Marks and Spencer 1999 Annual Report Download - page 41

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39
MARKS AN D SPEN CER p.l.c.
24. Hedges of future transactions
As described in the Financial Review on page 4, the Group’s policy is to maintain foreign exchange cover in respect of exports from the UK to subsidiaries.
It does this using forward foreign currency contracts.At 31 March 2000 the Group had hedged approximately • % of the foreign currency exports expected
in the following 12 months.
At 31 March 2000 there were £• m of net gains on forward foreign currency contracts (last year £9.7m of net gains). N one of these were recognised at
the balance sheet date.All outstanding net gains are expected to be dealt with in the profit and loss account for the period ending 31 March 2000.
D uring the period ended 31 March 2000, all of the net gains not recognised at 31 March 1999 were dealt with in the profit and loss account.
25. Called up share capital
THE CO MPAN Y
2000 1999
£m £m
Authorised:
• ordinary shares of • p each 800.0
Allotted, called up and fully paid:
• ordinary shares of • p each (last year 2,870,622,953) 717.7
• ordinary shares having a nominal value of £• m were allotted during the year under the terms of the Company’s share schemes which are described in
note 9.The aggregate consideration received was £• m. Contingent rights to the allotment of shares are also described in note 9.
O f the • ordinary shares referred to above, • ordinary shares were subscribed for by the Marks and Spencer p.l.c. Q ualifying Employee Share
O wnership Trust (the “Q UEST”) at market value of £• m.These shares were allocated to employees, including executive directors, in satisfaction of options
exercised under the Marks and Spencer United Kingdom Employees’ Save As You Earn Share O ption Scheme.The Company provided £• m to the QUEST
for this purpose.The cost of this contribution has been transferred by the Company directly to the profit and loss account reserve (see note 26).
26. Shareholders’ funds
THE GRO UP TH E CO MPAN Y
2000 1999 2000 1999
£m £m £m £m
Called up share capital (see note 25) 717.7 717.7
Share premium account:
At 1 April 325.7 325.7
Shares issued relating to scrip dividends – –
Shares issued under the Company’s share schemes 32.8 32.8
At 31 March 358.5 358.5
Revaluation reserve:
At 1 April 506.1 509.7
Surplus on revaluation of investment properties 32.7 32.7
Share of joint venture’s movement in revaluation reserve 1.4 –
Revaluation surplus realised on disposals (7.8) (7.8)
Revaluation element of depreciation charge (1.4) (1.4)
At 31 March 531.0 533.2
N OTES TO THE FIN AN CIAL STATEMEN TS
ANNUAL REPORT AND FIN ANCIAL STATEMENTS 1999