Financial Statements
20 Share capital and reserves
| Number of shares |
Ordinary |
Share premium £m |
Total £m |
|
|---|---|---|---|---|
| Issued, called up and fully paid 1 April 2004 | 487,999,692 | 122 | 1,109 | 1,231 |
| Shares issued | 30,307,328 | 8 | 140 | 148 |
| Issued, called up and fully paid 31 March 2005 | 518,307,020 | 130 | 1,249 | 1,379 |
| Issued, called up and fully paid 1 April 2005 | 518,307,020 | 130 | 1,249 | 1,379 |
| Shares issued | 878,269 | 4 | 4 | |
| Issued, called up and fully paid 31 March 2006 | 519,185,289 | 130 | 1,253 | 1,383 |
The authorised share capital, being 25p ordinary shares, increased from 799,200,000 at 1 April 2005 to 800,000,000 at 31 March 2006.
Other reserves
Other reserves at 31 March 2006 were £79m (2005: £12m) which comprises the following reserve accounts:| (i) | Hedging reserve - The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow and foreign currency hedging instruments. |
| (ii) | Translation reserve - The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations as well as the translation of the liabilities that hedge the Company's net investment in a foreign subsidiary. |
| (iii) | Revaluation reserve - The revaluation reserve relates to development properties and other investments. |
| (iv) | Equity reserve - represented the equity component of the irredeemable convertible bonds, which were converted during the year ended 31 March 2005, net of the related deferred tax asset. |
At 31 March 2006, options over 6,330,749 ordinary shares were outstanding under Employees Share Option Plans. Details of outstanding share options, restricted and performance shares awarded to employees including executive directors are set out below:
| Date of grant | At 1 April 2005 |
Granted | Exercised/ vested |
Forfeits | At 31 March 2005 |
Exercise/ share price at grant date pence |
Exercise dates From |
To |
|---|---|---|---|---|---|---|---|---|
| Share options | ||||||||
| 1984 Share Option Scheme | ||||||||
| 23.01.96 | 353,700 | (353,700) | 394 | 23.01.99 | 22.01.06 | |||
| 23.01.96 | 313,843 | (313,843) | 394 | 23.01.01 | 22.01.06 | |||
| 667,543 | (667,543) | |||||||
| Sharesave Scheme | ||||||||
| 01.02.01 | 20,398 | (19,968) | (430) | 359 | 01.02.06 | 31.07.06 | ||
| 01.09.01 | 6,425 | 6,425 | 399 | 01.09.06 | 28.02.07 | |||
| 01.03.02 | 12,198 | (4,764) | (2,258) | 5,176 | 377 | 01.03.07 | 31.08.07 | |
| 01.09.02 | 9,897 | (9,440) | (457) | 443 | 01.09.05 | 28.02.06 | ||
| 01.09.02 | 3,211 | 3,211 | 443 | 01.09.07 | 29.02.08 | |||
| 01.03.03 | 31,044 | (27,563) | (218) | 3,263 | 359 | 01.03.06 | 31.08.06 | |
| 01.03.03 | 22,233 | (740) | (3,835) | 17,658 | 359 | 01.03.08 | 31.08.08 | |
| 01.09.03 | 16,467 | (796) | (942) | 14,729 | 383 | 01.09.06 | 28.02.07 | |
| 01.09.03 | 3,990 | (745) | (1,250) | 1,995 | 383 | 01.09.08 | 28.02.09 | |
| 01.03.04 | 47,851 | (820) | (2,226) | 44,805 | 472 | 01.03.07 | 31.08.07 | |
| 01.03.04 | 32,569 | (671) | 31,898 | 472 | 01.03.09 | 31.08.09 | ||
| 01.03.05 | 53,010 | (532) | (2,739) | 49,739 | 648 | 01.03.08 | 31.08.08 | |
| 01.03.05 | 51,357 | (682) | (6,203) | 44,472 | 648 | 01.03.10 | 31.08.10 | |
