 |
|
|
|
|
|
|
For the year ended 31st December 2000
|
|
|
|
2000 |
1999 |
1998 |
|
|
|
£m |
£m |
£m |
|
 |
|
Share premium account |
|
At beginning of year |
|
1,583 |
1,381 |
1,281 |
|
Premium arising on shares issued |
|
3,367 |
202 |
100 |
|
|
|
At end of year |
|
4,950 |
1,583 |
1,381 |
|
|
|
Capital redemption reserve |
|
At beginning of year |
|
207 |
179 |
150 |
|
Repurchase of ordinary shares |
|
20 |
28 |
29 |
|
|
|
At end of year |
|
227 |
207 |
179 |
|
|
|
Other capital reserve |
|
|
|
|
|
|
|
At beginning of year |
|
320 |
320 |
320 |
|
Repurchase of preference share |
|
149 |
- |
- |
|
|
|
At end of year |
|
469 |
320 |
320 |
|
|
|
Revaluation reserve |
|
At beginning of year |
|
37 |
36 |
35 |
|
Exchange rate translation differences |
|
(2) |
(3) |
1 |
|
Revaluation of interest in associated undertaking |
|
- |
5 |
- |
|
Other items |
|
- |
(1) |
- |
|
|
|
At end of year |
|
35 |
37 |
36 |
|
|
|
Profit and loss account |
|
At beginning of year |
|
4,841 |
4,415 |
4,241 |
|
Profit retained |
|
1,546 |
1,013 |
671 |
|
Exchange rate translation differences |
|
19 |
(67) |
31 |
|
Repurchase of ordinary shares |
|
(291) |
(476) |
(472) |
|
Transfer to capital redemption reserve |
|
(20) |
(28) |
(29) |
|
Goodwill written back on disposals |
|
- |
138 |
10 |
|
Shares issued to the QUEST in relation to SAYE |
|
(114) |
(154) |
(67) |
|
Transfer to other capital reserve |
|
(149) |
- |
- |
|
Other items |
|
12 |
- |
30 |
|
|
|
At end of year |
|
5,844 |
4,841 |
4,415 |
|
|
|
Total reserves |
|
11,525 |
6,988 |
6,331 |
|
|
|
The Group operates in a number of countries subject to regulations under which a local subsidiary undertaking has to maintain
a minimum level of capital. The current policy of the Group is that local capital requirements are met, as far as possible, by the
retention of profit. Certain countries operate exchange control regulations which limit the amount of dividends that can be
remitted to non-resident shareholders. It is not possible to determine the amount of profit retained and other reserves that is
restricted by these regulations, but the net profit retained of overseas subsidiaries, associated undertakings and joint ventures
at 31st December 2000 totalled £953m (1999 £789m, 1998 £732m). If such overseas reserves were to be remitted, other tax
liabilities, which have not been provided for in the accounts, might arise.
Goodwill amounting to £215m (1999 £215m, 1998 £353m) has been charged directly against reserves in prior years in respect
of acquisitions. This amount is net of any goodwill attributable to subsidiary undertakings disposed of prior to the balance
sheet date.
In 1998 the Group established a Qualifying Employee Share Ownership Trust (QUEST) for the purposes of delivering shares
on the exercise of options under the SAYE. During 2000 the Group received from the trustees of the QUEST £183m (1999
£208m 1998 £98m) on the issue of shares in respect of the exercise of options awarded under SAYE. Of the amount received
from the trustees, employees paid £69m (1999 £54m 1998 £31m) and the balance of £114m (1999 £154m, 1998 £67m)
comprised contribution to the QUEST from the Group.
Accumulated exchange rate translation differences included in reserves are £481m debit (1999 £498m, 1998 £428m both
debit).
|
