Trinidad Cement Limited
Annual Report 2012
72
Notes to the Consolidated Financial Statements (continued)
For the year ended 31 December, 2012
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
17. Stated capital and other reserves
(a) Stated capital
2012
2011
$
$
Authorised
An unlimited number of ordinary and preference shares of no par value
Issued and fully paid
249,765,136 (2011: 249,765,136) ordinary shares of no par value
466,206
466,206
(b) Other reserves
Foreign currency
translation
Hedging
Total other
account
reserve
reserves
$
$
$
Year ended 31 December, 2012
Balance at 1 January, 2012
(180,069)
–
(180,069)
Other comprehensive income:
Currency translation and other adjustments
1,390
–
1,390
Total other comprehensive income
1,390
–
1,390
Balance at 31 December, 2012
(178,679)
–
(178,679)
Year ended 31 December, 2011
Balance at 1 January, 2011
(179,595)
(22,984)
(202,579)
Other comprehensive income:
Currency translation and other adjustments
(474)
–
(474)
Net charge on swap transferred to
statement of income (interest)
–
4,195
4,195
Net charge on swap transferred to
statement of income (restructuring)
–
26,450
26,450
Deferred taxation on swap obligation
–
(7,661)
(7,661)
Total other comprehensive income
(474)
22,984
22,510
Balance at 31 December, 2011
(180,069)
–
(180,069)
Nature and purpose of reserves
Foreign currency translation account
This reserve records exchange differences arising from the translation of the financial statements of foreign
subsidiaries.
Hedging reserve
This account records the effective portion of the cashflow hedge relating to future periods. The Hedge arrangement
was terminated in 2011.
