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37. Retained earnings

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Retained earnings contain the undistributed consolidated profits generated in prior periods. Changes in the reserves during the year under review are also presented in the statement of changes in equity.


€m		2006		2007
As at 1 January		7,410		8,490
Dividend payment		–836		–903
Consolidated net profit		1,916		1,389
Retained earnings as at 31 December		8,490		8,976