41 Retained earnings

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

 
€m
  2007
restated1)
2008
As at 1 January 8,473 8,953
Dividend payment –903 –1,087
Consolidated net profit or loss for the period 1,383 –1,688
Retained earnings as at 31 December 8,953 6,178
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