Notes to the financial statements
For the 52 weeks ended 1 March 2008
29. Reconciliation of movements in equity
| Share capital £m |
Merger reserve £m |
Other reserves £m |
Retained earnings £m |
Total £m |
|
|---|---|---|---|---|---|
| At 4 March 2007 | 87.7 | (348.4) | (11.4) | 3,350.8 | 3,078.7 |
| Profit for the financial period | – | – | – | 294.6 | 294.6 |
| Net income recognised in equity for the financial period | – | – | 15.2 | 51.6 | 66.8 |
| Movement in share–based compensation reserve (note 30) | – | – | – | 21.6 | 21.6 |
| Net movement in own shares | – | – | 0.1 | 2.3 | 2.4 |
| Equity dividends paid during the period (note 13) | – | – | – | (118.9) | (118.9) |
| Total equity at 1 March 2008 | 87.7 | (348.4) | 3.9 | 3,602.0 | 3,345.2 |
| Share capital £m |
Merger reserve £m |
Other reserves £m |
Retained earnings £m |
Total £m |
|
|---|---|---|---|---|---|
| At 1 April 2006 | 2895.6 | (348.4) | (4.3) | 407.0 | 2,949.9 |
| Profit for the financial period | – | – | – | 187.4 | 187.4 |
| Share reduction | (2,807.9) | – | – | 2,807.9 | – |
| Net cost recognised in equity for the financial period | – | – | (1.0) | (9.1) | (10.1) |
| Movement in share-based compensation reserve (note 30) | – | – | – | 16.3 | 16.3 |
| Net movement in own shares | – | – | (6.1) | – | (6.1) |
| Equity dividends paid during the period (note 13) | – | – | – | (34.6) | (34.6) |
| Other movements | – | – | – | (24.1) | (24.1) |
| Total equity at 3 March 2007 | 87.7 | (348.4) | (11.4) | 3,350.8 | 3,078.7 |
Merger reserve
The merger reserve arose on the demerger of the Group from GUS plc during 2006 as outlined in note 2 ‘Group reorganisation’.
Other reserves
Other reserves principally consist of shares held in trust, the hedging reserve and the translation reserve.
Net movement in own shares represents the purchase, and subsequent utilisation or sale, of shares for the purpose of satisfying obligations arising from Home Retail Group plc share-based compensation schemes. Shares in Home Retail Group plc are held in the following Trusts which have been established since demerger:
Home Retail Group Employee Share Ownership Trust (‘ESOT’)
The ESOT provides for the issue of shares to Group employees under share option and share grant schemes (with the exception of the Share Incentive Plan). At 1 March 2008, the ESOT held 9,206,387 shares with a market value of £23.8m. The shares in the Trust are held in the balance sheet of the Group at nil value. The shares were acquired as part of the demerger from GUS plc at no cost. Dividends on these shares are waived.
Home Retail Group Share Incentive Scheme Trust
The Home Retail Group Share Incentive Scheme Trust provides for the issue of shares to Group employees under the Share Incentive Plan. At 1 March 2008, the Trust held 1,425,505 shares with a market value of £3.7m. These shares are held in the balance sheet of the Group at a cost of £6.0m. No additional shares were purchased in the period.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
