32. Shareholders' equity
(in thousands of euros) | Issued share capital | Share premium | Retained profits | Other reserves | Revaluation reserve | Other statutory reserves | Net Result | Total |
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Carrying amount as at 1 January 2017 | 84,511 | 362,811 | 2,624,848 | -62,930 | 481,202 | 26,532 | 306,256 | 3,823,230 |
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Correction statutory reserves | - | - | -245,170 | - | - | 245,170 | - | - |
Addition statutory reserves | - | - | -58,205 | - | 58,132 | 74 | - | - |
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Carrying amount as at 1 January 2017 | 84,511 | 362,811 | 2,321,473 | -62,930 | 539,334 | 271,776 | 306,256 | 3,823,230 |
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Movements in 2017 |
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Appropriation of result for previous year | - | - | 157,817 | - | - | - | -157,817 | - |
Distribution of dividend | - | - | - | - | - | - | -148,439 | -148,439 |
Exchange differences | - | - | - | -12,278 | - | - | - | -12,278 |
Movements in hedge reserve | - | - | - | 1,110 | - | - | - | 1,110 |
Net result | - | - | - | - | - | - | 279,703 | 279,703 |
Addition statutory reserves | - | - | -42,578 | - | 36,149 | 6,429 | - | - |
Other | - | - | 10,833 | 33 | -10,866 | - | - | - |
Other comprehensive income from associates | - | - | - | -6,586 | - | - | - | -6,586 |
Actuarial gains and revaluations after taxation | - | - | - | -528 | - | - | - | -528 |
Total movements in the year | - | - | 126,071 | -18,249 | 25,283 | 6,429 | -26,553 | 112,982 |
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Correction statutory reserves | - | - | -36,377 | - | - | 36,377 | - | - |
Total movements in the year after correction | - | - | -36,377 | - | - | 36,377 | - | - |
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Balance as at 31 December 2017 | 84,511 | 362,811 | 2,411,167 | -81,179 | 564,617 | 314,582 | 279,703 | 3,936,212 |
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IFRS 9 adjustment | - | - | -296 | - | - | - | - | -296 |
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Balance at 1 January 2018 | 84,511 | 362,811 | 2,410,871 | -81,179 | 564,617 | 314,582 | 279,703 | 3,935,916 |
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Movements in 2018 |
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Appropriation of result for previous year | - | - | 129,447 | - | - | - | -129,447 | - |
Distribution of dividend | - | - | - | - | - | - | -150,256 | -150,256 |
Exchange differences | - | - | - | -5,928 | - | - | - | -5,928 |
Movements in hedge reserve | - | - | - | 16,309 | - | - | - | 16,309 |
Adjustments tot the corporate income tax rate | - | - | - | -1,928 | - | - | - | -1,928 |
Net result | - | - | - | - | - | - | 278,451 | 278,451 |
Addition statutory reserves | - | - | -145,336 | - | 121,730 | 23,606 | - | - |
Other | - | - | 122 | -480 | - | -122 | - | -480 |
Other comprehensive income from associates | - | - | - | -2,015 | - | - | - | -2,015 |
Actuarial gains and revaluations after taxation | - | - | - | -1,384 | - | - | - | -1,384 |
Total movements in the year | - | - | -15,767 | 4,573 | 121,730 | 23,484 | -1,252 | 132,768 |
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Balance as at 31 December 2018 | 84,511 | 362,811 | 2,395,104 | -76,606 | 686,347 | 338,066 | 278,451 | 4,068,684 |
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.
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