BP 2008 Annual Report Download - page 202

Financial statements
BP Annual Report and Accounts 2008
Parent company financial statements of BP p.l.c.
7. Called-up share capital
The allotted, called-up and fully paid share capital at 31 December was as follows:
2008 2007
Shares Shares
Issued (thousand) $ million (thousand) $ million
8% cumulative first preference shares of £1 each 7,233 12 7,233 12
9% cumulative second preference shares of £1 each 5,473 9 5,473 9
21 21
Ordinary shares of 25 cents each
1 January 20,863,424 5,216 21,457,301 5,364
Issue of new shares for employee share schemes 24,791 6 69,273 18
Repurchase of ordinary share capital (269,757) (67) (663,150) (166)
31 December 20,618,458 5,155 20,863,424 5,216
5,176 5,237
Authorized
8% cumulative first preference shares of £1 each 7,250 12 7,250 12
9% cumulative second preference shares of £1 each 5,500 9 5,500 9
Ordinary shares of 25 cents each 36,000,000 9,000 36,000,000 9,000
Voting on substantive resolutions tabled at a general meeting is on a poll. On a poll, shareholders present in person or by proxy have two votes for
every £5 in nominal amount of the first and second preference shares held and one vote for every ordinary share held. On a show-of-hands vote on
other resolutions (procedural matters) at a general meeting, shareholders present in person or by proxy have one vote each.
In the event of the winding up of the company, preference shareholders would be entitled to a sum equal to the capital paid up on the
preference shares plus an amount in respect of accrued and unpaid dividends and a premium equal to the higher of (i) 10% of the capital paid up on
the preference shares and (ii) the excess of the average market price of such shares on the London Stock Exchange during the previous six months
over par value.
Repurchase of ordinary share capital
The company purchased 269,757,188 ordinary shares (2007 663,149,528 and 2006 1,334,362,750 ordinary shares) for a total consideration of
$2,914 million (2007 $7,497 million and 2006 $15,481 million), of which all were for cancellation. At 31 December 2008, 1,888,151,157 shares of
nominal value $472 million were held in treasury (2007 1,940,638,808 shares of nominal value $485 million). Transaction costs of share repurchases
amounted to $16 million (2007 $40 million and 2006 $83 million).
8. Capital and reserves
$ million
Share Capital Share-based Profit
Share premium redemption Merger Own Treasury payment and loss
capital account reserve reserve shares shares reserve account Total
At 1 January 2008 5,237 9,581 1,005 26,509 (60) (22,112) 982 72,282 93,424
Currency translation
differences – – – – – – – (710) (710)
Actuarial loss on pensions
(net of tax) – – – – – – – (3,688) (3,688)
Repurchase of ordinary
share capital (67) – 67 – – – – (2,414) (2,414)
Share-based payments 6 182 – – (266) 599 289 (3) 807
Profit for the year – – – – – – – 17,715 17,715
Dividends – – – – – – – (10,342) (10,342)
At 31 December 2008 5,176 9,763 1,072 26,509 (326) (21,513) 1,271 72,840 94,792
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