| (in thousands of Euro) | Note | 2013 | 2012 (*) |
|---|---|---|---|
| Net result before non-controlling interests | 24,731 | 31,451 | |
| Other Comprehensive Income | |||
| Items that will not be reclassified to profit or loss | |||
|
Actuarial gain (loss) |
 |
2,965 | (3,370) |
|
Tax on items that will not be reclassified to profit or loss |
|
(1,170) | 1,335 |
| Total items that will not be reclassified to profit or loss | 1,795 | (2,035) | |
| Items that may be reclassified to profit or loss | |||
|
Profit (loss) booked to cash flow hedging reserve |
|
(2,260) | (5,370) |
|
Tax on items that may be reclassified to profit or loss |
|
620 | 1,476 |
|
Profit (loss) booked to translation reserve |
|
(21,319) | (10,849) |
| Total items that may be reclassified to profit or loss | (22,959) | (14,743) | |
| Other Comprehensive Income | (21,164) | (16,778) | |
| Total comprehensive result for the period | 3,567 | 14,673 | |
| Attributable to: | |||
|
Shareholders of the Holding Company |
542 | 11,673 | |
|
Non-controlling interests |
3,025 | 3,000 | |
|
(*) Certain values for the year 2012 were restated after the application of the amendments to IAS 19 - Employee Benefits. |
|||
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 60,924 thousand as of December 31, 2013 (Euro 60,712 thousand as of December 31, 2012), split into 117,162,292 ordinary shares with a par value of Euro 0.52 each.
During 2013 years the share capital increased from Euro 60,712 thousand (divided into n. 116,753,392 ordinary shares of par value of Euro 0.52 each) to Euro 60,924 thousand (divided into n. 117,162,292 ordinary shares). All the ordinary shares are fully paid. It doesn’t exist shares subject to rights, privileges and limits in the dividends distribution.
It is brought to the attention that proxies have been given to the Board of Directors for a maximum period of five years from the date of the Shareholders’ resolution dated April 23, 2009 registration in the Register of Enterprises to increase the share capital on one or more occasion up to a maximum of total par value of Euro 250 million and of further maximum par value of Euro 5.2 million to Directors and employees of the Company and its subsidiaries.
As of December 31, 2013, the Holding Company has 3,763,409 treasury shares in its portfolio, corresponding to 3.21% of share capital.
Movements in the shares outstanding are as follows:
| (Shares outstanding) | 2013 | 2012 |
|---|---|---|
| No. shares at start of period | 116,753,392 | 116,662,992 |
| No. shares issued for subscription of stock options | 408,900 | 90,400 |
| No. of ordinary shares as of December 31 | 117,162,292 | 116,753,392 |
| No. shares issued for subscription of stock options booked to "Other reserves" at December 31, 2013 | 60,000 | - |
| Treasury shares | (3,763,409) | (3,981,095) |
| No. of shares outstanding as of December 31 | 113,458,883 | 112,772,297 |
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 | Sharebased incentive plans reserve | Actuarial gain/loss reserve | Tax on items booked in Other Comprehensive Income | Other reserves | Retained earnings | Net result for the period | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at December 31, 2011 | 60,665 | 12,145 | 7,691 | (7,691) | 3,721 | 12,320 | (9,158) | 2,319 | (14,850) | 5,741 | 3,111 | 83,535 | 24,046 | 183,595 |
| Paid share capital increase | 47 | 47 | - | - | - | - | - | - | - | - | - | - | - | 94 |
| Allocat ion of 2011 net profit: | ||||||||||||||
| Legal reserve | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividends | - | - | - | - | - | - | - | - | - | - | - | (14,716) | - | (14,716) |
| Retained earnings | - | - | - | - | - | - | - | - | - | - | - | 24,046 | (24,046) | - |
| Net purchase of t reasury shares | - | (1,396) | 1,396 | (1,396) | - | - | - | - | - | - | - | - | - | (1,396) |
| Recognit ion of share-based incent ive plans | - | - | - | - | - | - | - | 1,233 | - | - | - | - | - | 1,233 |
| Other changes | - | - | - | - | - | - | - | - | - | - | - | (63) | - | (63) |
| Fair value measurement of financial assets available for sale | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Fair value measurement of cash flow hedging inst ruments: share booked to equity | - | - | - | - | - | - | (7,491) | - | - | - | - | - | - | (7,491) |
| Fair value measurement of cash flow hedging inst ruments: share booked to income statement | - | - | - | - | - | - | 2,121 | - | - | - | - | - | - | 2,121 |
| Actuarial gain/loss | - | - | - | - | - | - | - | - | (3,370) | - | - | - | - | (3,370) |
| Tax on items booked in Other Comprehensive Income | - | - | - | - | - | - | - | - | - | 2,811 | - | - | - | 2,811 |
| Currency t ranslat ion differences | - | - | - | - | (10,664) | - | - | - | - | - | - | - | - | (10,664) |
| Net result for the period | - | - | - | - | - | - | - | - | - | - | - | - | 28, 246 | 28,246 |
| Balance at December 31, 2012 | 60,712 | 10,796 | 9,087 | (9,087) | (6,923) | 12,320 | (14,528) | 3,552 | (18,220) | 8,552 | 3,111 | 92,802 | 28,246 | 180,420 |
