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76 Bank of Montreal Group of Companies 1999 Annual Report
Consolidated Statement of Changes in Shareholders’ Equity
For the Year Ended October 31 (Canadian $ in millions) 1999 1998 1997
Preferred Shares (note 13)
Balance at beginning of year $ 1,958 $ 1,274 $ 857
Proceeds from the issue of preferred shares
–
650 400
Redemption of preferred shares (272)
––
Translation adjustment on shares issued in a foreign currency (18) 34 17
Balance at End of Year 1,668 1,958 1,274
Number of Shares
1999 1998 1997
Common Shares (note 13)
Balance at beginning of year 264,433,198 261,436,344 259,937,006 3,095 3,019 2,989
Issued under the Shareholder Dividend
Reinvestment and Share Purchase Plan 523,641 399,155
–
31 29
–
Issued under the Stock Option Plan 674,500 269,600 290,000 21 98
Issued on the exchange of shares of
subsidiary corporations 1,400,761 2,328,099 1,209,338 43 38 22
Balance at End of Year 267,032,100 264,433,198 261,436,344 3,190 3,095 3,019
Retained Earnings
Balance at beginning of year 5,555 4,610 3,740
Net income 1,382 1,350 1,305
Dividends
–
Preferred shares (117) (112) (83)
–
Common shares (500) (463) (427)
Unrealized gain (loss) on translation of net investment in foreign
operations, net of hedging activities and applicable income tax (172) 178 81
Costs of proposed merger, net of applicable income tax (25)
––
Share issue expense, net of applicable income tax
–
(8) (6)
Balance at End of Year 6,123 5,555 4,610
Total Shareholders’ Equity $ 10,981 $ 10,608 $ 8,903
The accompanying notes to consolidated financial statements are an integral part of this statement.