24. Equity
Subscribed Capital
The subscribed capital of the Company on December 31, 2021, and 2020, amounted to EUR 31,862 thousand and was fully paid in. It is divided into 31,862,400 shares with no par value and a notional value of EUR 1. The liability of the shareholders for the obligations of the Company to its creditors is limited to this capital. The amount of the subscribed capital is not permitted to be distributed by the Company to its shareholders.
Authorized and Conditional Capital
The Management Board is entitled to increase the share capital by up to EUR 3,186,240 until June 29, 2025, by issuing up to 3,186,240 new no-par-value registered shares in exchange for cash and/or contributions in kind either once or several times by resolution of the Annual General Meeting held on June 30, 2020, with the approval of the Supervisory Board, whereby the subscription rights of shareholders may be restricted (Authorized Capital 2020).
By resolution of the Annual General Meeting on June 30, 2020, the share capital of the Company is conditionally increased by up to EUR 3,186,240 by issuing up to 3,186,240 new no-par-value registered shares for the purpose of granting convertible bonds and/or bonds with warrants (Conditional Capital 2020).
Capital Reserve
The capital reserve contains:
amounts (premiums) received for the issuance of shares,
premiums paid by shareholders in exchange for the granting of a preference for their shares,
amounts resulting from other capital contributions of the owners
Retained Earnings
Retained earnings consisted of the following:
DEVELOPMENT OF RETAINED EARNINGS | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
in TEUR |
Retained earnings |
Remeasurements of post- employment benefit obligations |
Share-based payments |
IPO costs directly netted with equity |
Reimbursement of IPO costs by shareholders |
Acquisition of non-controlling interest |
Effects from the application of IAS 19R |
Effects of IFRS 9 |
Effects of IFRS 16 |
Total |
Balance as of December 31, 2019 (as reported) |
388,413 |
-4,229 |
0 |
-4,640 |
4,681 |
-6,588 |
839 |
-600 |
-2,033 |
375,843 |
Balance as of Jan 1, 2020 |
388,413 |
-4,229 |
-4,640 |
4,681 |
-6,588 |
839 |
-600 |
-2,033 |
375,843 | |
Profit for the year |
5,670 |
5,670 | ||||||||
Dividends paid |
-1,274 |
-1,274 | ||||||||
Acquisition of non-controlling interests |
229 |
229 | ||||||||
Effect before taxes |
802 |
802 | ||||||||
Tax effect |
-207 |
-207 | ||||||||
Balance as of December 31, 2020 |
392,809 |
-3,634 |
0 |
-4,640 |
4,681 |
-6,359 |
839 |
-600 |
-2,033 |
381,063 |
Balance as of Jan 1, 2021 |
392,809 |
-3,634 |
0 |
-4,640 |
4,681 |
-6,359 |
839 |
-600 |
-2,033 |
381,063 |
Profit for the year |
55,933 |
55,933 | ||||||||
Dividends paid |
-22,304 |
-22,304 | ||||||||
Share-based payment transactions |
406 |
406 | ||||||||
Acquisition of non-controlling interests |
0 | |||||||||
Effect before taxes |
1,540 |
1,540 | ||||||||
Tax effect |
-342 |
-342 | ||||||||
Balance as of December 31, 2021 |
426,438 |
-2,436 |
406 |
-4,640 |
4,681 |
-6,359 |
839 |
-600 |
-2,033 |
416,296 |
A dividend of EUR 22,304 thousand (EUR 0.70 per share) was paid to the shareholders of NORMA Group after the Annual General Meeting in June 2021.
Other Reserves
Other reserves consisted of the following:
DEVELOPMENT OF OTHER RESERVES | |||
|---|---|---|---|
in EUR thousands |
Cash flow hedges |
Foreign exchange rate differences on translating foreign operations |
Total |
Balance as of January 1, 2020 |
-345 |
10,195 |
9,850 |
Effect before taxes |
-877 |
-43,166 |
-44,043 |
Tax effect |
255 |
255 | |
Balance as of December 31, 2020 |
-967 |
-32,971 |
-33,938 |
Effect before taxes |
1,106 |
42,922 |
44,028 |
Tax effect |
-322 |
-322 | |
Balance as of December 31, 2021 |
-183 |
9,951 |
9,768 |
Legend
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.