DCSIMG
6 Shareholders' equity - Annual Report 2015 - DSM

6 Shareholders' equity

Table 1

 
2015
2014
     
Balance at 1 January
5,723
5,908
     
Net profit
88
145
Exchange differences, net of income tax
16
282
Net actuarial gains/(losses) on defined benefit obligations
(54)
(140)
Dividend
(297)
(301)
Repurchase of shares
(122)
(189)
Proceeds from reissue of ordinary shares
176
160
Other changes
11
(142)
     
Balance at 31 December
5,541
5,723

For details see the consolidated statement of changes in equity (note 16) and Consolidated statement of changes in equity (note 16).

Legal reserve

Since the profits retained in Koninklijke DSM N.V.'s subsidiaries can be distributed and received in the Netherlands, no legal reserve for retained profits is required. Profits attributable to joint ventures and associates are not material and therefore any related legal reserve is also not material. In Shareholders' equity, an amount of €314 million (2014: €298 million) is included for Translation reserve, -€203 million (2014: -€170 million) for Hedging reserve, -€3 million (2014: -€11 million) for Fair value reserve and -€86 million (2014: -€54 million) for intangible assets related to product development projects.