Company 28: Equity
As at 31 December 2011, the share capital of Gorenje, d.d. amounted to EUR 66,378,217.32 (31 December 2010: EUR 66,378.217.32) and was divided into 15,906,876 ordinary, freely transferable, registered, no par value shares.
Capital surplus (share premium) in the amount of TEUR 157,712 includes paid-in capital in excess of par value of shares in the amount of TEUR 64,352, surplus in excess of book value of disposed own shares in the amount of TEUR 15,313, and general equity revaluation adjustment in the amount of TEUR 78,047 transferred upon the transition to IFRSs.
Legal and statutory reserves in the amount of TEUR 22,719 include legal reserves in the amount of TEUR 12,895 (31 December 2010: TEUR 12,895), reserves for own shares in the amount of TEUR 3,170 (31 December 2010: TEUR 3,170), and statutory reserves in the amount of TEUR 6,654 (31 December 2010: TEUR 5,925).
Pursuant to the Companies Act, retained earnings in the amount of TEUR 89,521 consist of other revenue reserves in the amount of TEUR 83,997 (31 Dec 2010: TEUR 80,717) that were created on the basis of resolutions on the appropriation of profit for the period adopted by the Management Board and the Supervisory Board and resolutions of the Shareholders' Meeting on the appropriation of accumulated profit and determined accumulated profit in the amount of TEUR 5,524 (2010: TEUR 2,245).
Fair value reserve amounting to TEUR 2,166 as at 31 December 2011 includes a surplus from revaluation of land which is valued using the revaluation model, a change in fair value of available-for-sale investments, and a change in value of cash flow hedge.
Own shares in the amount of TEUR -3,170 are stated as a deductible item of equity and recorded at cost.
Changes in fair value reserve are shown in the table below:
| In TEUR | Reserve for fair value of land | Reserve for fair value of available-for-sale financial assets | Reserve for fair value of derivatives | Reserve for fair value of investments in subsidiaries | Total |
|---|---|---|---|---|---|
| Balance at 1 Jan 2011 | 5.962 | -310 | -48 | 713 | 6.317 |
| Revaluation of land | 0 | 0 | 0 | 0 | 0 |
| Disposal of land | 0 | 0 | 0 | 0 | 0 |
| Change in fair value of cash flow hedge | 0 | 0 | -7.230 | 0 | -7.230 |
| Change in fair value of cash flow hedge, transferred to profit or loss | 0 | 0 | 2.155 | 0 | 2.155 |
| Change in fair value of available-for-sale financial assets | 0 | -114 | 0 | 0 | -114 |
| Disposal of available-for-sale financial assets | 0 | 0 | 0 | 0 | 0 |
| Impairment of available-for-sale financial assets | 0 | 0 | 0 | 0 | 0 |
| Disposal of subsidiaries | 0 | 0 | 0 | 0 | 0 |
| Deferred taxes | 0 | 23 | 1.015 | 0 | 1.038 |
| Balance at 31 Dec 2011 | 5.962 | -401 | -4.108 | 713 | 2.166 |
| In TEUR | Reserve for fair value of land | Reserve for fair value of available-for-sale financial assets | Reserve for fair value of derivatives | Reserve for fair value of investments in subsidiaries | Total |
|---|---|---|---|---|---|
| Balance at 1 Jan 2010 | 5.888 | -321 | -7.756 | 713 | -1.476 |
| Revaluation of land | 0 | 0 | 0 | 0 | 0 |
| Disposal of land | 0 | 0 | 0 | 0 | 0 |
| Change in fair value of cash flow hedge | 0 | 0 | 9.649 | 0 | 9.649 |
| Change in fair value of cash flow hedge, transferred to profit or loss | 0 | 0 | 109 | 0 | 109 |
| Change in fair value of available-for-sale financial assets | 0 | -126 | 0 | 0 | -126 |
| Disposal of available-for-sale financial assets | 0 | 145 | 0 | 0 | 145 |
| Impairment of available-for-sale financial assets | 0 | 0 | 0 | 0 | 0 |
| Disposal of subsidiaries | 0 | 0 | 0 | 0 | 0 |
| Deferred taxes | 74 | -8 | -2.050 | 0 | -1.984 |
| Balance at 31 Dec 2010 | 5.962 | -310 | -48 | 713 | 6.317 |
| Number of shares | 1 Jan 2011 | Purchase | Sale | 31 Dec 2011 |
|---|---|---|---|---|
| Repurchased own shares | 121.311 | 0 | 0 | 121.311 |
Earnings per share amounted to EUR 0.46 (2010: EUR 0.20).
To determine earnings per share, the following data on the profit or loss and the average number of shares was used:
| In TEUR | 2011 | 2010 |
|---|---|---|
| Profit for the period | 7.288 | 2.925 |
| Weighted average number of ordinary shares | 15.785.565 | 14.847.127 |
| Earnings per share (in euro) | 0,46 | 0,20 |
No preference shares have been issued, therefore basic and diluted earnings per share are equal.
No dividends were paid in 2011 (in 2008: EUR 0.45 gross per share).