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<strong>Munich</strong> <strong>Re</strong> Group Notes on the accounts<br />
For loans posted in the balance sheet at their nominal values, the<br />
difference between these nominal values and higher acquisition costs<br />
totals TDM 7,058. The amount for deferred taxes resulting from<br />
consolidation measures is TDM 40,229 (previous year: TDM 50,352).<br />
Notes on the consolidated balance sheet – liabilities<br />
(8) Shareholders’ funds The Group’s shareholders’ funds developed as follows in the business<br />
year 1995/96:<br />
69<br />
TDM<br />
Group’s shareholders’ funds at<br />
beginning of year under review 4,441,954<br />
Changes<br />
– Changes in exchange rates –38,680<br />
– Capital increases, changes in share of capital 511,454<br />
– Earned surplus 595,496<br />
– Dividends –132,718<br />
Total changes 935,552<br />
Group’s shareholders’ funds at end of year under review 5,377,506<br />
Origin of Group’s shareholders’ funds:<br />
TDM<br />
Amounts paid in by shareholders 3,110,070<br />
Earned surplus 2,267,436<br />
Total 5,377,506<br />
The revenue reserves are made up as follows:<br />
30.6.1996 Previous year<br />
TDM TDM<br />
<strong>Re</strong>serves required by law 2,346 1,999<br />
Other revenue reserves 1,679,823 1,359,281<br />
Total 1,682,169 1,361,280<br />
(9) Special reserve The special reserve contains reserves set up as per Articles 6 b and 7 g<br />
of the German Income Tax Act. It also contains reserves set up by the<br />
subsidiaries abroad on the basis of comparable regulations.
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