SHARE CAPITAL AND RESERVES
|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|
|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:|
|Credit to equity for stock-based incentive plans||-||-||-||-||-||-||-||540||-||-||-||-||540|
|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:|
|Net purchase of treasury shares||-||(2,684)||2,684||(2,684)||-||-||-||-||-||-||-||-||(2,684)|
|Credit to equity for stock-based incentive plans||-||-||-||-||-||-||-||611||-||-||-||-||611|
|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”.
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”.
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.
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|