GAMMON INDIA LIMITED

Franco Tosi Meccanica S.p.A.
Note 10. NET EQUITY
Net equity has recorded the following movement in the course of the financial year 2008:
Amounts in Euro
Net
Equity
Year
12.31.2007 changes
2008 operating
Profit/loss
Net
Equity
12.312008
Share Capital 35,802,000 8,553,720 44,355,720
Legal reserve 453,274 453,274
Other reserves 60,942 60,942
Reserve of change in IAS/IFRS 66,674,220 66,674,220
Losses carried forward (11,829,299) (47,177,368) (59,006,667)
2007 operating profit/loss (47,177,368) 47,177,.368 0
2008 operating profit/loss (17,662,352) (17,662,352)
Total 43,983,769 8,553,720 (17,662,352) 34,875,137
In the course of 2008 the increase of the Capital Share was approved and it occurred on June 5 th , 2008
with the issue of 16,772,000 shares with a nominal value of 0,51 Euro each, wholly subscribed and
paid-up by Gammon Holdings BV for an amount equal to € 8,553,720.
As of December 31 st 2008 the Share Capital is composed of 86,792,000 = share with a nominal value
of 0,51 Euro each.
Those previous years’ losses which did not match any other item within the other items belonging to
the net equity join the item “losses brought forward”.
To complete the reporting, we underline that the result on the financial year 2008 arising from the
IAS/IFRS implementation can be summed up as follows:
- Tangible assets IAS 17
- Tangible assets (Revaluation lands-buildings IFRS 1)
- Tangible assets (Revaluation Plants and machineries IFRS 1)
- TFR, post-employment benefits, (within IAS 19)
- Deferred tax liabilities IFRS
Euro
Euro
Euro
Euro
Euro
2,264,701
(793,498)
(2,423,064)
(50,508)
275,653
Total Euro (726,716)
18/26
F
91