| Paid share capital increase | 212 | 429 | - | - | - | - | - | - | - | - | 126 | - | - | 767 |
| Allocat ion of 2012 net profit: | ||||||||||||||
| Legal reserve | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Dividends | - | - | - | - | - | - | - | - | - | - | - | (14,667) | - | (14,667) |
| Retained earnings | - | - | - | - | - | - | - | - | - | - | - | 28,246 | (28,246) | - |
| Recognit ion of share-based incent ive planx | - | - | - | - | - | - | - | 1,562 | - | - | - | - | - | 1,562 |
| Other changes | - | 495 | (495) | 495 | - | - | - | (511) | - | - | - | (121) | - | (137) |
| Fair value measurement of cash flow hedging inst ruments: share booked to equity | - | - | - | - | - | - | (5,753) | - | - | - | - | - | - | (5,753) |
| Fair value measurement of cash flow hedging inst ruments: share booked to income statement | - | - | - | - | - | - | 3,493 | - | - | - | - | - | - | 3,493 |
| Actuarial gain/loss | - | - | - | - | - | - | - | - | 2,965 | - | - | - | - | 2,965 |
| Tax on items booked in Other Comprehensive Income | - | - | - | - | - | - | - | - | - | (550) | - | - | - | (550) |
| Currency t ranslat ion differences | - | - | - | - | (20,737) | - | - | - | - | - | - | - | - | (20,737) |
| Net result for the period | - | - | - | - | - | - | - | - | - | - | - | - | 21,124 | 21,124 |
| Balance at December 31, 2013 | 60,924 | 11,720 | 8,592 | (8,592) | (27,660) | 12,320 | (16,788) | 4,603 | (15,255) | 8,002 | 3,237 | 106,260 | 21,124 | 168,487 |
Share premium reserve
The share premium reserve amounted to Euro 11,720 thousand compared with Euro 10,796 thousand in the previous year.
The increase by Euro 429 thousand accounts for share subscriptions under stock option plans.
During 2013, the Holding Company Sogefi S.p.A. credited Euro 495 thousand to the Share premium reserve after the free grant of 217,686 treasury shares to 2011 Stock Grant beneficiaries.
Treasury shares
Item “Treasury shares” reflects the purchase price of treasury shares. Movements during the year amount to Euro 495 thousand and reflect the free grant of 217,686 treasury shares as reported in the note to “Share-based incentive plans 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 20,737 thousand mainly attributable to the depreciation of the Brazilian real, Canadian dollar and Argentine peso against the Euro.
Reserve for actuarial gains/losses
This reserve reflects the net impact of the application of the amendment to IAS 19 “Employee Benefits” on other actuarial gains (losses) as at January 1, 2012. The item also includes actuarial gains and losses accrued after January 1, 2012 and recognised under Other Comprehensive Income.
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 net decrease of Euro 2,260 thousand.
Share-based incentive plans reserve
The reserve refers to the credit to equity for share-based incentive plans, assigned to Directors and employees, resolved after November 7, 2002, including the portion relating to the share grant plan approved in 2013.
In 2013, further to 2011 Share Grant Plan beneficiaries exercising their rights and due to the corresponding free grant of 217,686 treasury shares, the amount of Euro 511 thousand, corresponding to the fair value at the grant date of these units, was reclassified from “Share-based incentive plans reserve” to “Share premium reserve” (for Euro 495 thousand) and to “Retained earnings reserve” (for Euro 16 thousand).
Retained earnings
These totalled Euro 106,260 thousand and include amounts of profit that have not been distributed.
The decrease of Euro 121 thousand mainly refers to the change in the percentage held in the subsidiary Allevard IAI Suspensions Private Ltd.
Tax on items booked in Other Comprehensive Income
The table below shows the amount of income taxes relating to each item of the Other Comprehensive Income:
| (in thousands of Euro) | 2013 | 2012 | ||||
|---|---|---|---|---|---|---|
| Gross value | Taxes | Net value | Gross value | Taxes | Net value | |
| Profit (loss) booked to cash flow hedging reserve | (2,260) | 620 | (1,640) | (5,370) | 1,476 | (3,894) |
| Actuarial gain (loss) | 2,965 | (1,170) | 1,795 | (3,370) | 1,335 | (2,035) |
| Profit (loss) booked to translation reserve | (21,319) | - | (21,319) | (10,849) | - | (10,849) |
| Total Profit (loss) booked in Other Comprehensive Income | (20,614) | (550) | (21,164) | (19,589) | 2,811 | (16,778) |
Non-controlling interests
The balance amounts to Euro 20,426 thousand and refers to the portion of shareholders' equity attributable to non-controlling interests.
These can be broken down as follows: Euro 2,820 thousand relating to subsidiary Shanghai Allevard Springs Co., Ltd; Euro 13,814 thousand relating to subsidiary Iberica de Suspensiones S.L.; Euro 482 thousand relating to subsidiary S.ARA Composite S.A.S.; Euro 356 thousand relating to subsidiary Allevard IAI Suspensions Private Ltd; Euro 2,889 thousand relating to subsidiary Sogefi M.N.R. Filtration India Private Ltd; Euro 65 thousand relating to subsidiary Sogefi Rejna S.p.A.