8. Retained Earnings
Dividends
For 2006 a dividend of EUR 3.00 per outstanding share is proposed by the Managing Board. The dividend for 2005 of EUR 25,550 thousand which is equal to EUR 2.00 per share was proposed by the Managing Board and was approved at the 99th Annual General Meeting of Shareholders on 29 March 2006. The dividend was paid to the shareholders on 7 April 2006.
On 16 February 2007, the Managing Board authorized the consolidated financial statements for the year ended 31 December 2006 according to IFRS. On 17 February 2006, the Management authorized the consolidated financial statements for the year ended 31 December 2005 according to IFRS to be issued to its Supervisory Board. The Supervisory Board is made up solely of non-executives and includes representatives of employees. The consolidated financial statements were presented for information purposes only to the Supervisory Board and subsequently acknowledged by the Meeting of Shareholders. The Supervisory Board and the General Meeting of Shareholders acknowledged the consolidated financial statements.
Currency translation adjustment
Equity and shareholder loans in foreign currency are not hedged against currency risks because the investments are considered to be permanent and the conversion to the reporting currency is not planned. Exceptions are made for planned disposal of investments or planned repayments of shareholder loans.
