4.20.4
Shareholders' equity
The movements in shareholders’ equity in 2020 were as follows:
| Share capital | Share premium | Hedging reserve | Translation reserve | Other legal reserve | Other reserve | Unappropriated result | Total equity | |
| € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | |
|
Balance at 1 January 2020
|
268
|
42,314
|
-432
|
-12,607
|
2,615
|
288,232
|
2,804
|
323,195
|
| Net profit | - | - | - | - | - | - | 64,829 | 64,829 |
| Other comprehensive income | - | - | -7,083 | -4,681 | - | -666 | - | -12,430 |
|
Total comprehensive income
|
-
|
-
|
-7,083
|
-4,681
|
-
|
-666
|
64,829
|
52,399
|
| Transfer to other reserve | - | - | - | - | - | 2,804 | -2,804 | - |
| Dividends paid | - | - | - | - | - | - | - | - |
| Share-based payments | 0 | -0 | - | - | - | 351 | - | 351 |
| Other changes | - | - | - | - | 1,675 | -1,667 | - | 8 |
|
Balance at 31 December 2020
|
268
|
42,314
|
-7,515
|
-17,288
|
4,290
|
289,055
|
64,829
|
375,953
|
The movements in shareholders’ equity in 2019 were as follows:
| Share capital | Share premium | Hedging reserve | Translation reserve | Other legal reserve | Other reserve | Unappropriated result | Total equity | |
| € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | € x 1,000 | |
|
Balance at 1 January 2019
|
266
|
42,468
|
2,644
|
-22,184
|
3,273
|
275,654
|
20,271
|
322,391
|
| Net profit | - | - | - | - | - | - | 2,804 | 2,804 |
| Other comprehensive income | - | - | -3,076 | 9,577 | - | 18 | - | 6,519 |
|
Total comprehensive income
|
-
|
-
|
-3,076
|
9,577
|
-
|
18
|
2,804
|
9,323
|
| Transfers to other reserves | 20,271 | -20,271 | 0 | |||||
| Dividends paid | 2 | -2 | - | - | - | -8,532 | - | -8,532 |
| Share-based payments | - | -152 | - | - | - | 192 | - | 40 |
| Other changes | - | - | - | 1 | -658 | 630 | -27 | |
|
Balance at 31 December 2019
|
268
|
42,314
|
-432
|
-12,607
|
2,615
|
288,232
|
2,804
|
323,196
|
Accell Group has issued share options (note 4.17.4 Share-based payments of the consolidated financial statements).
Ordinary shares
At 31 December 2020, the authorised capital consists of 55,000,000 ordinary shares, 5,000,000 cumulative preference shares F and 60,000,000 cumulative preference shares B, each with a nominal value of € 0.01. Of these, 26,805,031 (2019: 26,802,751) ordinary shares have been issued and duly paid at 31 December 2020. As a result, the issued and paid-up share capital amounted to € 268,050 (2019: € 268,028).
Share premium reserve
The share premium is the income from the issuing of shares in so far as this exceeds the nominal value of the shares (above par income).
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred.
Translation reserve
The legal translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. The income statement includes a reclassification gain of € 1.3 million (2019: loss of € 7.9 million) related to the liquidation of Accell North America (2019: US discontinued operations).
Other legal reserves
Other legal reserves consist of a legal reserve for participating interests and a legal reserve for capitalised development costs.
The legal reserve for participating interests, which amounted to € 3.6 million (2019: € 1.9 million), pertains to participating interests that are accounted for according to the equity accounting method. The reserve represents the difference between the participating interests’ retained profit and direct changes in equity, as determined on the basis of Accell Group’s accounting policies, and the share thereof that Accell Group may distribute. The legal reserve is determined on an individual basis.
In accordance with applicable legal provisions, a legal reserve for the carrying amount of € 0.7 million (2019: € 0.7 million) has been recognised for capitalised development in the Netherlands.
Proposal for profit appropriation (Unappropriated result)
The Board of Management proposes to the General Meeting that the result after tax for 2020 of € 64.8 million (profit) should be allocated to the other reserves. The 2020 result after tax is presented as unappropriated profit in shareholders' equity.
Dividend
In light of the unforeseen and unprecedented impact of COVID-19 on economic activity and the markets Accell Group is operating in, and the uncertainty regarding the length and depth of the pandemic, the Board of Management decided on 25 March 2020 to withdraw the 2019 dividend proposal from the Annual General Meeting agenda.
In June 2020, Accell Group entered into an additional € 115 million loan facility with five syndicate banks, which was partially backed by a Dutch state guarantee in favor of the banks under the so-called GO-C scheme (Garantie Ondernemingsfinanciering Corona). The GO-C facility has a term of up to two years. In June 2020, € 60 million was drawn under this facility; the remainder is available until April 1, 2021. According to the GO-C Facility, no cash dividend distributions shall be made, unless the GO-C facility is repaid and cancelled and the original financial covenants that applied prior to June 2020 are complied with. For further details regarding the covenants see note 4.9.1.1.
As a result, no dividend will be distributed over the 2020 financial year.