Annual Report 2011 - Hong Kong Monetary Authority

2011 2010
(in CHF ‘000) (in CHF ‘000)
17 Statement of changes in shareholders’ equity
Share capital at beginning of year
Share capital 45,000 45,000
Additional paid-in capital 93,220 130,779
Retained earnings at beginning of year (including minority interests’ share in shareholders’ equity) 798,542 781,561
of which: - currency translation differences (96,456) (32,398)
Reserves for general banking risks 294,967 258,048
Group net income 149,898 136,814
Treasury stock (56,300) (37,929)
Total shareholders’ equity at beginning of the reporting period 1,325,327 1,314,273
Capital increase/decrease - -
Allocations to/releases from reserves for general banking risks 16,767 36,919
Allocations to/releases from additional paid-in capital - (37,929)
Dividend (69,750) (81,000)
Other allocations to/releases from retained earnings (13,491) 25,226
Net income 125,064 149,898
Treasury stock buybacks (at purchase price) (18,280) (31,056)
Sales of treasury stock (at purchase price) 18,564 12,685
Profit or loss on sales of treasury stock 424 370
Currency translation differences (3,151) (64,059)
Total shareholders’ equity at end of the reporting period 1,381,474 1,325,327
of which: - share capital 45,000 45,000
- additional paid-in capital 93,644 93,220
- retained earnings (including minority interests’ share in shareholders’ equity) 862,048 798,542
of which: - currency translation differences (99,607) (96,456)
- reserves for general banking risks 311,734 294,967
- Group net income 125,064 149,898
of which: - minority interests’ share in net income 8,800 14,123
Treasury stock (56,016) (56,300)
The minority shareholders are considered as providers of funds to the Group. As a consequence, their interest is treated as
Group equity. Similarly, net income attribuable to minority interests is included in consolidated net income.
From 2011 “Sales of treasury stock” indicates the gross position in trading in own shares. The 2010 figure has been restated.
2011 2010
(number
of shares)
(number
of shares)
Own shares deducted from shareholders’ equity
Treasury stock included in securities and precious metals trading portfolio
- number of own shares at 1 January 113 136
- number of shares purchased during the reporting year 418 485
- number of shares sold during the reporting year (418) (508)
- number of own shares at 31 December 113 113
Treasury stock reported as financial investments
- number of own shares at 1 January 2,191 1,450
- number of shares purchased during the reporting year 330 741
- number of shares sold during the reporting year (300) -
- number of own shares at 31 December 2’221 2’191
FINANCIAL REPORT CONSOLIDATED ACCOUNTS 85