Other information
Appropriation of profit
The appropriation of profits is governed by Section 38.3 of the Articles of Association, which states:
“Subject to approval by the Supervisory Board, the Board of Management may reserve a portion of any profit that may remain after application of the provisions of clause 2, sufficient in the Board of Management’s view to finance capital expenditure to support fulfilment of the company’s statutory duties as grid administrator, such as maintenance, expansion and environmental management. Any profit which is not thus reserved shall be at the free disposal of the General Meeting of Shareholders. When calculating the amount of profit to be paid out on each share, account shall be taken only of the sum of the obligatory call on the nominal value of the shares. In the event of a tied vote regarding the distribution or reservation of profits, the profit to which the proposal relates shall be reserved.”
The Board of Management proposes the following appropriation of profit for 2008 (values x EUR 1,000):
|
Addition to retained earnings |
40,702 |
|
Proposed dividend |
10,000 |
|
Profit for the year |
50,702 |
|
|
The proposed appropriation of profit has not been recorded in the financial statements.