdevelopmentsisbeingrealised,whichisexemplifiedbythestunningMarthaSchwartzdesignedGrandCanalSquare–probablyourworstkeptsecretbutsurelydestinedtobearealjewelinthecrownoftheDocklandsandaworld-classamenitytobeenjoyedbyresidentsandvisitorsalike.

But,intandemwiththesephysicalchanges,thereisalessvisible,butevenmoreimportanttransformationtakingplace–thesocialregenerationoftheDocklands.Sinceitsinception,theDocklandsAuthorityhaspursuedanexciting,ambitious(andsometimescontroversial)setofactivitiesintheeducational,housingandcommunitydevelopmentspheres.

Workinghand-in-handwithprincipals,teachers,parentsandstudents,wehavedevelopedawide-rangingsetofprogrammesthatistacklingtheeducationalchallengeonanumberoffronts,fromEmotionalIntelligencePersonalDevelopmentforprincipals,teachersandstudents,andextra-curricularactivitiesforchildrenrightthroughtoadultlearninginitiatives.

Webelievethatthisimplementationof‘SaolScoil’(learningforlife)isanachievementthatisuniquetoDublinDocklands,andisnowviewedbyDocklandersasthemostimportantkeytounlockingthefullsocialandeconomicbenefitsforthecommunityandcreatingthe‘socialcapital’thatisthekeytosustainableregeneration.

Likewiseweareatlastgettingrealtractiononoursocialandaffordablehousingagenda.Attimeofwriting,hundredsofsocialandaffordableunitshavebeenapproved,designedandbuilt,with116socialunitsrecentlyallocatedinHanoverandGalleryQuayandalmost100affordableunitstobeoccupiedduringthesummermonths.

ThecommunitiesinDocklandshavealwaysbeenstrong,withaproudhistoryofenterprise,entrepreneurshipandtriumphoveradversity.Overthelifeoftheprojecttodate,thesecommunitieshavesteppeduptothechallengesandopportunitiespresentedbytheproject.ThereisnobetterexamplethantheirearlyadoptionofthegovernmentActiveCitizenshipinitiativeasthevehiclethroughwhichthelong-termsustainabilityoftheareawillbeensured,alongwiththeestablishmentoftheDocklandsCommunityTrustandtheDocklandsHousingTrust.

Lookingahead,thereisahugelyexcitingagendatoembraceoverthenextfewyears,withasteadystreamofprojectscomingtofruition,manyofthemtrulyiconic.Wecanlookforwardtothecompleteopeningofchq,thearrivalofnewneighbourssuchasPWCandAngloIrishBank,thecompletionoftheU2Tower,thePointVillage,theNationalConferenceCentre,SpencerDock,theGrandCanalTheatre,therelocationoftheAbbeytoGeorge’sDock,thebuildingoftwonewschools,theconstructionofatleastthreenewbridgesandtheimplementationofourambitiousartsprogramme.Andnotforgetting,ofcourse,theacquisitionoftheIrishGlassBottlesitebyajointventureincludingtheDocklandsAuthority,whicheffectivelycopper-fastensthetimelydevelopmentofawholenewquarteroftheDocklands.Finally,wehavemanyexcitinginitiativestopursueintheareaofcommunityregeneration–HealthyDocklands,FamilyLiving,RiverRegeneration,andintegratedhousingmanagementtonamebutafewbutsomuchremainstobedone!


The progress made with the roll-out of the Docklands project wouldnot have been possible without the support of so many committedpeople who have contributed significantly to moving the project forward

I would like to recognise the work of the Council over the last fiveyears. In all its years, the Council has never resorted to the use of itsvoting process, preferring to continue talking and debating tough issuesuntil solutions emerge. I want specifically to acknowledge the role of thelocal community leaders, who rose to the challenge of leadership withpassion and courage. They never shirked their responsibility to engagein debate on difficult decisions and they gave their advice with integrityand realism.

I would like to thank the members of the Board for their selflessness,wisdom and collegiality, and I know I speak for all my Board colleagueswhen I say that we “stood on the shoulders” of the wonderful executiveand staff of the Docklands Authority, ably led by Paul Maloney.

Finally, I would like to thank An Taoiseach, Mr Bertie Ahern, TD,Mr Dick Roche, TD, Minister for the Environment, Heritage and LocalGovernment and his officials for their tremendous support during theyear. We have benefited greatly from their vision, support, enthusiasm,willingness to engage with us, generosity with their time, and theirencouragement to us to take risks in pursuit of our goals.

On a personal note, it has been a wonderful privilege to have beeninvolved in this unique project. I wish all concerned every success onthe remainder of the journey.

Lar Bradshaw — CHAIRMAN

SEAN O’CASEY BRIDGE


2006 was a year of real and tangible progressfor the Docklands project. The physicaltransformation of the area continued asthousands of square metres of new officesand homes came on-stream and landmarkfuture developments including the Point Villageand the U2 Tower were granted planningapprovals, paving the way for progress.

Not only is the Docklands looking different than it was a year agobut it is also feeling like a very different place. Hundreds of new officeworkers are bringing a new vitality to daily life in the Docklands,alongside the many new residents moving into homes north and southof the river. Furthermore, the establishment of the Young Persons’Forum during the year demonstrates a genuine enthusiasm by youngDocklanders to play their part in the rejuvenation of the area.

The challenge for the years ahead is to build on the solid successesto date and continue to meet the ambitious targets set across physical,social and cultural dimensions to deliver the Docklands project.

U2 TOWER FUN RUN


The Docklands Authority continue to work closelywith local schools and communities to establishcustomised, sustainable social regenerationprogrammes in the area. This was evident in thenumber and range of programmes run during2006, from primary school level right throughto adult education.Drama classes are now run in all 15 primary schools in the Docklandsand the highlight of the 2006 Docklands Schools Drama Programmewas the staging by over 350 young Docklands primary students of theBroadway musical ‘Honk!’, based on the well known Hans ChristianAndersen story, ‘The Ugly Duckling’. Performed at The Helix in DCU,the 75-minute show was professionally produced, directed,choreographed and costumed and thoroughly enjoyed by anaudience of over 2,400 people.

Following the success of ‘Honk!’, the Docklands Authority receiveda prestigious Allianz Business2Arts Award (Best Collaboration in theCommunity category). It is the third time in a row that a Docklandsproject has won the award, setting a new record since the awardswere first introduced 15 years ago.

Budding musical talent was also on display at The Docklands YoungPersons’ Talent Showcase in the National Concert Hall (NCH), where16 Docklands children performed to a packed house. Aaron Smith fromErne Street won the six-to-eleven-years old category while Jessica Cervifrom East Wall triumphed in the eleven-to-sixteen years old category.

The NCH also played host to the annual Music in Docklands

Programme, which was co-ordinated by the Docklands Authority

and the Education & Community Outreach Department of the NCH.

The programme culminated in a recital by the children of St Mary’s,

St Joseph’s and O’Connell CBS primary and secondary schools and

Westland Row CBS secondary school.

Also on the music front, more than 50 schoolchildren between

the age of 8 and 16 took part in the three-day Docklands Academy

of Dance, Drama and Singing hosted by Terenure College.

For the second year running, six Docklands secondary schools took

part in the ‘Sound School’ Radio Programme run by Dublin station Anna

Livia FM. Principals and teachers took part in workshops while students

recorded the shows for broadcast.

The Docklands Schools Photographic Initiative is a very popular

annual programme where students are given single-use cameras and

a brief to capture life in Docklands. Nearly 1,200 students from third

to sixth class participated in this year’s project, which will culminate

in an exhibition of the photos at participating schools.

A pilot Sports Conditioning Programme, which was run in City

Quay and St Joseph’s National Schools in East Wall, produced some

very positive results. The pilot ran for eight weeks and the results were

measured and analysed by physiotherapist Dr Noel McCaffrey and his

team from Dublin City University’s Centre for Sports Science & Health.

A clear improvement in motor skills was recorded in those who took

part in the pilot programme.

YOUNG PERSONS’ TALENT SHOWCASE DOCKLANDS PRIMARY STUDENTS PERFORMING BROADWAY MUSICAL “HONK!”


The Emotional Intelligence Programme is now in its third year withseven Docklands schools now taking part, up from five in 2005. Thisgroundbreaking initiative aims to apply innovative techniques to theway principals and teachers manage and run their schools.

As part of the Young Persons’ Self Development Course, 13young Docklanders who had their Leaving Certificate and wereseeking employment attended a CV and Interview Skills courserun by Carr Communications. Topics on the course coveredbusiness writing, interview skills, customer service and work ethics.

Encouraging parents to value and get involved in education wasthe aim of the Parents in Education course, which was open to bothmothers and fathers in the Docklands area. The FETAC-accreditedcourse ran for two hours per week for 20 weeks and was attendedby 33 students.

Two groups of students on the Docklands Schools Attendance/Attitude/Behaviour Programme travelled to Liverpool to take part in aneducation and personal development programme at the computer skillstraining academy, Re-educ@te in Liverpool Football Club. The aim ofthe programme is to increase student attendance, improve behaviourand create a more positive attitude towards education amongschoolchildren.

The Docklands Schools Third Level Scholarship Programme maintainedits successful track record, with a total of 32 students awarded full-time scholarships to attend third-level education in 2006. This bringsto 160 the number of scholarships awarded since the programme’sinception eight years ago. A related initiative, the Part-Time ThirdLevel Scholarship Programme, was run for the first time in 2006 bythe Docklands Authority and the Dublin Inner City Trust. This allowsparticipants to work full time while participating in a part-time certifiedcourse. A total of 14 students were awarded part-time scholarships.

Docklands Photographic Initiative

Emotional Intelligence Programme

Return-to-Education Course

School Attendance/Attitude/Behaviour Programme

Schools Drama Programme

Sound School Radio Programme

Sports Conditioning Programme

Third Level Scholarship Programme

Young Persons’ Self Development Course

PARENTS IN EDUCATION

DISCOVERING UNIVERSITY


Cultivating a strong sense of communitythroughout the area is at the heart of theDocklands project. Having the appropriatefacilities in place is a key component of socialregeneration, specifically ensuring that allmembers of the community have equal accessto services and facilities.In February, environmental consultant Colin Buchanan & Associateswas commissioned by the Docklands Authority to update its Socialand Civic Infrastructure Audit of 2004.

Also in 2006, the Sean O’Casey Community Centre in East Wallapplied for planning permission from Dublin City Council for a newbuilding. Designed by O’Donnell Twomey architects, this will house amulti-purpose hall, gym, the Sean O’Casey Theatre, an internet café,a senior citizen facility and a crèche with capacity for 30 children anda further 25 pre-schoolers.

The Government over the past two years has allocated fundingthrough the Department of Education and Science for the building oftwo new schools in Sheriff Street: a new primary school at Seville Placefor which the Docklands Authority is providing ¤6 million or 80% ofthe cost and a new Special School, also in Seville Place, for which theAuthority has donated project management fees. Both projects havebegun and the Docklands Authority is project managing the buildingof both schools.

The compulsory purchase of the Jones Oil site in the North Lotts hasbeen completed and a feasibility study on its future use is under way.The site will be developed with a view to accommodating facilities suchas parks and recreations space to encourage families to live in the area.

Under its Community Development Project Initiative (CDPI), theDocklands Authority invites applications for grants-in-aid from localcommunity groups and non-commercial associations that representcommunity interests in the Docklands area. This year, 31 projects wereapproved, including refurbishment of playgrounds, equipment for seniorcitizens, upgrading of a crèche and assistance to local sports clubs.

Giving citizens a voice in their own affairs so that they can takeownership of community-related issues or Active Citizenship was themain theme of the fourth annual Social Regeneration Conference inKillarney. Since the Conference, an Active Citizenship Programme hasbeen initiated and run in partnership with the Docklands-based NationalCollege of Ireland. The programme covers aspects such as housing,policing, youth development and parenting. As part of this,20 recipients of social and affordable housing at Hanover Quay andGallery Quay participated in a four-week Pre-tenancy Training course,which was run by BIH Ireland in conjunction with the DocklandsAuthority and covered such topics as local community resources; moneyand budgeting advice; and childcare facilities and children’s activities.

