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Profit appropriation provisions in the articles of association

Pursuant to Article 19 of the articles of association, the profit is at the disposal of the General Meeting of Shareholders. This article reads as follows:

  • The profit is at the free disposal of the general meeting.

  • The Company can only make distributions to the shareholders and other persons entitled to the profit available for distribution insofar as the equity exceeds the paid up and called up portion of the capital increased by the reserves required to be held in accordance with the law.

  • Distributions from the profit shall take place after the adoption of the annual accounts showing that they are permitted.

  • Shares held by the Company in its own capital do not count for the purpose of calculating the profit allocation.

  • Depositary receipts held by the Company or to which the Company has a limited right on the basis of which it is entitled to the profit distribution likewise do not count for calculating the profit allocation.

  • The Company can only make interim distributions if the requirements of subsection 2 have been met.