41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 226
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
NOTES TO THE FINANCIAL STATEMENTS continued
Section 4: Funding continued
4.8 Equity
Accounting policies
Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares, other than on
a business combination, are shown as a deduction, net of tax, in equity from the proceeds. Share issue costs incurred
directly in connection with a business combination are deducted from the proceeds of the issue.
The Company’s issued share capital has increased during the year as follows:
2022
Called up, allotted and fully paid
ordinary shares of £0.25p each
At 1 January
Shares issued (placing)
Shares issued (scrip dividend)
Shares issued (options exercised)
At 31 December
2021
No. of
shares
Ordinary
shares
£m
Share
premium
£m
399,139,636
99.8
2,161.2
–
–
865,069
0.2
–
(0.2)
No. of
shares
Ordinary
shares
£m
Share
premium
£m
398,170,432
99.5
2,160.3
–
–
–
789,927
0.2
(0.2)
312,520
0.1
1.0
179,277
0.1
1.1
400,317,225
100.1
2,162.0
399,139,636
99.8
2,161.2
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote
per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets.
The Company’s reserves are as follows:
•
Called up share capital reserves contain the nominal value of the shares issued;
•
Share premium reserves contain the excess consideration received above the nominal value of the shares issued;
•
Merger reserves contain the excess in the value of shares issued by the Company in exchange for the value of shares
acquired in respect of subsidiaries acquired (specifically on the acquisition of the Unilodge portfolio in June 2001);
•
Hedging reserves contain the cumulative gains and losses on hedging instruments deemed effective; and
•
Retained earnings contain the cumulative profits and losses of the Company net of dividends paid and
other adjustments.
4.9 Dividends
Accounting policies
Dividends are recognised through equity on the earlier of their approval by the Company’s shareholders or
their payment.
During the year, the Company paid the final 2021 dividend of £62.3 million – 15.6p per share – and an interim 2022
dividend of £43.9 million – 11.0p per share (2021: final 2020 dividend 12.75p and an interim dividend 6.5p).
After the year-end, the Directors proposed a final dividend per share of 21.7p – totalling £86.8 million (2021: 15.6p),
bringing the total dividend per share for the year to 32.7p (2021: 22.1p). No provision has been made in relation to
this dividend.
The Group has modelled tax adjusted property business profits for 2022 and 2023 and the PID requirement in respect
of the year ended 31 December 2022 is expected to be satisfied by the end of 2023.
