19. Equity Subscribed Capital Cashflow Hedges Own Shares / Treasury Stock Foreword | Mission | Management Report | Share | Marketing |  Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management 80 the last trading day prior to acquisition. The Board decided to make use of this authorisation and decided upon an initial  buyback of up 800,000 shares of stock. A total of 605,000 PUMA shares (PY: 175,000 shares of stock) were held as treasury stock as of the balance sheet date. The amount invested to this end totaled € 100.2 million. The Shareholders’ Meeting on April 20, 2004 authorised the Board to acquire own shares amounting up to 19% of share  capital for a period of 18 months to enable flexible management of capital requirements. If acquired through the stock exchange, the acquisition price per share may not be higher or lower than 10% of the closing price for the company’s shares with the same features in XETRA trade (or a comparable successor system), on  included, as far as these can be allocated to future transactions. The item to the amount of € -30.3 million (PY: €-10.8 million) is already reduced by deferred taxes of € 15.7 million (PY: € 7.2  million).  Equity capital saw netting with neutral effects on profits in  accordance with IAS 39 for the first time in 1999. This item is  disclosed in the statement of “Changes in Equity”. In addition to the change in market value from derivative financial instruments, currency-related changes resulting from balance sheet items are  In a letter dated July 28, 2004, the firm of “Fidelity Management & Research Company, Boston, USA”, announced that it had  fallen below the investment quota of 5%. On December 1, 2004,  Subscribed capital amounted to € 42.7 million as of the balance sheet date; it is subdivided into 16,666,714 shares of stock. In 2004, the subscribed capital was increased by € 1.1 million or 433,000 shares of stock. As of the balance sheet date, the  company holds 605,000 shares of own stock (see below “Own Shares”). Capital reserves were increased by € 22.1 million to  € 72.5 million. “Fidelity Management & Research Company, Boston, USA” once again reported that the 5% hurdle had been exceeded and that it presently holds 5.11%. In early 2005, Fidelity announced that it had again fallen below the 5% investment quota. Apart from this, the company is not aware of any shareholder holding or exceeding 5% of subscribed capital. 