TomTom 2012 Annual Report Download - page 74

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TomTom Annual Report and Accounts 2012
72
Notes to the Company Financial Statements | continued
6. OTHER RESERVES
(€ in thousands) Legal reserve
participations
Cumulative
translation
adjustment
Total legal
reserves
Stock
compensation
reserve Total
BALANCE AS AT 31 DECEMBER 2010 38,766 6,991 45,757 71,662 117,419
Currency translation differences 0 – 25 – 25 0 – 25
Transfer from retained earnings 21,846 0 21,846 0 21,846
Stock compensation expense 0 0 0 7,996 7,996
Issue of share capital 0 0 0 – 225 – 225
Release to retained earnings 0 0 0 – 18,343 – 18,343
Cash fl ow hedges 2,545 0 2,545 0 2,545
BALANCE AS AT 31 DECEMBER 2011 63,157 6,966 70,123 61,090 131,213
Currency translation differences 0 – 1,337 – 1,337 0 – 1,337
Transfer from retained earnings 41,222 0 41,222 0 41,222
Stock compensation expense 0 0 0 5,699 5,699
Release to retained earnings 0 0 0 – 17,786 – 17,786
BALANCE AS AT 31 DECEMBER 2012 104,379 5,629 110,008 49,003 159,011
Legal reserves
Legal reserves are the non-distributable reserves that are recorded for an amount equal to the restricted reserves of the company’s
subsidiaries and the cumulative translation adjustment reserve.
Stock compensation reserve
The stock compensation reserve represents the cumulative expense of issued share options that have been granted but not exercised.
7. BORROWINGS
Please refer to note 24 in the consolidated fi nancial statements.
Included in our borrowings in 2011 are amounts due to group companies of €17 million with similar conditions as the external borrowings
(2012: nil).
8. INTERCOMPANY PAYABLE
The intercompany payable comprises of loans provided by subsidiaries. The interest rate on the loan during 2012 is based upon LIBOR plus
a margin of 0.7%. Although no repayment period has been agreed the loan has a long-term nature.