Sub- scribed capital Capital reserves Retained earnings Other reserves Con- solidated profits Minority interest Con- solidated share- holders' equity Transactions under common control from business combination Revaluation surplus Hedging reserves Currency translation reserves Euro mn Consolidated shareholders' equity as at 1 January 2008 128 511 554 -26 0 69 1 0 147 243 1,627 Changes in gains/losses recognised directly in equity -402 -2 1 -403 Reclassifications of gains/losses previously recognised in equity to the income statement 78 78 Remeasurement upon business combinations 0 Changes in tax effects (deferred taxes) 71 71 Income and expenses recognised directly in equity, net 0 -253 -2 1 -254 Consolidated net income/loss 60 18 78 Total income and expense for the period 0 -253 -2 1 60 18 -176 Transfer to retained earnings 126 -126 0 Dividend payment -21 -21 Effects from transactions under common control 18 18 Reclassifications 0 Consolidated net income/loss attributable to minority interests -18 -18 Changes in minority interest 1 1 Changes in reporting entity structure and other changes -2 -2 Consolidated shareholders' equity as at 31 December 2008 128 511 678 -8 0 -184 -1 1 60 244 1,429 Consolidated Statement of Changes in Shareholders' Equity 1) 1) Please see Note (64) for general information on consolidated shareholders' equity 116 Aareal Bank Group ­ Annual Report 2008 | Consolidated Financial Statements | Consolidated Statement of Changes in Shareholders' Equity