6 Reconciliation of movements in equity
2015 £m 2014 £m
At 1 January Profit for the year Share-based payments Dividends paid to equity shareholders Proceeds from exercise of share options Net proceeds from share placement At 31 December
1,552 3 1 (142) 2 198 1,614
1,375 306 3 (133) 1 – 1,552
7 Impact of transition to FRS 101
This is the first year the financial statements have been prepared in accordance with Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101). The last financial statements under ‘old’ UK GAAP were for the year ended 31 December 2014. The date of transition to FRS 101 was 1 January 2014. Preparation of the financial statements in accordance with FRS 101 has resulted in no adjustments on transition.
8 Subsidiaries and other undertakings
Details of the Group’s subsidiaries, joint ventures and associated undertakings as at 31 December 2015 are given below. With the exception of GKN Holdings plc, all undertakings are held indirectly through intermediate companies. All undertakings are wholly owned by the Group unless stated otherwise. All subsidiaries were included in the consolidation. Joint venture and associated undertakings were included in the consolidation using the equity method of accounting. All joint ventures are managed pursuant to the terms set out in the applicable joint venture contact agreement.
Name Country of incorporation
Class of shares held/interest
Transmisiones Homocineticas Argentinas SA (49%) Unidrive Pty Ltd (60%) GKN Service Austria GmbH Société Anonyme Belge de Constructions Aéronautiques (43.57%) GKN Aerospace Transparency Systems do Brasil Ltda GKN do Brasil Limitada GKN Sinter Metals Ltda GKN Stromag Brasil Equipamentos Ltda Fokker Elmo Canada Inc GKN Sinter Metals St Thomas Ltd Fokker Elmo (Langfang) Electrical Systems Co. Ltd GKN China Holding Co Ltd GKN Danyang Industries Company Limited GKN Power Solutions (Liuzhou) Company Limited GKN Sinter Metals Yizheng Co Ltd GKN (Taicang) Co Ltd GKN Zhongyuan Cylinder Liner Company Limited (59%) Lianyungang GKN Hua Ding Wheels Co Ltd (80%) Shanghai GKN Driveline Sales Co Ltd (49%) Shanghai GKN HUAYU Driveline Systems Company Limited (50%)2 Transejes Transmisiones Homocineticas de Colombia SA (49%) GKN Stromag Brno s.r.o GKN Walterscheid Service & Distribution A/S GKN Wheels Nagbol A/S Automotive Group Services GKN Automotive SAS GKN Driveline Ribemont SARL GKN Driveline SA (99.99%) GKN Freight Services EURL GKN Land Systems SAS GKN Service France SAS GKN Stromag France S.A.S
Argentina Australia Austria Belgium Brazil Brazil Brazil Brazil Canada Canada China China China China China China China China China China Colombia Czech Republic Denmark Denmark France France France France France France France France
Ordinary B1 Ordinary Ordinary Ordinary Quota capital Quota capital Quota capital Quota capital Common stock Common stock Registered investment Registered investment Registered investment Registered investment Registered investment Registered investment Registered investment Registered investment Registered investment Registered investment Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary
GKN plc Annual Report and Accounts 2015