Consolidated statement of changes in shareholders’ equity

					Retained earnings
CHF million	Share capital	Capital reserves	Treasury shares	Hedging reserves	Revaluation reserves	Other retained earnings	Total
As at 31 December 2014	797.1	320.2	−0.1	–50.6	85.1	802.3	1 954.0
Net profit						121.9	121.9
Valuation of financial instruments				1.2			1.2
Changes in employee benefits						8.9	8.9
Total comprehensive income				1.2		130.8	132.0
Purchase treasury shares			–27.6				–27.6
Sale treasury shares			23.1			–0.1	23.0
Payout of reserves from capital contributions		–87.5					–87.5
Share-based reimbursement			0.2				0.2
Reclassification					31.3	–31.3	0.0
As at 31 December 2015	797.1	232.7	–4.4	–49.4	116.4	901.7	1 994.1
Net profit						173.6	173.6
Valuation of financial instruments				14.0			14.0
Changes in employee benefits						–6.2	–6.2
Total comprehensive income				14.0		167.4	181.4
Purchase treasury shares			–18.3				–18.3
Sale treasury shares			20.9			0.2	21.1
Payout of reserves from capital contributions		–91.6					–91.6
Share-based reimbursement			0.1				0.1
Reclassification					76.5	–76.5	0.0
As at 31 December 2016	797.1	141.1	–1.7	–35.4	192.9	992.8	2 086.8

Capital reserves represent the amount (premium) earned by shareholders over and above the nominal value on subscription of share capital of Allreal Holding AG after deduction of the corresponding issue costs.

For further comments on the treatment of hedging reserves and revaluation reserves see 2.2 and 2.9.