A Young Persons’ Forum was also established during the year to giveyoung Docklanders a say in the development of their neighbourhood.

The Docklands Childcare Forum was established and workcommenced on a research project to identify the future childcareneeds of the area.

SEAN O’CASEY COMMUNITY CENTRE

SOCIAL REGENERATION CONFERENCE


GAA stars past and present were on coaching duty during the Festivalof Gaelic Football and Hurling held in Parnell Park at the end of August.Nicky English, Dessie Dolan and Eoin Kelly – helped by a number ofcurrent Dublin players including David Henry and Declan Lally – taughtfootball and hurling skills to the Docklands children attending thispopular annual camp.

Similarly, Ireland manager Steve Staunton and former footballersDenis Irwin, Alan Kelly and Don Givens joined Niall Quinn to teachsoccer skills to Docklands children during the fourth annual DocklandsFestival of Football. This event, which aims to help young Docklandersimprove their soccer skills, has catered for nearly 300 eight-to-thirteen-years old since it was first held in 2003. Gardai from the local StoreStreet Station also helped out with the coaching this year.

Some 80 children took part in the annual Splash Week project underthe watchful eye of a team from St Andrew’s Resource Centre and aGarda team from Pearse Street. The project started back in 1998 topromote sport and water safety among children in the Docklands areaand for the children to get to know community workers and the Gardafrom the area.

In 2005, a Garda team from Store Street teamed up with St Mary’sYouth Club in East Wall to start Splash Week on the North side, with30 children joining in the fun.

Community Development Project Initiatives

Splash Week (water-sport skills development)

Sports Academies: GAA and soccer

Docklands Childcare Programme

Active Citizenship Programme

Young Persons’ Forum

Community Enterprise Course

2006 was a significant year for the Docklands in the delivery ofsocial housing. Some 116 social apartments were completed,allocated and occupied in the Grand Canal Dock area at GalleryQuay and Hanover Quay as a result of the Docklands Authority’ssuccessful partnership with Dublin City Council, which managedthese allocations. A third of these new homes were three-bedroomunits and 18 were three-bed duplexes.

The completion of Longboat Quay and Forbes Quay in 2006 willdeliver 85 units for affordable housing. The affordable scheme dwellingswill be occupied during 2007.

Within the Section 25 Planning Scheme areas (Custom House Docks,Grand Canal Dock and North Lotts), a total of 781 social and affordableunits have been certified since 1997. Of these, 211 are now completedwith a further 423 currently being built. Construction on the remaining147 has yet to commence.

Play areas have been provided in the residential developments ofGallery Quay, Longboat Quay and Hanover Quay (Grand Canal Dock)and Teeling Way (East Wall).

GALLERY QUAY PLAY AREA


The Master Plan Monitoring Report 2006 assesses the progressmade towards the objectives set out in the Master Plan 2003.The report highlighted the following:

• A total of 555 residential units were completed within the Planning Scheme areas in 2006. A further 325 residentialunits were certified or permitted in 2006, a high percentageof which were two-bedroom apartments (see table).

• In addition, a further 137 units, which had been given planningpermission by Dublin City Council, were completed. These arelocated at Harmony Court (junction of Harmony Row and ErneTerrace) and Hyde Court on Townsend Street.

• Nearly 36,000m2 of office development was completed in Docklandsin 2006. Between September 2005 and September 2006 morethan 52,000m2 of commercial/office development was approved– 46,000m2 received a Section 25 certificate and 6,000m2 wasgiven planning permission by Dublin City Council.

• To date, more than 487,000m2 of commercial space has beenapproved for development in Docklands since 1997 (294,000m2

by Section 25; 193,000m2 by Dublin City Council).

Permission Type 1 Bed 2 Bed 3 Bed + Total

Section 25 33 (24%) 86 (63%) 17 (13%) 136

Planning Permissions 33 (18%) 114 (60%) 42 (22%) 189

Total 66 (20%) 200 (62%) 59 (18%) 325

In 2006, 51 applications under Section 25 of the Dublin DocklandsDevelopment Authority Act 1997 were received and 50 exempteddevelopment certificates were issued under Section 25 procedures.

Planning Scheme Applications Certificates(Made in Year) (Issued in Year)

Custom House Dock 6 6

Grand Canal Dock 20 20

Docklands North Lotts 25 24

Total 51 50

Year is September 2005 – September 2006

Significant amendments to the planning schemes for the Grand CanalDock and the North Lotts areas received approval from the Ministerfor the Environment, Heritage and Local Government during the year,clearing the way for the increase in the height of the two towers(U2 Tower and the WatchTower) to 100 metres, expansion of the PointTheatre and development of the Point Village as a major retail centre.

The Docklands Authority had made the amendments to its planningschemes in the Grand Canal Dock and North Lotts areas to take intoaccount the changed development environment in these areas.

SIR JOHN ROGERSON’S QUAY FORBE’S QUAY


Nearly 36,000m² of office development was completed in Docklandsin 2006 and the number of people working and living in Docklandsincreased by several thousand with a number of major tenants movingin during the year.

McCann Fitzgerald was one of several law firms to locate in thesouth Docklands area in 2006. In October, it moved from its buildingin the IFSC to a large office building on Sir John Rogerson’s Quay,where 475 staff are employed.

Also joining the growing legal cluster in south Docklands in 2006was Beauchamps Solicitors, with 125 people moving to offices on SirJohn Rogerson’s Quay during April and, in the same month, MasonHayes Curran opened its new 60,000 sq ft building at Barrow Street,where over 200 people are employed. In September, Dillon Eustace,which has a staff of over 200, also moved to the south quays.

Google, which has its European headquarters at Barrow Street,continued to expand during 2006. Having announced 600 new jobsat the start of the year, in November it unveiled plans to furtherincrease staff numbers, from 900 to 1,400 over the next 18 months.The internet firm is planning to lease an additional 100,000 sq ft ofDocklands office space to facilitate this expansion.

In March, the Docklands Authority, with 35 staff, moved into newoffices at Sir John Rogerson’s Quay from its site on Custom HouseQuay. Other companies to locate in Hanover Quay in 2006 includedrecruitment company Rescon IT, which has 20 employees, DorvilleHomes and Collins Stewart Stockbroking.

Hanover Quay is also home to a new gallery, Urban Retreat,which is being run by the well-known Cill Rialaig artists retreat,as well as to Ely Wine Bar’s third restaurant, ely hq.

The adjacent Longboat Quay was completed in 2006 and is now hometo the Irish Taxation Institute, FMB chartered accountants and AshvilleMedia, which arrived in early December with 100 employees.

Also, near the quayside, in November the ESRI moved into its20,000 sq ft offices at Whitaker Square where 90 people are employed.

At nearby Forbes Quay, financial services firm PFPC, employing 285people, opened its 45,000 sq ft new offices in October, while projectconsultancy Gardiner & Theobald moved into the same building in themiddle of the year with 25 employees.

The year also saw several new businesses open in the Docklands toservice the growing working and residential population. This includeda pharmacy operated by Grainne O’Leary at Gallery Quay, a Freshsupermarket at No 1 Grand Canal Square, and the KC Peachesrestaurant on Pearse Street. Eurospar also opened an outlet in theLongboat Quay scheme.

Permission Type Office m2 Retail m2

Section 25 20,313m2 2,786m2

Planning Permissions 15,672m2 387m2

Total 35,985 m2 3,173 m2

The Docklands is now one of the most popular places to live in the citywith developments at Gallery Quay and Hanover Quay apartments nowfully occupied. Demand for residential property in the area was strongthroughout the year with schemes such as the Gasworks, Forbes Quayand Longboat Quay selling out within days of launch.

MCCANN FITZGERALD URBAN RETREAT ART GALLERY


The construction of Grand Canal Square, a new major new publicspace in Docklands, got under way in 2006. At 10,000m2, the Square,located at the west end of Grand Canal Dock facing on to the water,will be one of the largest paved public spaces in the city. The five-starhotel which will face on to the Square, went on site in 2006, with theadjacent Grand Canal Theatre due to commence in early 2007.

The Docklands Authority sought expressions of interest from world-classdevelopment teams to design, construct and finance the U2 Tower andBritain Quay development. The Tower, which will be over 100 metreshigh, consists of approximately 20,000m2 of mainly residential spaceand will also be home to U2’s recording studio. The adjacent BritainQuay development will extend to approximately 11,500m2 and containa mix of uses including leisure, residential, commercial, arts and cultureuses. It is expected that the successful development team will be selectedin 2007 and the construction of the Tower will commence in 2008.

Across the River Liffey in the IFSC, Meadows & Byrne confirmed asthe anchor tenant at the refurbished chq building in George’s Dock.Covering 1,300m2 at the Mayor Street end of the centre, it will bethe retailer’s first city location in Dublin. There, it will join Ely Wine Bar,which opened a 10,000 sq ft restaurant in chq in June. Other newbusinesses to move into the IFSC during 2006 included Eno Wineand BizMart.

Since George’s Dock was selected as the site for Ireland’s NationalTheatre, The Abbey, a steering group has been formed to drive theproject forward. The group will be launching a competition in 2007to design this architectural landmark for the city of Dublin.

GRAND CANAL SQUARE

ELY RESTAURANT AT chq


Substantial progress was made on the PriceWaterhouseCoopersheadquarters building in 2006 and it is scheduled for occupationby its 1,800 staff in the spring of 2007.

It was confirmed during 2006 that Spencer Dock would be thevenue for the ¤400 million National Conference Centre. Due to becompleted in 2011 and designed by veteran Irish architect KevinRoche, the building will extend to over 990,000 sq ft and willinclude a 2,000-seat conference centre.

Construction began on the ¤800 million Point Village development,which includes the expansion of the Point Theatre. The developmentwill also feature a shopping centre, cinema complex, museum, officesand a hotel plus a five-storey underground car park. Its signaturebuilding will be the Watchtower, which will rise to 100m over the northside of the Quays. It will include luxury apartments, office space, a miniTV and radio studio and a rooftop bar and restaurant with panoramicviews over Dublin Bay and the city.

The Docklands Authority entered into a joint venture with developersBernard McNamara and Derek Quinlan to acquire the former Irish GlassBottle site in Ringsend for ¤412 million. Following completion of theacquisition in January 2007, the site will be developed to provide anexciting new extension to Docklands and the city.

POINT VILLAGE

PRICEWATERHOUSECOOPERS

NATIONAL CONFERENCE CENTRE


The Dublin Port Tunnel was completed and opened at the end of2006. It is expected to ease the heavy goods traffic in Docklands,in combination with Dublin City Council’s Heavy Goods ManagementStrategy which came into effect in February 2007.

The Minister for Transport signed the rail order for the extensionof the Luas Red Line through Docklands to The Point Village. Workis due to begin on this line in 2007.

The route for Metro North was agreed in 2006 and this will havestops on O’Connell Street that will connect with the Luas Red Line.

The Ringsend-to-Pearse Street Quality Bus Corridor (QBC) has beendivided into four phases with three phases already under way and thefourth at the design stage.

A new rail station (Docklands Station) was completed at SheriffStreet, just north of Spencer Dock. It is the first new city centre stationsince Tara Street was built in 1890 and will deliver improvementsin frequency and capacity on the Maynooth-Dublin commuter line.The development of the station is part of an overall programme todramatically increase rail capacity.

Dublin City Council put out the Dodder Bridge for expressionof interest and the project is expected to go out to tender in 2007.The Council also began upgrade works to McMahon Bridge at PearseStreet at the end of 2006.

