32. Shareholders' equity

The other statutory reserves comprise the reserve for intangible assets and the reserve for investments in associates.

In the preparation of the company financial statements for 2018, an error was found in the composition of the shareholders' equity. The balance of the Statutory reserve for participating interests (part of the Other statutory reserves) is understated, and the balance of Retained profits is overstated. The total of the Shareholders' equity is presented correctly. This error has been corrected by means of a reclassification per 1 January 2017 of 245 million euros and per 1 January 2018 of 36 million euros from Retained profits to the Other statutory reserves. Except for the composition of the Shareholders' equity, this inaccuracy does not have any impact on the statutory and consolidated financial statements, the earnings per share and the dividend per share established and distributed in the past.

Furthermore it was concluded that, given the legal obligation to recognise a Revaluation reserve and Other Statutory reserves, any additions to and withdrawals from these reserves should be recorded in the financial year itself, instead of in the following year as a part of the profit appropriation. Therefore an amount of 58 million euros was subtracted from the Retained profits and added to the Revaluation reserve and Other Statutory reserves in the opening balance of 1 January 2017.

Proposed profit appropriation

With due observance of Article 26 of the Articles of Association, a dividend is proposed of 117.4 million euros. The remaining part of the net result 2018 of 161.1 million euros will be added to the Retained profits.