15 Retained earnings

Retained earnings include the reserve for treasury shares, which changed as follows: 

Treasury shares
€m
	2009	2010
Balance at 1 January	0	0
Treasury shares acquired	0	–9
Treasury shares issued	0	8
Balance at 31 December 2009/30 June 2010	0	–1

Changes in treasury shares are presented in  the statement of changes in equity.

A dividend of €725 million was distributed in 2010 for financial year 2009. In the previous year, the dividend payment for 2008 also amounted to €725 million. This corresponds to a dividend per share of €0.60 in both years. 

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