Financial statements Notes to the company financial statements
138
5 Equity attributable to the shareholder of the company and other providers of capital The number of issued shares at both the beginning and the end of the financial year amounted to 3,702,777. EUR 370 million has been paid up on these shares. The authorised capital amounts to EUR 1,000 million, divided into 10,000,000 shares with a nominal value of EUR 100. The shares are held by Zuivelcoรถperatie FrieslandCampina U.A. The cash flow hedge reserve and the currency translation reserve are legal reserves and as such cannot be distributed. In addition, EUR 4 million of the fair value reserve should be classified as a legal reserve. This portion relates primarily to an investment for which no regular market listing exists. A further EUR 93 million (2012: EUR 53 million) of the retained earnings are classified as a legal reserve and as such cannot be distributed. The equity attributable to the shareholder of the company and other providers of capital that is included in the company financial statements is equal to the equity attributable to the shareholder of the company and other providers of capital that is included in the consolidated financial statements. Refer to Note 19 in the consolidated financial statements for more details regarding equity. 6 Interest-bearing borrowings Amounts owed to syndicate of credit institutions Amounts owed to institutional investors Loan from affiliated company Loans from member dairy farmers Other interest-bearing borrowings
2013
2012
245 531 41 3
145 552 290 33 4
820
1,024
The terms and conditions of outstanding non-current loans were as follows:
Loan Syndicate Private Placement Private Placement Private Placement Private Placement Private Placement Loan from Zuivelcoรถperatie FrieslandCampina U.A. Loans from member dairy farmers Other
Currency EUR USD/EUR USD USD USD USD
Nominal interest rate 1.2 4.4 5.7 4.0 4.2 4.0
Year of maturity 2015 2017 2020 2022 2024 2027
Nominal amount 2013 250 107 96 58 106 164
Carrying amount 2013 245 107 96 58 106 164
EUR EUR
1.8
2015
41
41
Nominal amount 2012 150 110 100 61 111 171
Carrying amount 2012 145 110 100 61 111 170
290
290
33
33
3
3
4
4
825
820
1,030
1,024
Refer to Note 23 of the consolidated financial statements for the amount owed to a syndicate of credit institutions, loans from member dairy farmers and amounts owed to institutional investors. As a result of a change to the loans from affiliates, as of the end of 2013 the loan of EUR 290 million is classified as equity. 7 Borrowings from subsidiaries No interest is paid on the current borrowings from subsidiaries.