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10. Capital and reserves
144 Parent Company Financial Statements
Issued
capital
Equity attributable to shareholders of the parent
Share
premium
Foreign
currency
translation
reserve
Other
reserves
Retained
deficit Total
Balance at January 1, 2009 724 379,297 (10,115) 7,900 (123,110) 254,696
Foreign currency translation – – 4,456 – – 4,456
Gain on cash flow hedges, net of tax – – – 13,455 – 13,455
Net income recognized directly in equity – – 4,456 13,455 – 17,911
Loss for the year – – – – (75,642) (75,642)
Total recognized income and expense for the year – – 4,456 13,455 (75,642) (57,731)
Issuance of shares to Supervisory Board 1 400 – – – 401
Equity-settled share-based payment expense at subsidiary – – – 1,559 – 1,559
Equity-settled share-based payment expense – – – 14,029 – 14,029
Other – (179) – – (145) (324)
Balance at December 31, 2009 725 379,518 (5,659) 36,943 (198,897) 212,630
Balance at January 1, 2010 725 379,518 (5,659) 36,943 (198,897) 212,630
Foreign currency translation – – (2,556) – – (2,556)
Gain on cash flow hedges, net of tax – – – 1,865 – 1,865
Net (loss) income recognized directly in equity – – (2,556) 1,865 – (691)
Profit for the year – – – – 2,414 2,414
Total recognized income and expense for the year – – (2,556) 1,865 2,414 1,723
Issuance of shares to Supervisory Board 1 272 – – – 273
Issuance of shares to acquire minority interest 15 1,846 – – – 1,861
Equity-settled share-based payment expense – – – 5,565 – 5,565
Other – – – – 2 2
Balance at December 31, 2010 741 381,636 (8,215) 44,373 (196,481) 222,054
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 directors 43,962
Balance at December 31, 2009 26,899,548
Balance at January 1, 2010 26,899,548
Shares issued to Supervisory Board directors
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.