47
b)
Share premium
As indicated in Note 12-a to the consolidated financial statements for 2012, the difference
between the issue price and the par value of the new shares (i.e. EUR 2.62 per share) was
treated as a share premium, amounting to EUR 38,304 thousand, whichwas fully paid as a
result of the transfer en bloc of the assets and liabilities of Gestora de Inversiones
Audiovisuales La Sexta, S.A. (see Note 12-a).
c)
Restricted reserves
Legal reserve
Under the Spanish Limited Liability Companies Law, the Company must transfer 10% of
net profit for each year 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 shareholders at the Annual General Meeting of the Parent held on 24 April 2013
approved, among other resolutions, the proposed distribution of the profit for 2012,
whereby EUR 2,193 thousand were transferred to the legal reserve. With this contribution
the Parent’s legal reserve reached the legally stipulated level.
Reserve for retired capital
As a result of the capital reduction made in 2006, a reserve of EUR 8,333 thousand was
established, equal to the par value of the retired shares, which may only be used if the
same requirements as those for the reduction of share capital aremet, pursuant to Article
335-c of the Spanish Limited Liability Companies Law.
Other restricted reserves
Restricted reserves include an amount of EUR 281 thousand which is restricted as to its
use since it corresponds to the “Reserve for the Adjustment of Share Capital to Euros”.
“Equity - Retained Earnings” in the consolidated balance sheet includes a restricted
reserve arising from the subsidiary Uniprex, S.A. (Sole-Shareholder Company). This is a
reserve for goodwill, amounting to EUR 19,079 thousand, recognised by appropriating
from profit for the year an amount equal to 5% of the goodwill on the asset side of the
subsidiary's balance sheet until the full amount of the reserve is reached, as required by
Spanish corporate legislation.
d)
Contributions to consolidatedprofit by company
The detail of the contributions to the consolidated profit for the year of the fully
consolidated companies and the companies accounted for using the equity method at 31
December 2013 and 2012 is as follows:
