Statement of Changes in Equity
For the year ended 31 December
| In CZK million | Share capital | Revaluation – financial assets AFS | Revaluation – Land and buildings | Reserve fund | Translation reserve | Equalisation reserve fund1 | Other funds | Other retained earnings | Total |
|---|---|---|---|---|---|---|---|---|---|
| Balance as at 1 January 2014 | 4,000 | 1,800 | – | 800 | (31) | 549 | – | 13,903 | 21,021 |
| Net profit for the year | – | – | – | – | – | – | – | 3,636 | 3,636 |
| Exchange rate differences in equity | – | 1 | – | – | 24 | – | – | (26) | (1) |
| Land and buildings revaluation gain/loss in equity – gross | – | – | – | – | – | – | – | – | – |
| Available-for-sale financial assets revaluation in equity | – | 3,153 | – | – | – | – | – | – | 3,153 |
| Available-for-sale financial assets revaluation realised in income statement | – | (571) | – | – | – | – | – | – | (571) |
| Available-for-sale impairment losses | – | 180 | – | – | – | – | – | – | 180 |
| Tax on items of other comprehensive income | – | (526) | – | – | – | – | – | – | (526) |
| Total Comprehensive income | – | 2,237 | – | – | 24 | – | – | 3,610 | 5,871 |
| Dividends to shareholder | – | – | – | – | – | – | – | (3,344) | (3,344) |
| Balance as at 31 December 2014 | 4,000 | 4,037 | – | 800 | (7) | 549 | – | 14,169 | 23,548 |
| Net profit for the year | – | – | – | – | – | – | – | 4,092 | 4,092 |
| Exchange rate differences in equity | – | (1) | – | – | 10 | – | – | 14 | 23 |
| Available-for-sale financial assets revaluation in equity | – | 1,405 | – | – | – | – | – | – | 1,405 |
| Available-for-sale financial assets revaluation realised in income statement | – | (496) | – | – | – | – | – | – | (496) |
| Available-for-sale impairment losses | – | 369 | – | – | – | – | – | – | 369 |
| Tax on items of other comprehensive income | – | (243) | – | – | – | – | – | – | (243) |
| Total Comprehensive income | – | 1,034 | – | – | 10 | – | – | 4,106 | 5,150 |
| Dividends to shareholder | – | – | – | – | – | – | – | (3,272) | (3,272) |
| Share-based payment reserve | – | – | – | – | – | – | 9 | – | 9 |
| Changes in catastrophe and equalisation reserve | – | – | – | – | – | (512) | – | 512 | – |
| Balance as at 31 December 2015 | 4,000 | 5,071 | – | 800 | 3 | 37 | 9 | 15,515 | 25,435 |
1 Equalisation reserve is required under local insurance legislation and is classified as a separate part of equity within these accounts as it does not meet the definition of a liability under IFRS. It is not available for distribution. Change in equalisation reserve is realised as a transfer between distributable retained earnings and non-distributable equalisation reserve fund in equity. The decrease of equalization reserve in 2015 is connected with calculation method prescribed by legislation. Maximum balance of the reserve is based on credit insurance premium within five year period. The last year with very significant amount of this premium was the year 2009.