152
IMI plc
C8. Borrowings
This note provides information about the contractual terms of the Company’s interest-bearing loans and borrowings. For more information about the Company’s
exposure to interest rate and foreign currency risk, see section 4.4 in the Group financial statements.
2014
2013
£m
£m
Due within one year:
Unsecured US loan notes 2014
-
19.0
The reduction in unsecured loan notes is due to their settlement in the year.
C9. Share capital and reserves
Share
Share Redemption
Retained
Parent
capital
premium reserve
earnings
equity
£m
£m
£m
£m
£m
At 1 January 2013
85.2
170.3
7.9
328.5
591.9
Retained profit for the year
288.9
288.9
Shares issued in the year
0.1
1.5
1.6
Dividends paid
(106.2)
(106.2)
Share-based payments
11.2
11.2
Shares acquired for:
employee share scheme trust
(24.2)
(24.2)
share buyback programme
(164.3)
(164.3)
At 31 December 2013
85.3
171.8
7.9
333.9
598.9
Retained profit for the year
659.3
659.3
Dividends paid on ordinary shares
(97.3)
(97.3)
Shares issued in the year
0.1
1.8
1.9
Issue of ‘B’ shares - capital option
151.9
(151.9)
-
Issue of ‘C’ shares - income option
10.9
(10.9)
-
Redemption of ‘B’ and ‘C’ shares
(162.8)
162.8
(162.8)
(162.8)
Dividends paid on ‘C’ shares
(457.5)
(457.5)
Cancellation of treasury shares
(3.7)
3.7
-
Share-based payments
4.4
4.4
Shares acquired for:
employee share scheme trust
(30.7)
(30.7)
At 31 December 2014
81.7
10.8
174.4
249.3
516.2
All of the retained earnings held at both 31 December 2014 and 31 December 2013 are considered to be distributable reserves.
Share capital
2014
2013
£m
£m
Issued and fully paid
286.0m (2013: 341.0m) ordinary shares of 28 4/7p (2013: 25p) each
81.7
85.3
C10. Contingencies
Contingent liabilities relating to guarantees in the normal course of business and other items amounted to £73.5m (2013: £74.1m).
There is a right of set-off with three of the Company’s bankers relating to the balances of the Company and a number of its wholly-owned UK subsidiaries.
Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its Group, the Company considers these
to be insurance arrangements, and accounts for them as such. In this respect, the Company treats the guarantee contract as a contingent liability until such time
as it becomes probable that the Company will be required to make a payment under the guarantee.
The Company, as parent of the IMI Group, has contingent liabilities in respect of contingencies within the Group as described in Section 5.1 of the
Group financial statements.
COMPANY NOTES TO THE FINANCIAL STATEMENTS
Continued
