| (all amounts in Euro thousands) |
|
|
|
|
|
|
|
|
|
| Group |
|
Legal reserve |
|
Special reserve |
|
Contingency reserve |
|
Tax exempt reserves under special laws |
|
Revaluation reserve |
|
Actuarial differences reserve |
|
Currency translation differences on derivative hedging position |
|
Foreign currency translation reserve |
|
Total other reserves |
| Balance at 1 January 2011 |
|
80.912 |
|
11.079 |
|
265.911 |
|
151.019 |
|
97.166 |
|
-5.609 |
|
42.590 |
|
-172.016 |
|
471.052 |
| Other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
1.386 |
|
6.847 |
|
-6.064 |
|
-72 |
|
2.097 |
| Non-controlling interest's put option recognition & transfer between reserves |
|
- |
|
- |
|
- |
|
- |
|
3.450 |
|
- |
|
- |
|
- |
|
3.450 |
| Deferred tax adjustment due to change in income tax rates on revaluation reserves |
|
- |
|
- |
|
- |
|
- |
|
-13.754 |
|
- |
|
- |
|
- |
|
-13.754 |
| Transfer between reserves |
|
3.295 |
|
-8.804 |
|
5.981 |
|
-13.650 |
|
-22.639 |
|
- |
|
- |
|
- |
|
-35.817 |
| Balance at 31 December 2011 |
|
84.207 |
|
2.275 |
|
271.892 |
|
137.369 |
|
65.609 |
|
1.238 |
|
36.526 |
|
-172.088 |
|
427.028 |
| Other comprehensive loss |
|
- |
|
- |
|
- |
|
- |
|
474 |
|
194 |
|
-363 |
|
-26.404 |
|
-26.099 |
| Non-controlling interest's put option recognition & transfer between reserves |
|
- |
|
- |
|
- |
|
- |
|
-2.387 |
|
- |
|
- |
|
- |
|
-2.387 |
| Partial disposal of subsidiary (note 14) |
|
-836 |
|
- |
|
- |
|
- |
|
-2.134 |
|
- |
|
- |
|
1.279 |
|
-1.691 |
| Transfer between reserves |
|
4.928 |
|
-8.752 |
|
- |
|
-4.177 |
|
-7.823 |
|
- |
|
- |
|
- |
|
-15.824 |
| Balance at 31 December 2012 |
|
88.299 |
|
-6.477 |
|
271.892 |
|
133.192 |
|
53.739 |
|
1.432 |
|
36.163 |
|
-197.213 |
|
381.027 |
| Company |
|
Legal reserve |
|
Special reserve |
|
Contingency reserve |
|
Tax exempt reserves under special laws |
|
Revaluation reserve |
|
Actuarial differences reserve |
|
Currency translation differences on derivative hedging position |
|
Total other reserves |
|
|
| Balance at 1 January 2011 |
|
68.650 |
|
1.769 |
|
254.017 |
|
134.283 |
|
- |
|
-6.043 |
|
48.346 |
|
501.022 |
|
|
| Other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
-3.234 |
|
6.585 |
|
- |
|
3.351 |
|
|
| Transfer between reserves |
|
- |
|
14.476 |
|
5.981 |
|
-13.529 |
|
- |
|
- |
|
- |
|
6.928 |
|
|
| Balance at 1 January 2012 |
|
68.650 |
|
16.245 |
|
259.998 |
|
120.754 |
|
-3.234 |
|
542 |
|
48.346 |
|
511.301 |
|
|
| Other comprehensive income |
|
- |
|
- |
|
- |
|
- |
|
655 |
|
597 |
|
- |
|
1.252 |
|
|
| Transfer between reserves |
|
- |
|
- |
|
- |
|
-4.173 |
|
- |
|
- |
|
- |
|
-4.173 |
|
|
| Balance at 31 December 2012 |
|
68.650 |
|
16.245 |
|
259.998 |
|
116.581 |
|
-2.579 |
|
1.139 |
|
48.346 |
|
508.380 |
|
|
Certain Group companies are obliged according to the applicable commercial law to form as legal reserve a percentage of their annual net profits. This reserve can not be distributed during the operational life of the company.
Based on existing Greek tax law, tax exempt reserves under special laws are exempt from income tax, provided that they are not distributed to shareholders. The Group does not intend to distribute these reserves and has thus not provided for the tax liability that would arise in the event that these reserves were to be distributed. Any distribution from these reserves can only occur following the approval of shareholders in a general meeting and after the applicable taxation is paid by the Company.
The Group's tax exempt reserves include reserves that have been created by the Company and some of its Greek subsidiaries following the application of developmental laws.
The revaluation reserve records a) the fair value of tangible and intangible assets of € 56.1 million, the Group had in Egypt through its participation in the joint venture Lafarge-Titan Egyptian Investments Ltd, till it acquired the joint venture fully, b) the fair value changes of €0.9 million on available-for-sale financial assets and c) the debit difference of €3.0 million, between the fair value and the book value of the put option recognition for the sale of ANTEA Cement SHA 's shares by the minority.
The actuarial differences reserve records the actuarial gains and losses arising from the actuarial studies performed by the Group's subsidiaries for various benefit, pension or other retirement schemes (note 25).
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.
The currency translation differences on derivative hedging position is used to record the effect of hedging net investments in foreign operations and the exchange rate differences from the valuation of the financial instruments that are used as means of cash flow hedge for transactions in foreign currency.