11 SHAREHOLDERS' EQUITY

EUR 1,000 31 Dec 2013 31 Dec 2012
Share capital 1 Jan 34,043 34,043
Share capital 31 Dec 34,043 34,043
Share premium account 1 Jan 5,675 5,675
Share premium account 31 Dec 5,675 5,675



Invested non-restricted equity fund 1 Jan 61,309 60,997
Increases 312
Invested non-restricted equity fund 31 Dec 61,309 61,309
Fair value reserve 1 Jan -421 -940
Change in fair value of hedging instruments 504 666
Change in fair value of financial securities -20 20
Transfer to deferred tax liability -122 -168
Fair value reserve 31 Dec -59 -421
Retained earnings 1 Jan 128,102 96,154
Dividends paid -11,762 -9,825
Transfer from revaluations reserve -209
Retained earnings 31 Dec 116,340 86,121


Profit for the financial year -68,389 41,981
Shareholders' equity, total 148,919 228,707


Distributable funds 31 dec 109,260 189,411