4 – Shareholders’ equity
Changes in equity
Attributable to shareholders of corio n.v
| (€ million) |
Issued |
Share |
Hed-
ging |
Reval-
uation |
General |
Ass-
ociates |
Trans-
lation |
Trea-
sury |
Net
result |
Total |
|
capital |
re-
serve |
re-
serve |
re-
serve |
re-
serve |
re-
serve |
re-
serve |
share |
for the
year |
|
|
|
|
|
|
|
|
|
reserve |
|
|
Balance as
at 31
December
2006 |
672.5 |
903.0 |
-3.2 |
774.7 |
170.5 |
29.3 |
-3.6 |
-26.2 |
640.7 |
3,157.7 |
Result
appropriation
for 2006 |
– |
– |
– |
427.3 |
191.4 |
22.0** |
– |
– |
-640.7 |
– |
Total result
for 2007 |
– |
– |
41.5 |
– |
– |
– |
-7.3 |
– |
801.5 |
835.7 |
Dividends to
shareholders |
– |
– |
– |
– |
-167.6 |
– |
– |
– |
– |
-167.6 |
Balance as
at 31
December
2007 |
672.5 |
903.0 |
38.3 |
1,202.0 |
194.3 |
51.3 |
-10.9 |
-26.2 |
801.5 |
3,825.8 |
Result
appropriation
for 2007 |
– |
– |
– |
507.9 |
218.9 |
74.7 |
– |
– |
-801.5 |
– |
Total result
for 2008 |
– |
– |
53.7 |
– |
– |
– |
-9.1 |
– |
-239.6* |
-195.0 |
Dividends to
shareholders |
– |
– |
– |
– |
-172.3 |
– |
– |
– |
– |
-172.3 |
Balance as
at 31
December
2008 |
672.5 |
903.0 |
92.0 |
1,709.9 |
240.9 |
126.0 |
-20.0 |
-26.2 |
-239.6 |
3,458.5 |
The shareholders are entitled to receive the dividends declared from time to time and are entitled to cast one vote per share at meetings of the Company.
Issued capital
The authorised capital comprises 120 million shares each with a nominal value of € 10. As at 31 December 2008, 67,252,184 (2007: 67,252,184) shares were in issue.
Share premium
The share premium consists of capital paid on shares in excess of the nominal value. For tax reasons a total of € 508.4 million (2007: € 508.4 million) is recognised as share premium and can in certain circumstances be distributed tax-free.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments designated as cash flow hedges where the hedged transaction has not yet taken place.
Revaluation reserve
The revaluation reserve concerns the revaluation of the property investments. The unrealised positive difference between the cumulative increase in the fair value of the property owned at the end of the year minus the deferred tax to which this gives rise, has been included in the revaluation reserve. The revaluation reserve as at year-end 2008 has been determined at individual property level, taking account of deferred tax.
Associates reserve
This reserve comprises the retained earnings of associates.
Translation reserve
The translation reserve comprises all exchange differences arising from the translation of the financial statements of operations outside the eurozone that are not integral to the operations of the Company, as well as from the translation of liabilities designated as the Company’s net investment hedge in a subsidiary outside the eurozone.
Treasury share reserve
The treasury shares reserve comprises the cost of the Corio shares held by the Group. As at 31 December 2008, the Group held 998,482 (2007: 998,482) of the Company’s shares. These were acquired in 2001 for € 26.20 per share. According to the Company’s Articles of Association, these shares are not entitled to dividends.
Result appropriation
For 2008, a dividend with stock option of € 2.64 (in cash or in shares) per share is proposed. Of the result for 2008 amounting to -€ 239.6 million, -€ 76.5 million will be incorporated in the associates reserve and -€ 396.8 million will be incorporated in the revaluation reserve. The remainder of the result will be incorporated in the general reserve.
Shareholders’ equity
| (Before result appropriation) |
2008 |
2007 |
2006 |
| Shareholders’ equity (€ million) |
3,458.5 |
3,825.8 |
3,157.7 |
| Number of shares at the end of the year |
66,253,702 |
66,253,702 |
66,253,702 |
| Shareholders’ equity per share (€) |
52.20 |
57.74 |
47.66 |
Source: Annual Report 2008, Chapter Financial Statements, page 180 (PDF, 179 kB)
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