25. Equity

See the consolidated statement of changes in equity for the movements in equity.

The authorised capital as at both 31 December 2022 and 31 December 2021 consisted of 4 million ordinary shares with a nominal value of € 453.78 (originally NLG 1,000). There are 2,230,738 issued and fully paid up shares. All issued shares are held by the State of the Netherlands. The shareholders are entitled to a dividend, which is declared annually based on the resolution of the Annual General Meeting of Shareholders regarding the profit appropriation. The shareholders have the right to cast one vote per share at meetings of the company.

The financial statements for 2021 and the appropriation of the profits were adopted at the shareholders’ meeting on 3 March 2022. In accordance with the proposal, the result attributable to the company’s shareholders of € 339 million was added to the general reserve.

The movements in the other reserves were as follows:

(in millions of euros)	Reserve for translation differences	Hedging reserve	Fair value reserve	Actuarial reserve	Revaluation reserve for associates	Reserve for discontinued operations held for sale	Total other reserves
Balance as at 1 January 2021	-21	-23	53	-1	13	-	21

Non-realised profit	-14	29	-	-	-	-	15
Other movements	-	-	-	-	-	-	-

Balance as at 31 December 2021	-35	6	53	-1	13	-	36

Non-realised profit	1	36	1	-4	-	-	34
Discontinued operations	32	-4	-	-3	-13	-12	-
Other movements	2	-	-	-2	-	-	-

Balance as at 31 December 2022	-	38	54	-10	-	-12	70

The other movements are related to the transfer of the other reserves of the discontinued operations held for sale to a separate reserve (see note 2).

Profit appropriation as stipulated by the Articles of Association

In accordance with Article 21(2) of the Articles of Association of NV Nederlandse Spoorwegen, the Annual General Meeting of Shareholders decides on the appropriation of any positive balance in the income statement.

Proposal for profit appropriation

It will be proposed to the Meeting to add the positive result of € 579 million to the general reserve.

Accounting policy

Translation reserve

The translation reserve consists of all exchange rate differences arising as a result of the translation of the financial statements of foreign operations and the translation of liabilities hedging the company's net investment in a foreign group company.

Hedging reserve

The hedging reserve consists of the cumulative change in the fair value of hedging instruments (derivatives) where the hedged transaction has not yet taken place or the hedged position has not yet been settled.

Fair value reserve

The fair value reserve comprises the cumulative change in the fair value of investments measured at fair value - total comprehensive income and the cumulative change in the fair value of investments measured fair value - debt investment, until the investment is derecognised.

Actuarial reserve

The actuarial reserve relates to the actuarial gains and losses, which comprise the difference between the actual and projected changes in the pension liabilities and investment returns on pension assets (see note 30).

Revaluation reserve for associates

The revaluation reserve for associates comprises the cumulative unrealised results, recognised directly in the equity of associates accounted for using the equity method.

Reserve for discontinued operations held for sale

The other reserves relating to discontinued operations are transferred to this reserve. The nature of the reserves remains unchanged.