Vodafone 2004 Annual Report Download - page 100

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Vodafone Group Plc Annual Report 2004
98
Notes to the Consolidated Financial Statements continued
23. Reserves
Group Company
Share Own Profit Own Profit
premium Other shares and loss shares and loss
account(1) reserve(1) held account held account
£m £m £m £m £m £m
1 April 2003 as previously reported 52,073 843 – (27,447) – 8,319
Prior year adjustment – UITF 38 ––(41) –––
1 April 2003 as restated 52,073 843 (41) (27,447) – 8,319
Allotments of shares 81 –––––
Purchase of own shares by Employee Share Trust ––(17) –––
Purchase of treasury shares ––(1,088) – (1,088) –
Own shares released on vesting of share awards ––10 –––
(Loss)/profit for the financial year –––(10,393) – 2,306
Currency translation –––(5,292) ––
Transfer to profit and loss account –(135) – 135 – 135
Other movements – 5 – (17) ––
31 March 2004 52,154 713 (1,136) (43,014) (1,088) 10,760
Note:
(1) These reserves also form part of the Company’s reserves.
The currency translation movement includes a gain of £144 million (2003: £826 million loss) 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 £1,190 million at
31 March 2004 (2003: £1,190 million).
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 £3,684 million (2003: £6,030 million).
The following shares in the Company are held:
Group Company
Qualifying Employee
Share Ownership Employee Subsidiary
Trust Share Trust companies Treasury shares Total Treasury shares
At 1 April 2003 2,068,946 18,950,434 7,189,316 – 28,208,696 –
Purchased during the year – 14,450,000 – 800,000,000 814,450,000 800,000,000
Dividend shares – 352,839 ––352,839 –
Distributed during the year (2,068,946) (4,313,798) ––(6,382,744) –
At 31 March 2004 – 29,439,475 7,189,316 800,000,000 836,628,791 800,000,000
Total cost to Group of shares held (£m) – 35 13 1,088 1,136 1,088
Market value of shares held (£m) – 38 9 1,030 1,077 1,030
The shares held by the Vodafone Group Employee Trust are to satisfy the potential award of shares under the Group’s Long Term Incentive Plan and Short Term
Incentive Plan. The shares held by subsidiary companies are in respect of an employee share option plan. Treasury shares are held in relation to the share
purchase programme described in “Operating and Financial Review and Prospects – Liquidity and Capital Resources”. Details of all shares purchased in the year
are shown below:
Average price paid Maximum value of
per share, inclusive Total number of shares shares that may yet
Total number of of transaction costs purchased under share be purchased under
Period shares purchased (pence) repurchase programme the programme (£m)(1)
June 2003 8,950,000 120.59 ––
August 2003 5,500,000 116.42 ––
December 2003 175,000,000 137.00 175,000,000 2,260
January 2004 91,000,000 146.97 91,000,000 2,127
February 2004 145,550,000 139.09 145,550,000 1,924
March 2004 388,450,000 131.84 388,450,000 1,412
Total 814,450,000 135.71 800,000,000 1,412
Note:
(1) Refers to programme announced on 18 November 2004. Shareholder approval will be sought for additional shares to be purchased in the 2005 financial year.