Financial Statements
20 Share capital and reserves
| Number of ordinary shares |
Share capital £m |
Share premium £m |
Other reserves £m |
Retained earnings £m |
Total £m |
|
|---|---|---|---|---|---|---|
| Issued, called up and fully paid 1 April 2005 | 518,307,020 | 130 | 1,249 | 12 | 3,392 | 4,783 |
| Restatement (note 1) | 32 | (32) | ||||
| Restated position at 1 April 2005 | 518,307,020 | 130 | 1,249 | 44 | 3,360 | 4,783 |
| Total recognised income and expense for the year | 132 | 1,183 | 1,315 | |||
| Shares issued | 878,269 | 4 | 4 | |||
| Purchase of ESOP shares | (10) | (10) | ||||
| Adjustment for share and share option awards | 8 | 8 | ||||
| Dividends paid in the year | (84) | (84) | ||||
| Issued, called up and fully paid 31 March 2006 | 519,185,289 | 130 | 1,253 | 176 | 4,457 | 6.016 |
| Issued, called up and fully paid 1 April 2006 | 519,185,289 | 130 | 1,253 | 176 | 4,457 | 6,016 |
| Total recognised income and expense for the year | 356 | 2,454 | 2,810 | |||
| Shares issued | 2,113,068 | 10 | 10 | |||
| Purchase of ESOP shares | (16) | (16) | ||||
| Adjustment for share and share option awards | 18 | 18 | ||||
| Dividends paid in the year | (91) | (91) | ||||
| Issued, called up and fully paid 31 March 2007 | 521,298,357 | 130 | 1,263 | 532 | 6,822 | 8,747 |
The authorised share capital is 800,000,000 25p ordinary shares (2006: 800,000,000).
Other reserves
Other reserves comprise the following reserve accounts:
- 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.
- 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.
- Revaluation reserve – The revaluation reserve relates to development properties and other investments.
At 31 March 2007, options over 5,273,916 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 2006 |
Granted | Vested but not exercised |
Exercised/ vested |
Forfeits | At 31 March 2007 |
Exercise/ share price at grant date pence |
Exercise dates From |
To |
|---|---|---|---|---|---|---|---|---|---|
| Share options | |||||||||
| Sharesave Scheme | |||||||||
| 01.09.01 | 6,425 | (6,425) | 399 | 01.09.06 | 28.02.07 | ||||
| 01.03.02 | 5,176 | (5,176) | 377 | 01.03.07 | 31.08.07 | ||||
| 01.09.02 | 3,211 | 3,211 | 443 | 01.09.07 | 29.02.08 | ||||
| 01.03.03 | 3,263 | (3,263) | 359 | 01.03.06 | 31.08.06 | ||||
| 01.03.03 | 17,658 | (915) | 16,743 | 359 | 01.03.08 | 31.08.08 | |||
| 01.09.03 | 14,729 | (14,246) | (483) | 383 | 01.09.06 | 28.02.07 | |||
| 01.09.03 | 1,995 | 1,995 | 383 | 01.09.08 | 28.02.09 | ||||
| 01.03.04 | 44,805 | (42,456) | (631) | 1,718 | 472 | 01.03.07 | 31.08.07 | ||
| 01.03.04 | 31,898 | (1,663) | (1,695) | 28,540 | 472 | 01.03.09 | 31.08.09 | ||
| 01.03.05 | 49,739 | (2,006) | (7,612) | 40,121 | 648 | 01.03.08 | 31.08.08 | ||
| 01.03.05 | 44,472 | (306) | 44,166 | 648 | 01.03.10 | 31.08.10 | |||
| 23.06.05 | 19,336 | (1,323) | 18,013 | 701 | 01.09.08 | 28.02.09 | |||
| 23.06.05 | 4,334 | 4,334 | 701 | 01.09.10 | 28.02.11 | ||||
| 22.12.05 | 21,933 | (24) | (1,974) | 19,935 | 804 | 01.03.09 | 31.08.09 | ||
| 22.12.05 | 13,010 | (400) | 12,610 | 804 | 01.03.11 | 31.08.11 | |||
| 03.07.06 | 7,251 | 7,251 | 1,007 | 01.09.11 | 28.02.12 | ||||
| 03.07.06 | 18,285 | 18,285 | 1,007 | 01.09.09 | 28.02.10 | ||||
| 22.12.06 | 18,636 | 18,636 | 1,236 | 01.03.10 | 31.08.10 | ||||
| 22.12.06 | 6,060 | 6,060 | 1,236 | 01.03.12 | 31.08.12 | ||||
| 281,984 | 50,232 | (75,259) | (15,339) | 241,618 | |||||
| Long-Term Incentive – Plan Options Vested, Not Exercised | |||||||||
