In 2020, the General Meeting of Shareholders approved the non-binding proposal by the Management Board and Supervisory Board to not pay out the distributable part of the profit of €2.7 million related to financial results of 2019. The General Meeting of Shareholders agreed to allocate this amount to the “contractual reserve”. During the course of 2020, the Management Board and Supervisory Board proposed to allocate this amount to the "other reserves”, based on more insights.
A net loss of €205 million is recorded in 2020. Considering this loss, the Management Board and Supervisory Board proposed to the Shareholders not to pay out dividends related to 2020. Based on the Agreement State-FMO of November 16, 1998, the proposal was made to allocate €6.1 million of the loss (3% of the loss) to "other reserves" and the remaining loss to the "contractual reserve". This approach aligns with the pay-out factor as applied in the allocation of dividend in previous years.
Both proposals were approved during the General Meeting of Shareholders of April 23, 2021.