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Annual Statements

Financial reporting

Price winner 2012 in the category non-listed

Home Annual Statements Financial Statements 2012 Notes to the company financial statements Shareholders' equity

44. Shareholders' equity

(in thousands of euros)

Issued share capital

Share premium

Retained profits

Other reserves

Revaluation reserve

Other statutory reserves

Net Result Financial Year

Total

Balance as at 31 December 2010

84,511

362,811

2,003,067

30,973

401,885

35,915

168,960

3,088,122

Movements in 2011

Appropriation of result for previous year

-

-

75,922

-

15,180

1,695

- 92,797

-

Distribution of dividend

-

-

-

-

-

-

- 76,163

- 76,163

Exchange differences

-

-

-

3,796

-

-

-

3,796

Changes in fair value on hedging transactions

-

-

-

- 55,443

-

-

-

- 55,443

Changes in fair value on other financial interests

-

-

-

- 4,617

-

-

-

- 4,617

Net result

-

-

-

-

-

-

194,485

194,485

Total movements in the year

-

-

75,922

- 56,264

15,180

1,695

25,525

62,058

Balance as at 31 December 2011

84,511

362,811

2,078,989

- 25,291

417,065

37,610

194,485

3,150,180

Movements in 2012

Appropriation of result for previous year

-

-

98,073

-

1,846

- 2,927

- 96,992

-

Distribution of dividend

-

-

-

-

-

-

- 97,493

- 97,493

Exchange differences

-

-

-

- 646

-

-

-

- 646

Changes in fair value on hedging transactions

-

-

-

- 70,716

-

-

-

- 70,716

Net result

-

-

-

-

-

-

198,714

198,714

Total movements in the year

-

-

98,073

- 70,446

1,846

- 2,927

4,229

30,775

Balance as at 31 December 2012

84,511

362,811

2,177,062

- 95,737

418,911

34,683

198,714

3,180,956

The other statutory reserves comprise the reserve for intangible assets and the reserve for investments in associates.

The other reserves comprise the exchange differences reserve, other financial interests reserve and hedging transactions reserve. These reserves are part of the consolidated equity and are also presented as part of company equity since, like the revaluation reserve and the other statutory reserves, they restrict the ability to distribute the reserves. As a consequence, the ability to distribute equity is restricted to retained earnings.