The Sean O’Casey Bridge, which opened in 2005, was honouredduring the year at the Royal Institute of the Architects of Ireland(RIAI) Awards, where it was described as an “elegant combinationof architecture, urban planning, structure and design”.

The Samuel Beckett Bridge, designed by Santiago Calatrava (MackenStreet to Guild Street) was the subject of negotiations between DublinCity Council and its selected contractor, with construction now set tocommence in 2007.

Significant progress was made on a number of projects during the year,the most notable being the development of Grand Canal Square, whichis expected to be completed in Spring 2007. Designed by the renownedlandscape artist, Martha Schwartz, the Square features a striking redcarpet effect extending from the theatre site into and over the dockwith red glowing angled light sticks which began being installed beforeChristmas 2006.

Another major project is the development of the one-kilometre-long Royal Canal Linear Park between the IFSC and Spencer Dock. TheFrench firm of landscape architects, Agence Ter, has been selected todesign the park following a competition in conjunction with the RIAI.This design, which features a series of floating gardens, is now at thefeasibility stage, with works due to start late 2007.

Artist Martin Richman was commissioned by the Docklands Authorityto design a facade for the new AGI (gas building) on North Wall Quay.The concept is to create a glass envelope that is both colourful andreflective during the day and becomes a light beacon on the campshireat night. He is due to complete the piece in 2007.

The Sutton-to-Sandycove cycle route report has been finalised andis now with each of the local authorities for implementation. The routethrough Docklands will be implemented in conjunction with DublinCity Council and will be phased, with some of the first stages to beimplemented in 2007.

Given that it may take between two to three years before the Abbeyis on site at George’s Dock, the Docklands Authority re-tendered for anevents platform for the duration. SGB was since appointed to build thenew structure, creating a temporary civic space in Docklands.

The Authority is also seeking designs for the new spaces at ChimneyPark and Chocolate Factory Park, both in the Grand Canal Dock area.

LIGHTING AT GRAND CANAL SQUARE CONCERT AT GEORGE’S DOCK


The Jeanie Johnston was one of the highlights of the third DocklandsMaritime Festival over the June Bank Holiday weekend, which attracted55,000 visitors to the Docklands. The festival was expanded this yearto include a new arts/entertainment element that featured a range ofstreet theatre, live music, children’s storytelling and a market of over100 colourful stalls.

Back on dry land, the ever-popular Annual Docklands Fun Run,which this year was run over a 7.75km course, attracted a recordnumber (1,200) of runners, joggers and walkers. Summer sunshinealso guaranteed a record entry for the fifth annual Docklands LiffeySwim, held on 17 June. One hundred and eighty hardy souls cameout to swim the 1,500m course.

This was followed in August by the sell-out Liam Lawton concert,which was staged at George’s Dock over two nights in front of anestimated audience of 500 each night. The concert was filmed forre-broadcast during the 2007 St Patrick’s festivities in the US onPublic Broadcasting Service (PBS).

Rounding off the year was the ‘12 Days of Christmas’ festive marketat George’s Dock. Attended by over 75,000 people, it featured morethan 60 market traders selling decorations, seasonal food and unusualcraft gifts; traditional fairground attractions; carol singing; and aGerman theme bar.

During 2006, chq opened its doors as Dublin’s latest and most stylishevents venue. The first event in February was a major fashion show byretail group A Wear, which was attended by over 700 guests. With itsnatural runway space, chq was also the perfect setting for the NokiaDesigner of the Year Fashion Show, which attracted a crowd of 600fashion-lovers. Fashion was also the key theme during weekends inMarch, May and November when international fashion companyBillion Dollar Babes turned chq into a shopper’s paradise with over3,000 eager bargain-hunters attending each weekend.

A diverse range of events followed throughout the year, fromconferences to major launches for Lexus, Budweiser, the Ryder Cupand Channel 6. By the year-end, the venue had hosted over 70events attended by some 12,000 guests.

EVENTS AT chq

MARITIME FESTIVAL

�4 Annual Report & Accounts 2006

The Arts

2006sawthebeginningsoftheimplementationoftheDocklandsArtsStrategy,whichincludesawiderangeofinitiativesaimedatelevatingtheplaceandpeopleofDocklands.

AlandmarkpublicartprojectisbeingcommissionedforDocklands,oneofthemostsignificantinDublinsincetheSpire.AsteeringgroupsetupfortheprojectinvitedsubmissionsfromIrishandinternationalartistsandtheselectedartistwillbeannouncedin2007.

TheDocklandsAuthoritydirectlycommissionedanumberofmajorartsevents,includingaperformancefortheBeckettCentenarystagedoverthreenightsatchq.FortheopeningoftheDublinFringeFestival,alongsidetheSpiegeltentatGeorge’sDock,theDocklandsAuthoritypresented‘FireInstallation’byFrenchcompanyCompagnieCarabosse.Over5,000peoplethrongedtheGeorge’sDockarea,experiencingthisuniquespectacleofflames.

WithGeorge’sDockconfirmedasthesiteforthenewAbbey,expansionworkbegunonThePointandplanningpermissiongrantedfortheGrandCanalTheatre,DocklandsissettobecometheperformingartshubforthecityofDublin.

River Regeneration

TheLiffeyVoyagecelebrateditsfirstyearinoperationasitcarriedits25,000thpassenger.TheremaininglandingstationsfortheservicewerecompletedatchqandThePointandoperationswillbeextendedtoincludepick-upsanddrop-offsatthesestations.

TheupgradingofDublinCityMooringswasalsocompleted,whichmeansthesecannowcaterforsuperyachts.

Alsoin2006,theDocklandsAuthorityadvertisedforexpressionsofinterestforwater-basedbusinessesontheRiverLiffey.Itisexpectedthatthefirstbusinesswillbeoperationalinmid2007.

TheJeanieJohnstonhasbecomeaprominentfeatureontheRiverLiffey.RiverCruiseIrelandLimitedwasappointedoperatoroftheshipinMay2006.TheshipsailedtoBelgiumtotakepartintheOstendAnchorMaritimeFestivalandalsovisitedLiverpool,Bangor,Belfast,Glasgow,BristolandBrestinFrancebeforepayingreturnvisitstoDublin,CorkandKerry.Theshipcontinuestofunctionasamaritimemuseumwhenindockandisalsoofferingarangeofcorporateentertainmentopportunities.

FinanceIntheyearto31December2006,GrandCanalHarbourwastheprimaryincomesourcefortheAuthorityandgeneratedthebulkoftheannualturnoverof €84.8million.

‘Not-for-profit’spendamountedto€6.1millionandwasdirectedatpublicrealmworkstotheriversideincludingtheprovisionofnewmooringfacilities,initialcostsfortheEastWallCommunityCentre,workstothecampshires,andotheramenityschemesintheDocklandsarea.€3.5millionwasspentoncommunitydevelopmentprogrammesandCommunityDevelopmentProjectInitiatives(CDPI)grant-aidedprojects.

Thenetresultfortheyearbeforediscretionaryspendwasanoperatingsurplusafterinterestof€47.6million,reflectinginparticularasignificantincreaseinrevenuesfromGrandCanalHarbouroverthepreviousyear.When‘not-for-profit’spendisaccountedforthisfallstoasurplusof€41.5million.

Networthattheyear-endstoodat€149.2millionwithGrandCanalHarbour,chqandtheformerReadymixSite(purchasedin2006)beingthethreeprimaryassetsoftheAuthority.Thiscompareswith€22.5millionatMay1997whentheAuthoritywasformed,withthesignificantincreaseinvaluebeinggeneratedfromourstrategyofacquiring,improvingandreleasingfordevelopmentstrategicsitesinthearea.Cashbalancesatyear-endstoodat€39million,whichwillbefullyutilisedinthecomingyeartofundourambitiousprogrammeoftargetedcommercialinterventions,continuingpublicrealmenhancementsandinfrastructureworks.

TheassetbaseoftheAuthorityremainsstrongandwillallowustocontinuetodeliveronthemanyelementsoftheDocklandsProjectaswemoveforward.

Customer Action Plan ThisyearsawfurtherdevelopmentsintheimplementationofourCustomerActionPlan.ProjectssupportingtheplanwereincorporatedintoourbusinessplanningprocessincludingtherolloutofProjectManagementProceduresandaredesignoftheAuthority’swebsite.Inaddition,weimplementedresponseprocedurestodealwithFreedomofInformationrequestsandfurtherdevelopedourelectronicsystemstosupportthisprocess.TheAuthoritywillcontinuetoimplementtheCustomerActionPlanandwillstrivetoimprovethequalityofserviceofferedtoourcustomers.

�7Report of the Executive Board and Financial Statements �7

Report of the Executive Board and Financial Statements

Contents

28–32 ReportoftheExecutiveBoard

33 StatementofresponsibilitiesoftheExecutiveBoard

34–35 Independentauditor’sreport

36–38 Statementofaccountingpolicies

39 Consolidatedincomeandexpenditureaccount

40 Consolidatedstatementoftotalrecognisedgainsandlosses

41 Consolidatedreconciliationoftotalsurplus

42 Consolidatedbalancesheet

43 Consolidatedcashflowstatement

44 Authoritybalancesheet

45–56 Notesformingpartofthefinancialstatements

57 AppendixA

58 AppendixB

Report of the Executive Board and Financial Statements�8

Report of the Executive BoardDublin Docklands Development Authority

TheExecutiveBoardpresentsitsreportandauditedfinancialstatementsoftheAuthorityanditssubsidiariesfortheyearended31December2006.

Principal activities, business review and future developmentsTheprincipalactivitiesoftheAuthorityaretosecure:

(i) thesocialandeconomicregenerationoftheDublinDocklandsArea,onasustainablebasis;

(ii) improvementinthephysicalenvironmentoftheDublinDocklandsArea;and

(iii) thecontinueddevelopmentintheCustomHouseDocksAreaofservices,insupportof,orancillaryto,thefinancialsectoroftheeconomy.

TheconsolidatedresultsoftheAuthorityanditssubsidiaryundertakingsaresetoutonpage39ofthesefinancialstatements.

TheAuthorityhasperformedstronglyintheyearto31December2006.Furthercommentariesonperformanceintheyearended31December2006arecontainedintheChairman’sStatementandtheChiefExecutive’sReview.

TheExecutiveBoardhasnoplanstochangesignificantlytheactivitiesandoperationsoftheAuthorityintheforeseeablefuture.

ThekeyrisksanduncertaintiesfacingthefutureoftheAuthorityinclude:keyinfrastructuraldevelopmentsnotcompletedinaccordancewiththeMasterPlan;futuredownturninthepropertymarket;exhaustionofdevelopmentfunding.TheExecutiveBoardhasdevelopedarangeofstrategiestoaddresstheseandotherrisks.TheCorporateGovernancestatementsonpages28to31setouttheAuthority’spoliciesandapproachtoriskmanagementandtherelatedinternalcontrolproceduresandresponsibilities.

Corporate GovernanceThemembersoftheExecutiveBoardarecommittedtomaintainingthehigheststandardsofcorporategovernance.TheCombinedCode,issuedbytheFinancialReportingCouncilin2003,togetherwiththeCodeofPracticefortheGovernanceofStateBodiespublishedbytheDepartmentofFinancearethefoundationsonwhichtheircorporategovernancepolicyisbased.

Principles of good corporate governanceThemembersoftheExecutiveBoardareaccountabletotheAuthority’sshareholder,theDepartmentoftheEnvironment,HeritageandLocalGovernment,forgoodcorporategovernance.ThefollowingstatementdescribeshowtherelevantprinciplesofgoodgovernancesetoutintheCombinedCodeareappliedintheAuthorityandcommentsonitscompliancewiththeCode’sprovisions.

