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Note 6. Shareholders' equity

The changes in shareholders' equity are as follows:

(EUR thousand except for share data)Common sharesCapital in excess of par valueTreasury shares at costAccumulated (deficit/ earningsLegal reservesAccumulated other comprehensive income (loss)Total shareholders’ equity
Balance as of January 1, 20132,584433,12626,730344,583(21,295)785,728
Net earnings1,062,6751,062,675
Other comprehensive income(65,422)(65,422)
Total comprehensive income (loss)1,062,675(65,422)997,253
Compensation expense stock options4,4404,440
Re-issued shares following the settlement of the Lehman treasury shares104,1804,190
Exercise stock options by issue of common shares51,6461,651
Dividend paid to common shareholders(31,666)(31,666)
Capital repayment(239,507)(30,035)(269,542)
Decreased retained earnings subsidiaries63,660(63,660)
Fair value accounting investments(699,525)699,525
Capitalized development expenses6,644(6,644)
Reclassification(60)60
Other movements in investments and associates
Dilution3,5873,587
Balance as of December 31, 20132,539203,945402,070973,804(86,717)1,495,641
Net earnings141,317141,317
Other comprehensive income141,372141,372
Total comprehensive income (loss)141,317141,372282,689
Compensation expense stock options7,4767,476
Exercise stock options by issue of common shares145,3985,412
Exercise stock options out of treasury shares(497)4,158(1,762)1,899
Repurchase shares(31,891)(31,891)
Dividend paid to common shareholders(31,828)(31,828)
Increased retained earnings subsidiaries(59,643)59,643
Fair value accounting investments(69,891)69,891
Capitalized development expenses(5,662)5,662
Other movements in investments and associates
Dilution3,5613,561
Allocation equity component convertible bond9,9479,947
Balance as of December 31, 20142,553216,322(27,733)388,1091,109,00054,6551,742,906

Legal reserves

Legal reserves include reserves regarding retained earnings of subsidiaries, capitalized development expenses and the cumulative foreign currency translation effect on translation of foreign operations and is included in the accumulated other comprehensive income (loss).

Changes in legal reserves in 2013 and 2014 were as follows:

Retained earnings of subsidiariesReserve for capitalized development expensesTotal
Balance as of January 1, 2013282,34762,236344,583
Retained earnings subsidiaries and investments(63,660)(63,660)
Fair value accounting investments699,525699,525
Development expenditures(6,644)(6,644)
Balance as of December 31, 2013918,21255,592973,804
Retained earnings subsidiaries and investments59,64359,643
Fair value accounting investments69,89169,891
Development expenditures5,6625,662
Balance as of December 31, 20141,047,74661,2541,109,000

The cumulative foreign currency translation effect on translation of foreign operations was negative for the reported periods.

For more detailed information, reference is made to Note 16 to the Consolidated financial statements.

Employee stock option plan and employee restricted shares plan

The Company has adopted various stock option plans and restricted share plans and has entered into related agreements with various employees. For detailed information, reference is made to Note 17 to the Consolidated financial statements.

Welcome to our 2014 Corporate reporting site

ASMI has a dual listing on Nasdaq (North America) and Euronext (the Netherlands). Our full 2014 Annual report is prepared in accordance with International Financial Reporting Standards ('IFRS'), as endorsed by the European Union and can be viewed online conveniently. We also file the Annual report on Form 20-F with the US Securities and Exchange Commission, which is available as a PDF. All our 2014 reports can be downloaded quickly and easily.

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STATUTORY
ANNUAL REPORT 2014

Our Statutory annual report provides a comprehensive overview of company developments in 2014. It has been prepared in accordance with International Financial Reporting Standards ('IFRS') as endorsed by the European Union.

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ANNUAL REPORT ON
FORM 20-F 2014

Form 20-F 2014, which is compiled based on US GAAP, has been filed with the Securities and Exchange Commission. It may contain information additional to the Statutory annual report.

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CR REPORT
2014

Our goal is to create better products and add value to the company, our stakeholders and society at large in a responsible, sustainable manner. Our CS report covers all aspects of our efforts to manage our business responsibly.

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REMUNERATION
REPORT 2014

The Remuneration report 2014 provides a breakdown
of our Management Board and Supervisory Board remuneration.

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RECONCILIATION
US GAAP-IFRS 2014

With dual listing in North America and the Netherlands, we report in US GAAP and IFRS. This document outlines the main differences for ASMI relating to US GAAP and IFRS.

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