24. Equity
Subscribed Capital
The subscribed capital of the company on December 31, 2022, and December 31, 2021, 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 of other additional payments made by shareholders to equity.
Retained Earnings
Retained earnings consisted of the following:
Development of retained earnings | T126 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
in EUR thousands | Retained | Remeasureme | Share-based | IPO costs | Reimburse | Acquisition | Effects from | Effects of | Effects of | Total |
Balance as of Jan 1, | 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 | ||||||||
Stock options | 406 | 406 | ||||||||
Effect before taxes | 1,540 | 1,540 | ||||||||
Tax effect | -342 | -342 | ||||||||
Balance as of Dec 31, | 426,438 | -2,436 | 406 | -4,640 | 4,681 | -6,359 | 839 | -600 | -2,033 | 416,296 |
Balance as of Jan 1, | 426,438 | -2,436 | 406 | -4,640 | 4,681 | -6,359 | 839 | -600 | -2,033 | 416,296 |
Profit for the year | 39,068 | 39,068 | ||||||||
Dividends paid | -23,897 | -23,897 | ||||||||
Share-based payment | -2 | -2 | ||||||||
Effect before taxes | 4,699 | 4,699 | ||||||||
Tax effect | -1,384 | -1,384 | ||||||||
Balance as of Dec 31, | 441,609 | 879 | 404 | -4,640 | 4,681 | -6,359 | 839 | -600 | -2,033 | 434,780 |
A dividend of EUR 23,897 thousand (EUR 0.75 per share) was paid to the shareholders of NORMA Group after the Annual General Meeting in May 2022.
Other Reserves
Other reserves consisted of the following:
Development of other reserves | T127 | ||
|---|---|---|---|
in EUR thousands | Cash flow hedges | Foreign exchange | Total |
Balance as of Jan 1, 2021 | -967 | -32,971 | -33,938 |
Effect before taxes | 1,106 | 42,922 | 44,028 |
Tax effect | -322 | -322 | |
Balance as of Dec 31, 2021 | -183 | 9,951 | 9,768 |
Effect before taxes | 6,409 | 13,794 | 20,203 |
Tax effect | -1,865 | -1,865 | |
Balance as of Dec 31, 2022 | 4,361 | 23,745 | 28,106 |
Legend
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.