Shareholders’ equity

Shareholders’ equity

Shareholders’ equity

 

The shareholders’ equity attributable to the Group amounted to € 19,778 million at 31 December 2013 compared to € 19,013 million at 31 December 2012, The comparison takes into account the impact of € 815 million attributable to the application of IAS 19 revised6.

The 4.0% variation was mainly attributable to:

  • the result of the period attributable to the Group, which amounted to € 1,915 million at 31 December 2013;
  • the negative overall impact on the shareholders’ equity of the Group due to the purchase of minority interests in GPH in the first quarter of 2013 for € -477 million;
  • the dividend distribution of € -311 million;
  • other gains or losses recognized through equity during 2013 amounting to € -132 million.
    In particular, gains and losses on foreign exchange decreased due to the favorable performance of the main currencies with respect to the euro and amounted to € -298 million. This decrease was partially offset by gains from the re-measurement of liabilities regarding defined benefit plans for € 112 million attributable to the increase in the reference rate used to discount the liabilities.
    Finally, the improvement of the hedging reserve, amounting to € 101 million is mainly due to the termination of the hedging relationship of certain derivative contracts related to the issuance of debt and the consequent recognition of valuation losses in the income statement.

6 As of 1 January 2013, IAS 19 revised became effective. The amendments to the revised standard were described in the Notes to the present Management Report. The retrospective application of the standard involved the recalculation of the shareholders’ equity at 31 December 2012. Also Solvency I has been recalculated as of 1st January 2013 to include these effects.

Shareholders’ equity roll-forward
(€ million)31.12.201331.12.2012
Shareholders' equity attributable to the Group at the end of the previous period 19,013 15,173
Result of the period 1,915 94
Dividend distributed -311 -311
Other comprehensive income -132 4,164
Net unrealized gains and losses on available for sale financial assets 31 4,703
Foreign currency translation differences -298 54
Net unrealized gains and losses on hedging derivatives 99 -96
Net unrealized gains and losses on defined benefit plans 112 -464
Other net unrealized gains and losses -77 -33
Other items -706 -108
of which impact of the GPH minority acquisition -477 0
Shareholders' equity attributable to the Group at the end of the period 19,778 19,013
Shareholders’ equity
(€ million)31.12.201331.12.2012
Shareholders’ equity attributable to the Group 19,778 19,013
Share capital 1,557 1,557
Capital reserves 7,098 7,098
Revenue reserves and other reserves 7,275 8,591
(Own shares) -11 -403
Reserve for currency translation differences 298 596
Reserve for unrealized gains and losses on available for sale financial assets 2,513 2,482
Reserve for other unrealized gains and losses through equity -867 -1,002
Result of the period 1,915 94
Shareholders’ equity attributable to minority interests 1,627 2,713
Total 21,405 21,726

The share capital is made up of 1,556,873,283 ordinary shares with a par value of € 1 each.

The Group’s own shares decreased to € -11 million, amounting to 460,969 shares (€ -403 million, 15,996,870 shares at 31 December 2012). The variation was due to the placement of € 15.5 million of own shares in order to complete the acquisition of 7% of Generali Deutschland Holding.

During the year the Parent Company distributed dividends amounting to € 311 million.

The reserve for currency translation differences arising from the translation of the subsidiaries’ financial statements denominated in foreign currencies amounted to € 298 million (€ 596 million as at 31 December 2012). The decrease was mainly due to the appreciation of Euro with respect to the Group’s main foreign currencies of operation.

The reserve for unrealized gains and losses on available for sale financial assets, i.e. the balance between unrealized gains and losses on financial assets, net of life deferred policyholder liabilities and deferred taxes, amounted to € 2,513 million (€ 2,482 million on 31 December 2012). The variation was due to the recovery in value recognized on equity portfolios, only partially offset by the decrease in value of government and corporate bonds, both due to financial markets movements and due to the transfer of gains to the profit and loss account.

The reserve for other unrealised gains and losses though equity comprised gains or losses on re-measurement of the net defined benefit liability in accordance with IAS 19 revised, and gains or losses on hedging instruments accounted for as hedging derivatives (cash flow hedge), put in place in order to hedge interest rate change and British pound/Euro rate change on various subordinated bonds issued. The improvement was attributable to unrealized gains arising from the re-measurement of liabilities related to defined employee benefit plans amounting to € 112 million due to benchmark interest rate curve increases used to discount future obligations as well as to the increase in the reserve for hedging instruments due to the termination of the hedging relationship of various derivative contracts related to the debts issue and the consequent recognition of unrealised losses to profit and loss account.

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Shareholders’ equity157.98 KB
Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328