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Equity
 12 Months Ended
Dec. 31, 2021
Text Block [Abstract]  
Equity
29. Equity
Equity share capital
 
        
Number
    of shares
millions
          
    Nominal
value
$m
          
Share
    premium
$m
          
Equity
share
        capital
$m
  
Allotted, called up and fully paid
      
 
  
 
 
 
   
 
 
 
   
 
  
 
  
 
 
 
   
 
 
 
At 1 January 2019 (ordinary shares of
19
17
⁄
21
p each)
      
197 
  
 
 
 
   
 
50
 
   
 
  
96 
  
 
 
 
   
 
146
 
Share capital consolidation
      
(10)
  
 
 
 
   
 
–
 
   
 
  
– 
  
 
 
 
   
 
–
 
Exchange adjustments
      
– 
  
 
 
 
   
 
2
 
   
 
  
3 
  
 
 
 
   
 
5
 
At 31 December 2019 (ordinary shares of
20
340
⁄
399
p each)
      
187 
  
 
 
 
   
 
52
 
   
 
  
99 
  
 
 
 
   
 
151
 
Exchange adjustments
      
– 
  
 
 
 
   
 
1
 
   
 
  
4 
  
 
 
 
   
 
5
 
At 31 December 2020 (ordinary shares of 20
340
⁄
399
p each)
      
187 
  
 
 
 
   
 
53
 
   
 
  
103 
  
 
 
 
   
 
156
 
Exchange adjustments
      
– 
  
 
 
 
   
 
–
 
   
 
  
(2)
  
 
 
 
   
 
(2
) 
At 31 December 2021 (ordinary shares of 20
340
⁄
399
p each)
      
187 
  
 
 
 
   
 
53
 
   
 
  
101 
  
 
 
 
   
 
154
 
The authority given to the Company at the AGM held on 7 May 2021 to purchase its own shares was still valid at 31 December 2021. A resolution to renew the authority will be put to shareholders at the AGM on 6 May 2022.
The Company no longer has an authorised share capital.
In October 2018, the Group announced a $500m return of funds to shareholders by way of a special dividend and share consolidation. On 11 January 2019, shareholders approved the share consolidation on the basis of 19 new ordinary shares of 20
340
⁄
399
p per share for every 20 existing ordinary shares of 19
17
⁄
21
p, which became effective on 14 January 2019 and resulted in the consolidation of 10m shares. The special dividend was paid on 29 January 2019 at a cost of $510m. The dividend and share consolidation had the same economic effect as a share repurchase at fair value, therefore previously reported earnings per share was not restated.
Shares held by employee share trusts

 
         
Number of
shares
millions
    
          Carrying
value
$m
   
          Market
value
$m
  
31 December 2021
       
 
0.9
 
  
21.7
   
 
57.3
 
31 December 2020
       
 
0.1
 
  
1.4
   
 
3.1
 
31 December 2019
       
 
0.1
 
  
4.9
   
 
9.6
 
Treasury shares
During 2021, 1.4m (2020: 0.6m, 2019: 0.8m) treasury shares were transferred to the employee share trusts. At 31 December 2021, 3.7m shares (2020: 5.1m, 2019: 5.7m) with a nominal value of $1.0m (2020: $1.4m, 2019: $1.6m) were held as treasury shares.
Cash flow hedge reserves
 
       
                Cash flow hedge reserves
        
    Cash flow
hedge
reserve
$m
   
Cost of
        hedging
reserve
$m
    
            Total 
$m 
At 1 January 2019
      
(3)
   
 
(1
) 
  
(4)
Costs of hedging deferred and recognised in other comprehensive income
      
– 
   
 
(6
) 
  
(6)
Change in fair value of currency swaps recognised in other comprehensive income
      
(34)
   
 
–
 
  
(34)
Reclassified from other comprehensive income to profit or loss – included in financial expenses
      
38 
   
 
–
 
  
38 
At 31 December 2019
      
1 
   
 
(7
) 
  
(6)
Costs of hedging deferred and recognised in other comprehensive income
      
– 
   
 
(6
) 
  
(6)
Change in fair value of currency swaps recognised in other comprehensive income
      
(1)
   
 
–
 
  
(1)
Reclassified from other comprehensive income to profit or loss – included in financial expenses
      
(13)
   
 
–
 
  
(13)
Deferred tax
      
4 
   
 
–
 
  
4 
Exchange adjustments
      
(2)
   
 
–
 
  
(2)
At 31 December 2020
      
(11)
   
 
(13
) 
  
(24)
Costs of hedging deferred and recognised in other comprehensive income
      
– 
   
 
2
 
  
2 
Change in fair value of currency swaps recognised in other comprehensive income
      
(62)
   
 
–
 
  
(62)
Reclassified from other comprehensive income to profit or loss – included in financial expenses
      
96 
   
 
–
 
  
96 
Deferred tax
      
(7)
   
 
–
 
  
(7)
At 31 December 2021
      
16 
   
 
(11
) 
  
5 
Amounts reclassified from other comprehensive income to financial expenses comprise $15m (2020: $9m, 2019: $8m) net interest payable on the currency swaps and an exchange loss of $81m (2020: $22m gain, 2019: $30m loss) which offsets a corresponding gain or loss on the hedged bonds.