Aviva 2013 Annual Report Download - page 186

Aviva plc
Annual report and accounts 2013
184
Notes to the consolidated financial statements continued
37 – Other reserves
This note gives details of the various reserves forming part of the Group’s consolidated equity and shows the movements during
the year net of non-controlling interests:
Currency
translation
reserve (see
accounting
policy E)
£m
Owner
occupied
properties
reserve (see
accounting
policy P)
£m
Investment
valuation
reserve (see
accounting
policy T)
£m
Hedging
instruments
reserve (see
accounting
policy U)
£m
Equity
compensation
reserve (see
accounting
policy AB)
£m
Total
£m
Balance at 1 January 2012 1,530 79 530 (663) 86 1,562
Arising in the year through other comprehensive income:
Fair value gains
/
(losses) — (3) 554 — — 551
Fair value gains transferred to profit on disposals — — (234) — — (234)
Share of other comprehensive income of
j
oint ventures and associates — — 14 — — 14
Impairment losses on assets previously revalued directly through other
comprehensive income now taken to income statement — — 12 — — 12
Foreign exchange rate movements (367) — — 74 — (293)
Aggregate tax effect
–
shareholders’ tax 18 1 (117) — — (98)
Total other comprehensive income for the year (349) (2) 229 74 — (48)
Transfer to profit on disposal of subsidiaries,
j
oint ventures and associates 91 — 96 — — 187
Reserves credit for equity compensation plans — — — — 42 42
Shares issued under equity compensation plans (note 38) — — — — (68) (68)
Balance at 31 December 2012 1,272 77 855 (589) 60 1,675
Arising in the year through other comprehensive income:
Fair value losses — (2) (196) — — (198)
Fair value gains transferred to profit on disposals — — (280) — — (280)
Share of other comprehensive income of
j
oint ventures and associates — — (37) — — (37)
Impairment losses on assets previously revalued through other comprehensive
income now taken to income statement — — 12 — — 12
Foreign exchange rate movements (34) — — (39) — (73)
Aggregate tax effect
–
shareholders’ tax (6) — 161 — — 155
Total other comprehensive income for the year (40) (2) (340) (39) — (421)
Tax transferred to income statement 30 — — — — 30
Transfer to profit on disposal of subsidiaries,
j
oint ventures and associates (355) (1) (497) 50 — (803)
Reserves credit for equity compensation plans — — — — 37 37
Shares issued under equity compensation plans (note 38) — — — — (43) (43)
Balance at 31 December 2013 907 74 18 (578) 54 475
38 – Retained earnings
This note analyses the movements in the consolidated retained earnings during the year.
2013
£m
Restated1
2012
£m
Balance at 1 January 1,389 5,954
Profit/(Loss) for the year attributable to equity shareholders 2,008 (3,102)
Remeasurements of pension schemes (674) (980)
Dividends and appropriations (note 16) (538) (847)
Shares issued in lieu of dividends — 127
Shares issued under equity compensation plans (note 37) 43 67
Shares distributed by employee trusts (28) (36)
Transfer from other reserves on disposal of subsidiary 1 —
Aggregate tax effect 147 206
Balance at 31 December 2,348 1,389
1 Restated for the adoption of revised IAS19. See note 1 for further details.
The shares issued in lieu of dividends in 2012 were in respect of the transfer to retained earnings from the ordinary dividend
account, arising from the treatment of these shares explained in note 31(b).
The Group’s regulated subsidiaries are required to hold sufficient capital to meet acceptable solvency levels based on applicable
local regulations. Their ability to transfer retained earnings to the UK parent companies is therefore restricted to the extent these
earnings form part of local regulatory capital.