Vodafone 2002 Annual Report Download - page 112

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Vodafone Group Plc Annual Report & Accounts and Form 20-F Notes to the Consolidated Financial Statements110
Notes to the Consolidated Financial Statements continued
24. Reserves
Group Company
Share Profit Profit
premium Merger Other Shares to and loss and loss
account reserve reserve be issued account account
£m £m £m £m £m £m
1 April 2001(1) 48,292 96,914 1,024 978 (6,255) 2,300
Shares issued in respect of the acquisition of Eircell – 2,013 ––––
Share placing 3,384 –––––
Other allotments of shares 368 –––––
(Loss)/profit for the financial year ––––(17,180) 962
Goodwill transferred to the profit and loss account in
respect of business disposals ––––3–
Currency translation ––––(2,263) –
Transfer to profit and loss account – – (89) – 89 89
Other movements – – – (978) – –
31 March 2002 52,044 98,927 935 – (25,606) 3,351
Note:
(1) The Group profit and loss account at 1 April 2001 has been restated for FRS 19, “Deferred tax”.
The currency translation movement includes a gain of £517m (2001: loss of £629m) in respect of foreign currency net borrowings.
For acquisitions prior to 1 April 1998, the cumulative goodwill written off to reserves, net of the goodwill attributed to business disposals, was £1,190m at
31 March 2002 (2001: £1,193m).
Shares to be issued at the start of the year were in respect of the deferred consideration for the acquisition of a 25% stake in Swisscom. The consideration
was paid in cash in the year.
In accordance with the exemption allowed by section 230 of the Companies Act, no profit and loss account has been presented by the Company. The profit
for the financial year dealt with in the accounts of the Company is £1,987m (2001: £940m).
25. Non-equity minority interests
Non-equity minority interests of £1,128m (2001: £1,129m) comprise £1,124m (2001: £1,125m) of class D & E preferred shares issued by AirTouch and
£4m (2001: £4m) non-cumulative redeemable preference shares issued by Vodafone Pacific Limited.
An annual dividend of $51.43 per class D & E preferred share is payable quarterly in arrears. The dividend for the year amounted to £61m (2001: £59m).
The aggregate redemption value of the class D & E preferred shares is $1.65 billion. The holders of the preferred shares are entitled to vote on the election
of directors and upon each other matter coming before any meeting of the stockholders on which the holders of common stock are entitled to vote. Holders
are entitled to vote on the basis of twelve votes for each share of class D or E preferred stock held. The maturity date of the 825,000 class D preferred
shares is 6 April 2020. The 825,000 class E preferred shares have a maturity date of 1 April 2020. The class D & E preferred shares have a redemption
price of $1,000 per share plus all accrued and unpaid dividends.
The holders of the shares issued by Vodafone Pacific Limited have the right to vote and receive such dividend as the directors declare, subject to a pre-
defined limit on the amount of that dividend. These shares are redeemable by either the company or the holder of the shares under certain circumstances
and are generally not entitled to any participation in the profits or assets of the company other than as prescribed. These securities rank in priority to all
other classes of share issued by the company as regards return of capital.