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Financial statements

18. Equity

Share capital

As at 31 December 2019, the authorized share capital totaled € 45.5 million, consisting of 182 million ordinary shares with a nominal value of € 0.25 each.

Movements in number of issued shares

 

Ordinary shares

As at 1 January 2019

59,242,792

As at 31 December 2019

59,242,792

Movements in number of shares with dividend rights

 

Ordinary shares

As at 1 January 2019

58,764,635

Share-based remuneration

54,955

As at 31 December 2019

58,819,590

Movements in treasury stock ordinary shares

 

Number

As at 1 January 2019

478,157

Share-based remuneration

-54,955

As at 31 December 2019

423,202

As at 31 December 2019, Corbion had a treasury stock of 423,202 ordinary shares at its disposal with a nominal value of € 0.25 each (representing 0.71% of the total share capital issued). Treasury stock shares have no dividend rights.

Other reserves

 

Movements in legal reserves

 
 

Translation reserve

Hedge reserve

Development costs

Share plan reserve

Total

As at 1 January 2018

28.2

-0.9

31.4

5.6

64.3

● Net investment hedge

     

- Exchange rate differences foreign currency loan

-5.5

   

-5.5

- Tax effect

1.4

   

1.4

● Translation difference

     

- Foreign group companies

16.6

   

16.6

- Tax effect

-2.0

   

-2.0

● Cash flow hedge

    

0.0

- Fluctuations in fair value derivatives

 

-2.1

  

-2.1

- Tax effect

 

0.5

  

0.5

● Share-based remuneration charged to result

   

1.6

1.6

● Share-based remuneration transfers

   

-4.0

-4.0

● Movement in capitalization of development costs

  

0.2

 

0.2

As at 31 December 2018

38.7

-2.5

31.6

3.2

71.0

● Net investment hedge

     

- Exchange rate differences foreign currency loan

-2.8

   

-2.8

- Tax effect

0.7

   

0.7

● Translation difference

     

- Foreign group companies

17.2

   

17.2

● Cash flow hedge

    

0.0

- Fluctuations in fair value derivatives

 

5.3

  

5.3

- Tax effect

 

-1.3

  

-1.3

● Share-based remuneration charged to result

   

4.0

4.0

● Share-based remuneration transfers

   

-1.9

-1.9

● Movement in capitalization of development costs

  

-0.1

 

-0.1

As at 31 December 2019

53.8

1.5

31.5

5.3

92.1

In specific circumstances legal reserves must be created in accordance with Part 9, Book 2 of the Dutch Civil Code. The legal reserves comprise the translation reserve, hedge reserve, and development cost reserve. In case a legal reserve has a negative value no payments can be made from the retained earnings up to the level of the negative value(s). The positive legal reserves as at 31 December 2019 amount to € 86.8 million.

A reserve for non-transferable profits is not applicable as Corbion has no restrictions to transfer profits from its operations in the different countries.

Nature and purpose of reserves

Translation reserve

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations, as well as the effective portion of any foreign currency differences arising from hedges of a net investment in a foreign operation.

Hedge reserve

The hedge reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows or items affect profit or loss.

Development cost reserve

The development cost reserve comprises a statutory reserve for capitalized development expenditure in accordance with the Dutch Civil Code.

Share plan reserve

The share plan reserve comprises all movements in equity-settled share-based remuneration plans.