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FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT.
2011
b) Legal reserve
The companies are required to transfer 10% of each year’s profit to a legal reserve until this reserve reaches an amount
at least equal to 20% of share capital.This reserve cannot be distributed to shareholders, and may only be used to cover
income statement balances payable, if no other reserves are available.
c) Goodwill reserve
This reserve is restricted as long as the related goodwill is recognised in the Company’s balance sheet.
d) Treasury shares and equity investments:
In general, treasury shares have been acquired to meet the Company’s commitments related to the compensation
system, based on shares of executive directors and directors, as described in Note 17. In 2010, the adjustment in the
final acquisition price of Sociedad General deTelevisión Cuatro, S.A.U. (Note 8) resulted in 2,866,972 additional treasury
shares valued at EUR 24,011 thousand, based on the quoted share price on 29 December 2010.
Changes under this heading in 2011 were as follows:
Thousands of euros
Balance
31/12/10
Additions
Disposals
Balance
31/12/11
Treasury shares
84,745
-
-
84,745
The change in the number of shares during the year is detailed below:
Number of shares
31/12/10
Additions
Disposals
31/12/10
Treasury shares
6,419,259
-
-
6,419,259
Changes under this heading in 2010 were as follows:
Thousands of euros
Balance
31/12/09
Additions
Disposals
Balance
31/12/10
Treasury shares
60,734
24,011
-
84,745
The change in the number of shares in 2010 is detailed below:
Number of shares
31/12/09
Additions
Disposals
31/12/10
Treasury shares
3,552,287
2,866,972
-
6,419,259