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6 Royal DSM N.V. Shareholders' equity
 
2007
2006
 
 
 
Balance at 1 January
5,784
5,501
 
 
 
Net profit
429
547
Exchange differences, net of income tax expense
(140)
(128)
Net actuarial gains/(losses) on defined benefit obligations
154
290
Net asset ceiling related to defined benefit plans
(46)
(7)
Dividend paid
(193)
(213)
Repurchase of ordinary shares
(758)
(318)
Proceeds from reissue of ordinary shares
53
55
Other changes
27
57
 
 
 
Balance at 31 December
5,310
5,784
For details see the consolidated statement of changes in equity in Equity.
Legal reserve
Since the profits retained in Royal DSM N.V.'s subsidiaries, joint ventures and associates can be distributed, and received in the Netherlands, without restriction, no legal reserve for retained profits is required. In Royal DSM N.V. Shareholders’ equity an amount of €193 million is included for Translation reserve, €48 million for Hedging reserve and €(9) million for Fair value reserve.
Notes