Carphone Warehouse 2012 Annual Report Download - page 81

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Carphone Warehouse Group plc Annual Report 2012 77
20 Reserves and accumulated profits
Share Capital
Share premium
Accumulated
Translation Demerger redemption
capital reserve profits reserve reserve reserve Total
2012 £m £m £m £m £m £m £m
At the beginning of the year 0.5 754.0 741.7 12.0 (750.2) —758.0
Net profit for the year — — 762.5 ———762.5
Currency translation ———(11.9) — — (11.9)
Issue of shares 589.8 (584.0) ————5.8
Redemption of shares (556.9) —(556.9) — — 556.9 (556.9)
Equity dividends — — (253.6) ———(253.6)
Net purchase of own shares — — (16.0) ———(16.0)
Tax on items recognised directly in reserves — — (0.2) ———(0.2)
Share of other reserve movements of joint ventures — — 0.7 ———0.7
Net movements in relation to share schemes — — 19.6 ———19.6
At the end of the year 33.4 170.0 697.8 0.1 (750.2) 556.9 708.0
On 30 January 2012 under the B/C Share Scheme, 342.9m B shares and 129.7m C shares were allotted to shareholders through the
capitalisation of £589.8m of the share premium reserve. On 31 January 2012 the Company redeemed 323.8m B shares for 172p per share,
being £556.9m in total, and a dividend was declared on each C share of 172p, totalling £223.0m. Following the declaration of dividends
onthe C shares, these shares became deferred shares which carry no rights to participate in the profits of the Company or a return
ofcapital. The remaining 19.2m B shares were redeemed by the Company on 10 April 2012 for 172p per share, being£32.9m. TheBshares,
Cshares and deferred shares have no rights to attend or vote at a general meeting of the Company.
Net purchase of own shares reflects the purchase of 9.0m shares in the Company for gross consideration of £28.1m offset by £11.7m
cashcompensation paid by Best Buy Europe in April 2012 in relation to the shares gifted to senior Best Buy Europe executives, as detailed
innote 4, and £0.4m received in option costs on the exercise of non‑nil priced share option exercises.
On 20 January 2012, the Company issued 15.7m ordinary shares to participants in the Best Buy Europe VES, as described in note 5.
Share Capital
Share premium Accumulated Translation Demerger redemption
capital reserve profits reserve reserve reserve Total
2011 £m £m £m £m £m £m £m
At the beginning of the year 0.5 754.0 675.1 12.1 (751.2) —690.5
Net profit for the year — — 65.6 ———65.6
Currency translation — — — (0.1) — — (0.1)
Net purchase of own shares — — (2.7) ———(2.7)
Tax on items recognised directly in reserves — — 1.0 ———1.0
Share of other reserve movements of joint ventures — — 1.5 ———1.5
Net movements in relation to share schemes — — 1.2 ———1.2
Movements in demerger reserve ————1.0 —1.0
At the end of the year 0.5 754.0 741.7 12.0 (750.2) —758.0
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