Profit appropriation

The profit appropriation is governed by Article 33 of the Articles of Association. The text of this article is as follows: Article 33 Profit. Payment chargeable to the reserves.

  • Subject to approval of the Supervisory Board, the Management Board determines 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, as referred to in the preceding clause, is at the disposal of the General Meeting of Shareholders.

  • Profit distributions are limited to the distributable part of the shareholders’ equity.

  • Distribution of profit will take place after the adoption of the income statement, which demonstrates that it is permissible.

  • 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, on the Management Board’s proposal that has been approved by the Supervisory Board, resolve to make distributions to shareholders chargeable to the distributable part of the shareholders’ equity.