Profit appropriation

The profit appropriation is governed by Article 40 of the Articles of Association. The text of this article is as follows: Article 40: Profit. Payment chargeable to the reserves.

  • Subject to approval of the Supervisory Board, the Management Board determines every year which part of the profit available for distribution - the positive balance of the income statement - is added to the reserves.

  • The profit remaining after the addition to the reserves under the previous paragraph is at the disposal of the General Meeting of Shareholders.

  • Profit distributions are capped at the distributable part of the shareholders’ equity, and made after adoption of the financial statements that authorise these distributions.

  • The Management Board may decide to distribute an interim dividend, subject to approval of the Supervisory Board and with due observance of clause 3 above and any other provision laid down by law.

  • The General Meeting of Shareholders may, following a proposal from the Management Board that has been approved by the Supervisory Board, decide to make dividends to shareholders chargeable to the distributable part of the shareholders’ equity.