19. Equity
Share capital
As at 31 December 2024, 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 2024 |
59,242,792 |
|
Withdrawn shares |
-992,483 |
|
As at 31 December 2024 |
58,250,309 |
Movements in number of shares with dividend rights
|
Ordinary shares |
|
|---|---|
|
As at 1 January 2024 |
59,090,949 |
|
Withdrawn shares |
-992,483 |
|
Share-based remuneration |
34,626 |
|
As at 31 December 2024 |
58,133,092 |
Movements in treasury stock ordinary shares
|
Number |
|
|---|---|
|
As at 1 January 2024 |
151,843 |
|
Acquired shares |
992,483 |
|
Withdrawn shares |
-992,483 |
|
Share-based remuneration |
-34,626 |
|
As at 31 December 2024 |
117,217 |
As at 31 December 2024, Corbion had a treasury stock of 117,217 ordinary shares at its disposal with a nominal value of € 0.25 each (representing 0.20% 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 2023 |
24.2 |
2.8 |
27.6 |
7.3 |
61.9 |
|
• Net investment hedge |
|||||
|
- Exchange rate differences foreign currency loan |
11.5 |
11.5 |
|||
|
- Tax effect |
-3.0 |
-3.0 |
|||
|
• Translation difference |
|||||
|
- Foreign group companies |
-28.9 |
-28.9 |
|||
|
- Tax effect |
-0.1 |
-0.1 |
|||
|
• Cash flow hedge |
|||||
|
- Fluctuations in fair value derivatives |
-16.0 |
-16.0 |
|||
|
- Tax effect |
4.1 |
4.1 |
|||
|
• Share-based remuneration charged to result |
4.1 |
4.1 |
|||
|
• Share-based remuneration transfers |
-4.5 |
-4.5 |
|||
|
• Movement in capitalization of development costs |
-3.5 |
-3.5 |
|||
|
As at 31 December 2023 |
3.7 |
-9.1 |
24.1 |
6.9 |
25.6 |
|
• Net investment hedge |
|||||
|
- Exchange rate differences foreign currency loan |
-17.0 |
-17.0 |
|||
|
- Tax effect |
4.4 |
4.4 |
|||
|
• Translation difference |
|||||
|
- Foreign group companies |
12.2 |
12.2 |
|||
|
- Tax effect |
3.6 |
3.6 |
|||
|
• Cash flow hedge |
|||||
|
- Fluctuations in fair value derivatives |
-2.1 |
-2.1 |
|||
|
- Tax effect |
0.5 |
0.5 |
|||
|
• Share-based remuneration charged to result |
4.7 |
4.7 |
|||
|
• Share-based remuneration transfers |
-4.3 |
-4.3 |
|||
|
• Movement in capitalization of development costs |
-0.9 |
-0.9 |
|||
|
As at 31 December 2024 |
6.9 |
-10.7 |
23.2 |
7.3 |
26.7 |
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. Legal reserves cannot be distributed to shareholders.
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 legal 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.
Proposed dividend on ordinary shares
For the year 2024, a regular dividend in cash of € 0.64 per ordinary share (2023: € 0.61), in total € 37.2 million (2023: € 36.0 million) will be submitted for approval to the annual General Meeting of Shareholders, to be held on 14 May 2025. Proposed dividends on ordinary shares are subject to approval at the annual General Meeting of Shareholders and are not recognized as a liability as at 31 December.