32. Shareholders' equity


(in thousands of euros)

Issued share capital

Share premium

Retained profits

Other reserves

Revaluation reserve

Other statutory reserves

Net Result
Financial
Year

Total

Carrying amount as at 1 January 2017
(as previously reported)

84,511

362,811

2,624,848

-62,930

481,202

26,532

306,256

3,823,230

Correction statutory reserves

-

-

-245,170

-

-

245,170

-

-

Addition statutory reserves

-

-

-58,205

-

58,132

74

-

-

Carrying amount as at 1 January 2017
(as adjusted)

84,511

362,811

2,321,473

-62,930

539,334

271,776

306,256

3,823,230

Movements in 2017

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

Correction statutory reserves

-

-

-36,377

-

-

36,377

-

-

Total movements in the year after correction

-

-

-36,377

-

-

36,377

-

-

Balance as at 31 December 2017

84,511

362,811

2,411,167

-81,179

564,617

314,582

279,703

3,936,212

IFRS 9 adjustment

-

-

-296

-

-

-

-

-296

Balance at 1 January 2018

84,511

362,811

2,410,871

-81,179

564,617

314,582

279,703

3,935,916

Movements in 2018

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

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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33. Employee benefits