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23. Changes in equity

        Other reserves      
  Share
capital
£m
Share
premium
£m
Retained
earnings
£m
Exchange
reserve
£m
Hedging
reserve
£m
Other
reserves
£m
Shareholders’
equity
£m
Minority interests
—equity
£m
Total
equity £m
At 1 January 2007
371

25

589

(98)

45

(40)

892

16

908
Total recognised income and expense for the year








329



64



(28)






365



4



369
Share issues 1 4 5 5
Share-based payments 6 6 6
Transfers 1 (1)
Dividends (91) (91) (1) (92)
At 31 December 2007

372


29


834


(34)


17


(41)


1,177


19


1,196
Total recognised income and expense for the year








(492)



535



(221) 






(178)



6



(172)
Sale of treasury shares


1




1


1
Share-based payments


2




2


2
Minority investment







1

1
Transfers 42 (2) (40)
Dividends (97) (97) (3) (100)
At 31 December 2008

372


29


290


499


(204)


(81)


905


23


928

Retained earnings include £99 million (2007 – £100 million) of the Company’s shares held in treasury. Other reserves include accumulated reserves where distribution has been restricted due to legal or fiscal requirements and accumulated adjustments in respect of piecemeal acquisitions. The accumulated debit balance includes the impact of the demerger transaction of Industrial Services in 2001.

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