ThemembersoftheExecutiveBoardaresatisfiedthattheapplicationoftheseprinciplesensuresthattheAuthorityiscompliantwiththeCodeofPracticefortheGovernanceofStateBodieswhichwaspublishedbytheDepartmentofFinance.

executive board

TherolesoftheChairmanandChiefExecutiveareseparate.TheChiefExecutiveisnotamemberoftheExecutiveBoard.ThemembersoftheExecutiveBoardareappointedbytheMinisterfortheEnvironment,HeritageandLocalGovernmentandunderthetermsoftheDublinDocklandsDevelopmentAuthorityAct,1997.TheseMinisterialappointmentsareforaperiodnottoexceedfiveyears.Onappointment,allnewdirectorstakepartinaninductionprogrammewheretheyreceiveinformationabouttheAuthority,theroleoftheBoardandBoardcommitteesandfinancialinformationabouttheAuthority.

TheBoardmeetsannuallytoformallyevaluateitsperformanceagainstitsstrategicobjectivesandtoevaluatetheperformanceofindividualdirectors,theChairmanandExecutiveBoardcommittees.

TheExecutiveBoardmeetsonamonthlybasisandisresponsibleforthepropermanagementoftheAuthority.Ittakesthemajorstrategicdecisionsandretainsfullandeffectivecontrolwhileallowingoperatingmanagementsufficientflexibilitytorunthebusinessefficientlyandeffectivelywithinacentralisedreportingframework.

TheExecutiveBoardhasreservedcertainitemsforitsreview,includingtheapprovaloftheannualfinancialstatements,budgets,thecorporateplan,significantcontracts,majorinvestments,significantcapitalexpenditureandseniormanagementappointments.EachmemberoftheExecutiveBoardbringsanindependentjudgementtobearonallmattersdealtwithbytheExecutiveBoardincludingthoserelatingtostrategy,performance,resourcesandstandardsofconduct.MrSeanFitzPatrickiscurrentlynominatedastheseniorindependentdirectoroftheAuthority.

Report of the Executive Board and Financial Statements �9


AllmembersoftheExecutiveBoardhaveaccesstotheadviceandservicesoftheSecretarytotheBoardwhoisresponsibleforensuringthatBoardproceduresarefollowedandthatapplicablerulesandregulationsarecompliedwith.TheAuthority’sprofessionaladvisorsareavailableforconsultationbythemembersoftheExecutiveBoardasrequired.IndividualmembersoftheExecutiveBoardmaytakeindependentprofessionaladviceifnecessary,attheAuthority’sexpense.

TheExecutiveBoardhasactivatedaneffectivecommitteestructuretoassistinthedischargeofitsresponsibilities,including:

Finance CommitteeMembers

MrSeanFitzPatrick(Chairman)

MsAngelaCavendish

MrDeclanMcCourt

MsJoanO’Connor

MrPaulMaloney

MrDavidHiggins

Thiscommitteeoperatesunderformaltermsofreferenceandmeetsasappropriatethroughouttheyear.ThecommitteemayreviewanymattersrelatingtothefinancialmanagementoftheAuthoritywithspecificreferencetothefinancialimplicationsofmajortransactions.TheCommitteehasthedutyofrecommendingtheAuthority’sannualbudgetandlongertermfinancialplantotheBoardforapproval.

audit CommitteeMembers

MrDeclanMcCourt(Chairman)

MsAngelaCavendish

MrSeanFitzPatrick

MsJoanO’Connor

Thiscommitteeoperatesunderformaltermsofreference,andmeetsonaregularbasisthroughouttheyear.Itreviewstheannualfinancialstatements,accountingpoliciestogetherwithanyproposedchangesinthesepolicies,compliancewithaccountingstandards,theaccountingtreatmentofmajortransactionsandtheappointmentandfeesoftheexternalauditors.TheexternalauditorsmeetwiththecommitteetoplanforandthenreviewtheresultsoftheannualauditoftheAuthority’sfinancialstatements.ThecommitteeisresponsibleforensuringthatanappropriaterelationshipbetweentheAuthorityand

theexternalauditorsismaintained,includingreviewingnon-auditservicesandfees.Inordertomaintaintheindependenceoftheexternalauditor,thecommitteeintendstodevelopin2007apolicyontheengagementoftheexternalauditortosupplynon-auditservices.Thecommitteemayreviewanymattersrelatingtotheinternalcontrolsystemsandthedutiesoftheinternalauditor.InconjunctionwiththeRiskCommitteeitreviewsthestatementoninternalcontrolsystems,theinternalauditprogramandconsidersthemajorfindingsofinternalinvestigations.Theinternalauditfunction,whichisoutsourced,reportsdirectlytotheAuditCommittee.In2007,thecommitteewillconsiderarrangementsbywhichstaffoftheAuthoritymay,inconfidence,raiseconcernsaboutpossibleimproprietiesinmattersoffinancialreportingorothermatters.

risk CommitteeMembers

MsAngelaCavendish(Chairman)

MrDeclanMcCourt

MrSeanFitzPatrick

MsJoanO’Connor

MrPaulMaloney

MrDavidHiggins

MrNeilMulcahy

Thiscommitteeoperatesunderformaltermsofreference,andmeetsasappropriateduringtheyear.ItreviewstheAuthority’sriskmanagementstrategyandevaluatestheimpactofperceivedoperationalexposuresfacedbytheAuthority.

Report of the Executive Board and Financial Statements30


remuneration committee Members

MrLarBradshaw(Chairman)

MsNiamhO’Sullivan

MsMaryMoylan

MrDeclanMcCourt

ThepurposeoftheRemunerationcommitteeistoreviewtheperformanceandremunerationoftheChiefExecutiveOfficerandtomakerecommendationstotheMinisterfortheEnvironment,HeritageandLocalGovernmentwithregardstohisremuneration.

AttendancebymembersatExecutiveBoardmeetingsarenotedinAppendixBtotheannualreport.

directors’ remuneration

ThemembersoftheExecutiveBoardarepaidsuchremunerationastheMinisterfortheEnvironment,HeritageandLocalGovernment,withtheconsentoftheMinisterforFinance,determines.

relations with shareholders

TheExecutiveBoardandmanagementmaintainanongoingdialoguewiththeAuthority’sshareholderonstrategicissues.UndertheDublinDocklandsDevelopmentAuthorityAct,1997certainspecifiedmattersrequiretheapprovaloftheMinisterfortheEnvironment,HeritageandLocalGovernmentand/ortheMinisterforFinanceinrespectofwhichongoingcommunicationwiththeMinistersismaintained.

internal control and risk management

TheCombinedCodestatesthat“theBoardshouldmaintainasoundsystemofinternalcontroltosafeguardshareholders’investmentandthecompany’sassets”.

TheExecutiveBoardhasoverallresponsibilityforthesystemofinternalcontrolwithintheAuthority,andhasrevieweditseffectiveness.TheroleofmanagementistoimplementExecutiveBoardpoliciesonriskandcontrol.Thesystemofinternalcontrolisdesignedtomanageratherthaneliminatetheriskoffailuretoachievethebusinessobjectives.Inpursuingtheseobjectives,internalcontrolscanonlyprovidereasonableandnotabsoluteassuranceagainstmaterialmisstatementorloss.

Thereisacontinuousprocessforidentifying,evaluatingandmanagingthesignificantrisksfacedbytheAuthority.ThisprocessisregularlyreviewedbytheExecutiveBoard.

ThereisanembeddedcultureofopennessandcommunicationbetweenmanagementandtheExecutiveBoardonmattersrelatingtoriskandcontrol.

TheprocessesusedbytheExecutiveBoardtoreviewtheeffectivenessofthesystemofinternalcontrolincludethefollowing:

• DuringtheyeartheAuditCommittee,atitsmeetings:

– considers,asappropriate,reportsfrommanagement,internalandexternalauditonthesystemofinternalcontrolandanymaterialcontrolweaknesses.

– discusseswithmanagementtheactionstakenonproblemareasidentifiedbyExecutiveBoardmembersorintheinternal/externalauditreports.

• TheRiskCommitteereviewstheeffectivenessoftheriskmanagementprocessandsignificantriskissuesarereferredtotheExecutiveBoardforconsideration.TheRiskCommitteereviewstheRiskReviewFrameworkDocument(RRFD)originallydevelopedinMarch2001andupdatedregularlysince.AtleastonceayeartheexecutivemanagementformallyreviewallofthebusinessrisksandmitigatingcontrolsandsubsequentlyupdatetheRRFDbyeitherupdatingtheAuthority’sviewonexistingrisksorincludingpreviouslyunidentifiedrisks.AnysignificantmattersarisingfromthisreviewareformallyreportedtotheExecutiveBoard.Theriskandcontrolidentificationprocess(RRFD)ismonitoredandperiodicallyreviewedbyInternalAuditandsignificantdevelopmentsintheprocessanditsoutputareformallyreportedtotheExecutiveBoard.In2006theRRFDwasupdatedbytheexecutivemanagement.ThisrenewaloftheprocessredefinedtheAuthority’sviewonexistingrisksandcontinuedtoidentifyanychangestotheriskenvironmentin2006.

• During2006,restructuringofthefinancedepartmentcreatedaprojectaccountantrole.Thishasenabledriskstobereviewedinadynamicwayforkeyprojects.TheserisksarereviewedbytheExecutiveBoardonamonthlybasisinconjunctionwiththemonthlymanagementaccounts.

• Majorcommercial,technologicalandfinancialrisksareformallyassessedduringtheannuallong-termbusinessplanningprocess.TheseplansandtheattendantriskarereviewedbytheExecutiveBoard.

Report of the Executive Board and Financial Statements 31


• Managementischargedwiththeongoingresponsibilityforidentifyingrisksfacingthebusinessandforputtinginplaceprocedurestomitigateandmonitorrisks.

• LargecapitalprojectsandacquisitionsrequireExecutiveBoardapprovalandmayifrequestedbytheBoardbereferredtotheAuditCommitteeforreviewpriortoadoptionbytheBoard.

• TheExecutiveBoardisbriefedbyexternalconsultantsasandwhenrequiredonallareasofimportancetotheAuthority.TheExecutiveBoardhasestablishedastrongcontrolframeworkwithinwhichtheAuthorityoperates.Thiscontainsthefollowingkeyelements:

– organisationalstructureswithclearlydefinedlinesofresponsibility,delegationofauthorityandreportingrequirements

– definedexpenditureauthorisationlevels

– reviewscoveringallaspectsofeachfunctionalareaareconductedbyexecutivemanagementandsupportedbyInternalAuditonaregularbasisthroughouttheyear

– comprehensivesystemoffinancialreporting.Theannualbudgetandlong-termplanfortheAuthorityarereviewedindetailandapprovedbytheFinanceCommitteeandtheExecutiveBoard.Quarterlyactualresultsarereportedagainstbudgetandprioryear,andtheforecastfortheyearisrevisedwherenecessary.AnysignificantchangesandadversevariancesarequestionedbytheFinanceCommittee,whoreporttotheBoard,andremedialactionistakenwhereappropriate.CashflowprojectionsareformallypresentedtotheFinanceCommitteeonaquarterlybasis.

TheExecutiveBoardisconfidentthattheformalriskidentificationprocessisfirmlyembeddedintheprocessofmanagementoftheAuthority,andthatrisksarebeingmanagedinaproactivemanner.

Compliance statement

ThemembersoftheExecutiveBoardarepleasedtoreportthattheAuthorityhascompliedwiththerelevantprinciplesofthe2003FRCCombinedCodeandtheCodeofPracticefortheGovernanceofStateBodiesduringtheyearto31December2006,exceptfor:

• thefollowingmatterswheretheAuthorityintendstoformaliseitsprocessesin2007;

– arrangementsbywhichstaffmayraiseconcernsaboutpossibleimproprietiesinmattersoffinancialreportingorothermatterswillbeformalised

– apolicyfortheengagementoftheexternalauditortosupplynon-auditserviceswillbeformalised

• and,exceptforthefollowingmatterswheretheAuthorityasastatebodyisnotinapositiontocomplyfullywiththerequirementsoftheCode:

Nominations Committee, procedures for election and re-election and independence considerations

ThemembersoftheExecutiveBoardareappointedbytheMinisterfortheEnvironment,HeritageandLocalGovernmentandholdofficeforsuchtermastheMinisterspecifieswhenmakingtheappointmentbutnotforaperiodexceedingfiveyears.

