See accounting policy Z.
6.5.13.1 Share capital
Share capital| | 31 December 2021 | 31 December 2020 |
|---|
| | Number of Shares
(in millions) | Amounts
(in € millions) | Number of Shares
(in millions) | Amounts
(in € millions) |
|---|
| Ordinary shares | | | | |
| - Authorised capital; par value of € 0.16 | 325 | 52 | 350 | 56 |
| - Of which unsubscribed | 187 | 30 | 209 | 33 |
| Subscribed and paid-up capital | 138 | 22 | 141 | 23 |
| | | | | |
| Preference shares | | | | |
| - Authorised capital; par value of € 0.16 | 325 | 52 | 350 | 56 |
| - Of which unsubscribed | 325 | 52 | 350 | 56 |
| Subscribed and paid-up capital | - | - | - | - |
At the AGM in May 2021 shareholders of a.s.r. approved the proposal to amend the articles of association of a.s.r. and thus reduce the share capital. Under Dutch law (Article 2:67 paragraph 4 of the Dutch Civil Code) the authorised capital of a.s.r. may not exceed five times its issued capital. The authorised capital was reduced to a total amount of € 104 million.
6.5.13.2 Unrealised gains and losses recorded in equity
Unrealised gains and losses recorded in equity| | 31 December 2021 | 31 December 2020 |
|---|
| | Investments available for sale | Revaluation of property in own use | Total | Investments available for sale | Revaluation of property in own use | Total |
|---|
| Gross unrealised gains and losses | 3,074 | 38 | 3,112 | 3,919 | 45 | 3,964 |
| Related tax | -679 | -10 | -688 | -903 | -11 | -914 |
| Shadow accounting | -1,257 | - | -1,257 | -2,517 | - | -2,517 |
| Tax related to shadow accounting | 324 | - | 324 | 629 | - | 629 |
| Unrealised gains and losses related to segregated investment pools | -40 | - | -40 | -34 | - | -34 |
| Tax related to segregated investment pool | 10 | - | 10 | 8 | - | 8 |
| | | | | | | |
| Total unrealised gains and losses recorded in equity | 1,433 | 28 | 1,461 | 1,103 | 34 | 1,137 |
6.5.13.3 Actuarial gains and losses
The balance of actuarial gains and losses related to the pension obligation increased in 2021 by € 198 million after tax and € 249 million before tax (2020: decreased by € 340 million after tax and € 453 million before tax). The increase is mainly due to an increase in the discount rate (see chapter 6.5.17).
6.5.13.4 Treasury shares
In January 2021, a.s.r. announced a repurchasing programme for the employee share purchase plan for employees of a.s.r. and its wholly-owned subsidiaries. For this programme, a.s.r. repurchased 225 thousand shares under an open market SBB programme for an amount of € 7.5 million (average share price € 33.27). As part of the employee share purchase plan a.s.r. sold 126 thousand shares for an amount of € 4 million. The employee share purchase plan led to a decrease of € 0.5 million in retained earnings. For more information on the employee share purchase plan, see chapter 6.7.6.
In February 2021, a.s.r. announced the repurchase of ordinary shares as an additional capital distribution. a.s.r. repurchased 2,036 thousand shares under an open market SBB programme for an amount of € 75 million (average share price € 36.84).
In the AGM in May 2021 the resolution was adopted to cancel the 2,943 thousand shares which were acquired in 2020. The cancellation was effected in August 2021.
The amount of treasury shares held as at year-end 2021 of € 83 million (2020: € 82 million) represents 2,264 thousand (2020: 3,072 thousand) treasury shares.
6.5.13.5 Other equity instruments
In 2020 and 2021, a.s.r. neither issued nor redeemed any other equity instruments.
Other equity instruments| | 2021 | 2020 | Coupon date | First possible redemption date |
|---|
| Hybrid Tier 2 instrument 5% fixed interest | 497 | 497 | Annually with effect from 30 September 2015 | 30 September 2024 |
| Restricted Tier 1 instrument 4.625% fixed interest | 507 | 507 | Semi-annually with effect from 19 April 2018 | 19 October 2027 |
| Total other equity instruments | 1,004 | 1,004 | | |
The Tier 1 and Tier 2 instruments bear discretionary interest and have no maturity date, but can be redeemed at the option of a.s.r. on any coupon due date from the above mentioned possible redemption date.
The Tier 1 and Tier 2 instruments have subordination provisions, rank junior to all other liabilities and senior to only shareholder’s equity. The conditions of the securities contain certain provisions for optional and required coupon payment deferral and mandatory coupon payment events.
The coupon payments in respect of the Tier 1 and Tier 2 instruments are deductible for tax purposes.
Distributed amounts to holders of equity instruments as discretionary interest| | 2021 | 2020 |
|---|
| Hybrid Tier 2 instrument 5% fixed interest | 25 | 25 |
| Restricted Tier 1 instrument 4.625% fixed interest | 23 | 23 |
| | | |
| Total distributed amounts | 48 | 48 |
The Tier 1 and Tier 2 instruments are classified as equity as there is no requirement to settle the obligation in cash or another financial asset or to exchange financial assets or financial liabilities under conditions that are potentially unfavourable for a.s.r.
6.5.13.6 Earnings per share
Basic earnings per share at year end| | 2021 | 2020 |
|---|
| Net result from continuing operations | 894 | 611 |
| Net result from discontinued operations | - | -2 |
| Net result attributable to holders of ordinary shares for calculating the earnings per ordinary share | 894 | 609 |
| Weighted average number of ordinary shares in issue | 136,260,472 | 138,918,141 |
| Basic earnings per ordinary share from continuing operations (in euros) | 6.56 | 4.40 |
| Basic earnings per ordinary share from discontinued operations (in euros) | - | -0.01 |
| Basic earnings per ordinary share (in euros) | 6.56 | 4.38 |
Diluted earnings per share at year end| | 2021 | 2020 |
|---|
| Net result from continuing operations | 894 | 611 |
| - effect of Restricted Tier 1 capital instrument | 17 | 17 |
| Adjusted net result from continuing operations | 911 | 628 |
| Net result from discontinued operations | - | -2 |
| Adjusted net result attributable to holders of ordinary shares for calculating the diluted earnings per ordinary share | 911 | 626 |
| Weighted average number of ordinary shares in issue | 136,260,472 | 138,918,141 |
| Weighted average number of ordinary shares resulting from conversion of bonds Restricted Tier 1 | 21,645,022 | 21,645,022 |
| Weighted average number of shares used to calculate the diluted earnings per ordinary share | 157,905,493 | 160,563,162 |
| Diluted earnings per ordinary share from continuing operations (in euros) | 5.77 | 3.91 |
| Diluted earnings per ordinary share from discontinued operations (in euros) | - | -0.01 |
| Diluted earnings per ordinary share (in euros) | 5.77 | 3.90 |
Net result in the table is after tax and non-controlling interests.
For additional information related to net result, see chapter 6.2.2.
Search
