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8 Shareholders’ equity

Before appropriation of result

 

Issued capital

Share premium

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2017

225

41,367

(14,870)

2,595

29,317

Net result for the year

-

-

-

4,660

4,660

Appropriation of result

-

-

2,595

(2,595)

-

Dividend paid

-

-

-

-

-

Balance at 31 December 2017

225

41,367

(12,275)

4,660

33,977

Before appropriation of result

 

Issued capital

Share premium

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2016

225

41,367

(16,592)

4,422

29,422

Net result for the year

-

-

-

2,595

2,595

Appropriation of result

-

-

4,422

(4,422)

-

Dividend paid

-

-

(2,700)

-

(2,700)

Balance at 31 December 2016

225

41,367

(14,870)

2,595

29,317

Appropriation of profit 2016

The General Meeting of Shareholders held on 19 April 2017 adopted and approved the 2016 financial statements. The profit of € 2,595,000 for 2016 was added to the retained earnings.

Proposal for appropriation of profit 2017

The management proposes that the General Meeting of Shareholders approve the proposal to pay a dividend of €4,000,000 and add the remaining € 660,000 of profit to the retained earnings. The net profit for 2017 amounted to
€ 4,660,000.

This proposal has not been incorporated in the financial statements.

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