Pdf
Share
capital
£m
Share
premium
account
£m
Cumulative exchange reserve
£m
Merger
reserve
£m
Retained earnings
£m
Total
£m
At 1 April 2017499.82.9(2.0)329.71,991.22,821.6
Profit after tax354.6354.6
Other comprehensive income/(expense)
Remeasurement gains on defined benefit pension schemes (see note 17)50.250.2
Tax on items taken directly to equity (see note 6)(8.5)(8.5)
Foreign exchange adjustments0.20.2
Total comprehensive income0.2396.3396.5
Dividends (see note 8)(267.0)(267.0)
Equity-settled share-based payments (see note 2)3.23.2
Exercise of share options – purchase of shares(3.4)(3.4)
At 31 March 2018499.82.9(1.8)329.72,120.32,950.9
Share
capital
£m
Share
premium
account
£m
Cumulative exchange reserve
£m
Merger
reserve
£m
Retained earnings
£m
Total
£m
At 1 April 2016499.82.9(5.7)329.71,878.82,705.5
Profit after tax433.9433.9
Other comprehensive (expense)/income
Remeasurement losses on defined benefit pension schemes (see note 17)(76.7)(76.7)
Tax on items taken directly to equity (see note 6)17.317.3
Foreign exchange adjustments3.73.7
Total comprehensive income3.7374.5378.2
Dividends (see note 8)(263.1)(263.1)
Equity-settled share-based payments (see note 2)3.43.4
Exercise of share options – purchase of shares(2.4)(2.4)
At 31 March 2017499.82.9(2.0)329.71,991.22,821.6

The merger reserve arose in the year ended 31 March 2009 on consolidation and represents the capital adjustment to reserves required to effect the reverse acquisition of United Utilities PLC by United Utilities Group PLC.