Annual Report and Accounts 2008
33 Share capital and reserves
| Share capital £m | Share premium £m | Capital redemption reserve £m | Own shares £m | Other reserves (note 34) £m | Retained earnings £m | Total £m | Minority interests £m | Total equity £m | |
|---|---|---|---|---|---|---|---|---|---|
| At 1 January 2008 | 7.7 | 195.3 | 0.2 | (16.3) | 30.4 | 215.8 | 433.1 | 3.9 | 437.0 |
| Shares issued | – | 0.4 | – | – | – | – | 0.4 | – | 0.4 |
| Shares purchased | – | – | – | (1.7) | – | – | (1.7) | – | (1.7) |
| Own shares released to satisfy employee share schemes | – | – | – | 2.8 | – | (2.8) | – | – | – |
| Total recognised income and expense | – | – | – | – | 103.3 | 99.4 | 202.7 | 2.2 | 204.9 |
| Share-based payments | – | – | – | – | – | 4.4 | 4.4 | – | 4.4 |
| Dividends | – | – | – | – | – | (59.6) | (59.6) | – | (59.6) |
| Acquisition of minority interest | – | – | – | – | – | – | – | 0.4 | 0.4 |
| Dividends paid to minority interest | – | – | – | – | – | – | – | (0.4) | (0.4) |
| At 31 December 2008 | 7.7 | 195.7 | 0.2 | (15.2) | 133.7 | 257.2 | 579.3 | 6.1 | 585.4 |
| Share capital £m | Share premium £m | Capital redemption reserve £m | Own shares £m | Other reserves (note 34) £m | Retained earnings £m | Total £m | Minority interests £m | Total equity £m | |
|---|---|---|---|---|---|---|---|---|---|
| At 1 January 2007 | 7.7 | 189.8 | 0.2 | (16.7) | 7.9 | 153.3 | 342.2 | 3.3 | 345.5 |
| Shares issued | – | 5.5 | – | – | – | – | 5.5 | – | 5.5 |
| Own shares released to satisfy employee share schemes | – | – | – | 0.4 | – | (0.4) | – | – | – |
| Total recognised income and expense | – | – | – | – | 22.5 | 113.7 | 136.2 | 0.7 | 136.9 |
| Share-based payments | – | – | – | – | – | 3.2 | 3.2 | – | 3.2 |
| Dividends | – | – | – | – | – | (54.0) | (54.0) | – | (54.0) |
| Dividends paid to minority interest | – | – | – | – | – | – | – | (0.1) | (0.1) |
| At 31 December 2007 | 7.7 | 195.3 | 0.2 | (16.3) | 30.4 | 215.8 | 433.1 | 3.9 | 437.0 |
Own shares comprise treasury shares and shares held in the Employee Benefit Trust.
Treasury shares include 1,825,000 (2007: 1,825,000) ordinary shares in the Company. No additional (2007: nil) shares have been added as treasury shares within equity for future issue under the Group's share schemes or cancellation. No shares were cancelled during the year (2007: nil). The market value of these shares at 31 December 2008 was £9.0m (2007: £22.7m).
Own shares include 185,103 (2007: 447,770) ordinary shares in the Company that have been purchased by the Trustees of the National Express Employee Benefit Trust (the "Trust"). During the year, the Trust purchased 153,533 (2007: nil) shares and 416,200 (2007: 215,798) shares were used to satisfy options granted under a number of the Company's share schemes. The value of shares within the Trust has been recognised as an investment in treasury shares. The market value of these shares at 31 December 2008 was £0.9m (2007: £5.6m). The dividends payable on these shares have been waived.