GiventheappointmentoftheExecutiveBoardmembersbytheMinister,theBoardbelievesthatthecriterianormallyusedbytheBoardofalistedcompanyinconsideringindependenceofitsmembersdonotapplytotheAuthority.

Directors’ remuneration

TheMinisterfortheEnvironment,HeritageandLocalGovernmentdeterminesthelevelofremunerationfortheExecutiveBoard.Suchremunerationisnotlinkedtoperformanceandisdisclosedcollectivelyforallnon-executivedirectorsasfeesinnote5tothefinancialstatements.

Report of the Executive Board and Financial Statements3�


Going Concern

TheExecutiveBoardhasareasonableexpectation,havingmadeappropriateenquires,thattheAuthorityhasadequateresourcestocontinueinoperationalexistencefortheforeseeablefuture.Forthisreason,theycontinuetoadoptthegoingconcernbasisinpreparingthefinancialstatements.

Post balance sheet events

On29January2007theAuthority’sjointventureundertaking,BecbayLimited,completedtheacquisitionofSouthWharfplc.,anditsprincipalasset,theIrishGlassBottlesiteinRingsendforaconsiderationof€412million.TheAuthoritysubscribedforunsecured,interest-freeloanstockinBecbayLimitedintheamountof€32.8million,financedbyanewbankfacility,aspartialfundingforthisacquisition.Inaddition,theAuthorityhasalsoguaranteedafurther€26millionofBecbayliabilities.

Electoral Act, 1997

TheAuthoritymadenopoliticaldonationsduringtheyear.

Prompt Payment of Accounts

TheDirectorsacknowledgetheirresponsibilityforensuringcompliance,inallmaterialrespects,withtheprovisionsoftheEuropeanCommunities(LatePaymentsinCommercialTransactions)Regulations2002anditspredecessor,thePromptPaymentofAccountsAct,1997(“PPA”)(collectively“theRegulations”).Procedureshavebeenimplementedtoidentifythedatesuponwhichinvoicesfalldueforpaymentandtoensurethatpaymentsaremadebysuchdates.Suchproceduresprovidereasonableassuranceagainstmaterialnon-compliancewiththeRegulations.

AninternalauditreviewoftheAuthority’scompliancewiththePPAwascarriedoutduring2006.ThereportissuedbyinternalauditfoundtheAuthorityinmaterialcompliancewiththeRegulations.

Health and safety of employees

ThewellbeingoftheAuthority’semployeesissafeguardedthroughthestrictadherencetohealthandsafetystandards.TheSafety,HealthandWelfareatWorkAct,2005imposescertainrequirementsonemployersandtheAuthorityhastakenthenecessaryactiontoensurecompliancewiththeAct,includingtheadoptionofasafetystatement.

Accounting records

TheExecutiveBoardbelievesthatithascompliedwiththerequirementsofSection202oftheCompaniesAct,1990withregardtobooksofaccountbyemployingpersonnelwithappropriateexpertiseandbyprovidingadequateresourcestothefinancialfunction.ThebooksofaccountofthecompanyaremaintainedattheDublinDocklandsDevelopmentAuthority,52-55SirJohnRogerson’sQuay,Docklands,Dublin2.

Auditors

InaccordancewithSection43(2)oftheDublinDocklandsDevelopmentAuthorityAct,1997,theauditors,KPMG,CharteredAccountants,arewillingtocontinueinoffice.

OnbehalfoftheExecutiveBoard

LarBradshaw SeanFitzPatrickChairman of Executive Board Director of Executive Board

8 March 2007


Statement of responsibilities of the Executive Board

TheExecutiveBoardisresponsibleforpreparingtheAnnualReportandfinancialstatements,inaccordancewithapplicablelawandregulations.

TheDublinDocklandsDevelopmentAuthorityAct,1997requirestheExecutiveBoardtoprepareanannualreportandfinancialstatementsforeachfinancialyear.TheExecutiveBoardhaselectedtopreparethegroupandAuthorityfinancialstatementsinaccordancewiththeaccountingstandardsissuedbytheAccountingStandardsBoardandpromulgatedbytheInstituteofCharteredAccountantsinIreland(GenerallyAcceptedAccountingPracticeinIreland)andthepresentationrequirementsoftheCompaniesActs1963to2006,totheextentnecessarytogiveatrueandfairview.

ThegroupandAuthorityfinancialstatementsarerequiredbylawtogiveatrueandfairviewofthestateofaffairsofthegroupandtheAuthorityandofthesurplusordeficitofthegroupforthatperiod.

Inpreparingthefinancialstatements,themembersoftheExecutiveBoardarerequiredto:

• selectsuitableaccountingpoliciesandthenapplythemconsistently

• makejudgementsandestimatesthatarereasonableandprudent

• preparethefinancialstatementsonagoingconcernbasisunlessitisinappropriatetopresumethattheAuthoritywillcontinueinbusiness.

TheExecutiveBoardisresponsibleforkeepingproperbooksofaccountthatdisclosewithreasonableaccuracyatanytimethefinancialpositionoftheAuthorityandenableittoensurethatthefinancialstatementscomplywiththeUrbanRenewalAct,1986andtheDublinDocklandsDevelopmentAuthorityAct,1997.ItisalsoresponsiblefortakingsuchstepsasarereasonablyopentoittosafeguardtheassetsoftheAuthorityandtopreventanddetectfraudandotherirregularities.

TheExecutiveBoardhaveelectedtoprepareaReportoftheExecutiveBoardinaccordancewithsimilarrequirementsforDirectors’ReportsundertheCompaniesActs1963to2006.

TheExecutiveBoardisresponsibleforthemaintenanceandintegrityofthecorporateandfinancialinformationincludedontheAuthority’swebsite.LegislationintheRepublicofIrelandgoverningthepreparationanddisseminationoffinancialstatementsmaydifferfromlegislationinotherjurisdictions.

OnbehalfoftheExecutiveBoard



Independent Auditor’s report to the Minister for

the Environment, Heritage and Local Government

WehaveauditedthefinancialstatementsofDublinDocklandsDevelopmentAuthorityfortheyearended31December2006onpages36to56.Thesefinancialstatementshavebeenpreparedundertheaccountingpoliciessetouttherein.

ThisreportismadesolelytotheAuthority’smember.OurauditworkhasbeenundertakensothatwemightstatetotheAuthority’smemberthosematterswearerequiredtostatetohiminanauditor’sreportandfornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthantheAuthorityandtheAuthority’smember,forourauditwork,forthisreport,orfortheopinionswehaveformed.

Respective responsibilities of the Executive Board and auditorsTheExecutiveBoard’sresponsibilitiesforpreparingtheannualreportandfinancialstatementsinaccordancewiththeaccountingstandardsissuedbytheAccountingStandardsBoardandpromulgatedbytheInstituteofCharteredAccountantsinIreland(GenerallyAcceptedAccountingPracticeinIreland)andthepresentationrequirementsoftheCompaniesActs1963to2006,totheextentnecessarytogiveatrueandfairview,aresetoutintheStatementofresponsibilitiesoftheExecutiveBoardonpage33.

OurresponsibilityistoauditthefinancialstatementsinaccordancewithrelevantlegalandregulatoryrequirementsandInternationalStandardsonAuditing(UKandIreland).

WereporttoyououropinionastowhetherthefinancialstatementsgiveatrueandfairviewandhavebeenproperlypreparedinaccordancewiththeUrbanRenewalAct,1986,andtheDublinDocklandsDevelopmentAuthorityAct,1997andthepresentationrequirementsoftheCompaniesActs1963to2006,totheextentnecessarytogiveatrueandfairview.Wealsoreporttoyouwhether,inouropinion,properbooksofaccounthavebeenkeptbytheAuthority,andwhethertheinformationgivenintheReportoftheExecutiveBoardisconsistentwiththefinancialstatements.Inaddition,westatewhetherwehaveobtainedalltheinformationandexplanationsnecessaryforthepurposesofouraudit,andwhethertheAuthority’sbalancesheetisinagreementwiththebooksofaccount.

Wealsoreporttoyouif,inouropinion,anyinformationspecifiedbylawregardingDirectors’remunerationandDirectors’transactionsisnotdisclosedand,wherepracticable,includesuchinformationinourreport.

Wereadtheotherinformationcontainedintheannualreportandconsiderwhetheritisconsistentwiththeauditedfinancialstatements.Theotherinformationcomprises:theChairman’sstatement;ChiefExecutive’sreview;sectionsontheCouncil,theExecutiveBoardandtheExecutive;AppendixA;andAppendixB.Weconsidertheimplicationsforourreportifwebecomeawareofanyapparentmisstatementsormaterialinconsistencieswiththefinancialstatements.Ourresponsibilitiesdonotextendtoanyotherinformation.

Wereview,attherequestoftheExecutiveBoard,whether(1)thevoluntarystatementonpage31reflectstheAuthority’scompliancewiththenineprovisionsofthe2003FRCCombinedCodespecifiedforreviewbyauditorsbytheListingRulesoftheIrishStockExchange,and(2)thestatementonthesystemofinternalcontrolonpages30to31reflectstheAuthority’scompliancewiththeprovisionoftheCodeofPracticefortheGovernanceofStateBodiesthatisspecifiedforreviewbyauditorsandwereportifthosestatementsdonot.WearenotrequiredtoconsiderwhethertheExecutiveBoard’sstatementsoninternalcontrolcoverallrisksandcontrols,orformanopinionontheeffectivenessoftheAuthority’scorporategovernanceproceduresoritsriskandcontrolprocedures.

Basis of audit opinionWeconductedourauditinaccordancewithInternationalStandardsonAuditing(UKandIreland)issuedbytheAuditingPracticesBoard.Anauditincludesexamination,onatestbasis,ofevidencerelevanttotheamountsanddisclosuresinthefinancialstatements.ItalsoincludesanassessmentofthesignificantestimatesandjudgementsmadebytheExecutiveBoardinthepreparationofthefinancialstatements,andofwhethertheaccountingpoliciesareappropriatetothegroup’sandAuthority’scircumstances,consistentlyappliedandadequatelydisclosed.

Weplannedandperformedourauditsoastoobtainalltheinformationandexplanationswhichweconsiderednecessaryinordertoprovideuswithsufficientevidencetogivereasonableassurancethatthefinancialstatementsarefreefrommaterialmisstatement,whethercausedbyfraudorotherirregularityorerror.Informingouropinionwealsoevaluatedtheoveralladequacyofthepresentationofinformationinthefinancialstatements.


Independent Auditor’s report to the Minister for

the Environment, Heritage and Local Government

OpinionInouropinion:

• thefinancialstatementsgiveatrueandfairview,inaccordancewithGenerallyAcceptedAccountingPracticeinIreland,ofthestateofthegroup’sandAuthority’saffairsasat31December2006andofthegroup’ssurplusfortheyearthenended;

• thefinancialstatementshavebeenproperlypreparedinaccordancewiththeUrbanRenewalAct,1986,theDublinDocklandsDevelopmentAuthorityAct,1997andthepresentationrequirementsofCompaniesActs1963to2006,totheextentnecessarytogiveatrueandfairview.

Wehaveobtainedalltheinformationandexplanationswhichweconsidernecessaryforthepurposesofouraudit.Inouropinion,properbooksofaccounthavebeenkeptbytheAuthority.TheAuthority’sbalancesheetisinagreementwiththebooksofaccount.

Inouropinion,theinformationgiveninthereportoftheExecutiveBoardonpages28to32isconsistentwiththefinancialstatements.

