Consolidated statement of changes in shareholders’ equity

CHF million					Retained earnings
	Share capital	Capital reserves	Treasury shares	Hedging reserves	Revaluation reserves	Other retained earnings	Total
As at 31 December 2017	797.1	49.4	–4.9	–25.1	214.2	1 120.0	2 150.7
First application IFRS 15						1.5	1.5

Net profit						161.0	161.0
Valuation of financial instruments				9.4			9.4
Changes in employee benefits						–0.2	–0.2
Total comprehensive income				9.4		160.8	170.2
Purchase treasury shares			–36.1				–36.1
Sale treasury shares			31.9			–0.3	31.6
Nominal value reduction	–781.2	781.2					0.0
Distribution to shareholders		–99.3					–99.3
Share-based reimbursement			0.2				0.2
Reclassification					45.3	–45.3	0.0
As at 31 December 2018	15.9	731.3	–8.9	–15.7	259.5	1 236.7	2 218.8

Net profit						234.8	234.8
Valuation of financial instruments				7.0			7.0
Changes in employee benefits						9.1	9.1
Total comprehensive income				7.0		243.9	250.9
Purchase treasury shares			0.0				0.0
Sale treasury shares			1.6			0.3	1.9
Distribution to shareholders		–103.3					–103.3
Share-based reimbursement			0.2				0.2
Reclassification					100.2	–100.2	0.0
As at 31 December 2019	15.9	628.0	–7.1	–8.7	359.7	1 380.7	2 368.5

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.