Financial Information - Uralita

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FINANCIAL INFORMATION ANNUAL REPORT 2006 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. With the exception of the above, until the legal reserve exceeds 20% of share capital, it can only be used to offset losses provided other reserves are insufficient for this purpose. 11.4. Reserves at consolidated companies The detail of reserves contributed and foreign exchange differences recognized in equity attributable to equity holders of the parent in the consolidation process is as follows: THOUSANDS OF EUROS 31 DECEMBER 2006 31 DECEMBER 2005 DIFFERENCES DIFFERENCES RESERVES TRANSLATION RESERVES TRANSLATION Yesos Ibéricos, S.A. OAO Ursa Chudovo Ursa Salgotarjan, Rt. Fibrocementos NT, S.A. OOO Ursa Serpuchow URSA Dämmsysteme Austria GmbH Ursa CZ s.r.o. Uralita Holding BV Uralita Tejados, S.A. Ursa Benelux BVBA Electroquímica Andaluza, S.A. Ursa Eurasia LLC Uralita Iberia, S.L. Uralita Sistemas de Tuberías, S.A. Ursa Internacional GmbH Cerámicas Sanitarias Reunidas, S.A. Ursa Ibérica Aislantes, S.A. Other companies with positive or negative amounts of less than 1 million Consolidation adjustments at the parent company 47,438 - 35,401 - 22,501 (1,184) 15,694 (1,361) 14,350 1,054 4,967 719 12,818 - 6,373 - 9,111 (1,149) 5,317 (618) 4,226 (3,308) 3,454 (3,081) 1,358 210 1,230 194 1,159 (27) (9) (44) (1,679) - (837) - (1,757) - (1,336) - (5,645) - (4,748) - (6,113) (170) (822) (259) (19,563) - (15,871) - (21,226) - (7,123) - (24,140) - (12,228) - (53,997) - (53,940) - (55,044) - (44,538) - 249 32 451 7 192,949 - 182,804 - TOTAL 116,995 (4,542) 114,239 (4,443) 159
ANNUAL REPORT 2006 FINANCIAL INFORMATION Of total “Reserves at consolidated companies” at 31 December 2006, €38,180 thousand were restricted reserves, before taking into account consolidation adjustments. Of this amount, €5,396 thousand relates to the revaluation reserve pursuant to Royal Decree-Law 7/1996. Once the tax authorities have reviewed and approved the balance of the reserve (or the three-year period for review has expired), the balance is available, free of tax, to offset tax losses. From 1 January 2007, the balance can be taken to unrestricted reserves, provided that the monetary surplus has been realized. The surplus will be deemed to have been realized in respect of the portion on which depreciation has been applied for accounting purposes or when the revalued assets have been transferred or retired from the accounting records. If this balance is used in a manner other than that provided for in Royal Decree-Law 7/1996, it would be subject to tax. Translation differences arise from the conversion to euros of balances of consolidated subsidiaries whose functional currency is not the euro (see Note 4.18). Valuation adjustments Cash-flow hedges. This heading under “Reserves at consolidated companies” in the consolidated balance sheet includes the net amount of changes in the value of derivative financial instruments designated as cash flow hedges (see Note 13). The movements in these were as follows: THOUSANDS OF EUROS Balance at 1 January 2005 - Changes in fair value (1,533) BALANCE AT 31 DECEMBER 2005 (1,533) Changes in fair value (1,456) BALANCE AT 31 DECEMBER 2006 (2,989) 160
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Financial Information - Uralita

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