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98 Vodafone Group Plc Annual Report 2009
18. Cash and cash equivalents
2009 2008
£m £m
Cash at bank and in hand 811 451
Money market funds 3,419 477
Repurchase agreements 648 478
Commercial paper – 293
Cash and cash equivalents as presented in the balance sheet 4,878 1,699
Bank overdrafts (32) (47)
Cash and cash equivalents as presented in the cash flow statement 4,846 1,652
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.
19. Called up share capital
2009 2008
Number £m Number £m
Authorised:
Ordinary shares of 113/7 US cents each 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 58,255,055,725 4,182 58,085,695,298 4,172
Allotted during the year 51,227,991 3 169,360,427 10
Cancelled during the year (500,000,000) (32) – –
31 March 57,806,283,716 4,153 58,255,055,725 4,182
B shares allotted, issued and fully paid(2):
1 April 87,429,138 13 132,001,365 20
Redeemed during the year (87,429,138) (13) (44,572,227) (7)
31 March – – 87,429,138 13
Notes:
(1) At 31 March 2009, the Group held 5,322,411,101 (2008: 5,132,496,335) treasury shares with a nominal value of £382 million (2008: £368 million). The market value of shares held was £6,533 million
(2008: £7,745 million). During the year, 41,146,589 (2008: 101,466,161) treasury shares were reissued under Group share option schemes.
(2) On 31 July 2006, the Company 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 redeemed all B shares still in issue at their nominal value of 15 pence. B shareholders that chose future redemption were
entitled to receive a continuing non-cumulative dividend of 75 per cent of sterling LIBOR payable semi-annually in arrear until they were redeemed. The continuing B share dividend is shown within
financing costs in the income statement.
By 31 March 2009, total capital of £9,026 million had been returned to shareholders, £5,735 million by way of capital redemption and £3,291 million by way of initial dividend (note 21). During the
period, a transfer of £15 million (2008: £7 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 49,130,811 3 72
US share awards and option scheme awards 2,097,180 – 5
Total for share awards and option scheme awards 51,227,991 3 77
Notes to the consolidated nancial statements continued