KPMGChartered AccountantsRegistered Auditor 27 March 2007

1 Stokes Place

St Stephen’s Green

Dublin 2


Statement of accounting policies

ThefollowingaccountingpolicieshavebeenappliedconsistentlyindealingwithitemswhichareconsideredmaterialinrelationtotheAuthority’sfinancialstatements.

Basis of accountingThefinancialstatementsarepreparedinaccordancewithgenerallyacceptedaccountingprinciplesunderthehistoricalcostconvention,asmodifiedbytherevaluationofinvestmentproperties,andcomplywithfinancialreportingstandardsoftheAccountingStandardsBoard,aspromulgatedbyTheInstituteofCharteredAccountantsinIreland.

TheUrbanRenewalAct,1986andtheDublinDocklandsDevelopmentAuthorityAct,1997donotcontaindetailedprovisionsinrespectofformatsoffinancialstatements.ThereforetheAuthorityhaselectedtoadoptthepresentationrequirementsoftheCompaniesActs,1963to2006,totheextentnecessarytogiveatrueandfairview.

Basis of consolidationThegroupfinancialstatementsconsolidatethefinancialstatementsoftheAuthorityanditssubsidiaryundertakings(“subsidiaries”)madeupto31December2006.

Jointventureundertakings(“jointventures”)arethoseundertakingsoverwhichtheGroupexercisescontroljointlywithoneormoreotherparties.

TheGroupincludesitsshareofthejointventureprofitsandlosses,ifany,andseparatelydisclosesitsshareofitsjointventures’turnover,ifany,intheconsolidatedprofitandlossaccount.TheGroupincludesitsshareofgrossassetsandgrossliabilitiesintheconsolidatedbalancesheet.

Theresultsofsubsidiariesandjointventuresacquiredordisposedofintheyearareincludedintheconsolidatedprofitandlossaccountfromthedateofacquisitionoruptothedateofdisposal.

TheAuthorityhaselectednottopresentasingle-entityAuthorityincomeandexpenditureaccount.ThisisinlinewiththeexemptionadoptedbyincorporatedcompaniespresentingconsolidatedfinancialstatementsundertheCompaniesActs,1963to2006.ThesurplusforthefinancialyearoftheAuthorityasasingle-entitywas€41,500,972(2005:€€8,925,561).

TurnoverTurnovercomprisesthenetsalesproceedsonthedisposalofinvestmentpropertiesordevelopmentproperties.Forthepurposeofthesefinancialstatements“sale”includesthegrantingorassignmentofaleasethattransferssubstantiallyalltherisksandrewardsofownershiptothelessee.Disposalsareaccountedforontheexchangeofcontractsunlessthecontractsareconditionalinwhichcasethedisposalisdeemedtooccurwhenallconditionshavebeensatisfiedandthecontractisunconditional.

WherealicenceorarrangementtodevelophasbeengrantedtoadeveloperanditisagreedthattheAuthorityanddeveloperwillshareintheeventualsurplusondisposal,theAuthority’sshareofthesurplusisrecognisedinturnoverasearned.Thesurplusonsaleisrecognisedonapercentageofcompletionbasisorasotherwisedeterminedunderthetermsofthelicenceagreement.

Accrued incomeRevenueearned,whichhasnotyetbeenbilledtocustomers,isrecordedasaccruedincomewhereacontractualobligationexistsonthepartofacustomertopayaspecifiedsumtotheAuthorityandtheAuthorityhasdischargeditscommitmentsassetoutinthecontract.

Other incomeLevyincomeisrecognisedoncommencementofpropertydevelopmentsforwhichaSection25awardhasbeengranted.Rentalandotherincomeisrecognisedontheaccrualsbasis.

Deferred incomeUnearnedrevenuewhichhasbeenbilledtocustomersisexcludedfromturnoverandrecordedasdeferredincome.

Development assetsDevelopmentassetsincludelandandbuildingsacquiredbytheAuthorityforthepurposeofsecuringtheredevelopmentoftheDublinDocklandsArea.

Onacquisition,developmentassetsarerecordedatthelowerofcostandrecoverableamount.Costcomprisespurchasecostandallothernecessarycostsrequiredtoacquiretheassetunderthepurchaseagreement.RecoverableamountisdeterminedbyreferencetotheestimatedvalueofthedevelopmentassetsgiventheAuthority’sintentionfortheultimateuseoftheassets.



Acquisitionsareaccountedforonexchangeofcontractsunlessthecontractisconditionalinwhichcasetheacquisitionisdeemedtooccurwhenalltheconditionshavebeensatisfiedandthecontractbecomesunconditional.

Developmentassetsonwhichdevelopmenthascommencedaretransferredtocurrentassets.

DevelopmentcostsincurredbytheAuthorityareincludedinthecostsofsuchcurrentassets.Oncedevelopmenthascommenced,interestonrelatedborrowingsiscapitalised.Developmentassetsonwhichdevelopmenthascommencedarecarriedatthelowerofcostandnetrealisablevalue.Costcomprisespurchasecost,demolitioncosts,sitepreparation,designfeesandotherdevelopmentpreparationcosts,lessanydirectgrants.Onsubstantialcompletion,developmentpropertiesthenheldforinvestmentaretransferredtoinvestmentpropertiesatcarryingvalue.

Developmentassetsonwhichdevelopmenthascommencedunderalicenceorarrangementwithathirdpartydeveloperarealsotransferredtocurrentassetsandcarriedatthelowerofcostandnetrealisablevalue.Whereincomeisrecognisedunderthelicenceorotherarrangement,anappropriateportionofthedevelopmentassetischargedtocostofsales.

Investment propertiesInvestmentpropertiesarefreeholdpropertiesonwhichdevelopmenthasbeencompletedandwhichareretainedbytheAuthorityforthepurposeoftheirinvestmentpotentialandrentalgeneration.

InaccordancewithStatementofStandardAccountingPracticeNo.19:

• investmentpropertiesarestatedonthebasisofopenmarketvaluesdeterminedbyinternalprofessionalvaluersateachyearendandbyprofessionalindependentvaluersinaccordancewiththeRICSAppraisalandValuationStandardsatleasteverythreeyears.Surplusesarisingarecreditedtotherevaluationreservethroughthestatementoftotalrecognisedgainsandlosses.Devaluationsdowntohistoricalcostaredebitedtotherevaluationreservethroughthestatementoftotalrecognisedgainsandlossesandimpairmentsbelowhistoricalcostorfromaclearconsumptionofeconomicbenefitarechargedtotheincomeandexpenditureaccountintheyearinwhichtheyarise,and

• nodepreciationoramortisationisprovidedinrespectoffreeholdinvestmentproperties.

Thistreatmentisadeparturefromtherequirementsofcompanylawconcerningdepreciationoffixedassets.However,thesepropertiesarenotheldforconsumptionbutforinvestmentandtheExecutiveBoardconsidersthatsystematicannualdepreciationwouldbeinappropriate.Theaccountingpolicyadoptedisthereforenecessaryforthefinancialstatementstogiveatrueandfairview.Depreciationoramortisationisonlyoneofthemanyfactorsreflectedintheannualvaluationandtheamountwhichmightotherwisehavebeenshowncannotbeseparatelyidentifiedorquantified.

Acquisitionsareaccountedforonexchangeofcontractsunlessthecontractisconditionalinwhichcasetheacquisitionisdeemedtooccurwhenalltheconditionshavebeensatisfiedandthecontractbecomesunconditional.

Tangible fixed assets and depreciationTangiblefixedassetsarestatedatcostlessaccumulateddepreciation.Nodepreciationisprovidedonland.

Thechargefordeprecationiscalculatedtowritedownothertangiblefixedassetstotheirestimatedresidualvaluesbyequalannualinstalmentsovertheirexpectedusefulliveswhichareasfollows:

Officefixturesandfittings 5yearsOfficeequipment 3yearsMarinecraft 10to20years

Impairmentprovisionsaremadewherethecarryingvalueoftangiblefixedassetsexceedstherecoverableamount.

Area RegenerationArearegenerationcostsareexpensedintheyearinwhichtheyareincurred,netofanyassociatedrevenuegrants.Revenuegrantsarecreditedtotheincomeandexpenditureaccounttooffsettherelatedexpenditure.Grantsinrespectofspecificcurrentdevelopmentassetsareoffsetagainstthecostofcurrentdevelopmentassets.

Financial assetsInvestmentsinsubsidiariesandjointventuresareshownintheAuthoritybalancesheetasfinancialfixedassetsandarevaluedatcostlessprovisionsforimpairmentinvalue.



Foreign currencyForeigncurrencydenominatedtransactionsaretranslatedintoEuroatexchangeratesapplyingatthedateofthetransactionsoratacontractedrate.Exchangegainsorlossesarisingaredealtwithintheincomeandexpenditureaccount.

Monetaryassetsandliabilitiesdenominatedinforeigncurrenciesaretranslatedatthebalancesheetdateusingexchangeratesapplyingatthatdateoratacontractedrate.Exchangegainsorlossesarisingontranslationarealsodealtwithintheincomeandexpenditureaccount.

Pension obligationsTheAuthority’spensionobligationsareoperatedunderthetermsoftheDublinDocklandsDevelopmentAuthoritySuperannuationScheme2000andtheDublinDocklandsDevelopmentAuthoritySpousesandChildren’sContributoryPensionScheme2000(“thepensionschemes”).ThepensionschemesareunfundedandpaymentofpensionobligationsbytheAuthorityonlyfalldueontheretirementofpensionableemployees.

InaccordancewithFRS17“RetirementBenefits”,theactuariallyassessedpresentvalueoftheschemes’liabilities,calculatedusingtheprojectedunitcreditmethod,isdisclosedasaliabilityinthebalancesheet.

Theamountchargedtooperatingexpensesistheactuariallydeterminedcostofpensionbenefitspromisedtoemployeesearnedduringtheyearplusanybenefitimprovementsgrantedtomembersduringtheyear.

Theincreaseintheschemes’liabilitiesduetotheunwindingofthediscountduringtheyearisshownasfinancecostsintheincomeandexpenditureaccount.

Anychangestotheschemes’liabilitiesduetochangesinassumptionsorbecauseactualexperienceduringtheyearwasdifferenttothatassumed,arerecognisedasactuarialgainsandlossesinthestatementoftotalrecognisedgainsandlosses.

Liquid resourcesLiquidresourcesrepresentcommercialpaperwithmaturitiesbetween1and60days.Suchcommercialpaperisreadilyconvertibleintoknownamountsofcash.


