6. EQUITY
6.2

Other reserves

  Notes   2019 
R’000 		   2018 
R’000 		  
Balance at the beginning of the year as previously reported        (2 814 202)    (2 665 758)   
Prior year error*  11     —     (43 418)   
Balance at the beginning of the year – restated        (2 814 202)    (2 709 176)   
Exchange differences on translation of foreign operations        63 905     (14 182)   
Transactions with non-controlling interests**  3.7     (61 677)    (93 966)   
B-BBEE transaction        —     1 400    
Equity compensation benefit scheme shares vested        (19 915)    (21 362)   
Equity compensation benefit movement        7 149     23 084    
Balance at the end of the year        (2 824 740)    (2 814 202)   
Consisting of:                   
Restructuring reserve        (1 843 912)    (1 843 912)   
Foreign currency translation reserve        105 520     41 615    
Non-distributable reserve        7 821     7 821    
Transactions with non-controlling interest reserve        (1 130 945)    (1 069 268)   
Share-based payment reserve        1 400     1 400    
Equity compensation benefit reserve        35 376     48 142    
         (2 824 740)    (2 814 202)   
* As a result of the prior year error the Group has restated their comparative financial information. Refer to note 11 for details.
** This relates to a put option that the Group has on the remaining 40% shareholding in Airvantage Proprietary Limited. Refer to note 3.7.

The restructuring reserve arose as a result of the restatement of Group comparatives, as required in terms of the principles of predecessor accounting. This reserve represents the difference between the fair value of the entities under the Group’s control and their respective net asset values, as at the assumed restructure date of 1 June 2006.

The non-distributable reserve arose as a result of BLT’s share of share premium issued by associate companies pre-2010.

The transactions with non-controlling interest reserve relates to the excess payments over the carrying amounts arising on transactions with non-controlling shareholders as these are treated as equity participants.

The share-based payment reserve relates to a B-BBEE transaction concluded by Panacea Mobile Proprietary Limited and Simigenix Proprietary Limited (the companies), subsidiaries of Blue Label Telecoms. In October 2017, the companies declared dividends to the full value of the companies to Blue Label Telecoms. Such dividends were immediately converted to preference shares. Subsequent to this, the companies issued shares to Bitsana Investments Proprietary Limited for nominal value. The Group has not recognised this dilution and accounts for the companies as wholly owned subsidiaries until the preference shares have been settled in full. The preference shares will be settled through the declaration of dividends by the companies. There are no specified dates for this.