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

Non­control­ling 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

–

–

–

–

524

524

38

562

Other comprehensive income

–

–

23

(71)

61

13

(3)

10

Comprehensive income for the period

–

–

23

(71)

585

537

35

572

Dividend

5

191

–

–

(491)

(295)

(15)

(310)

Equity-settled transactions

–

–

–

–

17

17

–

17

Issue of common shares

2

(2)

–

–

–

–

–

–

Balance at June 30, 2018

512

958

38

(620)

5,190

6,078

457

6,535

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

512

958

–

(608)

10,972

11,834

204

12,038

Profit for the period

–

–

–

–

296

296

20

316

Other comprehensive income

–

–

–

10

(139)

(129)

(3)

(132)

Comprehensive income for the period

–

–

–

10

157

167

17

184

Dividend

–

–

–

–

(1,341)

(1,341)

(3)

(1,344)

Share repurchase

–

–

–

–

(1,510)

(1,510)

–

(1,510)

Capital repayment and share consolidation

(399)

(958)

–

–

(643)

(2,000)

–

(2,000)

Equity-settled transactions

–

–

–

–

9

9

–

9

Issue of common shares

1

–

–

–

(1)

–

–

–

Balance at June 30, 2019

114

–

–

(598)

7,643

7,159

218

7,377

Shareholders’ equity

Shareholders’ equity decreased from €11.8 billion at year-end 2018 to €7.2 billion at the end of June 30, 2019, mainly due to the net effect of:

  • Capital repayment and share consolidation of €2.0 billion
  • Share repurchase of €1.5 billion
  • Special cash dividend of €1.0 billion
  • Final 2018 dividend of €315 million
  • Profit for the period of €296 million
  • Actuarial losses of €139 million (including taxes)
  • Currency effects of €10 million positive (including taxes)

Dividend

Our dividend policy is to pay a stable to rising dividend. The final 2018 dividend of €1.43 per consolidated share was approved by the AGM in May 2019 and was paid to our shareholders. The total 2018 dividend amounted to €1.80 per share (2017: €2.50, including €0.85 related to the Specialty Chemicals business).

In line with our announcement on April 19, 2017, we are returning 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. €1.5 billion was executed in the first half-year of 2019. We intend to cancel these shares after repurchase. On July 22, 2019, 14.3 million shares were cancelled resulting in outstanding share capital of 213.7 million common shares.