Experian 2014 Annual Report Download - page 159

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Financial statements • Notes to the Group financial statements 155
37. Called up share capital and share premium account
At 31 March 2014, there were 1,031.6m shares in issue (2013: 1,030.1m) and 1.5m (2013: 1.1m) shares were issued in the year then
ended. Further information relating to share capital is contained in note K to the parent company financial statements.
The difference between the amounts shown in the Group and parent company financial statements in respect of called up
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.
38. Retained earnings and other reserves
(a) Retained earnings
Retained earnings comprise net profits retained in the Group after the payment of equity dividends. There are no significant
statutory, contractual or exchange control restrictions on distributions by Group undertakings.
(b) Other reserves
(i) Movements in reserves
Merger
reserve
US$m
Hedging
reserve
US$m
Translation
reserve
US$m
Own
shares
reserve
US$m
Total
other
reserves
US$m
At 1 April 2013 (15,682) 11 (11) (565) (16,247)
Purchase of own shares by employee trusts – – – (126) (126)
Purchase of own shares held as treasury shares –––(203) (203)
Exercise of share awards and options – – – 85 85
Currency translation items recognised in other
comprehensive income – – (189) – (189)
At 31 March 2014 (15,682) 11 (200) (809) (16,680)
Merger
reserve
US$m
Hedging
reserve
US$m
Translation
reserve
US$m
Own
shares
reserve
US$m
Total
other
reserves
US$m
At 1 April 2012 (15,682) 11 12 (492) (16,151)
Purchase of own shares by employee trusts – – – (221) (221)
Exercise of share awards and options – – – 148 148
Currency translation items recognised in other
comprehensive income – – (23) – (23)
At 31 March 2013 (15,682) 11 (11) (565) (16,247)
(ii) Nature of reserves
The merger reserve arose on the demerger in October 2006 and is 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 reflect 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 reflect foreign currency translations since
1 April 2004 which are not charged or credited to the Group income statement, net of related tax. The movement in the
year ended 31 March 2014 comprises currency translation losses of US$187m (2013: US$23m) recognised directly in other
comprehensive income, together with the reclassification of cumulative currency translation gains in respect of divestments
of US$2m (2013: US$nil).
The balance on the own shares reserve is the cost of ordinary shares in the Company and further details are given in note (iii)
below. The difference between the amounts shown in the Group and parent company financial statements in respect of the own
shares reserve arose due to the translation of the sterling amounts into US dollars at the different exchange rates on the different
translation dates.