8.20.4
Shareholders' equity
The movement schedule of shareholders’ equity for 2019 is as follows:
| Share capital | Share premium | Hedging reserve | Translation reserve | Other legal reserve | Other reserve | Unappropriated result | Total equity | |
| € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | |
| Balance at 1 January 2019 | 266 | 42,468 | 2,644 | -22,184 | 3,273 | 275,653 | 20,271 | 322,391 |
| Net profit | - | - | - | - | - | - | 2,804 | 2,804 |
| Other comprehensive income | - | - | -3,076 | 9,577 | - | 18 | - | 6,519 |
| Total comprehensive income | - | - | -3,076 | 9,577 | - | 18 | 2,804 | 9,323 |
| Transfer to other reserve | - | - | - | - | - | 20,271 | -20,271 | - |
| Dividends paid | - | - | - | - | - | -13,302 | - | -13,302 |
| Stock dividends | 2 | -2 | - | - | - | 4,770 | - | 4,770 |
| Share-based payments | - | -152 | - | - | - | 192 | - | 40 |
| Other changes | - | - | - | 1 | -658 | 630 | - | -27 |
| Balance at 31 December 2019 | 268 | 42,314 | -432 | -12,607 | 2,615 | 288,232 | 2,804 | 323,196 |
The movement schedule of shareholders’ equity for 2018 is as follows:
| Share capital | Share premium | Hedging reserve | Translation reserve | Other legal reserve | Other reserve | Unappropriated result | Total equity | |
| € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | |
| Balance at 1 January 2018 | 263 | 43,219 | -7,074 | -22,483 | 2,704 | 272,191 | 10,501 | 299,321 |
| Initial application IFRS 9 | - | - | 2,615 | - | - | -805 | - | 1,810 |
| Revised balance as at 1 January 2018 | 263 | 43,219 | -4,459 | -22,483 | 2,704.00 | 271,386 | 10,501 | 301,130 |
| Net profit | - | - | - | - | - | - | 20,271 | 20,271 |
| Other comprehensive income | - | - | 7,103 | -1,921 | - | 3,752 | - | 8,934 |
| Total comprehensive income | - | - | 7,103 | -1,921 | - | 3,752 | 20,271 | 29,205 |
| Transfer to other reserve | - | - | - | - | - | 10,501 | -10,501 | - |
| Dividends paid | - | - | - | - | - | -13,141 | - | -13,141 |
| Stock dividends | 3 | -3 | - | - | - | 5,770 | - | 5,770 |
| Share-based payments | - | -748 | - | - | - | 182 | - | -566 |
| Other changes | - | - | - | 2,220 | 569 | -2,797 | - | -8 |
| Balance at 31 December 2018 | 266 | 42,468 | 2,644 | -22,184 | 3,273 | 275,653 | 20,271 | 322,391 |
Accell Group has issued share options (note 6.17.4 Share-based payments of the consolidated financial statements).
Ordinary shares
On 31 December 2019 the authorized capital consists of 55,000,000 ordinary shares, 5,000,000 cumulative preference shares F and 60,000,000 cumulative preference shares B, each with a nominal value of € 0.01. Of these, 26,802,751 (2018: 26,597,354) ordinary shares have been issued and duly paid at 31 December 2019, as a result the issued and paid-up share capital amounts to € 268,028.
Share premium reserve
The share premium is the income from the issuing of shares in so far as this exceeds the nominal value of the shares (above par income).
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred.
Translation reserve
The legal translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. In 2019 there has been a reclassification of € 7,888 to the income statement regarding the US discontinued operations.
Other legal reserves
Other legal reserves consist of a legal reserve for participating interests and a legal reserve for capitalized development costs.
The legal reserve for participating interests, which amounted to € 1.9 million (2018: € 1.4 million), pertains to participating interests that are accounted for according to the equity accounting method. The reserve represents the difference between the participating interests’ retained profit and direct changes in equity, as determined on the basis of Accell Group’s accounting policies, and the share thereof that Accell Group may distribute. The legal reserve is determined on an individual basis.
In accordance with applicable legal provisions, a legal reserve for the carrying amount of € 0.7 million (2018: € 1.9 million) has been recognized for capitalized development in the Netherlands.
Proposal for profit appropriation (Unappropriated result)
The Board of Management proposes to the General Meeting that the result after tax for 2019 of € 2.8 million (profit) should be allocated as follows: to pay out an amount of € 8.0 million as an optional dividend, equivalent to € 0.30 per share (2018: € 0.50) and to retrieve the remaining amount of € 5.2 million from the other reserves. The 2019 result after tax is presented as unappropriated profit in shareholders' equity.
Dividend
The Board of Management proposes to make available to the shareholders a dividend with stock option of € 0.30 per share with respect to the current year. The dividend proposal of € 8.0 million is subject to approval by the General Meeting of Shareholders on 22 April 2020 and is not reflected as a liability in these financial statements. The dividends have not been provided for and there are no income taxes consequences.
The dividend in respect of the financial year 2018 was determined at € 0.50 per share or as stock dividend during the General Meeting of Shareholders of 24 April 2019. After the period in which shareholders could report their preference, 36% of the shareholders opted for the stock dividend. On 17 May 2019 € 8.5 million was distributed as cash dividend and 196,691 shares were issued as stock dividend and added to issued share capital.