22. Reserves
| Grant Reserve | 2009 | 2008 |
| €'000 | €'000 | |
| At 1 January | 148,834 | 145,585 |
| Net movement in forestry grants (note 27) | 776 | 3249 |
| At 31 December | 149,610 | 148,834 |
| Profit and Loss Account | 2009 | 2008 |
| €'000 | €'000 | |
| Parent company | 244,451 | 223,928 |
| Subsidiary undertakings | 12,369 | 26,947 |
| Associated undertaking | (151) | (101) |
| 256,669 | 250,774 |
As permitted by Section 148(8) of the Companies Amendment Act, 1986, the Parent company is availing of the exemption of presenting its separate profit and loss account in these financial statements and from filing it with the Registrar of Companies.