The breakdown of the item “Reserves” is as follows:
(in thousands of euro) |
Share premium reserve |
Legal reserve |
Statutory reserves |
Reserve for own shares held |
Reserve Art. 6 D.Lgs. no. 38 of 28/02/2005 |
Fair value reserve |
First adoption of IFRS reserve |
Stock option reserve
|
Reserve for future capital increases |
Total reserves |
|
Balance at December 31 2008 |
33,602 |
115,969 |
89 |
21,487 |
(74) |
-- |
162,210 |
12,699 |
3 |
345,985 |
|
Capital increases |
528 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
528 |
|
Unclaimed dividends as per Art. 23 of Company Bylaws |
-- |
-- |
14 |
-- |
-- |
-- |
-- |
-- |
-- |
14 |
|
Adjustment for own share transactions |
-- |
-- |
-- |
50 |
|
-- |
-- |
-- |
-- |
50 |
|
Notional cost of stock options credited |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
5,455 |
-- |
5,455 |
|
Balance at December 31 2009 |
34,130 |
115,969 |
103 |
21,537 |
(74) |
-- |
162,210 |
18,154 |
3 |
352,032 |
|
Capital increases |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Unclaimed dividends as per Art. 23 of Company Bylaws |
-- |
-- |
16 |
-- |
-- |
-- |
-- |
-- |
-- |
16 |
|
Adjustment for own share transactions |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
Notional cost of stock options credited |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
4,335 |
-- |
4,335 |
|
Movements between reserves |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
(7,482) |
-- |
(7,482) |
|
Balance at December 31 2010 |
34,130 |
115,969 |
119 |
21,537 |
(74) |
-- |
162,210 |
15,007 |
3 |
348,901 |
It should be remembered that on April 30 2010 the Ordinary General Meeting of the Shareholders voted to cancel the previous resolution of April 30 2009 to buy back own shares and to give a new authorization for eighteen months from that date to buy back a maximum of 30,000,000 own shares for a nominal value of € 15,000,000, which shall not in any case exceed one tenth of the share capital of CIR and with a maximum disbursement limit of € 50,000,000.
The “Stock option reserve” refers to the value of the notional cost of the stock options assigned to employees, which were approved after November 7 2002. It should be noted that during the year the amount of € 7,482 thousand referring to the notional cost of options exercised, expired or annulled was reclassified to the item “Retained earnings”