32 Shareholders' equity
In the totals, the company does not recognise any difference between the shareholders' equity according to the consolidated annual accounts and the shareholders' equity according to the company annual accounts. The statutory reserves (revaluation reserve, hedging reserve and exchange rate differences reserve) are not freely distributable.
Paid-up and called-up capital
The company's authorised share capital amounts to EUR 1,589.0 million and is divided into 3.5 million shares, each with a nominal value of EUR 454.0. The number of outstanding and fully paid shares at the end of the financial year amounted to 1,099,682 shares (2014: 1,099,682).
Download data(x EUR million) | 2015 | 2014 |
|---|---|---|
Balance at 1 January | 499.3 | 499.3 |
Stock dividend | - | - |
Balance at 31 December | 499.3 | 499.3 |
For a further explanation of the share capital please refer to the explanation on consolidated shareholders' equity, in the shareholders' equity of the consolidated annual accounts.
Share premium reserve
Movements in the share premium reserve are shown in the following table.
Download data(x EUR million) | 2015 | 2014 |
|---|---|---|
Balance at 1 January | 626.7 | 626.7 |
Cash dividend | - | - |
Stock dividend | - | - |
Balance at 31 December | 626.7 | 626.7 |
Statutory revaluation reserve
Movements in the statutory revaluation reserve are shown in the following table.
Download data(x EUR million) | 2015 | 2014 |
|---|---|---|
Balance at 1 January | 687.5 | 395.7 |
Adjustment balance at 1 January | - | 357.8 |
Adjusted balance at 1 January | 687.5 | 753.5 |
Movemement financial year | 88.3 | -66.0 |
Balance at 31 December | 775.8 | 687.5 |
The revaluation reserve is formed after deduction of taxes, taking the prevailing tax rates in the various jurisdictions into account.
Statutory hedging reserve
Movements in the statutory hedging reserve are shown in the following table.
Download data(x EUR million) | 2015 | 2014 |
|---|---|---|
Balance at 1 January | -49.0 | -64.7 |
Movemement in subsidiaries in financial year | 23.0 | 15.7 |
Other movements | - | - |
Balance at 31 December | -26.0 | -49.0 |
In line with the company's decision, from the 2014 financial year, to no longer apply hedge accounting to the changes in the fair value of interest rate derivatives, the cumulative reserve accumulated up to and including 31 December 2013 will be amortised at the expense of the indirect result from the 2014 financial year based on the term to maturity of the interest rate derivatives.
Statutory exchange rate differences reserve
Movements in the statutory exchange rate differences reserve are shown in the following table.
Download data(x EUR million) | 2015 | 2014 |
|---|---|---|
Balance at 1 January | -33.6 | -37.6 |
Movemement financial year | 16.4 | 4.0 |
Balance at 31 December | -17.2 | -33.6 |
The statutory exchange rate differences reserve comprises the foreign exchange rate differences arising from the translation of foreign operations, as well as the cumulative effective portion of movements in value arising from currency derivatives held in the past. The movement in the financial year relates entirely to foreign exchange rate differences arising from the translation of foreign activities.
Other reserves
Movements in the other reserves are shown in the following table.
Download data(x EUR million) | 2015 | 2014 |
|---|---|---|
Balance at 1 January | -348.1 | 90.1 |
Adjustment balance at 1 January | - | -357.8 |
Adjusted balance at 1 January | -348.1 | -267.7 |
Allocation result previous year | -227.7 | -146.5 |
Movemement financial year | -88.3 | 66.0 |
Other movements | 0.2 | 0.1 |
Balance at 31 December | -663.9 | -348.1 |
Result for the financial year
Movements in the result for the financial year are shown in the following table.
Download data(x EUR million) | 2015 | 2014 |
|---|---|---|
Balance at 1 January | -227.7 | -146.5 |
Result for the financial year | 90.9 | -227.7 |
Allocation result previous year | 227.7 | 146.5 |
Balance at 31 December | 90.9 | -227.7 |