35) SHAREHOLDERS’ EQUITY

35a. Share capital

The share capital of the Bank Millennium S.A. (equal to the Group’s share capital) is PLN 1,213,116,777 divided into 1,213,116,777 shares of PLN 1 par value each, as presented by the table below.

Share Capital

In the reporting period there was no conversion of registered shares into the bearer shares. As a consequence number of registered shares decreased and as of 31.12.2014 amounted to 109 236, of which 62 200 are founders’ shares, privileged so that one share entitles to two votes at the Annual General Meeting.

Because the Bank is a public company whose shares are traded on the WSE primary market, the Bank has no detailed information about the shareholding structure as of December 31, 2014. Information on the ultimate parent company - Banco Comercial Portugues S.A. presented in the table below, is provided on the basis of data collected in connection with the registration of shareholders entitled to participate in the Bank’s General Shareholders Meeting held on 11 April 2013 and 10 April 2014. In case of ING OFE and AVIVA OFE BZ WBK the number of shares and their participation in the Bank’s share capital were calculated on the basis of annual asset structure, published as at 31 December 2013 and 31 December 2014 (published on the websites, respectively: www.ingofe.pl and www.aviva.pl). For the purpose of the above calculation, the average Bank’s share price as at the above dates was assumed to amount to 7.23 PLN for 2013 and 8.25 PLN for 2014.

The largest shareholders of the Group’s parent entity – the Bank - (above 5% share in the vote at the General Shareholders Meetings) were as follows:

Shareholders as at 31.12.2014

Shareholders as at 31.12.2013

35b. Revaluation reserve

Revaluation reserve arises on the recognition of:

• effect of valuation (at fair value) of financial assets available for sale in the net amount, i.e. after having accounted for deferred tax. These values are taken off revaluation reserve at the moment of excluding the valued assets from the books of account  - in full or in part or at the moment of recognising impairment (the effect of valuation is then put through the profit and loss account),
• effect of valuation (at fair value) of derivatives hedging cash flows in the net amount, i.e. having accounted for deferred tax. Revaluation reserve records such part of profits or losses connected with the derivatives hedging cash flows which is an effective hedge, while the ineffective part of the profits or losses connected with such hedging instrument is recognised in the profit and loss account,
• actuarial gains  (losses) at their net value, i.e. after deferred tax. Aforementioned gains or losses result from the discounting of future liabilities arising from a provision created for retirement benefits. These values are not reclassified to the profit and loss account.

Revaluation reserve

The sources of revaluation reserve are as follows (data in PLN thousand):

Revaluation reserve on available for sale financial assets 1.01.2014 - 31.12.2014