Consolidated statement of other comprehensive income


(in thousands of Euro) Note 2011 2010
Net result before non-controlling interests   27,892 20,849

Profit (loss) booked in Other Comprehensive Income

     

Profit (loss) booked to cash flow hedging reserve

  (6,732) 862

Profit (loss) booked to fair value reserve for financial assets available for sale

  (2) (18)

Tax on items booked in Other Comprehensive Income

1,854 (231)

Profit (loss) booked to translation reserve

  (4,588) 11,018
Profit (loss) booked in Other Comprehensive Income   (9,468) 11,631
Total comprehensive result for the period   18,424 32,480
Attributable to:      

Shareholders of the Holding Company

  15,448 30,108

Non-controlling interests

  2,976 2,372

 

SHARE CAPITAL AND RESERVES


Share capital

The share capital of the Holding Company Sogefi S.p.A. is fully paid in and amounts to Euro 60,665 thousand as of December 31, 2011 (Euro 60,546 thousand as of December 31, 2010), split into 116,662,992 ordinary shares with a par value of Euro 0.52 each. 
 
As of December 31, 2011, the Holding Company has 3,253,000 treasury shares in its portfolio, corresponding to 2.79% of share capital.
 
Movements in the shares outstanding are as follows:
 
(Shares outstanding) 2011 2010
No. shares at start of period 116,434,992 116,148,992
No. shares issued for subscription of stock options 228,000 286,000
No. of ordinary shares as of December 31 116,662,992 116,434,992
Treasury shares (3,253,000) (1,956,000)
No. of shares outstanding as of December 31 113,409,992 114,478,992

 

The following table shows the changes in the Group’s equity.

(in thousands of Euro) Share capital Share premium reserve Reserve for treasury shares Treasury shares Translation reserve Legal reserve Cash flow hedging reserve Stock-based incentive plans reserve Tax on items booked in Other Comprehensive Income Other reserves Retained earnings Net result for the period Total
Balance at December 31, 2009 60,397 14,491 5,007 (5,007) (2,540) 12,320 (3,288) 1,168 901 3,124 87,877 (7,639) 166,811
Paid share capital increase 149 148 - - - - - - - - - - 297
Allocation of 2009 net profit:                          
 Legal reserve - - - - - - - - - - - - -
    Dividends - - - - - - - - - - - - -
    Retained earnings - - - - - - - - - - (7,639) 7,639 -
Credit to equity for stock-based incentive plans - - - - - - - 540 - - - - 540
Other changes - - - - - - - - - - (515) - (515)
Fair value measurement of financial assets available for sale - - - - - - - - - (11) - - (11)
Fair value measurement of cash flow hedging instruments: share booked to equity - - - - - - (1,556) - - - - - (1.556)
Fair value measurement of cash flow hedging instruments: share booked to income statement - - - - - - 2,418 - - - - - 2,418
Tax on items booked in Other Comprehensive Income - - - - - - - - (233) - - - (233)
Currency translation differences - - - - 10,669 - - - - - - - 10,669
Net result for the period - - - - - - - - - - - 18,821 18,821
Balance at December 31, 2010 60,546 14,639 5,007 (5,007) 8,129 12,320 (2,426) 1,708 668 3,113 79,723 18,821 197,241
Paid share capital increase 119 190 - - - - - - - - - - 309
Allocation of 2010 net profit:                          
 Legal reserve - - - - - - - - - - - - -
Dividends - - - - - - - - - - (14,888) - (14,888)
Retained earnings - - - - - - - - - - 18,821 (18,821) -
Net purchase of treasury shares - (2,684) 2,684 (2,684) - - - - - - - - (2,684)
Credit to equity for stock-based incentive plans - - - - - - - 611 - - - - 611
Other changes - - - - - - - - - - (121) - (121)
Fair value measurement of financial assets available for sale - - - - - - - - - (2) - - (2)
Fair value measurement of cash flow hedging instruments: share booked to equity - - - - - - (7,987) - - - - - (7,987)
Fair value measurement of cash flow hedging instruments: share booked to income statement - - - - - - 1,255 - - - - - 1,255
Tax on items booked in Other Comprehensive Income - - - - - - - - 1,854 - - - 1,854
Currency translation differences - - - - (4,408) - - - - - - - (4,408)
Net result for the period - - - - - - - - - - - 24,736 24,736
Balance at December 31, 2011 60,665 12,145 7,691 (7,691) 3,721 12,320 (9,158) 2,319 2,522 3,111 83,535 24,736 195,916

 

Share premium reserve

It amounts to Euro 12,145 thousand compared with Euro 14,639 thousand in the previous year.

The increase by Euro 190 thousand accounts for share subscriptions under stock option plans.

On April 19, 2011, the Shareholders' Meeting authorised the purchase of treasury shares and the Holding Company Sogefi S.p.A. purchased 1,297,000 shares at an average price of Euro 2.07 each in 2011. The Holding Company set up the “Reserve for treasury shares” according to Italian Civil Code (article 2357-ter) using the availability amount of the “Share premium reserve”.

 

Treasury shares

The item “Treasury shares” corresponds to the acquisition cost of the treasury shares held in portfolio. Movements during the year amount to Euro 2,684 thousand and reflect treasury share purchased occurred in 2011 as reported in the note to “Share premium reserve”.

 

Translation reserve

This reserve is used to record the exchange differences arising on the translation of foreign subsidiaries' financial statements.
Movements in the period show a decrease of Euro 4,408 thousand mainly attributable to the depreciation of the Brazilian real against the Euro.

 

Cash flow hedging reserve

This reserve has changed as a result of accounting for the cash flows deriving from instruments that for IAS 39 purposes are designated as “cash flow hedging instruments”. Changes during the period show a decrease of Euro 6,732 thousand.

 

Stock-based incentive plans reserve

The reserve refers to the credit to equity for stock-based incentive plans, assigned to employees, resolved after November 7, 2002, including the portion relating to the stock grant plan approved in 2011.

 

Retained earnings

These totalled Euro 83,535 thousand and include amounts of profit that have not been distributed.
The decrease of Euro 121 thousand mainly arises from the change in the percentage held in the subsidiary S.ARA Composite S.A.S..

 

Tax on items booked directly in Other Comprehensive Income

The table below shows the amount of income taxes relating to each item of the “Profit (loss) booked in Other Comprehensive Income”:

(in thousands of Euro) 2011 2010
  Gross value Taxes Net Value Gross value Taxes Net value
Profit (loss) booked to cash flow hedging reserve (6,732) 1,853 (4,879) 862 (237) 625
Profit (loss) booked to fair value reserve for financial assets available for sale (2) 1 (1) (18) 6 (12)
Profit (loss) booked to translation reserve (4,588) - (4,588) 11,018 - 11,018
Total Profit (loss) booked in Other Comprehensive Income (11,322) 1,854 (9,468) 11,862 (231) 11,631

 

NON-CONTROLLING INTERESTS
 
The balance amounted to Euro 18,976 thousand and refers to the portion of shareholders' equity attributable to non-controlling interests. 
The increase of Euro 89 thousand mainly arises from the change in the percentage held in the subsidiary S.ARA Composite S.A.S..