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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.
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€m |
||
| 2008 | 2009 | |
| As at 1 January | 8,953 | 6,178 |
| Dividend payment | –1,087 | –725 |
| Consolidated net profit or loss for the period | –1,688 | 644 |
| Miscellaneous other changes | 0 | 1 |
| Retained earnings as at 31 December | 6,178 | 6,098 |