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Marks and Spencer Group plc Annual report and financial statements 2010 Financial statements 80
Consolidated statement
of changes in equity
Ordinary
share
capital
£m
Share
premium
account
£m
Capital
redemption
reserve
£m
Hedging
reserve
£m
Other
reserve1
£m
Retained
earnings2
£m
Total
£m
Minority
interest
£m
Total
£m
A
t 30 March 200
8
396.6 231.4 2,199.9 (36.9) (6,542.2) 5,707.9 1,956.7 7.3 1,964.0
Profit/(loss) for the year –
–
–
–
–
508.0 508.0 (1.2) 506.8
Other comprehensive income:
Foreign currency translation –
–
–
(0.8)
–
33.9 33.1
–
33.1
A
ctuarial losses on retirement benefit schemes –
–
–
–
–
(927.1) (927.1)
–
(927.1)
Cash flow and net investment hedges
– fair value movement in equit
y
–
–
–
317.2
–
(12.4) 304.8
–
304.8
– reclassified and reported in net profit3–
–
–
(206.8)
–
– (206.8)
–
(206.8)
– amount recognised in inventories –
–
–
(8.6)
–
– (8.6)
–
(8.6)
T
ax on items taken directly to equit
y
–
–
–
(29.3) 254.9 225.6
–
225.6
T
otal comprehensive income –
–
–
71.7
–
(142.7) (71.0) (1.2) (72.2)
T
ransactions with owners:
Dividends –
–
–
–
–
(354.6) (354.6) (0.2) (354.8)
Derecognition of financial liabilit
y
4 –
–
–
–
571.7 – 571.7
–
571.7
T
ransactions with minority shareholders–
–
–
–
–
– – 13.0 13.0
T
ransfer of exchange on net in
v
estment hedges –
–
–
27.8
–
(27.8) –
–
–
Shares issued on exercise of employee
share options 0.5 4.8 – – – – 5.3 – 5.3
Shares purchased in bu
y
-bac
k
(
2.7
)
–
2.7
–
–
(40.9)
(
40.9)
–
(40.9)
Charge for share-based payments –
–
–
–
–
14.3 14.3
–
14.3
Deferred tax on share schemes –
–
–
–
–
0.2 0.2
–
0.2
A
t 28 March 200
9
394.4 236.2 2,202.6 62.6
(
5,970.5
)
5,156.4 2,081.7 18.9 2,100.6
A
t 29 March 200
9
394.4 236.
2
2,202.
6
62.
6
(
5,970.5
)
5,156.4 2,081.7 18.
9
2,100.
6
Profit/(loss) for the year –
–
–
–
–
526.3 526.3 (3.3) 523.
0
Other comprehensive income:
Foreign currency translation –
–
–
0.1
–
(17.5) (17.4)
–
(17.4)
A
ctuarial losses on retirement benefit schemes –
–
–
–
–
(251.6) (251.6)
–
(251.6)
Cash flow and net investment hedges
– fair value movement in equit
y
–
–
–
38.
0
–
14.1 52.1
–
52.1
– reclassified and reported in net profit3–
–
–
(119.8)
–
– (119.8)
–
(119.8)
– amount recognised in inventories –
–
–
4.
8
–
– 4.
8
–
4.
8
T
ax on items taken directly to equit
y
–
–
–
2
5.
9
–
71.7 97.
6
–
97.
6
T
otal comprehensive income –
–
–
(51.
0
)
–
343.
0
2
92.
0
(3.3) 2
8
8.7
T
ransactions with owners:
Dividends –
–
–
–
–
(236.
0
)
(236.0)
–
(236.0)
T
ransactions with minority shareholders–
–
–
–
–
– – 1.7 1.7
Shares issued on exercise of employee
share options 1.1 11.3 – – – – 12.4 –12.4
Purchase of own shares held by employee –
–
–
–
–
(19.
0
)
(19.0)
–
(19.0)
Charge for share-based payments –
–
–
–
–
28.5 28.5
–
28.5
Deferred tax on share schemes –
–
–
–
–
9.
0
9.
0
–
9.
0
A
t 3 April 201
0
395.5 247.5 2,202.
6
11.
6
(5,970.5
)
5,281.
9
2,1
6
8.
6
17.3 2,1
8
5.
9
1 The ‘Other reserve’ was created as part of the capital restructuring that took place in 2002. It represents the difference between the nominal value of the shares issued prior to the
capital reduction by the Company (being the carrying value of the investment in Marks and Spencer plc) and the share capital, share premium and capital redemption reserve of
Marks and Spencer plc at the date of the transaction. The reserve also includes discretionary distributions to the Marks Spencer UK Pension Scheme (see footnote 4).
2 Includes a cumulative £34.8m gain (last year £52.3m gain) in the currency reserve.
3 Amounts reclassified and reported in net profit have all been recorded in cost of sales.
4 The amounts derecognised as a financial liability relate to the amendments of the Scottish Limited Partnership agreement on 25 March 2009. In line with emerging best practice for
similar transactions by other companies this has been reclassified to other reserves. See note 25 for further details.
&