Changes in equity

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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

–

–

–

–

240

240

23

263

Other comprehensive income

–

–

(12)

(191)

(25)

(228)

(10)

(238)

Comprehensive income for the period

–

–

(12)

(191)

215

12

13

25

Dividend

–

–

–

–

–

–

(17)

(17)

Equity-settled transactions

–

–

–

–

8

8

–

8

Issue of common shares

1

(1)

–

–

–

–

–

–

Acquisitions and divestments

–

–

–

–

(1)

(1)

1

–

Balance at March 31, 2016

499

597

(54)

(110)

5,571

6,503

493

6,996

 

 

 

 

 

 

 

 

 

Balance at January 1, 2017

504

745

3

(47)

5,348

6,553

481

7,034

Profit for the period

–

–

–

–

240

240

21

261

Other comprehensive income

–

–

(11)

9

2

–

–

–

Comprehensive income for the period

–

–

(11)

9

242

240

21

261

Dividend

–

–

–

–

–

–

(8)

(8)

Equity-settled transactions

–

–

–

–

7

7

–

7

Issue of common shares

1

(1)

–

–

–

–

–

–

Share repurchase

–

–

–

–

(144)

(144)

–

(144)

Balance at March 31, 2017

505

744

(8)

(38)

5,453

6,656

494

7,150

Shareholders’ equity

Shareholders’ equity increased to €6.7 billion at the end of March 2017, mainly due to the net effect of:

  • Profit for the period of €240 million
  • The share repurchase program, for which up to March 31, 2017 a total number of 2.17 million ordinary shares were repurchased decreasing shareholders’ equity by €144 million

Dividend

Our dividend policy is to pay a stable to rising dividend. A final dividend for 2016 of €1.28 per share is proposed for approval at the AGM, which would make a total 2016 dividend of €1.65 (2015: €1.55) per share, up 6.5 percent. The final dividend will be paid either in cash (default) or in stock. A maximum of 40% of the total dividend amount will be available for stock dividend. Please refer to the financial calendar for dividend payment dates.

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. Subject to shareholder approval, it is intended the shares will be cancelled during the course of 2017. This share repurchase program started on January 2, 2017, and is anticipated to be concluded by the end of April 2017. Up to March 31, 2017, the total number of common shares repurchased was 2.17 million.

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