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

Non­controlling interests

Group equity

Balance at January 1, 2016

498

598

(42)

81

5,349

6,484

496

6,980

Profit for the period

–

–

–

–

837

837

65

902

Other comprehensive income

–

–

26

(307)

(537)

(818)

(11)

(829)

Comprehensive income for the period

–

–

26

(307)

300

19

54

73

Dividend

4

115

–

–

(299)

(180)

(50)

(230)

Equity-settled transactions

–

–

–

–

18

18

–

18

Issue of common shares

1

(1)

–

–

–

–

–

–

Acquisitions and divestments

–

–

–

–

(2)

(2)

1

(1)

Balance at September 30, 2016

503

712

(16)

(226)

5,366

6,339

501

6,840

 

 

 

 

 

 

 

 

 

Balance at January 1, 2017

504

745

3

(47)

5,348

6,553

481

7,034

Profit for the period

–

–

–

–

757

757

55

812

Other comprehensive income

–

–

7

(421)

(172)

(586)

(38)

(624)

Comprehensive income for the period

–

–

7

(421)

585

171

17

188

Dividend

3

125

–

–

(320)

(192)

(39)

(231)

Equity-settled transactions

–

–

–

–

28

28

–

28

Issue of common shares

2

(2)

–

–

–

–

–

–

Share repurchase

(5)

(155)

–

–

–

(160)

–

(160)

Balance at September 30, 2017

504

713

10

(468)

5,641

6,400

459

6,859

Shareholders’ equity

Shareholders’ equity decreased from €6.6 billion at year-end 2016 to €6.4 billion at the end of September 2017, mainly due to the net effect of:

  • Profit for the period of €757 million
  • Adverse currency effects of €421 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 and canceled, decreasing shareholders’ equity by €160 million
  • An adverse actuarial impact of €172 million (including tax) reported in Other comprehensive income, including €49 million for de-risking of pension liabilities

Dividends

An interim dividend of €0.56 per share (2016: €0.37) will be paid out, with the option to elect stock dividend.

A €1 billion special cash dividend as advance proceeds will be paid on December 7, 2017, pending shareholder approval for the separation. Please refer to the last page of this report 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. 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. These shares have subsequently been canceled.

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