The world's local bank Annual Report and Accounts CCF - HSBC
The world's local bank Annual Report and Accounts CCF - HSBC
The world's local bank Annual Report and Accounts CCF - HSBC
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23 Consolidated shareholders’ funds<br />
(in € million)<br />
Group interest<br />
dddddddddddddddddddddddddddddddddddddddd<br />
Minority<br />
Other Group interests in Total<br />
Share consoli- share- consoli- group<br />
Share premium Translation dated holders’ dated <strong>and</strong><br />
capital account difference reserves funds reserves minorities<br />
dddddd dddddd dddddd dddddd dddddd dddddd dddddd<br />
Balance at<br />
31 December 2002<br />
before appropriation<br />
of net profit . . . . . . . . . . . 370.5 1,050.8 (27.6) 1,839.9 3,233.6 8.1 3,241.7<br />
Appropriation of 2002<br />
net profit . . . . . . . . . . . . . – – – – – – –<br />
2002 net profit . . . . . . . . . . . – – – 561.6 561.6 4.5 566.1<br />
2002 dividend . . . . . . . . . . . – – – (537.4) (537.4) (4.2) (541.6)<br />
Balance at<br />
31 December 2002<br />
after appropriation<br />
of net profit . . . . . . . . . . . 370.5 1,050.8 (27.6) 1,864.1 3,257.8 8.4 3,266.2<br />
Employee share offering . . . 1.2 12.8 – – 14.0 – 14.0<br />
Translation difference . . . . – – (5.8) – (5.8) – (5.8)<br />
Change in minority<br />
interests . . . . . . . . . . . . . . – – – – – (13.3) (13.3)<br />
Impact of private <strong>bank</strong>ing<br />
merger . . . . . . . . . . . . . . – – – (2.6) (2.6) – (2.6)<br />
Interim dividend 1 . . . . . . . . – – – (222.6) (222.6) – (222.6)<br />
Balance at<br />
31 December 2003<br />
before appropriation<br />
of net profit . . . . . . . . . . . 371.7 1,063.6 (33.4) 1,638.9 3,040.8 (4.9) 3,035.9<br />
2003 net profit . . . . . . . . . . . – – – 627.1 627.1 1.7 628.8<br />
Shareholders’ funds . . . . . . . 371.7 1,063.6 (33.4) 2,266.0 3,667.9 (3.2) 3,664.7<br />
1 Of which €219.0 million deducted from consolidated reserves <strong>and</strong> €3.6 million deducted from net profit.<br />
Legal reserve<br />
At least one twentieth of the net profit for the year must be transferred to the legal reserve each year until it is<br />
equal to one tenth of the issued share capital. <strong>The</strong> legal reserve is not available for distribution.<br />
Special long-term capital gains reserve<br />
Distribution of this reserve would lead to an additional tax liability equal to the difference between taxation at the<br />
st<strong>and</strong>ard rate <strong>and</strong> taxation at the reduced rate.<br />
Revaluation reserve (1976 legal revaluation of assets)<br />
This reserve may be capitalised but may not be distributed or used to offset losses.<br />
Other reserves<br />
Amounts posted to reserves more than five years ago would be liable to tax if distributed.<br />
75
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