Statement of Changes in Equity
For the year ended 31 December
| In CZK million | Share capital | Revaluation - financial assets AFS | revaluation – Land and buildings | Reserve fund | Translation reserve | Equalisation reserve fund1 | Other funds | Retained earnings | Total |
|---|---|---|---|---|---|---|---|---|---|
| Balance as at 1 January 2015 | 4,000 | 4,037 | – | 800 | (7) | 549 | – | 14,169 | 23,548 |
| Net profit for the year | – | – | – | – | – | – | – | 4,092 | 4,092 |
| Adjustment of the net profit (correction of prior year error) | – | – | – | – | – | – | – | (68) | (68) |
| Exchange rate differences in equity | – | (1) | – | – | 10 | – | – | 14 | 23 |
| Available-for-sale financial assets revaluation in equity | – | 1,405 | – | – | – | – | – | – | 1,405 |
| Available-for-sale financial assets revaluation realised in income statement | – | (496) | – | – | – | – | – | – | (496) |
| Available-for-sale impairment losses | – | 369 | – | – | – | – | – | – | 369 |
| Tax on items of other comprehensive income | – | (243) | – | – | – | – | – | – | (243) |
| Total Comprehensive income (restated) | – | 1,034 | – | – | 10 | – | – | 4,038 | 5,082 |
| Dividends to shareholder | – | – | – | – | – | – | – | (3,272) | (3,272) |
| Share-based payment reserve | – | – | – | – | – | – | 9 | – | 9 |
| Changes in catastrophe and equalisation reserve | – | – | – | – | – | (512) | – | 512 | – |
| Balance as at 31 December 2015 (restated) | 4,000 | 5,071 | – | 800 | 3 | 37 | 9 | 15,447 | 25,367 |
| Net profit for the year | – | – | – | – | – | – | – | 4,171 | 4,171 |
| Exchange rate differences in equity | – | – | – | – | (2) | – | – | 42 | 40 |
| Available-for-sale financial assets revaluation in equity | – | 1,665 | – | – | – | – | – | – | 1,665 |
| Available-for-sale financial assets revaluation realised in income statement | – | (1,003) | – | – | – | – | – | – | (1,003) |
| Available-for-sale impairment losses | – | 330 | – | – | – | – | – | – | 330 |
| Tax on items of other comprehensive income | – | (188) | – | – | – | – | – | – | (188) |
| Total Comprehensive income | – | 804 | – | – | (2) | – | – | 4,213 | 5,015 |
| Dividends to shareholder | – | – | – | – | – | – | – | (3,684) | (3684) |
| Share-based payment reserve | – | – | – | – | – | – | 16 | – | 16 |
| Changes in catastrophe and equalisation reserve | – | – | – | – | – | (37) | – | 37 | – |
| Balance as at 31 December 2016 | 4,000 | 5,875 | – | 800 | 1 | – | 25 | 16,013 | 26,714 |
1 Equalisation reserve was required under local insurance legislation till 2015 and was classified as a separate part of equity within these accounts as it does not meet the definition of a liability under IFRS. It was not available for distribution. Change in equalisation reserve was realised as a transfer between distributable retained earnings and non-distributable equalisation reserve fund in equity. Since 2016 equalisation reserve is not allowed under local insurance legislation and that is why it was released as at 31 December 2016.The decrease of equalization reserve in 2015 was result of the calculation method prescribed by legislation. Maximum balance of the reserve is based on credit insurance premium within five year period.