For 2018, before appropriation of profit
| | Issued capital | Share premium | Revaluation reserve* | Retained earnings | Net result for the year | Total equity |
Balance at 1 January 2018 | 327,089 | 361,679 | 200,128 | (61,059) | 61,059 | 888,896 |
| | | | | | | |
Comprehensive income | | | | | | |
Net result | - | - | - | - | 48,675 | 48,675 |
Total comprehensive income | - | - | - | - | 48,675 | 48,675 |
| | | | | | | |
Other movements | | | | | | |
Issued shares | 23,406 | 41,594 | - | - | - | 65,000 |
Appropriation of result | - | - | - | 61,059 | (61,059) | - |
Dividends paid | - | (7,008) | - | (25,883) | - | (32,891) |
Movement revaluation reserve | - | - | 22,792 | (22,792) | - | - |
Total other movements | 23,406 | 34,586 | 22,792 | 12,384 | (61,059) | 32,109 |
Balance at 31 December 2018 | 350,495 | 396,265 | 222,920 | (48,675) | 48,675 | 969,680 |
* See explanation dividend restrictions in Note 16 of the consolidated financial statements.
For 2017, before appropriation of profit
| | Issued capital | Share premium | Revaluation reserve* | Retained earnings | Net result for the year | Total equity |
Balance at 1 January 2017 | 312,172 | 348,515 | 163,514 | (64,250) | 64,250 | 824,201 |
| | | | | | | |
Comprehensive income | | | | | | |
Net result | - | - | - | - | 61,059 | 61,059 |
Total comprehensive income | - | - | - | - | 61,059 | 61,059 |
| | | | | | | |
Other movements | | | | | | |
Issued shares | 14,917 | 25,083 | - | - | - | 40,000 |
Appropriation of result | - | - | - | 64,250 | (64,250) | - |
Dividends paid | - | (11,919) | - | (24,445) | - | (36,364) |
Movement revaluation reserve | - | - | 36,614 | (36,614) | - | - |
Total other movements | 14,917 | 13,164 | 36,614 | 3,191 | (64,250) | 3,636 |
Balance at 31 December 2017 | 327,089 | 361,679 | 200,128 | (61,059) | 61,059 | 888,896 |
* See explanation dividend restrictions in Note 16 of the consolidated financial statements.
Issued capital
The authorised capital comprises 1 million shares each with a nominal value of € 1,000. As at 31 December 2018, in total 350,495 shares had been issued and fully paid up.
Share premium
The share premium reserve consists of capital paid on shares in excess of the nominal value. At the establishment of the Fund, the shareholder bpfBOUW contributed an investment property portfolio under legal title of share premium.
Revaluation reserve
The revaluation reserve relates to the revaluation of the property investments. The (unrealised) positive or negative difference between the cumulative increase or decrease in the fair value of the investment property owned at the end of the year has been included in the revaluation reserve. The revaluation reserve as at year-end 2018 was determined at the individual property level.
Appropriation of profit 2017
The Annual General Meeting of shareholders on 18 April 2018 adopted and approved the 2017 financial statements of the Retail Fund. A dividend of € 117.77 (in cash) per share has been paid. Of the profit for 2017 amounting to € 61.1 million, € 61.1 million was incorporated in the retained earnings.
Proposal for profit appropriation 2018
The management of the Fund proposes to the General Meeting of shareholders that a dividend of € 118.16 (in cash) per share be paid. Of the profit for 2018 amounting to € 48.7 million, € 48.7 million will be incorporated in the retained earnings.