RBS 2006 Annual Report Download - page 148
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147
RBS Group • Annual Report and Accounts 2006
Financial statements
6 Profit attributable to preference shareholders Group
Dividends Finance cost Dividends Finance cost Finance
paid to equity included in paid to equity included in cost of
preference interest preference interest preference
shareholders payable shareholders payable shares
2006 2006 2005 2005 2004
£m £m £m £m £m
Non-cumulative preference shares of US$0.01 92 86 58 115 105
Non-cumulative convertible preference shares of US$0.01 — 50 —7390
Non-cumulative convertible preference shares of 0.01 — — —933
Non-cumulative preference shares of 0.01 99 — 51 — 4
Non-cumulative convertible preference shares of £0.01 — 15 —1515
Appropriation for premium payable on redemption and issue costs — 6 —89
Total (3) 191 157 109 220 256
Notes:
(1) In the year ended 31 December 2006, dividends of £55,000 (2005 and 2004 – £55,000) were paid on the 11% cumulative preference shares of £1 and dividends of £22,000
(2005 and 2004 – £22,000) were paid on the 5.5% cumulative preference shares of £1.
(2) Following the implementation of IAS 32 on 1 January 2005, several of the Group’s preference share issues are now included in subordinated liabilities and the related finance
cost in interest payable.
(3) Between 1 January 2007 and the date of approval of these accounts, dividends amounting to US$61 million have been declared in respect of equity preference shareholders for
payment on 30 March 2007.
7 Ordinary dividends Group
2006 2005 2004 2006 2005 2004
p per share p per share p per share £m £m £m
Final dividend for previous year declared during the current year 53.1 41.2 35.7 1,699 1,308 1,059
Interim dividend 24.2 19.4 16.8 771 619 529
Total dividends paid on ordinary equity shares 77.3 60.6 52.5 2,470 1,927 1,588
Final dividends are not accounted for until they have been ratified by members in a general meeting. At the Annual General Meeting
on 25 April 2007, a final dividend in respect of 2006 of 66.4 pence per share (2005 – 53.1 pence per share) amounting to a total of
£2.1 billion (2005 – £1.7 billion) is to be proposed. The financial statements for the year ended 31 December 2006 do not reflect this
dividend which, if approved, will be accounted for in shareholders’ equity as an appropriation of retained profits in the year ending
31 December 2007.
8 Profit dealt with in the accounts of the company
As permitted by section 230(3) of the Companies Act 1985, the primary financial statements of the company do not include an
income statement. Condensed information is set out below:
Company
2006 2005 2004
£m £m £m
Dividends received from banking subsidiary 3,502 2,082 3,000
Dividends received from other subsidiaries 229 100 —
Total income 3,731 2,182 3,000
Interest receivable from subsidiaries 516 577 313
Interest payable to subsidiaries (246) (189) (150)
Other net interest payable and operating expenses (515) (638) (273)
Operating profit before tax 3,486 1,932 2,890
Tax 13 142 (16)
Profit for the year 3,499 2,074 2,874
Profit attributable to:
Ordinary shareholders 3,308 1,965 2,618
Preference shareholders 191 109 256
3,499 2,074 2,874