For 2019, before appropriation of result
| | Issued capital | Share premium | Revaluation reserve* | Retained earnings | Net result for the year | Total equity |
Balance at 1 January 2019 | 307,717 | 326,514 | 113,937 | (52,889) | 75,962 | 771,241 |
| | | | | | | |
Comprehensive income | | | | | | |
Net result | - | - | - | - | 172,585 | 172,585 |
Total comprehensive income | - | - | - | - | 172,585 | 172,585 |
| | | | | | | |
Other movements | | | | | | |
Issued shares | 56,245 | 93,755 | - | - | - | 150,000 |
Appropriation of result | - | - | - | 75,962 | (75,962) | - |
Dividends paid | - | - | - | (16,671) | - | (16,671) |
Movement revaluation reserve | - | - | 136,806 | (136,806) | - | - |
Total other movements | 56,245 | 93,755 | 136,806 | (77,515) | (75,962) | 133,329 |
Balance at 31 December 2019 | 363,962 | 420,269 | 250,743 | (130,404) | 172,585 | 1,077,155 |
* See explanation dividend restrictions in Note 16 of the consolidated financial statements.
For 2018, before appropriation of result
| | Issued capital | Share premium | Revaluation reserve* | Retained earnings | Net result for the year | Total equity |
Balance at 1 January 2018 | 275,035 | 279,196 | 74,104 | (68,635) | 71,746 | 631,446 |
| | | | | | | |
Comprehensive income | | | | | | |
Net result | - | - | - | - | 75,962 | 75,962 |
Total comprehensive income | - | - | - | - | 75,962 | 75,962 |
| | | | | | | |
Other movements | | | | | | |
Issued shares | 32,682 | 47,318 | - | - | - | 80,000 |
Appropriation of result | - | - | - | 71,746 | (71,746) | - |
Dividends paid | - | - | - | (16,167) | - | (16,167) |
Movement revaluation reserve | - | - | 39,833 | (39,833) | - | - |
Total other movements | 32,682 | 47,318 | 39,833 | 15,746 | (71,746) | 63,833 |
Balance at 31 December 2018 | 307,717 | 326,514 | 113,937 | (52,889) | 75,962 | 771,241 |
* 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 2019, in total 363,962 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 2019 was determined at the individual property level.
Appropriation of profit 2018
The Annual General Meeting of shareholders on 24 April 2019 adopted and approved the 2018 financial statements of the Office Fund. A dividend of € 15.1 million (in cash) was paid. Of the profit for 2018 amounting to € 76.0 million, € 76.0 million was incorporated in the retained earnings.
Proposal for profit appropriation 2019
The management of the Fund proposes to the General Meeting of shareholders that a dividend of € 20.1 million (in cash) is to be paid. Of the profit for 2019 amounting to € 172.6 million, € 172.6 million will be incorporated in the retained earnings.