F.9. Shareholder’s equity
| (CZK million) | 31.12.2015 | 31.12.2014 |
|---|---|---|
| Shareholder's equity attributable to the Group | 33,350 | 30,756 |
| Share capital | 4,000 | 4,000 |
| Other capital reserves | 206 | 206 |
| Revenue reserves and other reserves | 11,798 | 11,402 |
| Reserve for currency translation differences | 25 | 39 |
| Reserve for unrealised gains and losses on available-for-sale financial assets | 13,095 | 11,514 |
| Cash flow hedge reserve | (49) | (78) |
| Result of the period | 4,275 | 3,673 |
| Shareholder's equity attributable to non-controlling interests | 1,354 | 657 |
| Total | 34,704 | 31,413 |
Of which relates to the Transformed fund:
| (CZK million) | 31.12.2015 | 31.12.2014 |
|---|---|---|
| Shareholder's equity attributable to the Group | 7,358 | 6,711 |
| Revenue reserves and other reserves | (916) | (387) |
| Reserve for unrealised gains and losses on available-for-sale financial assets | 8,023 | 7,627 |
| Result of the period | 251 | (529) |
| Total | 7,358 | 6,711 |
The following table provides details on reserves for unrealised gains and losses on investments available-for-sale:
| (CZK million) | 2015 | 2014 re-presented |
|---|---|---|
| Gross revaluation as at the beginning of the year | 12,716 | 6,121 |
| Tax on revaluation as at the beginning of the year | (1,202) | (871) |
| Beginning of the year | 11,514 | 5,250 |
| Revaluation gain/loss in equity – gross | 2,097 | 6,894 |
| Revaluation gain/loss on realisation in income statement – gross | (571) | (587) |
| Impairment losses | 338 | 141 |
| Changes in Group structure | – | 118 |
| Other comprehensive (expense)/income from discontinued operations | (23) | 29 |
| Tax on revaluation | (260) | (331) |
| Gross revaluation as at the end of the year | 14,557 | 12,716 |
| Tax on revaluation as at the end of the year | (1,462) | (1,202) |
| End of the year | 13,095 | 11,514 |
Of which relates to the Transformed fund:
| 2015 | 2014 | |
|---|---|---|
| Gross revaluation as at the beginning of the year | 7,368 | 3,520 |
| Tax on revaluation as at the beginning of the year | 259 | 70 |
| Beginning of the year | 7,627 | 3,590 |
| Revaluation gain/loss in equity – gross | 589 | 3,858 |
| Revaluation gain/loss on realisation in income statement – gross | (193) | (16) |
| Impairment losses | – | 6 |
| Tax on revaluation | – | 189 |
| Gross revaluation as at the end of the year | 7,764 | 7,368 |
| Tax on revaluation as at the end of the year | 259 | 259 |
| End of the year | 8,023 | 7,627 |
Movements in the reserve for cash-flow hedges were as follows:
| (CZK million) | 2015 | 2014 |
|---|---|---|
| Carrying amount as at 1 January | (78) | (80) |
| Fair value gains of the year | 39 | 3 |
| Tax on fair value gains/losses | (7) | (1) |
| Changes in Group structure | (3) | – |
| Carrying amount as at 31 December current year | (49) | (78) |
The following table provides details of authorised and issued shares:
| 31.12.2015 | 31.12.2014 | |
|---|---|---|
| Number of shares authorised, issued and fully paid | 40,000 | 40,000 |
| Par value per share (CZK) | 100,000 | 100,000 |
All ordinary shares have the same rights.
F.9.1. Dividends
The sole shareholder approved on 30 April 2015 the distribution of a prior year profit of the Company in the amount of CZK 3,636 million. CZK 364 million was transferred to retained earnings and CZK 3,272 million was paid in the form of dividend of CZK 81,800 per each share in the nominal value of CZK 100,000.
At the Annual General Meeting on 30 April 2014, the sole shareholder approved the distribution of retained earnings in the form of dividend of CZK 83,600 per each share in the nominal value of CZK 100,000 amounting to CZK 3,344 million. Distribution concerns prior year profit of CZK 3,727 million reduced by the allocation to retained earnings of CZK 383 million.
F.9.2. Transactions with non-controlling interests
In March 2015, the capital of ČP INVEST Realitní uzavřený investiční fond a.s. was increased by total amount of CZK 1,747 million of which CZK 1,076 million was contributed by the Group. The ownership structure was adjusted to reflect the new contributions made by the owners accordingly and, as a result, the interest of the Group in the fund and indirect participation in its subsidiaries was diluted from 76.3% to 70.1%.
This transaction resulted in a decrease of equity attributable to the equity holders of the parent company by CZK 17 million.