Consolidated income and expenditure accountFor the year ended 31 December 2006

Note 2006 2005 € €

Turnover – continuing operations 2 84,826,627 37,140,808

Otherincome 3 1,020,799 3,723,707

Costofsales 4 (30,802,286) (16,406,156)

55,045,140 24,458,359

Operating expenses

Remunerationandallowances 5 (3,199,640) (2,424,017)

Consultancyfees (828,135) (777,013)

Marketing,promotionandpublicity (1,568,836) (1,602,565)

Otherexpenses 6 (2,276,273) (1,626,642)

(7,872,884) (6,430,237)

Operating surplus – continuing operations 47,172,256 18,028,122

Interestreceivableoncommercialpaper 713,490 563,629

Financecosts 14 (263,000) (233,000)

450,490 330,629

Operating surplus after interest 47,622,746 18,358,751

Arearegenerationcosts 7 (6,121,774) (9,433,190)

Surplus for year 41,500,972 8,925,561



Note 2006 2005 € €

Surplus for year 41,500,972 8,925,561

Unrealisedsurplusonrevaluationofinvestmentproperty 10 590,000 —

Actuarialgain/(loss)recognisedinthepensionschemes 14 271,000 (447,000)

Total recognised gains and losses for year 42,361,972 8,478,561

Consolidated statement of total recognised gains & lossesFor the year ended 31 December 2006


Consolidated reconciliation of total surplusFor the year ended 31 December 2006

2006 2005 € €

Totalrecognisedgainsandlossesforyear 42,361,972 8,478,561

Openingtotalsurplus 106,865,902 98,387,341

Closing total surplus 149,227,874 106,865,902


Consolidated balance sheetAt 31 December 2006

Note 2006 2006 2005 2005 € € € €

Fixed assets

Tangibleassets 9 5,307,158 4,103,952

Investmentproperties 10 3,114,800 2,524,800

Developmentassets 11 36,001,666 3,328,066

44,423,624 9,956,818

Financial assets

Investmentinjointventureundertaking

Shareofgrossassets 8 4,337,571 —

Shareofgrossliabilities 8 (4,337,545) —

Total financial assets 26 —

Current assets


Debtors 12 24,760,449 11,598,645

Cashatbankandinhand 38,945,502 23,871,198

121,476,642 112,289,753

Creditors: amountsfallingduewithinoneyear 13 (9,940,418) (9,165,669)

Net current assets 111,536,224 103,124,084

Total assets less current liabilities 155,959,874 113,080,902

Net pension liability 14 (6,732,000) (6,215,000)

Net assets 149,227,874 106,865,902

Surplusonrevaluation 15 1,614,800 1,024,800

Closingsurplus 147,613,074 105,841,102

Total surplus 149,227,874 106,865,902



Consolidated cash flow statementFor the year ended 31 December 2006

Note 2006 2005 € €

Net cash inflow from operating activities 16 58,486,049 10,252,661

Returns on investment and servicing of finance

Interestreceived 678,661 559,063

Capital expenditure

Fixeddevelopmentassetsacquired (32,673,600) (1,058,219)

Tangiblefixedassetsacquired (2,461,158) (2,910,591)

Currentdevelopmentassetsacquired (8,955,648) (4,923,599)

Net cash outflow from capital expenditure (44,090,406) (8,892,409)

Net cash inflow before management of liquid resources 17 15,074,304 1,919,315

Management of liquid resources

Purchaseofcommercialpaper (86,977,591) (31,487,309)

Disposalofcommercialpaper 73,467,825 29,500,000

(13,509,766) (1,987,309)

Increase/(decrease) in cash in the year 17 1,564,538 (67,994)


Authority balance sheetAt 31 December 2006

2006 2005 Note € €

Fixed assets

Investmentinsubsidiaryundertakings 8 258 258

Investmentinjointventureundertaking 8 26 —

Tangibleassets 9 5,307,158 4,103,952

Investmentproperties 10 3,114,800 2,524,800


44,423,908 9,957,076

Current assets


Debtors 12 24,760,449 11,598,645

Cashatbankandinhand 38,945,502 23,871,198

121,476,642 112,289,753

Creditors:amountsfallingduewithinoneyear 13 (9,940,676) (9,165,927)

Net current assets 111,535,966 103,123,826

Total assets less current liabilities 155,959,874 113,080,902

Netpensionliability 14 (6,732,000) (6,215,000)

Net assets 149,227,874 106,865,902

Surplusonrevaluation 15 1,614,800 1,024,800

Closingsurplus 147,613,074 105,841,102

Total surplus 149,227,874 106,865,902



NotesForming part of the financial statements

1 Dublin Docklands Development Authority Act, 1997

ByorderoftheMinisterfortheEnvironmentandLocalGovernmentunderSection56oftheDublinDocklandsDevelopmentAuthorityAct,1997on1May1997,theCustomsHouseDocksDevelopmentAuthoritywasdissolved.

UnderSection14(1)ofthesaidActon1May1997,abodyknownastheDublinDocklandsDevelopmentAuthoritywasestablishedtoperformthefunctionsassignedtoitunderthisAct.

UnderthetermsoftheAct,alllandandproperty,rightsandliabilitiesoftheCustomsHouseDocksDevelopmentAuthorityon1May1997werevestedintheDublinDocklandsDevelopmentAuthority.

2 Turnover – continuing operations 2006 2005 € €

Incomeearnedondisposalsofdevelopmentassets 84,826,627 37,140,808

3 Other income 2006 2005 € €

Rentreceivable 364,459 656,526

Serviceandotherincome 595,266 372,926

Levyincome 61,074 2,694,255

1,020,799 3,723,707

4 Cost of sales 2006 2005 € €

Costofdevelopmentassets 28,978,188 11,640,250

Levyworkscosts 322,634 2,002,748

Otherdirectcosts 1,501,464 2,763,158

30,802,286 16,406,156



5 Staff numbers and costs

TheaveragenumberofpersonsemployedbytheAuthorityduringtheperiodwas35(2005:31).Theaggregatepayrollcostsofthesepersonswereasfollows:

2006 2005 € €

Wagesandsalaries 2,523,250 1,944,976

Socialwelfarecosts 172,632 148,129

Otherpensioncosts(Note14) 503,758 330,912

3,199,640 2,424,017

Directors’ remuneration included above

Fees 108,000 76,184

Thedirectors’remunerationrepresentsfees,expensesorallowancespaidtodirectors,apartfromthedirectrecoveryofcostsincurredstrictlyintheperformanceofthenormalandlegitimatebusinessoftheBoard.

6 Other expenses 2006 2005 € €

Facilitiesexpenses 404,507 331,250

Administrativeexpenses 860,899 792,312

Depreciation 927,067 413,080

Auditors’remuneration 47,000 53,000

Internalauditservices 36,800 37,000

2,276,273 1,626,642



7 Area regeneration 2006 2005 € €

Cost 6,121,774 9,433,190

AsthearearegenerationcostsareincurredaspartoftheAuthority’smandatetoenhancepublicareasandsupportcommunitybasedinitiatives,thecostsareshownaftertheoperatingsurplusfortheyear.Nograntswerereceivedinrespectofarearegenerationcostsin2005and2006.

8 Financial assets Movements

1 January during the 31 December 2006 year 2006

€ € €

Group

Jointventureundertaking

Shareofgrossassets — 4,337,571 4,337,571

Shareofgrossliabilities — (4,337,545) (4,337,545)

— 26 26

Authority

Ordinarysharesinsubsidiaryundertakingatcost 258 — 258

Ordinarysharesinjointventureundertakingatcost — 26 26

258 26 284

DetailsofsubsidiaryandjointventureundertakingsallofwhichareincludedintheGroupfinancialstatementsaresetoutbelow.

Subsidiary undertakings

TheAuthorityholds100%oftheissuedsharecapital(128ordinarysharesof€1each)ofNorthWallQuay/MayorStreetManagementLimited.Theprincipalactivityofthiscompanyistomaintainthepublicareasin,about,orrelatingtothedevelopmentoflandasdefinedintheSecondScheduleoftheDublinDocklandsDevelopmentAuthorityAct,1997.Theregisteredofficeofthecompanyis52–55SirJohnRogerson’sQuay,Dublin2.



8 Financial assets (continued)

TheAuthorityholds100%oftheissuedsharecapital(128ordinarysharesof€1each)ofGrandCanalHarbourManagementCompanyLimited.Theprincipalactivityofthiscompanyistomaintainthepublicareasin,about,orrelatingtothedevelopmentonthelandoftheGrandCanalHarbourarea,whichiswithintheDublinDocklandsareaasdefinedintheFirstScheduleoftheDublinDocklandsDevelopmentAuthorityAct1997.Theregisteredofficeofthecompanyis52–55SirJohnRogerson’sQuay,Dublin2.

TheAuthorityholds100%oftheissuedsharecapital(1ordinaryshareof€1)ofCustomHouseQuayEventLimited.Theprincipalactivityofthiscompanyistomanagetheeventspacetobeprovidedwithinthechqdevelopment.Theregisteredofficeofthecompanyis52–55SirJohnRogerson’sQuay,Dublin2.

TheAuthorityholds100%oftheissuedsharecapital(1ordinaryshareof€1)ofCustomHouseQuayLimited.Theprincipalactivityofthiscompanyistomanagethechqretailandrestaurantspace.Theregisteredofficeofthecompanyis52–55SirJohnRogerson’sQuay,Dublin2.

Joint venture undertaking

Undertaking Registered Nature of % holding of office business ordinary shares

BecbayLimited GrattanBridgeHouse Propertyand 26 3UpperOrmondQuay Development Dublin7

TransactionsbetweentheGroupanditsjointventureundertakingaredetailedinNote20.

BecbayLimitedwasincorporatedon11August2006.AsstatutoryfinancialstatementshavenotyetbeenpreparedbyBecbayLimited,managementaccountshavebeenpreparedto31December2006forthepurposesofincludingtheshareoftheassets,liabilities,andresultsofthiscompanyintheGroupfinancialstatements.

TheGroup’sshareoftheresultsandassets/liabilitiesofthejointventureareasdetailedbelow;

2006 €

Turnover —Profitbeforetax —

Taxation —Profitaftertax —

Fixedassets 4,337,545Currentassets 26Liabilitiesduewithinoneyear (4,337,545)Liabilitiesdueaftermorethanoneyear —



8 Financial assets (continued)

At31December2006,thejointventurehadnotincurredanyoperatingcostsorrecognisedanyrevenue.Asaresultitsprofitandlossaccountshowsneitheraprofitoraloss.Consequentlytherearenojointventuredisclosurestobemadeonthefaceoftheconsolidatedincomeandexpenditureaccount.

DetailsofpostbalancesheeteventsrelatingtothejointventurearegiveninNote22.

9 Tangible fixed assets

Office fixtures Marine fittings and Land and Group and Authority craft equipment buildings Total

€ € € €

Cost

Atbeginningofyear 3,691,704 2,208,261 623,283 6,523,248

Additions — 2,130,273 — 2,130,273

At 31 December 2006 3,691,704 4,338,534 623,283 8,653,521

Accumulated depreciation

Atbeginningofyear 234,136 1,561,877 623,283 2,419,296

Chargeforyear 234,136 692,931 — 927,067

At 31 December 2006 468,272 2,254,808 623,283 3,346,363

Net book value

At 31 December 2006 3,223,432 2,083,726 — 5,307,158

At31December2005 3,457,568 646,384 — 4,103,952



10 Investment propertiesGroup and Authority 2006 2005

€ €

Atstartofyear 2,524,800 2,524,800

Revaluationgain 590,000 —

Atendofyear 3,114,800 2,524,800

Theinvestmentpropertieswerevaluedat31December2006onanopenmarketvaluebasisbyMartinLannon,aprofessionallyqualifiedemployeeoftheAuthority.Themostrecentexternalprofessionalvaluationwasperformedonanopenmarketvaluebasisat31December2004.

11 Development assetsGroup and Authority 2006 2005

€ €

Fixed development assets

Openingbalance 3,328,066 2,269,847

Additionsinyear 32,673,600 1,058,219

36,001,666 3,328,066

Current development assets

Openingbalance 76,819,910 85,381,101

Additionsinyear 9,149,542 3,541,792

Transferredtotangiblefixedassets — (991,022)

Transferredtoincomeandexpenditureaccount (28,198,761) (11,111,961)

57,770,691 76,819,910

Additionstocurrentdevelopmentassetsarestatedafteroffsettinggrantsof€987,000inrelationtospecificdevelopmentassetsintheyear.



12 DebtorsGroup and Authority 2006 2005

€ €

Tradedebtors 4,270,042 3,840,934

Otherdebtors 850,474 18,148

Loantojointventureundertaking 3,900,000 —

Accruedincome 14,548,706 7,148,384

Prepayments 129,755 202,483

Interestreceivable 63,227 28,398

VATreceivable 998,245 360,298

24,760,449 11,598,645

Includedwithinotherdebtorsareamountsof€750,000whichfalldueafteroneyear.Allotheramountsfallduewithinoneyear.

