Notes to the company accounts 2017

5 Shareholder’s equity

The authorised capital consists of 2,250,000 ordinary €100 shares, of which 453,780 have been issued and are fully paid up. The share premium reserve created on payment for the shares is not distributable free of tax. The composition of shareholder’s equity and movements in it were as follows:

 Issued capitalShare premium reserveStatutory reservesOther reservesUnappropriated resultTotal
 
Shareholder’s equity            
 
As at 1 January 2016 45,378 7,683 2,440 190,239 1,268 247,008
 
Addition to reserves - - - 888 -888 -
Dividend 2015 - - - - -380 -380
Result for 2016 - - - - -16,717 -16,717
Exchange differences and other movements - - -206 -47 - -253
 
As at 31 December 2016 45,378 7,683 2,234 191,080 -16,717 229,658
 
Addition to reserves - - - -16,717 16,717 -
Dividend 2016 - - - - - -
Result for 2017 - - - - 10,616 10,616
Exchange differences and other movements - - -17 -166 - -183
 
As at 31 December 2017 45,378 7,683 2,217 174,197 10,616 240,091

Of the statutory reserves, an amount of €0.1 million negative relates to exchange differences at participating interests and an amount of €2.3 million to the cost of developing non-current intangible assets. Under article 389 (8) and article 365 (2) of Part 9, Book 2 of the Dutch Civil Code (statutory reserves), these amounts are not freely distributable.

In April 2017, the Annual General Meeting acting on a recommendation by the Supervisory Board decided to adopt the annual accounts for 2016 without change. In accordance with the company’s Articles of Association it was agreed to charge the result for 2016 to other reserves.

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