As of 30 June 2013, the Group had no non-current assets held for sale. In the previous year, this item had included the equity investment of the bonus shares in TPK Holding received in 2011. The TPK group develops and produces capacitive touch screens. The remaining 0.8 % of the interests (bonus shares from 2011) were sold in the 2012 / 2013 financial year.
The non-current assets held for sale developed as follows in the financial year:
iN EUR ThOUsAND
Balance on 30 June 2012 17,895
Addition from capital increase, TPK 52,355
Change in fair value due to share price performance 16,567
Sale of TPK shares (sale proceeds) – 89,217
Currency differences 2,400
Balance on 30 June 2013 0
The addition relates to further interests in TPK from a capital increase from company funds that had been resolved in the previous year. In the 2012 short financial year, this amount had already been carried under other assets.
All shares in TPK were sold in February 2013. 5. l. Equity, group
The statement of changes in equity shows the development of equity.
The parent company’s subscribed capital still amounts to EUR 58,891 thousand at the 30 June 2013 report- ing date. It is divided into 58,890,636 no-par value bearer shares carrying full dividend rights. The individual shares have a stated value of EUR 1.00. All shares are fully paid in.
The Group’s equity amounted to EUR 334,536 thousand as of 30 June 2013, down from EUR 450,451 thousand at the end of the 2012 short financial year.
The Annual General Meeting on 11 May 2012 authorized the Management Board, with the approval of the Supervisory Board, to increase the Company’s share capital by a maximum of EUR 29,445,318 on one or several occasions up to 10 May 2017 by issuing up to 29,445,318 new no-par value bearer shares against cash and / or non-cash contributions (Authorized Capital 2012).
The Company’s share capital will be contingently increased by up to EUR 17,667,190 through the issue of up to 17,667,190 new no-par value bearer shares carrying dividend rights from the start of the financial year in which they are issued (Contingent Capital 2012). The contingent capital increase serves the purpose of granting shares to the holders of convertible bonds and / or bonds with warrants, profit participation rights and / or profit participation bonds (or combinations of these instruments) issued up to 10 May 2017 by the Company or entities in which the Company has a direct or indirect majority holding on the basis of the authorization by the Annual General Meeting on 11 May 2012, to the extent that these are issued for cash. The Company’s Annual General Meeting on 11 May 2012 authorized the Management Board, with the approval of the Supervisory Board, to issue convertible bonds and / or bonds with warrants, profit partici- pation rights and / or profit participation bonds or combinations of these instruments (together “bonds”) with a total face value of up to EUR 100,000,000 with or without a maturity limit on one or several occasions up to 10 May 2017. The holders of the bonds may be granted conversion rights or options on no-par value bearer shares of the Company with a total stated value of up to EUR 17,667,190 in accordance with the details of the terms of the bonds on which the corresponding conversion or option obligations are based. Neither the authorized capital nor the contingent capital had been utilized by the reporting date, nor have bonds been issued.
The capital reserves primarily comprise premiums from the issue of new shares of Balda AG. In addition, the capital reserves include the statutory reserve of Balda AG.
Up until the time the shares were sold, the TPK shares were recognized in equity under reserves in the item “Adjustment item for fair value measurement of AfS instruments”, making allowance for deferred taxes. As a result of the sale of the TPK shares, EUR 17,248 thousand was transferred from the reserves to the income statement in the financial year. The development of the adjustment items for the fair value measurement of AfS instruments is as follows:
iN EUR ThOUsAND
Balance on 30.06.2012 681
write-up to fair value 16,567
Reversal of provisions –17,248
Differences arising from the translation of the statements of financial position and income statements of the foreign companies prepared in foreign currency are transferred to the foreign currency trans lation reserve under equity in accordance with IAS 21. Balda recognizes exchange differences of EUR 2,400 thousand from the translation of the assets and liabilities at closing rates.
The change of the currency translation reserve recognized in other comprehensive income is comprised as follows:
iN EUR ThOUsAND 2013 2012
Change in the currency translation reserve recognized in equity – 8,109 10,196 disposal from sales and reclassification to the income statement – 2,824 – 3,584 change in the currency translation reserve – 10,933 6,612
Net retained profits comprise the profit or loss generated by the Group up to the present, less any dividend distributions. As of 30 June 2013, net retained profits amounted to EUR 235,836 thousand, following EUR 340,137 thousand in the previous year.
In the 2012 / 2013 financial year, a dividend of EUR 117,781 thousand (EUR 2.00 per share) was distributed to shareholders for the 2012 short financial year.
Non-current liabilities 5. m. Bank loans
At the 30 June 2013 reporting date, there were bank loans of EUR 763 thousand (previous year: EUR 0 thousand) exclusively at the newly acquired US companies.