6.2 Other reserves
 
2020 
R'000 
  2019 
R'000 
 
Balance at the beginning of the year  (2 824 740)   (2 814 202)  
Exchange differences on translation of foreign operations  (11 450)   63 905   
Transactions with non-controlling interests*  138 645    (61 677)  
Equity compensation benefit scheme shares vested  (20 582)   (19 915)  
Equity compensation benefit movement  16 332    7 149   
Blue Label Mobile restructure  13 235    —   
Reserve relating to B-BBEE transaction recycled to retained earnings  (1 400)   —   
Balance at the end of the year  (2 689 960)   (2 824 740)  
Consisting of: 
Restructuring reserve  (1 843 912)   (1 843 912)  
Foreign currency translation reserve  94 073    105 520   
Non-distributable reserve  7 821    7 821   
Transactions with non-controlling interest reserve  (979 066)   (1 130 945)  
Share-based payment reserve  —    1 400   
Equity compensation benefit reserve  31 124    35 376   
(2 689 960)   (2 824 740)  
 
* The majority of the current year amount relates to the derecognition of the transaction with non-controlling interest reserve on the effective date of the VAS operations disposal. Refer to note 11. The prior year amount relates to a put option that the Group has on the remaining 40% shareholding in Airvantage Proprietary Limited. Refer to note 11.
 

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 Groupís 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 BLTís share of share premium issued by associate companies pre-2010. 

The transactions with non-controlling interest reserve relate 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. In the current year, both companies were disposed of thereby reducing this reserve to nil.