Page 107 - Annual Report 2010

105

Financial Statements

5.4 Other liabilities and provisions

EUR

31.12.2009 New shares issued

30.06.2010

New shares issued

31.07.2010 31.12.2010

Authorised Shares 3 000 3 000 of which: subscribed 2 940 39 21 3 000

un-subscribed 60 (39) (21) 0

EUR 31.12.2010 31.12.2009

Related parties payables 4 255 232 3 654 767 Employee benefit payables 14 195 402 10 820 153 Trade creditors 1 072 783 2 228 827

19 523 417 16 703 747

Employee benefit payables mostly include staff-related costs such as the Bonus, the Optional Supplementary Pension Scheme (OSPS) and the Severance Grant.

5.5 Share capital

The authorised capital amounts to EUR 3 billion, divided into 3 000 shares with a nominal value of EUR 1 000 000 each, all of which have now been issued. The shares confer rights of ownership of the assets of the Fund as described in Article 8 of its Statutes. Shareholders are entitled to any distribution of net profits, which is limited by the requirements of the statutory reserve.

New shares were issued on 30 June and 31 July 2010 from authorised share capital as follows:

The authorised and subscribed share capital of EUR 3 000 000 000 representing 3 000 shares is called and paid in for an amount of EUR 600 000 000 representing 20% of the authorised and subscribed share capital.

Further payments of the subscribed but not paid in capital require the approval of the General Meeting of Shareholders.

The 60 new shares were issued at a price of EUR 349 909.66 per share increasing the share premium reserve by EUR 8 994 580.