Changes in equity

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in € millions

Subscribed share capital

Additional paid-in capital

Cashflow hedge reserve

Cumulative translation reserves

Other (legal) reserves and un­distributed profit

Share­holders’ equity

Non-controlling interests

Group equity

Balance at December 31, 2017

505

769

15

(549)

5,125

5,865

442

6,307

Impact adoption IFRS 9

–

–

–

–

(3)

(3)

–

(3)

Impact adoption IFRS 15

–

–

–

–

(43)

(43)

(5)

(48)

Balance at January 1, 2018

505

769

15

(549)

5,079

5,819

437

6,256

Profit for the period

–

–

–

–

253

253

21

274

Other comprehensive income

–

–

(1)

(72)

(46)

(119)

(6)

(125)

Comprehensive income for the period

–

–

(1)

(72)

207

134

15

149

Dividend

–

–

–

–

–

–

(2)

(2)

Equity-settled transactions

–

–

–

–

8

8

–

8

Issue of common shares

1

(1)

–

–

–

–

–

–

Balance at March 31, 2018

506

768

14

(621)

5,294

5,961

450

6,411

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

512

958

–

(608)

10,972

11,834

204

12,038

Profit for the period

–

–

–

–

65

65

9

74

Other comprehensive income

–

–

–

153

(93)

60

3

63

Comprehensive income for the period

–

–

–

153

(28)

125

12

137

Dividend

–

–

–

–

(1,026)

(1,026)

(2)

(1,028)

Share repurchase

–

–

–

–

(327)

(327)

–

(327)

Capital repayment and share consolidation

(399)

(958)

–

–

(643)

(2,000)

–

(2,000)

Equity-settled transactions

–

–

–

–

5

5

–

5

Issue of common shares

1

–

–

–

(1)

–

–

–

Balance at March 31, 2019

114

–

–

(455)

8,952

8,611

214

8,825

Shareholders’ equity

Shareholders’ equity decreased from €11.8 billion at year-end 2018 to €8.6 billion at the end of March 31, 2019, mainly due to the net effect of:

  • Profit for the period of €65 million
  • Currency effects of €153 million positive (including taxes)
  • Actuarial losses of €93 million (including taxes)
  • Capital repayment and share consolidation of €2.0 billion
  • Special cash dividend of €1.0 billion
  • Share repurchase of €0.3 billion

Dividend

Our dividend policy is to pay a stable to rising dividend. A final 2018 dividend of €1.43 per consolidated share is proposed for approval at the AGM, which would equal a total 2018 dividend of €1.80 (2017: €2.50, including €0.85 related to the Specialty Chemicals business) per share.

In line with our announcement on April 19, 2017, we intend to return the vast majority of the net proceeds from the separation of the Specialty Chemicals business to our shareholders:

  • The Extraordinary General Meeting of November 13, 2018, approved to return an amount of €2.0 billion to shareholders by means of a capital repayment and share consolidation which was executed in January 2019. A share consolidation ratio of 9:8 was applied.
  • We distributed €1.0 billion by means of a special cash dividend of €4.50 per common share (post consolidation) on February 25, 2019.
  • A share buyback program to repurchase common shares up to the value of €2.5 billion has started and is due to be completed at the end of 2019. €0.3 billion was executed in the first quarter of 2019. We intend to cancel these shares after repurchase.

Please refer to the Financial calendar for dividend payment dates.