06.30.2015 12.31.2014 AMOUNT %
1. Share capital 20,257,668 19,905,774 351,894 1.8%
2. Share premium reserve 15,976,604 15,976,604 - -
3. Reserves 15,161,743 13,748,408 1,413,335 10.3% 4. Treasury shares (2,632) (2,795) 163 5.8% a. Parent Company (2,440) (2,440) - - b. Subsidiaries (192) (355) 163 45.9% 5. Revaluation reserve (4,121,367) (4,134,549) 13,182 0.3% 6. Equity instruments 1,888,463 1,888,463 - -
7. Net profit (loss) 1,034,413 2,007,828 -973,415 n.s.
Total 50,194,892 49,389,733 805,159 1.6%
The €805 million increase in Group Equity resulted from: A free capital increase as resolved::
by the Board of Directors of April 9, 2015 and carried out taking €55 million from the specifically established reserve, for the issue of shares connected with the medium-term incentive plan for the Group's personnel;
by the Shareholders' Meeting of May 13, 2015 and connected with the payment of the “Scrip dividend” relating to financial year 2014, carried out taking the existing “reserve for allocating profits to shareholders through the issuance of new free shares” for €297 million
€352 million
An increase in the reserves, including the change in treasury shares owing to:
attribution to the reserve of the result of the previous year, net of the distribution of the preferred dividend equal to 2 million;
a decrease deriving from the use of reserves for the purpose of increasing the free capital and from the use of the reserve set aside specifically for the purpose of the issue of performance shares associated with the personnel incentive plan;
€2,000 million
-€352 million
allocation to the reserve of the coupon paid to subscribers of the issue of Additional Tier 1 instruments, net of the related taxes;
-€58 million
use of the reserve for the usufruct fee associated with the “Cashes”; -€33 million
a decrease in the reserve for the extraordinary distribution of dividends; -€169 million
an increase in the reserve connected with Share-Based Payments; 47 million
other decreases -€21 million
A change in valuation reserves owing to
an increase in exchange rate differences €466 million
an increase in the value of the reserve on actuarial gains (losses) on defined-benefit plans €250 million
a decrease in the value of financial assets available for sale;;
a decrease in the value of hedging for financial risks and of assets held for sale;
an increase in the value of the valuation reserve of companies carried at equity.
-€483 million -€83 million -€137 million
During the first half of 2015, the Share Capital – which at December 31, 2014 was represented by 5,863,329,150 ordinary shares and 2,449,313 savings shares, both categories with no face value – changed for the reasons illustrated in the paragraph “Transactions concerning share capital” of the “Interim Report on Operations”.
In particular, the capital went up from €19,905,774 thousand at the end of 2014 to €20,257,668 thousand following the free increases of:
€54,744 thousand, resolved by the Board of Directors of April 9 9, 2015, carried out taking the amount at the same time from the pre-constituted “Reserve associated with the medium-term incentive system for the Group Personnel” which entailed the issue of 16,313,933 ordinary shares;
€297,150 thousand, resolved by the Shareholders’ Meeting of May 13, 2015 against payment of the “Scrip dividend” relating to financial year 2014, carried out taking the existing “Reserve for allocating profits to shareholders through the issuance of new “free shares”.
In particular, the Shareholder’s Meeting, on approval of the financial statements of UniCredit S.p.A. at December 31, 2014, resolved to distribute to shareholders a dividend of €694,239,666.96, taking the amount from profit reserves, in the form of a “scrip dividend” to be carried out through the issue of shares to be assigned to shareholders who hold ordinary shares and holders of savings shares of the Company at the respective assignment ratios: 1:50 and 1:72, with the right to request, instead of assignment of shares, payment of the dividend in cash.
The settlement, which occurred on June 5, 2015, determined:
for rightholders who exercised the cash option, payment of a dividend in cash of a total of €168,751,280.40;
for rightholders who did not exercise the cash option, the issue of 87,534,728 new ordinary shares and 31,364 new savings shares on the basis of the assignment ratios indicated above. The book value assumed for recognition of the share capital of the new shares issued was approximately €3.39 for each ordinary and savings share.
