Tesco 2000 Annual Report Download - page 37

Download and view the complete annual report

Please find page 37 of the 2000 Tesco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 44

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44

TESCO PLC
35
NOTE 23 Called up share capital
Ordinary shares of 5p each
Number £m
Authorised at 27 February 1999 9,200,000,000 460
Authorised during the year ––
Authorised at 26 February 2000 9,200,000,000 460
Allotted, issued and fully paid:
Issued at 27 February 1999 6,770,197,098 339
Scrip dividend election 11,286,890 –
Share options exercised 41,535,371 2
Issued at 26 February 2000 6,823,019,359 341
During the year, 52.8 million shares were issued for an aggregate consideration of £75m, which comprised £21m for scrip dividend and £54m
for share options.
Between 26 February 2000 and 10 April 2000, options on 5,131,917 ordinary shares and 6,616,704 ordinary shares have been exercised
under the terms of the savings-related share option scheme (1981) and the executive share option schemes (1984, 1994 and 1996)
respectively.
As at 26 February 2000 the Directors were authorised to purchase up to a maximum in aggregate of 682,301,935 ordinary shares.
NOTE 24 Reserves
Group Company
2000 1999 2000 1999
£m £m £m £m
Share premium account
At 27 February 1999 1,577 1,528 1,577 1,528
Premium on issue of shares less costs 52 248 52 248
Bonus issue on 3 July 1998 – (221) – (221)
Scrip dividend election 21 22 21 22
At 26 February 2000 1,650 1,577 1,650 1,577
Other reserves
At 26 February 2000 and 27 February 1999 40 40 – –
Profit and loss account
At 27 February 1999 2,426 2,225 783 851
Loss on foreign currency net investments (36) (19) (3) –
Issue of shares (24) (109) – –
Retained profit for the financial year 372 329 (260) (68)
At 26 February 2000 2,738 2,426 520 783
Other reserves comprise a merger reserve arising on the acquisition of Hillards plc in 1987.
In accordance with section 230 of the Companies Act 1985 a profit and loss account for Tesco PLC, whose result for the year is shown
above, has not been presented in these accounts.
The cumulative goodwill written off against the reserves of the Group as at 26 February 2000 amounted to £718m (1999 – £718m).
During the year, the qualifying share ownership trust (QUEST) subscribed for 21 million shares from the company. The amount of £24m
shown above represents contributions to the QUEST from subsidiary undertakings.