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Annual report 2011
86
5.6 Statutory reserve and retained earnings
Under the terms of Article 27 of its Statutes, the Fund is required to appropriate to a statutory reserve at least 20 % of
its annual net profit until the aggregate reserve amounts to 10 % of subscribed capital. Such reserve is not available
for distribution.
Due to the loss in 2011 there is no appropriation requirement in 2012 with respect to the financial year ended
31 December 2011.
The General Meeting of Shareholders of 9 May 2011 approved the distribution of a dividend amounting to
EUR 2 893 779 relating to the year 2010 (2010: EUR 0). Dividends are distributed in line with Article 27 of the
Fund’s statutes.
Further details of the Fund’s capital management requirements are explained in note 3.2 and note 3.5.2.B.
5.7 Fair value reserve
The fair value reserve includes the following:
EUR
31.12.2011
31.12.2010
Fair value reserve on debt securities and other fixed income securities
(83 676 914)
(42 709 617)
Fair value reserve on shares and other variable income securities
24 908 826
15 159 194
(58 768 088)
(27 550 423)
The fair value reserve contains fair value changes related to EIF treasury and private equity portfolios.