At June 30, 2015, the Share Capital was consequently represented by 5,967,177,811 ordinary shares and 2,480,677 savings shares.
At the end of June 2015, the number of treasury shares held was 47,600 ordinary shares, unchanged compared with the end of 2014, as no transactions were made during the half-year.
The Group Net Equity at June 30, 2015 also reflects, among other things, the changes consequent to the resolutions of the Shareholders’ Meeting of May 13, 2015 which entailed on allocating the profit of UniCredit S.p.A. for financial year 2014, for the amount of €79,774,102.79:
1. the distribution to the 2,449,313 savings shares, under the terms of Art. 32, Section 1, Lett. b) of the Articles of Association of:
a privileged dividend with reference to financial year 2014 of €0.315 per share, for an amount of €771,533.60;
a privileged dividend with reference to financial years 2012 and 2013 – for which it had not been paid - of €0.630 per share, for an amount of €1,543,067.19;
2. the allocation, under the terms of Art. 32, Section 4, of the Articles of Association, of €6,000,000.00 to initiatives of a social, welfare and cultural nature;
3. the allocation of €50,000,000.00 to the reserve associated with the medium-term incentive system for the Group personnel;
4. the allocation of €21,459,502.00 to the statutory reserve.
15.4 Reserves from allocation of profit from previous year: other information (€ '000)
AMOUNTS AS AT 06.30.2015 12.31.2014 Legal Reserve 1,517,514 1,517,514 Statutory Reserve 1,217,304 1,195,845 Other Reserves 6,097,586 4,657,955 Total 8,832,404 7,371,314
Part B – Consolidated Balance Sheet
15.5 Other Information
Revaluation reserve: breakdown (€ '000)
AMOUNTS AS AT
ITEM/TYPES 06.30.2015 12.31.2014
1. Available-for-sale financial assets 1,087,346 1,570,748
2. Property, plant and equipment - -
3. Intangible assets - -
4. Hedges of foreign investments - -
5. Cash-flow hedges 540,875 626,727
6. Exchange differences (2,545,116) (3,011,344)
7. Non-current assets classified as held for sale 106 (3,081)
8. Actuarial gains (losses) on defined benefit plans (2,631,082) (2,880,910)
9. Revaluation reserves of investments valued at net equity (850,516) (713,709)
10. Special revaluation laws 277,020 277,020
Total (4,121,367) (4,134,549)
The FX currency reserves as at June 30, 2015 mainly refer to the following currencies:
• Turkish Lira: 1,099 million (negative), included in the share of the revaluation reserves of the investments valued at equity in accordance with IFRS11;
• Ruble: 1,525 million (negative); • UAH (Ukraine): 641 million (negative).
With reference to the exchange fluctuations reserve relative to the Ukrainian currency, and in respect of the process to dispose of the subsidiaries stated in accordance with IFRS 5, it is noted that IAS 21 require that net equity is reclassified to the income statement as part of the future final result of the sale. With reference to UAH exchange rate (Ukraina) the negative reserve existing as of June 30, 2015 does not include the negative exchange rate differences already recycled to profit or loss in 2013 (€380 million).
Other information
2. Assets used to guarantee own liabilities and commitments (€ '000)
AMOUNTS AS AT
PORTFOLIOS 06.30.2015 12.31.2014
1. Financial assets held for trading 25,014,535 22,902,564
2. Financial assets designated at fair value 20,000,830 19,359,603
3. Financial assets available for sale 63,536,054 48,325,533
4. Financial assets held to maturity 2,305,327 1,981,554
5. Loans and receivables with banks 2,075,337 2,675,809
6. Loans and receivables with customers 76,755,941 73,540,014
7. Property, plant and equipment - -
Deposits from Banks include € 30,905 million related to Central Banks' refinancing operations collateralized by securities and loans respectively amounting to nominal € 20,480 million and € 16,582.
Regarding collateral securities, those not recognized on balance-sheet - since they represent repurchased or retained Group's financial liabilities - amount to nominal € 5,958 million.
Security borrowing transactions collateralized by securities or not collateralized (€ '000)