24 Changes in shareholders' equity
|
|
|
|
|
Other reserves |
|
|
|
|
Share
capital
£m
|
Share
premium
£m
|
Retained
earnings
£m
|
Exchange
reserve
£m
|
Hedging
reserve
£m
|
Other
reserves
£m
|
Equity
interest
£m
|
Minority
interests
— equity
£m |
Total equity
£m |
| At 1 January 2006 |
370 |
23 |
493 |
26 |
1 |
(38) |
875 |
26 |
901 |
| Purchase of treasury shares |
— |
— |
(40) |
— |
— |
— |
(40) |
— |
(40) |
| Share issues |
1 |
2 |
— |
— |
— |
— |
3 |
— |
3 |
| Transfer from income statement |
— |
— |
177 |
— |
— |
— |
177 |
— |
177 |
| Minority interests in subsidiary disposed |
— |
— |
— |
— |
— |
— |
— |
(8) |
(8) |
| Actuarial gains and losses arising on post-employment obligations, including tax |
— |
— |
40 |
— |
— |
— |
40 |
— |
40 |
| Share-based payments |
— |
— |
5 |
— |
— |
— |
5 |
— |
5 |
| Transfers |
— |
— |
2 |
— |
— |
(2) |
— |
— |
— |
| Dividends |
— |
— |
(88) |
— |
— |
— |
(88) |
(1) |
(89) |
| Accumulated currency variations realised on sale of business |
— |
— |
— |
(1) |
— |
— |
(1) |
— |
(1) |
| Currency variations |
— |
— |
— |
(123) |
— |
— |
(123) |
(1) |
(124) |
| Derivative financial instruments: |
|
|
|
|
|
|
|
|
|
| Translational hedging |
— |
— |
— |
— |
43 |
— |
43 |
— |
43 |
| Transactional hedging |
— |
— |
— |
— |
1 |
— |
1 |
— |
1 |
| At 31 December 2006 |
371 |
25 |
589 |
(98) |
45 |
(40) |
892 |
16 |
908 |
| Share issues |
1 |
4 |
— |
— |
— |
— |
5 |
— |
5 |
| Transfer from income statement |
— |
— |
196 |
— |
— |
— |
196 |
2 |
198 |
| Actuarial gains and losses arising on post-employment obligations, including tax |
— |
— |
141 |
— |
— |
— |
141 |
— |
141 |
| Deferred tax on other items |
— |
— |
(8) |
— |
— |
— |
(8) |
— |
(8) |
| Share-based payments |
— |
— |
6 |
— |
— |
— |
6 |
— |
6 |
| Transfers |
— |
— |
1 |
— |
— |
(1) |
— |
— |
— |
| Dividends |
— |
— |
(91) |
— |
— |
— |
(91) |
(1) |
(92) |
| Currency variations |
— |
— |
— |
64 |
— |
— |
64 |
2 |
66 |
| Derivative financial instruments: |
|
|
|
|
|
|
|
|
|
| Translational hedging |
— |
— |
— |
— |
(28) |
— |
(28) |
— |
(28) |
| Transactional hedging |
— |
— |
— |
— |
— |
— |
— |
— |
— |
| At 31 December 2007 |
372 |
29 |
834 |
(34) |
17 |
(41) |
1,177 |
19 |
1,196 |
Retained earnings include the accumulated profits and losses arising from the consolidated income statement and certain items from the statement of recognised income and expense attributable to equity shareholders less distributions to shareholders and the cost, £100 million (2006 – £100 million), of the Company’s shares held in treasury. Also included within the retained earnings balance is goodwill written off directly to equity and accumulated net currency variations on overseas net assets and hedging instruments under legacy GAAP and the impact of the adoption of IFRS.
Other reserves include the UK GAAP revaluation reserve, accumulated adjustments in respect of piecemeal acquisitions and other accumulated reserves where distribution has been restricted due to legal or fiscal requirements. The accumulated debit balance includes the impact of the demerger transaction of Industrial Services in 2001.
The exchange reserve and the hedging reserve represent the accumulated net currency variations on overseas net assets and hedging instruments.