2.6 Other comprehensive income and equity development
The increase of total equity from €179 million on 31 December 2022 to €200 million on 31 December 2023 is mainly explained by net profit for the year of €56 million, partly offset by the payments of cash dividends of €29 million in total and other comprehensive income of €(8) million. Other comprehensive income mainly consisted of losses on cash flow hedges of €3 million and decreases in value of financial assets at fair value through OCI of €6 million mainly related to the investment in Whistl.
Issued share capital and Additional paid-in capital
As at 31 December 2023, issued share capital amounted to €40 million (2022: €39 million) and additional paid-in capital amounted to €165 million (2022: €163 million). For details on Issued share capital and Additional paid-in capital, reference is made to note 4.6.
The following table presents the reserves included in the other reserves.
PostNL Other reserves in € million
2022, 2023
| Currency translation reserve | Hedge reserve | Financial assets at fair value OCI | Other reserves | Total other reserves | |
|---|---|---|---|---|---|
| Balance at 1 January 2022 | 1 | (2) | 20 | (167) | (148) |
| Total comprehensive income | 0 | 2 | (8) | 1,077 | 1,071 |
| Appropriation of net income | 518 | 518 | |||
| Share buyback | (162) | (162) | |||
| Share-based compensation | 2 | 2 | |||
| Balance at 31 December 2022 | 2 | 0 | 11 | 1,267 | 1,281 |
| Total comprehensive income | 0 | (3) | (6) | 0 | (8) |
| Appropriation of net income | (1,313) | (1,313) | |||
| Share-based compensation | 0 | 0 | |||
| Balance at 31 December 2023 | 2 | (3) | 6 | (45) | (40) |
Currency translation reserve
As at 31 December 2023, the translation reserve amounted to €2 million (2022: €2 million), mainly reflecting the movement in exchange rate differences on converting subsidiaries of Spring within Parcels into euros.
Hedge reserve
As at 31 December 2023, the hedge reserve amounted to €(3) million (2022: €0 million). The tax impact on the cash flow hedges included in the hedge reserve as at 31 December 2023 is €1 million (2022: €0 million). For more information, see note 4.5 to the consolidated financial statements.
Financial assets at fair value through OCI
As at 31 December 2023, the reserve related to the financial assets at fair value through OCI amounted to €6 million (2022: €11 million). The decrease in 2023 of €6 million mainly related to the decrease in value of the investment in Whistl (2022: decrease of €8 million mainly related to Whistl). For more information, see note 4.2 to the consolidated financial statements.
Other reserves
As at 31 December 2023, the other reserves amounted to €(45) million (2022: €1,267 million). In 2023, the other reserves decreased by €1,313 million mainly resulting from the appropriation of net income from 2022 of €(1,313) million.
Retained earnings
As at 31 December 2023, retained earnings amounted to €34 million (2022: €(1,306) million). In 2023, retained earnings increased by €1,340 million due to the total profit for the year attributable to the shareholders of the parent of €55 million in 2023, the appropriation of net income from 2022 of €1,313 million, partly offset by the payment of cash dividends of €29 million.
The Board of Management has proposed to make an amount of €36 million out of profit for the year 2023 available for distribution of dividend. Refer to note 6.4 for more details of this proposal.