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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 1 January 2009	569.3	382.8	–5.1	–25.0	70.3	258.4	1 250.7

Net profit						88.6	88.6
Valuation of financial instruments				–12.6			–12.6
Total comprehensive income				–12.6		88.6	76.0
Convertible bond						8.0	8.0
Purchase treasury shares			–33.8				–33.8
Sale treasury shares			33.2			0.1	33.3
Dividend payment						–56.7	–56.7
Reclassification/rounding difference					0.6	–0.6	0.0
As at 31 December 2009	569.3	382.8	–5.7	–37.6	70.9	297.8	1 277.5

Net profit						116.4	116.4
Valuation of financial instruments				–0.7			–0.7
Total comprehensive income				–0.7		116.4	115.7
Capital increase	113.9	111.2					225.1
Purchase treasury shares			–34.8				–34.8
Sale treasury shares			39.2			0.5	39.7
Dividend payment						–56.9	–56.9
Reclassification					13.6	–13.6	0.0
As at 31 December 2010	683.2	494.0	–1.3	–38.3	84.5	344.2	1 566.3

Net profit						140.8	140.8
Valuation of financial instruments				–25.0			–25.0
Total comprehensive income				–25.0		140.8	115.8
Purchase treasury shares			–43.8				–43.8
Sale treasury shares			43.1			0.7	43.8
Payment to shareholders		–74.9					–74.9
Creation of shares from convertible bond	0.0	0.1					0.1
Share-based reimbursement			0.1				0.1
Reclassification					–1.4	1.4	0.0
As at 31 December 2011	683.2	419.2	–1.9	–63.3	83.1	487.1	1 607.4

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 issuing costs.

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