19.Equity

The individual components of equity and changes in equity in 2018 and 2019 are presented in the Covestro Group consolidated statement of changes in equity.

Capital stock

The capital stock of Covestro AG changed as follows in 2019:

The Covestro AG’s capital stock as of December 31, 2019 is divided into 183,000,000 no-par value bearer shares and is fully paid up. Each share confers the right to one vote.

Treasury shares

160,083 treasury shares were issued to employees of the German legal entities under the Covestment stock participation program. As of December 31, 2019, the company held 135,315 treasury shares. This corresponds to 0.1% of the capital stock.

The total cost of the treasury shares held by Covestro AG at the end of the fiscal year was €7 million. They are valued using the FIFO method. The average price per share for the entire share buy-back program was €72.91 per share.

Authorized and Conditional Capital

The authorized capital and conditional capital as of December 31, 2019, were comprised as follows:

Neither the authorized capital nor the conditional capital has been utilized to date.

Capital reserves

Covestro AG’s capital reserves as of December 31, 2019, amounted to €3,487 million (previous year: €3,480 million). The increase is attributable to the issuance of treasury shares to employees under the Covestment stock participation program.

Dividend

The dividend available for distribution is based on the distributable profit reported in the annual financial statements of Covestro AG, which were prepared according to the provision of the German Commercial Code (HGB). The dividend proposed for fiscal 2019 amounts to €2.40 per share carrying dividend rights for a total distribution of €439 million based on the number of shares carrying dividend rights as of December 31, 2019, and depends on authorization by the stockholders at the Annual General Meeting. It is therefore not recognized as a liability in the consolidated financial statements. For fiscal 2018, a dividend of €2.40 per share carrying dividend rights was paid likewise in April 2019.

Equity attributable to noncontrolling interest

The equity attributable to noncontrolling interest mainly relates to the equity of Pearl Covestro Polyurethane Systems FZCO, Dubai (United Arab Emirates), Sumika Covestro Urethane Company, Ltd., Amagasaki (Japan), DIC Covestro Polymer Ltd., Tokyo (Japan), and Covestro (Taiwan) Ltd., Kaohsiung City (Taiwan).

The changes in equity attributable to noncontrolling interest are presented in the following table:

Accumulated other comprehensive income

Accumulated other comprehensive income were comprised as follows: