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Grupa LOTOS S.A. - Integrated Annual Report 2012
26. Translation reserve
Translation reserve comprises exchange differences resulting from the translation into the Polish złoty of the financial statements of foreign companies and groups of companies, less the effect of corporate income tax.
| PLN '000 |
Year ended Dec 31 2012 |
Year ended Dec 31 2011 |
|---|---|---|
| At beginning of the period | 59,100 | 12,281 |
| Currency-translation differences | (39,062) (1) | 57,806 |
| Corporate income tax relating to currency-translation differences | 13,864 | (10,987) |
| At end of the period | 33,902 | 59,100 |
(1) Including PLN (686) thousand attributable to exclusion from consolidation of 50% equity interest previously held by the Group in UAB Manifoldas, a Lithuanian company, which started to be consolidated with the full method as of February 28th 2012 after the Group acquired control over it. For more information on the acquisition of control over UAB Manifoldas, see Note 2.
