| a) The Group | Share capital £m |
Share premium account £m |
Capital redemption reserve £m |
Capital reserve £m |
Profit and loss account £m |
Total shareholders' funds – equity £m |
|---|---|---|---|---|---|---|
| At 1 January 2004 – as previously stated | 554 | 289 | 145 | 422 | 113 | 1,523 |
| Prior year adjustment | – | – | – | – | (2) | (2) |
| At 1 January 2004 – restated | 554 | 289 | 145 | 422 | 111 | 1,521 |
| Rights Issue | 183 | 103 | – | – | – | 286 |
| Profit for the financial year | – | – | – | – | 94 | 94 (39) |
| Exchange differences on retranslation of net investments | – | – | – | – | (39) | (39) |
| Dividend proposed | – | – | – | – | (37) | (37) |
| At 31 December 2004 | 737 | 392 | 145 | 422 | 129 | 1,825 |
| b) The Company | £m | £m | £m | £m | £m | £m |
| At 1 January 2004 – as previously stated | 554 | 289 | 145 | 415 | 245 | 1,648 |
| Prior year adjustment | – | – | – | – | (2) | (2) |
| At 1 January 2004 – restated | 554 | 289 | 145 | 415 | 243 | 1,646 |
| Rights Issue | 183 | 103 | – | – | – | 286 |
| Profit for the financial year | – | – | – | – | 83 | 83 |
| Dividend proposed | – | – | – | – | (37) | (37) |
| At 31 December 2004 | 737 | 392 | 145 | 415 | 289 | 1,978 |
The share premium account, capital redemption reserve and capital reserve are not distributable.
The application of UITF 38 (Accounting for ESOP trusts) has required the investment in International Power's own shares to be reclassified in the balance sheet as a deduction from shareholders' funds.
A number of International Power plc Ordinary Shares are held in Employee Share Ownership Trusts (ESOTs). These shares are held by the ESOTs to meet awards made under a number of employee share plans (see note 23). At 31 December 2004, the ESOTs held a total of 3,607,734 International Power plc Ordinary Shares (2003: 3,003,312). At 31 December 2004, the market value of these shares was £5,492,775 (2003: £3,709,090). The maximum number of shares required to meet all outstanding awards (assuming full vesting of those awards) as at 31 December 2004 was 7,772,077 (2003: 4,649,228).
The cumulative amount of goodwill set off to reserves prior to the adoption of FRS 10 on acquisition of subsidiary undertakings is £95 million (31 December 2003: £95 million). £124 million (2003: £143 million) of the Company's profit and loss reserve is not distributable as it arose from unrealised gains on intra-group transfers.