IMI plc annual report 2012

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ENGINEERINGADVANTAGECOMPANY NOTES TO THE FINANCIAL STATEMENTSC1. Significant accounting policies (continued)Equity and equity-related compensation benefits (continued)The total amount recharged over the vesting period is determined by reference to the fair value of the options granted,excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-marketvesting conditions are included in assumptions about the number of options that are expected to become exercisable.The fair value of the options at the date of grant is determined based on the Black-Scholes option-pricing model.At each balance sheet date, the Company revises its estimate of the number of options that are expected to vest.It recognises the impact of the revision of original estimates, if any, in the amount recharged to subsidiary undertakings.The proceeds received, net of any directly attributable transaction costs are credited to share capital (nominal value) and sharepremium when the options are exercised.Treasury sharesThe consideration paid by the Company on the acquisition of treasury shares is charged directly to retained earnings in theyear of purchase. If treasury shares are subsequently cancelled the nominal value of the cancelled shares is transferred fromshare capital to the capital redemption reserve.Dividends or shares presented within shareholders’ fundsDividends unpaid at the balance sheet date are only recognised as a liability at that date to the extent that they are authorisedand are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in thenotes to the financial statements.C2. Remuneration of directorsThe detailed information concerning directors’ emoluments, shareholdings and options are shown in the audited section of theRemuneration Report on pages 48 to 69.C3. Remuneration of auditorsThe detailed information concerning auditor’s remuneration is shown in note 6 of the Group financial statements.C4. Staff numbers and costsThe number of people employed by the Company, including Directors, during the year was 27 (2011: 27) all of whom wereemployed in administrative roles. The costs associated with them were borne by a subsidiary undertaking.The Company participates in the IMI Pension Fund, which is a defined benefit scheme in which the assets are heldindependently. The Company is unable to identify its share of the underlying assets and liabilities of the schemes andconsequently in accordance with FRS17 paragraph 9(b) the Company is required to account for pension costs as if the schemewere a defined contribution scheme. Note 19 to the Group financial statements provides further details regarding the definedbenefit scheme.134 Financial statements
C5. DividendsThe aggregate amount of dividends comprises:2012 2011£m £mFinal dividends paid in respect of prior year but not recognised as liabilities in that year 60.3 53.9Interim dividends paid in respect of the current year 37.5 34.9Aggregate amount of dividends paid in the financial year 97.8 88.8Dividends paid in the year of £97.8m represent 30.8p per share (2011: 28.0p).After the balance sheet date the following dividends were proposed by the directors.The dividends have not been provided for and there are no income tax consequences.2012 2011£m £m20.7p per qualifying ordinary share (2011: 19.0p) 66.1 60.3Dividends proposed after the balance sheet date may differ from the final dividend paid. This is a result of the final number ofqualifying shares entitled to dividends differing from those in issue at the balance sheet date.C6. Fixed assets - investmentsSubsidiary undertakingsShares Loans Total£m £m £mAt 1 January 2012 cost and net book value 170.1 403.9 574.0Additions/(repayments) during the year 3.1 (3.1) -At 31 December 2012 at cost and net book value 173.2 400.8 574.0Details of subsidiary undertakings as at 31 December 2012 are shown on pages 138 and 139.C7. Debtors2012 2011£m £mFalling due for payment within one year:Amounts owed by subsidiary undertakings 76.0 24.1Prepayments and accrued income 0.4 0.4Other financial assets 1.3 1.2Falling due for payment after one year:77.7 25.7Other financial assets 0.8 1.978.5 27.6BUSINESS OVERVIEW GROUP OPERATING REVIEW RESPONSIBLE BUSINESS BOARD REPORTSFINANCIAL STATEMENTSIMI plc Annual Report 2012135
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ENGINEERINGADVANTAGEIMI plc annual
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IMI is a global engineering group f
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RetailDispense22%FluidControls78%Fa
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UKWesternEuropeEmergingMarketsNorth
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ENGINEERINGADVANTAGELeadership in o
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ENGINEERINGADVANTAGEOUR PERFORMANCE
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ENGINEERINGADVANTAGECHAIRMAN ANDCHI
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ENGINEERINGADVANTAGECHAIRMAN AND CH
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ENGINEERINGADVANTAGEFLUID CONTROLS
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ENGINEERINGADVANTAGEFLUID CONTROLS
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ENGINEERINGADVANTAGEFINANCIAL REVIE
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ENGINEERINGADVANTAGEPRINCIPAL RISKS
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ENGINEERINGADVANTAGEBOARD OF DIRECT
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ENGINEERINGADVANTAGEDirectors’ Re
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ENGINEERINGADVANTAGEStatement of di
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ENGINEERINGADVANTAGECONSOLIDATED ba
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ENGINEERINGADVANTAGEconsolidated st
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ENGINEERINGADVANTAGENotes to the Fi
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IMI plc annual report 2012

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