13 Creditors: amountsfallingduewithinoneyear 2006 2005 Group Authority Group Authority € € € €

Creditorsandaccruedexpenses 9,163,585 9,163,585 8,235,891 8,235,891

Deferredincome 118,552 118,552 134,536 134,536

Capitalcreditors 658,255 658,255 795,242 795,242

Amountspayabletosubsidiaryundertakings — 258 — 258

Amountspayabletojointventureundertaking 26 26 — —

9,940,418 9,940,676 9,165,669 9,165,927



14 Pensions

TheAuthorityoperatestwounfundeddefinedbenefitpensionschemes:theDublinDocklandsDevelopmentAuthoritySuperannuationScheme,2000andtheDublinDocklandsDevelopmentAuthoritySpousesandChildren’sPensionScheme,2000.

TheAuthorityaccountsforpensionsinaccordancewithFRS17“RetirementBenefits”.

ThepensionobligationsoftheseschemesunderFRS17havebeenassessedinaccordancewiththeadviceofanindependentqualifiedactuary.Anactuarialassessmentiscarriedoutannually;thelatestsuchassessmentwasasat31December2006.

Themainfinancialassumptionsusedbytheactuarywere:

2006 2005 2004

Valuationmethod Projected unit Projectedunit Projectedunit

Discountrate 4.75% 4.25% 4.50%

Rateofincreaseinsalariesandpensionsinpayment 4.00% 4.00% 4.00%

Inflationassumption 2.75% 2.75% 3.00%

Astheschemeisunfundedtherearenoassets

PresentvalueoftheSchemes’Liabilities €6,732,000 €6,215,000 €5,195,000

NetPensionLiability €6,732,000 €6,215,000 €5,195,000

Themovementinthedeficitsontheschemesisshownbelow.

Group and Authority 2006 2005 € €

Atbeginningofyear 6,215,000 5,195,000

Currentservicecost 503,758 330,912

Members’contributions 92,883 75,800

Paymentstopensioners (71,641) (66,712)

Financecosts 263,000 233,000

Actuarial(gain)/loss (271,000) 447,000

6,732,000 6,215,000



14 Pensions (continued)

Analysis of amount charged to operating expenses: 2006 2005 €’000 €’000

Currentservicecost 504 331

Analysis of amount charged to finance costs:

Interestonpensionschemes’liabilities 263 233

Analysis of the actuarial gain/(loss) recognised in the statement of total recognised gains and losses:

Experiencegainsandlossesarisingontheschemes’liabilities (159) (132)

Changesinassumptionsunderlyingthepresentvalueoftheschemes’liabilities 430 (315)

271 (447)

History of experience gains and losses 2006 2005 2004 2003 €’000 €’000 €’000 €’000

Experiencegainsandlossesonschemes’liabilities (159) (132) 506 (122)

Percentageofthepresentvalueofschemes’liabilities 2.4% 2.1% 9.7% 2.6%

Totalactuarialgain/(loss)recognised 271 (447) (129) (122)

Percentageofthepresentvalueofschemes’liabilities 4.0% 7.2% 2.5% 2.6%



15 Revaluation surplus Group and Authority 2006 2005 € €

Atbeginningofyear 1,024,800 1,024,800

Unrealisedrevaluationsurplusoninvestmentproperties 590,000 —

Atendofyear 1,614,800 1,024,800

16 Reconciliation of operating surplus to net cash inflow from operating activities 2006 2005 € €

Operatingsurplus 47,172,256 18,028,122

Arearegenerationcosts (6,121,774) (9,433,190)

Depreciation 927,067 413,080

Amountstransferredtocostofsalesfromdevelopmentassets 28,198,761 11,111,961

Increaseindebtors (1,826,653) (1,750,216)

Loanstojointventureundertaking (3,900,000) —

Netmovementinaccruedincome (7,400,322) (6,964,568)

Increase/(decrease)increditors 911,714 (1,492,528)

Increaseinpensionprovision 525,000 340,000

Netcashinflowfromoperatingactivities 58,486,049 10,252,661

Theloantojointventureundertakingisclassifiedasanoperatingcashflow

becauseofitsshort-termnature.



17 Reconciliation of net cash flow to movement in net funds 2006 2005 € €

Increaseincashfortheyear 1,564,538 (67,994)

Increaseinliquidresources 13,509,766 1,987,309

Changeinnetfunds 15,074,304 1,919,315

Netfundsatbeginningofyear 23,871,198 21,951,883

Netfundsatendofyear 38,945,502 23,871,198

18 Analysis of net funds

At 31 Cash At 31

December 2005 flows December 2006

€ € €

Cash 185,536 1,564,538 1,750,074

Liquidresources–commercialpaper 23,685,662 13,509,766 37,195,428

Netfunds 23,871,198 15,074,304 38,945,502

19 Capital commitments

AspartofitsgeneraldutyunderSection18oftheDublinDocklandsDevelopmentAuthorityAct1997theAuthoritycontinuestoprovideforimprovementinthephysicalenvironmentintheDublinDocklandsareaandtoachievethisfuturecapitalcommitments(includingAreaRegeneration&Infrastructure)approvedbytheExecutiveBoardbutnotprovidedforinthefinancialstatementsareasfollows:

2006 2005 € €

Contracted 4,495,000 —

Authorisedbutnotcontracted 68,138,000 69,817,000

72,633,000 69,817,000



20 Related party disclosures

On1May1997theAuthoritywasestablishedasabodycorporatepursuanttotheprovisionsoftheDublinDocklandsDevelopmentAuthorityAct1997undertheaegisoftheDepartmentoftheEnvironmentandLocalGovernment.

Transactionswithrelatedparties,asdefinedbyFinancialReportingStandard8(FRS8)“RelatedPartyDisclosures”(excludingsubsidiaryundertakings)areshownbelow:

2006 2005 € €

Interestfreeloantojointventure(Note12) 3,900,000 —

Amountspayabletojointventure(Note13) 26 —

ThegrouphasavailedoftheexemptionunderFRS8fromdisclosingtransactionswhichitssubsidiaryundertakings.

DetailsoftheGroup’sjointventureundertakingaresetoutinNote8.

21 Taxation

UndertheprovisionsofSection220oftheTaxesConsolidationAct1997theAuthorityisexemptfromCorporationTax.ItisalsoexemptfromcapitalgainstaxunderSection610oftheTaxesConsolidationAct1997.

22 Post balance sheet events

ItwasagreedbytheBoardoftheAuthorityin2006thatacquisitionofasitewithinRingsendwasfundamentaltofurtherachievethestrategicaimsoftheAuthority.Asitewasidentified(theIrishGlassBottlesite)thatwasavailablethroughacquisitionofSouthWharfplcbytheAuthority’sjointventureundertaking,BecbayLimited.

BecbayLimitedcompletedtheacquisitionofSouthWharfplc,includingitsprincipalasset,theIrishGlassBottlesite,on29January2007foraconsiderationof€412million.

TheAuthoritysubscribedforunsecuredinterestfreeloanstockinBecbayLimitedtothevalueof€32.8million,financedbyanewbankfacility,inJanuary2007aspartialfundingforthisacquisition.Inaddition,theAuthorityhasalsoguaranteedafurther€26millionofBecbayliabilities

23 Approval of financial statements

ThefinancialstatementswereapprovedbythemembersoftheExecutiveBoardon8March2007.


Appendix AConsultants and Advisors 2006

TheAuthorityusestheservicesofconsultantsandadvisorsasnecessarytoassistinthedischargeofitsfunctions.AsprovidedforintheDublinDocklandsDevelopmentAuthorityAct,theAuthoritymaintainsaregisterofpersonswhohavenotifiedtheAuthorityoftheiravailabilityandqualificationtoprovideparticularservices.TheAuthorityhasregardtothislistwhenengagingconsultantsandadvisors.ThefollowingprovidedservicestotheAuthorityduringtheperiodunderreview:

ACSLimited

AgenceTer

AmarachConsulting

ARRAHRDLtd

ArupConsultingEngineers

AtisrealHarringtonBannon

AukettFitzroyRobinson

BannonCommercial

BarnesConsulting

BarrettMahonyConsultingEngineers

BFK

BillingsDesignAssociatesLtd

PaulBoksbergerAdvScs

BoydCreedSweett

BradyShipmanMartin

BravaProductions

BrindleyAdvertising

BruceShawPartnership

ColinBuchanan&PartnersLtd

BurdonCraigDunneHenry

BuroHappoldLtd

CJAssociates

MichaelCollins&Associates

ColourCentralLtd

ConnollyMescal

PaulCorrigan&Associates

ArthurCox

CoyneAssociates

CSLAssociates

CunnaneStrattonReynolds

DavisAssociatesEngLtd

DavisLangdonPKS

dDesign

Delap&Waller

BrendanDinneen

DiffusionEventManagement

Donaghy+DimondArchitects

DTZSherryFitzgerald

EquationLightingDesignLtd

NiallFitzsimons&Co

Fleishman-Hillard

FocusProjectManagement

WilliamFry

FutureSystemsLtd

GEHLArchitects

JohnGivens&Associates

A&LGoodbody

GustafsonPorterLtd

ECHarrisIrelandLtd

HealyKelly/TurnerTownsend

HolohanLeisure

Hooke&McDonald

HorganLynch

HWBC

HyderConsultingLtd

IndexCreativeCommunications

JonesLangLaSalle

Jump!MarketingLtd

KeenanLynchPattersonLtd

KPMG

LambertSmithHampton

LandSurveys

IanMagahyAssociates

McCannFitzgerald

McConkeyPerformanceMgmLtd

MaloneO’Regan

MarioCucinellaArchitects

MathesonOrmsbyPrentice

MillwardBrownIMS

MindshareMediaIreland

Mitchell&Associates

AnnetteMoloney

MouchelParkmanIrelandLtd

O’Donnell+Tuomey

NicholasO’Dwyer

BrianO’Halloran&Associates

OleSteenKnudsen

OmarConsultingEngineersLtd

OriginDesign

OveArup&Partners

PalmerMcCormack

PlatinumOne

PortmeadLimited

PriceWaterHouseCoopers

PatriciaQuinnConsulting

RoyalHaskoning

RWDIAnemosLtd

SagittariusMarketingLtd

MarthaSchwartzInc.

MichaelSlattery&Associates

CliodhnaShaffrey

JohnSpainAssociates

JackieSpillane

Speirs&MajorAssociatesLtd

Strata3

NicolaSwanton

SeamusThorntonArchitects

TMSConsultancy

UrbanCapital

VSCEventsLtd

WardSolutionsLtd

West8

WhiteYoungGreen

WillisRiskManagement

WilsonHartnellPRLtd

W1Design

XMiLimited


Appendix B

Attendance at 2006 Executive Board Meetings

TheExecutiveBoardmet15timesduringtheperiodofthereport.

Attendance at 2006 Council MeetingsTheCouncilmet6timesduringtheperiodofthereport.

Executive Board Meetings AttendedLarBradshaw 15

AngelaCavendish 11

DónallCurtin 14

SeanFitzPatrick 11

DeclanMcCourt 11

MaryMoylan 12

JoanO’Connor 13

NiamhO’Sullivan 15

Members Meetings AttendedLarBradshaw 6

BettyAshe 4

JohnBoylan 1

SeanCarey 1

EndaConnellan 4

MichaelConroy(Resigned August 2006) 2

FrancesA.Corr 6

Cllr.EmerCostello 3

BennyCounihan(Resigned October 2006) 1

WillieDwyer 6

MaryFinan 6

NiallGrogan 2

SandraGuilfoyle 2

ArthurHickey 2

JohnHenry 4

Cllr.KevinHumphreys 4

Cllr.GarryKeegan(Resigned October 2006) 0

SeanieLambe 5

PatMagner 3

SheenaMcCambley 2

CharlieMurphy 4

GeraldineO’Driscoll 5

Cllr.AodhánÓRiordáin 2

Cllr.TomStafford 3

LiamWhelan 4

DoloresWilson 5

ColmTreanor(Appointed November 2006) 1

Note: Malcolm Alexander and Cllr. Chris Andrews were appointed to the Council in December 2006


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