AAK Annual Report 2018

95 Group Share capital As of December 31, 2018 the Group’s registered share capital was 253,730,934 shares (SEK 422,884,890). Reserves Translation reserve Translation reserves include all exchange differences that arise when translating financial statements from foreign operations whose financial statements are stated in curren- cies other than the Group’s presentation currency. The Parent company and the Group present their financial statements in SEK. Specification of equity item “Reserves” Statutory reserve Hedging reserve Translation reserve Total 2017 opening balance 5 25 431 461 Exchange differences - - -704 -704 2017 closing balance 5 25 -273 -243 2018 opening balance 5 25 -273 -243 Exchange differences - - 362 362 Reclassification - -25 - -25 2018 closing balance 5 - 89 94 Hedging reserve The hedging reserve encompasses the effective portion of the accumulated net change in the fair value of a cash flow hedging instrument attributable to hedging transactions yet to take place. Statutory reserve The statutory reserve refers to a reduction of the share capital carried out previously. Retained profits and profit for the year Retained profits and profit for the year include profits earned and retained by the Parent and subsidiaries, investments in associates, revaluation of the net pension commitment, subscription warrants, net effect of acquisition of minority share and profit for the year. Treasury shares The Group owned a total of 0 (0) treasury shares as of December 31, 2018. 20 Note Shareholders’ equity