20. Notes to the shareholders' equity

EUR 1,000 Number of
Other reserves Translation differences Total
1 Jan 2016 122,628 1,346 847 2,028 -8,510 -4,289
Covering of loss


-1,185 -1,185
31 Dec 2016 122,628 1,346 847 2,028 -9,695 -5,474
Covering of loss


-8 -1,185 -1,193
31 Dec 2017 122,628 1,346 847 2,020 -9,695 -5,482

Tecnotree Corporation has one single share series. The maximum number of shares is 122,628 (122,628) thousand. All the issued shares are fully paid.

In August 2015, the company's Board of Directors recognised the loss of shareholders’ equity of the Group’s parent company Tecnotree Corporation and delivered a statement concerning the matter to the Trade Register. The parent company’s shareholders’ equity was EUR 3,067 thousand negatice on 31 December 2017 (EUR 1,204 thousand negative)

In its decision on 9 March 2015, the district court of Espoo ordered the corporate restructuring proceedings as prescribed in law to be started for Tecnotree Corporation. The District Court of Espoo confirmed by the decision on 15 November 2016 the amended restructuring programme as the payment programme of the company. Along with the decision, the restructuring proceedings of Tecnotree Oyj came to an end.

Descriptions of funds in shareholders' equity

Share premius fund

In those cases where rights were granted during the period when the old Companies Act (29 Sept 1978/734) was in force, the payments received for otioin-based share subscriptions, less transaction costs, have been made recorded in the shre capital and share premium fund in accordance with the terms of the arrangement.

Reserve for invested unrestricted equity

The reserve for invested unrestricted equity includes either investments of equity nature and subscription prices for shares to the extent that it is specifically decided not to be credited to the share capital. The payments received for share subscriptions based on the options granted after the entry into force (1 Sept 2006) of the new Limited Liability Companies Act (21 July 2006/624) are fully recognised in the reserve for invested unrestricted equity. Reserve for invested unrestricted equity was used completely to cover the loss.

Other reserves

Other reserves contain the difference between fair value and exercise price of the new shares issued in 2009 and reserve fund of Argentina.

Translation differences

Translation differences include exchange gains and losses arising from the translation of the financial statements of foreign subsidiaries.

Dividend and treatment of the result

After the reporting date the Board of Directors has proposed that no dividend be paid for the financial year ended 31 December 2017 and that the parent company’s loss for the financial year, EUR 1,863 thousand, be remained in retained earnings.

In 2017 no dividend was paid for the financial year that ended on 31 december 2016. Instead, based on the decision of the Annual General Meeting, the parent company's accumulated profit of EUR 1,816 thousand was remained in retained earnings.