Page 165 - MEDIASET ESPAÑA / 2013. Financial Statements, Management and Corporate Governance Report

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MEDIASET ESPAÑA COMUNICACIÓN, S.A. AND SUBSIDIARIES
NOTES TOTHE CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2013
(Expressed in thousand of euros)
15.3. Legal reserve and Goodwill reserve
Under the Spanish Companies Law, 10% of net profit for each year must be transferred to the legal reserve until the
balance of this reserve reaches at least 20% of the share capital.
The legal reserve can be used to increase capital provided that the remaining reserve balance does not fall below 10%
of the increased share capital amount. Otherwise, until the legal reserve exceeds 20% of share capital, it can only be used
to offset losses, provided that sufficient other reserves are not available for this purpose.
The parent has set aside the full legal reserve required, i.e., 40,686 thousand euros.This amount is included under “Other
reserves” on the accompanying consolidated statement of financial position.
The parent has set aside a non-distribute reserve of 28,798 thousand euros equal to the amount of goodwill (2012:
14,399 thousand euros).
15.4. Treasury shares
Treasury shares were acquired mainly to cover the company’s commitments in relation to share option plans. These
plans are described in Note 21.
At December 31, 2013 the Company held 5,563,223 treasury shares valued at cost at 73,445 thousand euros (2012:
6,419,259 shares at 84,746 thousand euros, respectively).
The changes in “Treasury shares” in 2013 and 2012 were as follows:
Ejercicio 2013 Ejercicio 2012
Number
of shares Amount (*) Number
of shares Amount (*)
At beginning of year 6,419,259 84,746 6,419,259 84,746
Increase - - - -
Decrease (856,036) (11,301) - -
At year end 5,563,223 73,445 6,419,259 84,746
(*) Amounts in thousand of euros.
The decrease in treasury shares took place as certain beneficiaries exercised their share option plans.
At December 31, 2013, the Company shares held by it and by its subsidiaries represented 1.37% of the share capital
(2012: 1.58%).
15.5. Non-controlling interests
The breakdown, by company, of the balance of “Non-controlling interests” in the consolidated statement of financial
position at December 31, 2013 and 2012 is as follows: