Vodafone 2008 Annual Report Download - page 114

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18. Cash and cash equivalents
2008 2007
£m £m
Cash at bank and in hand 451 827
Money market funds 477 5,525
Repurchase agreements 478 –
Commercial paper 293 1,129
Cash and cash equivalents as presented in the balance sheet 1,699 7,481
Bank overdrafts (47) (23)
Cash and cash equivalents as presented in the cash flow statement 1,652 7,458
Bank balances and money market funds comprise cash held by the Group on a short term basis with original maturity of three months or less. The carrying amount of
these assets approximates their fair value.
All commercial paper investments and repurchase agreements have a maturity of less than three months and the carrying value approximates the fair value.
19. Called up share capital
2008 2007
Number £m Number £m
Authorised:
Ordinary shares of 113/7 US cents each (2007: 113/7 US cents) 68,250,000,000 4,875 68,250,000,000 4,875
B shares of 15 pence each 38,563,935,574 5,784 38,563,935,574 5,784
Deferred shares of 15 pence each 28,036,064,426 4,206 28,036,064,426 4,206
Ordinary shares allotted, issued and fully paid(1):
1 April 58,085,695,298 4,172 66,251,332,784 4,165
Allotted during the year 169,360,427 10 118,241,919 7
Consolidated during the year – – (8,283,879,405) –
31 March 58,255,055,725 4,182 58,085,695,298 4,172
B shares allotted, issued and fully paid(2):
1 April 132,001,365 20 – –
Issued during the year – – 66,271,035,240 9,941
Redeemed during the year (44,572,227) (7) (38,102,969,449) (5,715)
Converted to deferred shares and subsequently cancelled during the year – – (28,036,064,426) (4,206)
31 March 87,429,138 13 132,001,365 20
Notes:
(1) At 31 March 2008, the Group held 5,132,496,335 (2007: 5,250,617,951) treasury shares with a nominal value of £368 million (2007: £377 million). The market value of shares held was
£7,745 million (2007: £7,115 million). During the year, 101,466,161 treasury shares (2007: 91,595,624 treasury shares) were reissued under Group share option schemes.
(2) On 31 July 2006, Vodafone Group Plc undertook a return of capital to shareholders via a B share scheme and associated share consolidation. A total of 66,271,035,240 B shares were issued on that
day, and 66,271,035,240 existing ordinary shares of 10 US cents each were consolidated into 57,987,155,835 new ordinary shares of 113/7 cents each. B shareholders were given the alternatives of
initial redemption or future redemption at 15 pence per share or the payment of an initial dividend of 15 pence per share. The initial redemption took place on 4 August 2006 with future
redemption dates on 5 February and 5 August each year until 5 August 2008 when the Company expects to exercise its right to redeem all B shares still in issue at their nominal value of 15 pence.
B shareholders that chose future redemption are entitled to receive a continuing non-cumulative dividend of 75 per cent of sterling LIBOR payable semi-annually in arrear until they are
redeemed. The continuing B share dividend is shown within financing costs in the income statement. B shareholders are only entitled to receive notice of (or attend, speak or vote at) any general
meeting if the business includes a resolution for the winding up of the Company. If the Company is wound up, the holders of the B shares are entitled, before any payment to the ordinary
shareholders, to repayment of the amount paid up on each B share together with any outstanding entitlement to the B share continuing dividend.
By 31 March 2008, total capital of £9,011 million had been returned to shareholders, £5,720 million by way of capital redemption and £3,291 million by way of initial dividend (note 21). The
outstanding B share liability at 31 March 2008 has been classified as a financial liability. During the period, a transfer of £7 million (2007: £9,004 million) in respect of the B shares has been made
from retained losses (note 23) to the capital redemption reserve (note 21). The redemptions and initial dividend are shown within cash flows from financing activities in the cash flow statement.
Allotted during the year
Nominal Net
value proceeds
Number £m £m
UK share awards and option scheme awards 152,400,497 9 249
US share awards and option scheme awards 16,959,930 1 24
Total for share awards and option scheme awards 169,360,427 10 273
112 Vodafone Group Plc Annual Report 2008
Notes to the Consolidated Financial Statements continued
Vodafone – Financials