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CARPHONE WAREHOUSE GROUP PLC ANNUAL REPORT 201376
NOTES TO THE FINANCIAL STATEMENTS continued
18 PROVISIONS
2013 2012
£m £m
Opening balance 8.9 13.2
Charge in the income statement 0.4 —
Released in the year (2.5) (4.3)
Closing balance 6.8 8.9
Provisions relate principally to warranties provided in relation to the Best Buy Europe Joint Venture Transaction.
19 SHARE CAPITAL
2013 2012 2013 2012
million million £m £m
Allotted, called-up and fully paid ordinary shares of 0.1p each 472.8 472.8 0.5 0.5
B shares – redeemable preference shares of 172p each —19.2 —32.9
Deferred shares of 0.01p each —129.7 ——
A description of the movements in share capital is provided in note 20.
On 30 April 2013 the Group placed 47.2m ordinary shares at 222 pence per share. The placing raised net proceeds of £103.2m which
were received on 3 May 2013 and which were used tofund part of the consideration for the CPW Europe Acquisition (see note 21). On 25
June 2013 the Group issued 42.1m Consideration Shares to Best Buy. Best Buy has agreed to waive rights to dividends payable onthese
shares subject to certain conditions (see note 21).
20 RESERVES AND ACCUMULATED PROFITS
Share Capital
Share premium
Accumulated
Translation Demerger redemption
capital reserve profits reserve reserve reserve Total
2013 £m £m £m £m £m £m £m
At the beginning of the year 33.4 170.0 697.8 0.1 (750.2) 556.9 708.0
Total recognised income and expenses for the year — — 4.2 2.2 — — 6.4
Redemption of shares (32.9) —(32.9) — — 32.9 (32.9)
Equity dividends — — (23.7) — — — (23.7)
Capital reduction — — 589.8 — — (589.8) —
Share of other reserve movements of joint ventures — — 2.7 — — — 2.7
Net movements in relation to share schemes — — 0.1 ———0.1
At the end of the year 0.5 170.0 1,238.0 2.3 (750.2) —660.6
On 10 April 2012, 19.2m B shares which had been issued under the B/C Share Scheme were redeemed by the Company for 172p per
share, being £32.9m. The Company carried out a capital reduction in July 2013 so as to cancel all deferred shares and the capital
redemption reserve arising on the B/C Share Scheme, which resulted in the creation of additional distributable reserves of £589.8m.
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
Total recognised income and expenses for the year — — 762.5 (11.9) — — 750.6
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