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144 Experian Annual Report 2011
Notes to the Group nancial statements continued
37. Share capital and share premium
Share capital comprises the nominal value of the Company’s issued share capital. Further details relating to the share capital at the balance
sheet dates, together with details of ordinary shares issued during the year and since 31 March 2011, are contained in note O to the parent
company nancial statements.
The share premium account comprises the amount received in excess of the nominal value of the shares issued (i) by way of the share offer in
October 2006, net of expenses, and (ii) by way of the subsequent issue of ordinary shares in connection with employee share incentive plans.
The Group has adopted a presentation currency of the US dollar in its previous sets of nancial statements. As reported last year, the Company
determined that its functional currency changed on 1 April 2009 to the US dollar from sterling. A difference between the amounts shown in the
Group and parent company nancial statements in respect of share capital and the share premium account arose due to the translation of the
sterling amounts into US dollars at the different exchange rates on the different translation dates. The differences for share capital and the
share premium account, with the higher numbers being reported in the Group nancial statements, are US$23m and US$329m respectively at
both 31 March 2010 and 31 March 2011.
38. Retained earnings and other reserves
Retained earnings comprise net prots retained in the Group after the payment of equity dividends. The composition of, and movements in,
other reserves are set out below. There are no signicant statutory, contractual or exchange control restrictions on distributions by Group
undertakings.
Year ended 31 March 2011 Own
shares
reserve
US$m
Merger
reserve
US$m
Hedging
reserve
US$m
Translation
reserve
US$m
Total
other
reserves
US$m
At 1 April 2010 (125) (15,682) 11 (64) (15,860)
Purchase of own shares (334) - - - (334)
Purchase of own shares by employee trusts and in respect of employee
share incentive plans (61) - - - (61)
Exercise of share options and awards 86 - - - 86
Currency translation gains recognised directly in other comprehensive
income - - - 124 124
At 31 March 2011 (434) (15,682) 11 60 (16,045)
Year ended 31 March 2010 Own
shares
reserve
US$m
Merger
reserve
US$m
Hedging
reserve
US$m
Translation
reserve
US$m
Total
other
reserves
US$m
At 1 April 2009 (112) (15,682) 11 (234) (16,017)
Purchase of own shares by employee trusts and in respect of employee
share incentive plans (164) - - - (164)
Exercise of share options and awards 151 - - - 151
Currency translation gains recognised directly in other comprehensive
income - - - 170 170
At 31 March 2010 (125) (15,682) 11 (64) (15,860)
The balance on the own shares reserve represents the cost of some 38m (2010: 11m) ordinary shares in the Company. These include some
30m shares purchased during the year at a cost of US$334m in connection with the share buyback programme and held as treasury shares. A
further 8m (2010: 11m) ordinary shares are held, to satisfy obligations under employee share incentive plans, in two employee trusts. During the
year ended 31 March 2011, some 7m (2010: 18m) ordinary shares were purchased by these trusts and some 9m (2010: 18m) ordinary shares were
transferred from these trusts to beneciaries of employee share incentive plans.
The merger reserve arose on the demerger in October 2006 and represents the difference between the share capital and share premium of GUS
plc and the nominal value of the share capital of the Company before the share offer in October 2006 and subsequent share issues.
Movements on the hedging reserve and the position at the balance sheet date reect hedging transactions which are not charged or credited to
the Group income statement, net of related tax.
Movements on the translation reserve and the position at the balance sheet date reect foreign currency translations since 1 April 2004 which
are not charged or credited to the Group income statement, net of related tax.