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19. Restricted cash
Restricted cash at December 31, 2010 is $12,528 and is
comprised of $3,188 security deposits to secure leasing
activities and $9,178 which provides security to financial
institutions who issue letters of credit on behalf of the
Company. These letters of credit serve two primary
purposes: to provide financial backing for advance
payments made by our customers of the Engineering
Systems Division and to provide financial assurance to
vendors and regulatory agencies to whom the Company is
obligated. Additionally, there is restricted cash related to
import and export allowances in the amount of $162.
Restricted cash at December 31, 2009 is $13,263 and is
comprised of $3,546 security deposits to secure leasing
activities and $9,554 which provides security to financial
institutions who issue letters of credit on behalf of the
Company. These letters of credit serve two primary
purposes: to provide financial backing for advance
payments made by our customers of the Engineering
Systems Division and to provide financial assurance to
vendors and regulatory agencies to whom the Company is
obligated. Additionally, there is restricted cash related to
import and export allowances in the amount of $163.
20. Cash and cash equivalents
2010 2009
Bank balances 72,192 84,876
Call deposits 17,119 32,140
Total 89,311 117,016
Bank balances earn interest at floating rates based on
daily bank deposit rates. Call deposits have maturities
of approximately three months or less depending on the
immediate cash needs of the Company, and earn interest
at the respective short term rates.
At December 31, 2010, the Company had $47,800 of
available liquidity (2009: $79,906) on undrawn committed
borrowing facilities.
The above chart is also representative of the consolidated
cash flow statement, cash and cash equivalents with no
bank overdrafts as of December 31, 2010 (2009: nil) .
21. Capital and reserves
Share capital
At December 31, 2010, the Company’s authorized share
capital was comprised of 65,000,000 ordinary shares
(2009: 100,000,000) with a nominal share value of 10.02
(2009: 10.02) and 65,000,000 preference shares (2009: nil)
with a nominal share value of 10.02.
At December 31, 2010, the issued and outstanding share
capital was comprised of 27,503,885 ordinary shares
(2009: 26,899,548), with a nominal value of 10.02 (2009:
10.02) which were fully paid. No preference shares were
outstanding at December 31, 2010.
A rollforward of the total shares outstanding is noted below:
Balance at January 1, 2009 26,855,586
Shares issued to Supervisory Board 43,962
Balance at December 31, 2009 26,899,548
Balance at January 1, 2010 26,899,548
Shares issued to Supervisory Board
Shares issued to purchase additional shares
28,808
of GK 575,529
Balance at December 31, 2010 27,503,885
Supervisory Board remuneration
During the years ended December 31, 2010 and 2009,
28,808 and 43,962 shares were issued, respectively, as
compensation to its Supervisory Board members as
compensation for services provided in 2010 and 2009.
These shares were awarded as part of the remuneration
policy approved by the Annual General Meeting.
Shares issued to purchase additional shares of
Graphit Kropfmühl
On December 22, 2010, the Company issued 575,529
additional shares in order to acquire an additional 8.5% of
Graphit Kropfmühl. This purchase raised the Company’s
ownership in GK from 79.5% to 88.0%. The Company
chose to measure the non-controlling interest (“NCI”) at
its proportionate share of the recognized amount of the
GK’s net identifiable assets at the acquisition date.
The following is the calculation of the equity transaction:
Non-controlling interest at December 22, 2010 4,502
Transfer to AMG (8.5%) 1,861
12% interest carried forward 2,641
Adjustment to equity:
Fair value of consideration 1 6,431
Change to NCI (as per above) 1,861
Dilution in AMG equity from purchase of NCI 4,570
1 calculated as 575,529 AMG shares issued * 18.50 per share
The negative movement in AMG equity denoted above
represents the discount to fair value at which the AMG
shares were issued in the share for share exchange.
Notes to Consolidated Financial Statements 109