Annual Report 2017

Rothschild & Co | Annual Report 2017

121

1. Overview

4. Financial statements

Management report

2. Business review

In thousands of euro

Gains and losses

recognised directly in equity

Capital and

associated

reserves

(1)

Consolidated

reserves

(3)

to translation

differences

Available-for-

sale reserves

Shareholders’

equity, Group

Shareholders’

equity,

NCI

Total

shareholders’

equity

SHAREHOLDERS’ EQUITY AT

31 MARCH 2016

1,123,966 343,670

184

61,349 1,529,169 515,850 2,045,019

Impact of elimination of treasury shares

–

(5,598)

–

(5,598)

–

(5,598)

Dividends

– (44,184)

–

(44,184)

(131,984)

(176,168)

Issue of shares

154,490

–

– 154,490

Capital increase related to share-based

payments

–

909

–

909

922

Interest on perpetual subordinated debt

–

(13,748)

Effect of a change in shareholding without

a change of control

–

15,506

7,902

2,618

26,026 (69,005)

(42,979)

Other movements

(4)

15,011

–

15,011

–

15,011

Sub-total of changes linked

to transactions with shareholders

169,501 (33,367)

7,902

2,618 146,654 (214,724)

(68,070)

2016/2017 net income for the year

– 185,958

–

– 185,958 180,391 366,349

Net gains/(losses) from changes in fair value

–

20,537

581

21,118

Net (gains)/losses transferred to income on

disposal and impairment

–

(28,797)

(56)

(28,853)

Remeasurement gains/(losses) on defined

benefit funds

–

(427)

–

(427)

2,024

1,597

Translation differences and other

movements

–

(645)

(26,254)

2,760

(24,139)

(12,491)

(36,630)

SHAREHOLDERS’ EQUITY AT

31 MARCH 2017

1,293,467 495,189 (18,168)

58,467 1,828,955 471,575 2,300,530

Impact of elimination of treasury shares

–

3,331

–

3,331

3,388

Dividends

(2)

–

(51,511)

–

(51,511)

(2,644)

(54,155)

Issue of shares

2,055

–

2,055

2,073

Capital increase related to share-based

payments

–

539

–

539

–

539

Interest on perpetual subordinated debt

–

– (10,636)

(10,636)

Effect of a change in shareholding without a

change of control

(1)

(3,482)

9,318

637

6,472

(22,619)

(16,147)

Other movements

–

(24)

152

(98)

(67)

(37)

Sub-total of changes linked

to transactions with shareholders

2,054 (51,147)

9,470

539

(39,084)

(35,891)

(74,975)

2017 net income for the nine months

– 190,609

–

– 190,609 124,310 314,919

Net gains/(losses) from changes in fair value

–

21,934

439

22,373

Net (gains)/losses transferred to income on

disposal and impairment

–

(47,023)

(51)

(47,074)

Remeasurement gains/(losses) on defined

benefit funds

–

7,689

–

7,689

817

8,506

Translation differences and other

movements

–

203

(50,639)

(924)

(51,360)

(20,990)

(72,350)

SHAREHOLDERS’ EQUITY AT

31 DECEMBER 2017

1,295,521 642,543 (59,337)

32,993 1,911,720 540,209 2,451,929

(1) Capital and associated reserves at the period end consists of share capital of €154.8 million and share premium of €1,140.7 million. Share premium, under IFRS measurement, includes costs

incurred in the issuance of share capital.

(2) Dividends include €50.7 million of dividends to R&Co shareholders and a total of €0.8 million of dividends to R&Co Gestion and Rothschild & Co Commandité SAS. Distributions to non-controlling

interests are analysed in note 18.

(3) Consolidated reserves consist of retained earnings of €467.5 million less treasury shares of €15.6 million plus the Group share of net income.

(4) Other movements are described in note 32.

Consolidated statement of changes in equity

for the nine months ended 31 December 2017