Marks and Spencer 2002 Annual Report Download - page 48

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46 Marks and Spencer Group p.l.c.
Notes to the financial statements
23. Financial instruments and risk management continued
B Hedges of future transactions
Unrecognised gains and losses on instruments used for hedging and those recognised in the period ended
30 March 2002 are as follows: 2002 2001
Gains Losses Net total Gains Losses Net total
£m £m £m £m £m £m
Unrecognised gains/(losses) on hedges at
beginning of the period 55.9 (33.2) 22.7 57.7 (39.2) 18.5
(Gains)/losses arising in previous years recognised
in the period (6.2) 13.3 7.1 (46.7) 20.2 (26.5)
Gains/(losses) in previous years not recognised
in the period 49.7 (19.9) 29.8 11.0 (19.0) (8.0)
Gains/(losses) arising in the period 16.8 (26.7) (9.9) 44.9 (14.2) 30.7
Unrecognised gains/(losses) on hedges
at end of the period 66.5 (46.6) 19.9 55.9 (33.2) 22.7
Of which:
Gains/(losses) expected to be recognised
within one year 13.7 (15.6) (1.9) 6.2 (13.2) (7.0)
Gains/(losses) expected to be recognised
after one year 52.8 (31.0) 21.8 49.7 (20.0) 29.7
C Currency risk
The effect of currency exposures arising from the translation of overseas investments is mitigated by Group
borrowings in local currencies as appropriate. Gains and losses arising on net investments in overseas subsidiaries
are recognised in the consolidated statement of total recognised gains and losses.
After taking into account the effect of any hedging transactions that manage transactional currency exposures,
no Group company had any material monetary assets or liabilities in currencies other than their functional currencies
at the balance sheet date.
24. Called up share capital
The share capital of the Company and predecessor company is shown below: 2002 2001
£m £m
Authorised:
3,200,000,000 ordinary shares of 25p each 800.0 800.0
3,200,000,000 non-equity B shares of 70p each (last year nil) 2,240.0 –
Allotted, called up and fully paid:
2,306,951,943 ordinary shares of 25p each (last year 2,867,383,731) 576.7 716.9
394,203,429 non-equity B shares of 70p each (last year nil) 276.0 –
852.7 716.9
The predecessor company was Marks and Spencer p.l.c. As explained in note 1, the Scheme of Arrangement
whereby Marks and Spencer Group p.l.c. became the holding company of Marks and Spencer p.l.c. has been
accounted for as a merger. The comparative figures for called up share capital are those of Marks and Spencer p.l.c.