Annual Report & ACCOUNTS for the year ended 30 June 2014

HYR 2014

Year ended 30 June 2013Attributable to owners of the parent
Issued
share
capital
£000
Share
premium
account
£000
Own shares
£000
Hedging
reserve
£000
Foreign
currency
translation
reserve
£000
Merger
reserve
£000
Retained
earnings
£000
Total
£000
At 1 July 2012869122,642(286)(3,683)1,77032,370153,682
Profit for the period17,91317,913
Effective portion of changes in fair value of cash flow hedges, net of tax(140)(140)
Foreign currency translation differences for foreign operations12,78912,789
Remeasurement of defined benefit pension scheme(772)(772)
Cash flow hedges recycled to income statement, net of tax426426
Total comprehensive income28612,78917,14130,216
Transactions with owners
Dividends paid(11,170)(11,170)
Share-based payments1,0421,042
Shares issued3843846
Total contributions by and distributions to owners3843(10,128)(9,282)
At 30 June 2013872123,4859,1061,77039,383174,616
Year ended 30 June 2014
At 1 July 2013872123,4859,1061,77039,383174,616
Profit for the period59,04759,047
Effective portion of changes in fair value of cash flow hedges, net of tax(312)(312)
Foreign currency translation differences for foreign operations(18,128)(18,128)
Remeasurement of defined benefit pension scheme(136)(136)
Cash flow hedges recycled to income statement, net of tax180180
Total comprehensive income(132)(18,128)58,91140,651
Transactions with owners
Dividends paid(12,579)(12,579)
Share-based payments1,7751,775
Shares issued5944949
Own shares purchased(606)(606)
Total contributions by and distributions to owners5944(606)(10,804)(10,461)
At 30 June 2014877124,429(606)(132)(9,022)1,77087,490204,806

Hedging Reserve

The hedging reserve represents the cumulative fair value gains or losses on derivative financial instruments for which cash flow hedge accounting has been applied.

Foreign Currency Translation Reserve

The foreign currency translation reserve contains exchange differences on the translation of subsidiaries with a functional currency other than Sterling and exchange gains or losses on the translation of liabilities that hedge the Company's net investment in foreign subsidiaries.

Merger Reserve

The merger reserve represents the excess of fair value over nominal value of shares issued in consideration for the acquisition of subsidiaries where statutory merger relief has been applied in the financial statements of the Parent Company.