| 25.09.03 | 222,234 | 222,234 | 502 | 25.09.06 | 24.09.13 | ||||
| 12.12.03 | 239,642 | 239,642 | 552 | 12.12.06 | 11.12.13 | ||||
| 28.05.04 | 14,495 | 14,495 | 663 | 01.03.07 | 31.08.07 | ||||
| 29.11.04 | 9,409 | 9,409 | 796 | 01.03.07 | 31.08.07 | ||||
| 31.05.05 | 4,779 | 4,779 | 877 | 01.03.07 | 31.08.07 | ||||
| 05.12.05 | 2,198 | 2,198 | 994 | 01.03.07 | 31.08.07 | ||||
| 492,757 | 492,757 | ||||||||
| Long-Term Incentive – Plan Unvested Options | |||||||||
| 25.09.03 | 737,671 | (222,234) | (515,437) | 502 | 25.09.06 | 24.09.13 | |||
| 12.12.03 | 783,750 | (239,642) | (539,019) | (5,089) | 552 | 12.12.06 | 11.12.13 | ||
| 28.05.04 | 1,394,820 | (14,495) | (368,763) | (61,203) | 950,359 | 663 | 28.05.07 | 27.05.14 | |
| 29.11.04 | 868,047 | (9,409) | (7,531) | (32,188) | 818,919 | 796 | 29.11.07 | 28.11.14 | |
| 31.05.05 | 903,422 | (4,779) | (6,908) | (28,895) | 862,840 | 877 | 31.05.08 | 30.05.15 | |
| 05.12.05 | 550,741 | (2,198) | (2,169) | (133,057) | 413,317 | 994 | 05.12.08 | 04.12.15 | |
| 30.05.06 | 835,502 | (14,202) | 821,300 | 1,252 | 30.05.09 | 29.05.16 | |||
| 14.07.06 | 278,462 | (4,732) | 273,730 | 1,316 | 14.07.09 | 13.07.16 | |||
| 29.11.06 | 187,250 | (2,669) | 184,581 | 1,545 | 29.11.09 | 28.11.16 | |||
| 5,238,451 | 1,301,214 | (492,757) | (1,439,827) | (282,035) | 4,325,046 | ||||
| Options granted under MIP | |||||||||
| 17.08.05 | 810,314 | (595,819) | 214,495 | 387 | 28.07.06 | 23.08.08 | |||
| Total | 6,330,749 | 1,351,446 | (2,110,905) | (297,374) | 5,273,916 | ||||
| Weighted average exercise price of options | |||||||||
| 669p | 1,301p | 511p | 889p | 881p | |||||
| Performance shares | pence | Vesting date | |||||||
| Restricted Share Plan* | |||||||||
| 12.06.03 | 391,750 | 195,875 | (587,625) | 510 | 12.06.06 | ||||
| 391,750 | 195,875 | (587,625) | |||||||
| Long-Term Incentive Plan* | |||||||||
| 25.09.03 | 245,889 | (245,889) | 502 | 25.09.06 | |||||
| 12.12.03 | 261,250 | (259,554) | (1,696) | 552 | 12.12.06 | ||||
| 28.05.04 | 464,927 | (127,752) | (20,400) | 316,775 | 663 | 28.05.07 | |||
| 29.11.04 | 289,349 | (5,646) | (10,730) | 272,973 | 796 | 29.11.07 | |||
| 31.05.05 | 389,322 | (5,004) | (13,047) | 371,271 | 877 | 31.05.08 | |||
| 05.12.05 | 221,709 | (1,972) | (37,997) | 181,740 | 994 | 05.12.08 | |||
| 30.05.06 | 313,564 | (7,560) | 306,004 | 1,252 | 30.05.09 | ||||
| 29.11.06 | 191,183 | (3,782) | 187,401 | 1,545 | 29.11.09 | ||||
| 1,872,446 | 504,747 | (645,817) | (95,212) | 1,636,164 | |||||
| Performance Plan* | |||||||||
| 14.07.06 | 235,490 | 235,490 | 1,322 | 14.07.07 | |||||
| 14.07.06 | 235,490 | 235,490 | 1,322 | 14.07.08 | |||||
| 14.07.06 | 235,514 | 235,514 | 1,322 | 14.07.09 | |||||
| 706,494 | 706,494 | ||||||||
| Co-investment Share Plan* | |||||||||
| 29.11.04 | 61,957 | 61,957 | 807 | 29.11.07 | |||||
| Matching Share Plan* | |||||||||
| 14.07.06 | 70,956 | 70,956 | 1,241 | 14.07.09 | |||||
| Total | 2,326,153 | 1,478,072 | (1,233,442) | (95,212) | 2,475,571 | ||||
| Weighted average price of performance shares | |||||||||
| 695p | 1,224p | 537p | 919p | 1,082p |
* At 31 March 2007 the British Land Share Ownership Plan, a discretionary trust established to facilitate the operation of the incentive schemes, held 2,530,034 ordinary shares, with a market value of £38,658,920 in respect of LTIP performance, Co-investment Share Plan, Performance Plan and Matching Share Plan shares (2006: 2,520,546, £31,279,976). The amount of shares which could potentially vest are detailed on the Remuneration Report.