| 23.06.05 | 20,200 | (864) | 19,336 | 701 | 01.09.08 | 28.02.09 | ||
| 23.06.05 | 4,334 | 4,334 | 701 | 01.09.10 | 28.02.11 | |||
| 22.12.05 | 24,861 | (2,928) | 21,933 | 804 | 01.03.09 | 31.08.09 | ||
| 22.12.05 | 13,170 | (160) | 13,010 | 804 | 01.03.11 | 31.08.11 | ||
| 310,650 | 62,565 | (66,050) | (25,181) | 281,984 | ||||
| Long-Term Incentive Plan | ||||||||
| 25.09.03 | 868,397 | (84,166) | (46,560) | 737,671 | 502 | 25.09.06 | 24.09.13 | |
| 12.12.03 | 802,500 | (9,702) | (9,048) | 783,750 | 552 | 12.12.06 | 11.12.13 | |
| 28.05.04 | 1,557,062 | (39,877) | (122,365) | 1,394,820 | 663 | 28.05.07 | 27.05.14 | |
| 29.11.04 | 900,279 | (4,671) | (27,561) | 868,047 | 796 | 29.11.07 | 28.11.14 | |
| 31.05.05 | 1,019,871 | (116,449) | 903,422 | 877 | 31.05.08 | 30.05.15 | ||
| 05.12.05 | 550,741 | 550,741 | 994 | 05.12.08 | 04.12.15 | |||
| 4,128,238 | 1,570,612 | (138,416) | (321,983) | 5,238,451 | ||||
| Options granted under MIP | ||||||||
| 17.08.05 | 810,314 | 810,314 | 387 | 28.07.06 | 23.08.08 | |||
| Total | 5,106,431 | 2,443,491 | (872,009) | (347,164) | 6,330,749 | |||
| Weighted average exercise price of options | ||||||||
| 596p | 738p | 420p | 712p | 669p | ||||
| pence | Vesting date | |||||||
| Performance shares Restricted Share Plan* |
||||||||
| 23.07.02 | 566,119 | 283,059 | (849,178) | 530 | 23.07.05 | |||
| 20.12.02 | 264,250 | 131,041 | (395,291) | 440 | 20.12.05 | |||
| 12.06.03 | 398,250 | 712 | (7,212) | 391,750 | 510 | 12.06.06 | ||
| 1,228,619 | 414,812 | (1,251,681) | 391,750 | |||||
| Long-Term Incentive Plan* | ||||||||
| 25.09.03 | 289,464 | (28,055) | (15,520) | 245,889 | 502 | 25.09.06 | ||
| 12.12.03 | 267,500 | (3,234) | (3,016) | 261,250 | 552 | 12.12.06 | ||
| 28.05.04 | 519,007 | (13,292) | (40,788) | 464,927 | 663 | 28.05.07 | ||
| 29.11.04 | 300,093 | (1,557) | (9,187) | 289,349 | 796 | 29.11.07 | ||
| 31.05.05 | 428,140 | (38,818) | 389,322 | 877 | 31.05.08 | |||
| 05.12.05 | 221,709 | 221,709 | 994 | 05.12.08 | ||||
| 1,376,064 | 649,849 | (46,138) | (107,329) | 1,872,446 | ||||
| Recruitment Award Agreement* | ||||||||
| 29.11.04 | 36,671 | (36,671) | 818 | 12.11.05 | ||||
| Co-investment Share Plan* | ||||||||
| 29.11.04 | 61,957 | 61,957 | 807 | 29.11.07 | ||||
| Total | ||||||||
| Weighted average price of performance shares | ||||||||
| 583p | 755p | 512p | 725p | 695p | ||||
* At 31 March 2006 the British Land Share Ownership Plan, a discretionary trust established to facilitate the operation of the incentive schemes, held 2,520,546 ordinary shares, with a market value of £31,279,976, in respect of RSP restricted, LTIP performance and Co-investment Share Plan shares (2005: 2,714,576, £21,825,191). The amount of shares which eventually vests for the RSP restricted and LTIP performance shares depends on actual performance against net asset value per share targets and a three year service period. The amount of shares which eventually vest for the Co-investment Share Plan depends on a three year service period and is conditional on the prior acquisition by Stephen Hester of a matching number of shares which must be retained for a three year period.