Changes in equity

in € millions

Subscribed share capital

Additional paid-in capital

Cashflow hedge reserve

Cumulative translation reserves

Other reserves

Share­holders’ equity

Non-controlling interests

Group equity

Balance at January 1, 2016

498

598

(42)

81

5,349

6,484

496

6,980

Profit for the period

552

552

50

602

Other comprehensive income

13

(187)

109

(65)

(9)

(74)

Comprehensive income for the period

13

(187)

661

487

41

528

Dividend

4

115

(299)

(180)

(32)

(212)

Equity-settled transactions

18

18

18

Issue of common shares

1

(1)

Acquisitions and divestments

(1)

(1)

1

Balance at June 30, 2016

503

712

(29)

(106)

5,728

6,808

506

7,314

 

 

 

 

 

 

 

 

 

Balance at January 1, 2017

504

745

3

(47)

5,348

6,553

481

7,034

Profit for the period

541

541

45

586

Other comprehensive income

(5)

(321)

(141)

(467)

(26)

(493)

Comprehensive income for the period

(5)

(321)

400

74

19

93

Dividend

3

125

(320)

(192)

(20)

(212)

Equity-settled transactions

16

16

16

Issue of common shares

(2)

2

Share repurchase

(160)

(160)

(160)

Balance at June 30, 2017

505

872

(2)

(368)

5,284

6,291

480

6,771

Shareholders’ equity

Shareholders’ equity decreased from €6.6 billion at year-end 2016 to €6.3 billion at the end of June 2017, mainly due to the net effect of:

  • Profit for the period of €541 million
  • Adverse currency effects of €321 million (and related taxes)
  • Dividend payments of €192 million
  • The completed share repurchase program, for which a total number of 2.38 million common shares were repurchased, decreasing shareholders’ equity by €160 million
  • An adverse actuarial impact of €141 million (including tax) reported in Other comprehensive income, including €49 million for de-risking of pension liabilities

Share repurchase program

In Q4 2016, we announced the repurchase of up to 2.5 million common shares to neutralize the dilutive effect of stock dividends paid in 2016. The share repurchase program was completed in April 2017. A total number of 2.38 million common shares were repurchased in the period from January 2, 2017, up to and including April 21, 2017, for a total consideration of €160 million.