Retained earnings
Retained earnings represent the amount of accumulated earnings of the company and gains/(losses) on common control transactions.
The company’s distributable reserves are equal to the balance of its retained earnings of $2,116m (31 March 2025: $2,075m) (as presented in the company only financial statements). The majority of the distributable reserves are held in investment and operating subsidiaries. Management continuously monitors the level of distributable reserves in each company in the Group, ensuring adequate reserves are available for upcoming dividend payments and that the company has access to these reserves.
Capital redemption reserve
The capital redemption reserve reflects the nominal value of shares cancelled as part of the Group’s share buy-back programme.
Hyperinflation adjustment reserve
The hyperinflation adjustment reserve reflects the net gain on initial application of IAS 29 ‘Financial reporting in hyperinflationary economies’ recognised directly in equity (refer to note 11).
a. Other components of equity
Foreign currency translation reserve $m | Hyperinflation adjustment reserve $m | Share stabilisation reserve $m | Share-based payment reserve $m | Capital redemption reserve1 $m | Cash flow hedge reserve $m | Treasury shares reserves2 $m | Total $m | |
|---|---|---|---|---|---|---|---|---|
1 Capital redemption reserve of $52m as at 31 March 2026 (March 2025: $44m) is created on account of cancellation of ordinary shares bought back. Refer to note 5(b). 2 Treasury shares and other reserves includes:
3 Opening hyperinflationary adjustment as at 1 April 2024 related to Malawi operations (refer to note 11). | ||||||||
As of 1 April 2024 | (3,894) | – | 7 | 3 | 4 | – | (53) | (3,933) |
Opening reserve adjustment for hyperinflation3 | – | 246 | – | – | – | – | – | 246 |
Net losses due to foreign currency translation differences | 178 | – | – | – | – | – | – | 178 |
Net losses on cash flow hedge | – | – | – | – | – | (0) | – | (0) |
(Purchase)/issue of treasury shares (net) | – | – | – | – | – | – | 8 | 8 |
Ordinary shares buy-back programme | – | – | – | – | 40 | – | 20 | 60 |
Employee share-based payment reserve | – | – | – | (1) | – | – | – | (1) |
As of 31 March 2025 | (3,716) | 246 | 7 | 2 | 44 | (0) | (24) | (3,442) |
| ||||||||
As of 1 April 2025 | (3,716) | 246 | 7 | 2 | 44 | (0) | (24) | (3,442) |
Net losses due to foreign currency translation differences | 237 | – | – | – | – | – | 237 | |
Net losses on cash flow hedge | – | – | – | – | – | (0) | – | (0) |
(Purchase)/issue of treasury shares (net) | – | – | – | – | – | – | 12 | 12 |
Ordinary shares buy-back programme (refer to note 5(b)) | – | – | – | – | 8 | – | (9) | (1) |
Employee share-based payment reserve | – | – | – | 2 | – | – | – | 2 |
As of 31 March 2026 | (3,479) | 246 | 7 | 4 | 52 | – | (21) | (3,192) |
29.1 Dividends
For the year ended | ||
|---|---|---|
31 March 2026 | 31 March 2025 | |
Distributions to equity holders in the year: | ||
| ||
| Final dividend for the year ended 31 March 2025 of 3.90 cents (March 2024: 3.57 cents) per share ($m) | 143 | 133 |
| Interim dividend for the year ended 31 March 2026 of 2.84 cents (March 2025: 2.60 cents) per share ($m) | 103 | 96 |
246 | 229 | |
| ||
| Proposed dividend for the year ended 31 March – US cents per share | ||
| Proposed dividend for the year ended 31 March ($m) | ||
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. The proposed dividend is payable to all ordinary shareholders on the register of members on 19 June 2026. The payment of this dividend will not have any tax consequences for the Group.