Annual Report 2016

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20. Capital and reserves

30 March 2016
€’000
25 March 2015
€’000
27 March 2014
€’000
(a) Called up share capital and share premium
Share capital82,80482,80482,804
Share premium1,9591,9591,959
Authorised share capital
300,000,000 ordinary shares of €1.27 each380,921380,921380,921
Issued and full paid
65,200,000 ordinary shares of €1.27 each82,80482,80482,804

The company has one class of shares referred to as Ordinary shares. All shares rank equally. 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.

Nature and purpose of reserves

Hedging reserve

The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows affect profit or loss. It also includes related deferred tax.

Translation reserve

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.