BOC Report and accounts 2005 - Alle jaarverslagen

Notes to the financial statements 135
30. US accounting information continued
2005 2004 2003
Average number of 25p Ordinary shares million million million
Basic 495.0 493.0 492.5
Diluted 496.6 493.8 492.7
2005 2004 2003
pence pence pence
Earnings per share
Basic 66.0 60.4 53.7
Diluted 65.8 60.3 53.6
e) Reconciliation of shareholders’ funds
2005 2004
At 30 September £ million £ million
Shareholders’ funds reported in the Group balance sheet under UK GAAP 1,942.0 1,675.3
UK minority interests 111.1 202.8
2,053.1 1,878.1
Pensions 107.8 154.7
Post retirement medical costs (16.8) (12.2)
Revaluations of fixed assets (30.3) (36.8)
Goodwill previously charged to reserves 64.1 62.7
Non-amortisation of goodwill under SFAS142 40.1 31.4
Amortisation of other intangibles (1.1) (1.0)
Interest rate swaps (1.2) (2.7)
Share of net assets of joint ventures and associates 14.1 17.6
Securities investments – 7.3
Consolidation of variable interest entity under FIN46 (12.8) (29.7)
Goodwill on disposal of subsidiary 5.5 4.4
Fixed asset impairments 8.1 13.3
Restructuring provisions 4.0 6.5
Financial and other derivative instruments (3.1) (2.0)
Provision for executive share schemes 0.5 0.9
Sale and leaseback (1.8) (1.9)
Goodwill impairments (16.3) –
Deferred tax 6.2 10.2
Minority interests (97.9) (180.7)
Shareholders’ funds under US GAAP 2,122.2 1,920.1
f) Movements in shareholders’ funds on a US GAAP basis
Shareholders’ funds at 1 October 1,920.1 1,872.5
Net income for the year 326.7 297.7
Dividends (204.1) (197.3)
Shares issued 32.6 8.7
Movement in treasury stock (4.2) 2.5
Pensions (54.5) 53.3
Exchange adjustment 99.3 (98.1)
Other movements 6.3 (19.2)
Shareholders’ funds at 30 September 2,122.2 1,920.1
g) Consolidated cash flow statement
The Group cash flow statement on page 88 has been prepared in accordance with UK accounting standard FRS1, the objectives and principles of which
are similar to those set out in US accounting principle SFAS95, Statement of Cash Flows.The principal differences between the standards relate to
classification of items within the cash flow statement and with regard to the definition of cash and cash equivalents.
Under FRS1, cash flows are presented separately for: a) operating activities; b) dividends from joint ventures and associates; c) returns on investments
and servicing of finance; d) tax paid; e) capital expenditure and financial investment; f) acquisitions and disposals; g) equity dividends paid; h) management of
liquid resources; and i) financing. Under SFAS95, however, only three categories of cash flow activity are reported: a) operating activities; b) investing
activities; and c) financing activities. Dividends from joint ventures and associates, cash flows from returns on investments and servicing of finance (excluding
dividends paid to minorities) and tax paid under FRS1 would be included in operating activities under SFAS95; capital expenditure and acquisitions and
disposals would be included in investing activities under SFAS95; equity dividends would be included as a financing activity under SFAS95.
Under FRS1, cash is defined as cash in hand and deposits repayable on demand with any qualifying financial institution, less overdrafts from any
qualifying financial institution repayable on demand. Under SFAS95, cash is defined as cash in hand and deposits but also includes cash equivalents which
are short-term, highly liquid investments. Generally only investments with original maturities of three months or less come within this definition.