F.9. Shareholder’s equity
| (CZK million) | 31.12.2016 | 31.12.2015 restated |
|---|---|---|
| Shareholder's equity attributable to the Group | 35,829 | 33,282 |
| Share capital | 4,000 | 4,000 |
| Other capital reserves | 206 | 206 |
| Retained earnings and other reserves | 12,310 | 11,798 |
| Cumulative currency translation differences | 62 | 25 |
| Revaluation – financial assets AFS | 14,163 | 13,095 |
| Cash flow hedge reserve | (52) | (49) |
| Result of the period | 5,140 | 4,207 |
| Shareholder's equity attributable to non-controlling interests | 2,557 | 1,354 |
| Total | 38,386 | 34,636 |
Of which relates to the Transformed fund
| (CZK million) | 31.12.2016 | 31.12.2015 |
|---|---|---|
| Shareholder's equity attributable to the Group | 7,930 | 7,358 |
| Revenue reserves and other reserves | (665) | (916) |
| Reserve for unrealised gains and losses on available for sale financial assets | 8,469 | 8,023 |
| Result of the period | 126 | 251 |
| Total | 7,930 | 7,358 |
The following table provides details on reserves for revaluation – financial assets available for sale:
| (CZK million) | 2016 | 2015 |
|---|---|---|
| Gross revaluation as at beginning of reporting period | 14,557 | 12,716 |
| Tax on revaluation as at beginning of reporting period | (1,462) | (1,202) |
| Beginning of reporting period | 13,095 | 11,514 |
| Revaluation gain in equity – gross | 1,955 | 2,097 |
| Revaluation loss on realisation in income statement – gross | (1,072) | (571) |
| Impairment losses | 328 | 338 |
| Other comprehensive expense from discontinued operations | – | (23) |
| Tax on revaluation | (143) | (260) |
| Gross revaluation as at end of reporting period | 15,768 | 14,557 |
| Tax on revaluation as at end of reporting period | (1,605) | (1,462) |
| End of reporting period | 14,163 | 13,095 |
Of which relates to the Transformed fund
| (CZK million) | 2016 | 2015 |
|---|---|---|
| Beginning of the year | 8,023 | 7,627 |
| Revaluation gain in equity – gross | 440 | 589 |
| Revaluation gain/(loss) on realisation in income statement – gross | (15) | (193) |
| Impairment losses | 21 | – |
| End of the year | 8,469 | 8,023 |
Movements in the reserve for cash-flow hedges were as follows:
| (CZK million) | 2016 | 2015 |
|---|---|---|
| Carrying amount as at beginning of reporting period | (49) | (78) |
| Fair value gains of the year | 3 | 39 |
| Tax on fair value gains | (1) | (7) |
| Changes in Group structure | (5) | (3) |
| Carrying amount as at end of reporting period | (52) | (49) |
There are no preferences or restrictions attached to the shares of the Group. The following table provides details of authorised and issued shares:
| 31.12.2016 | 31.12.2015 | |
|---|---|---|
| Number of shares authorised, issued and fully paid | 40,000 | 40,000 |
| Par value per share (CZK) | 100,000 | 100,000 |
All ordinary shares have the same rights.
F.9.1. Dividends
On 29 April 2016, the sole shareholder approved the distribution of prior year profit of the Company amounting to CZK 4,092 million. CZK 408 million was transferred to retained earnings and CZK 3,684 million was paid in the form of a dividend of CZK 92,100 per each share with a nominal value of CZK 100,000.
On 30 April 2015, the sole shareholder approved the distribution of prior year profit of the Company amounting to CZK 3,636 million. CZK 364 million was transferred to retained earnings and CZK 3,272 million was paid in the form of dividend of CZK 81,800 per each share with a nominal value of CZK 100,000.
F.9.2. Transactions with non-controlling interests
In March 2016, the capital of Generali Real Estate Fund CEE a.s., investiční fond was increased by a total amount of CZK 1,629 million, of which CZK 554 million was contributed by the Group. The ownership structure was adjusted to reflect the new contributions made by the owners accordingly and, as a result, the interest of the Group in the fund and indirect participation in its subsidiaries was diluted from 70.1% to 60.2%.
This transaction resulted in a decrease in equity attributable to the equity holders of the Parent Company of CZK 32 million.