F. Other reserves

Excel

(€ in thousands)

Legal reserve participations

Cumulative translation adjustment

Total
Legal reserve

Stock compensation reserve

Total

BALANCE AS AT 31 DECEMBER 2012

104,379

5,629

110,008

49,003

159,011

Currency translation differences

0

–8,925

–8,925

0

–8,925

Transfer from retained earnings

29,563

0

29,563

0

29,563

Stock compensation related movements

0

0

0

524

524

Release to retained earnings

0

0

0

–20,086

–20,086

BALANCE AS AT 31 DECEMBER 2013

133,942

–3,296

130,646

29,441

160,087

Currency translation differences

0

13,967

13,967

0

13,967

Transfer from retained earnings

28,271

0

28,271

0

28,271

Stock compensation related movements

0

0

0

1,072

1,072

Release to retained earnings

0

0

0

–1,108

–1,108

BALANCE AS AT 31 DECEMBER 2014

162,213

10,671

172,884

29,405

202,289

Legal reserves

Legal reserves are the non-distributable reserves that are recorded for an amount equal to the restricted reserves of the company's subsidiaries and the cumulative translation adjustment reserve.

Stock compensation reserve

The stock compensation reserve represents the cumulative expense of issued stock options that have been granted but not exercised.