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16. Shareholders' equity

EUR 1,000 2020 2019
Share capital 1 Jan 1,346 1,346
Share capital 31 Dec 1,346 1,346
     
Share premium fund 1 Jan 847 847
Share premium fund 31 Dec 847 847
     
Restricted equity total 2,193 2,193
     
Invested unrestricted equity reserve 1 Jan 4,999 2,090
Covering of loss 125 2,909
Invested unrestricted equity reserve 31 Dec 5,124 4,999
     
Retained earnings 1 Jan -5,967 -11,981
Change in accounting principles    
Retained earnings 31 Dec -5,967 -11,981
     
Result for the period 8,438 6,017
     
Unrestricted equity total 7,594 -965
     
Total shareholders' equity 9,787 1,228
     
In August 2015 the company’s Board of Directors recognised the loss of shareholders’ equity and delivered a statement concerning the matter to the Trade Register. At the end of 2019 the company's shareholders' equity was EUR 1,228 million (EUR 7,698 million negative).
In its decision on 9 March 2015, the district court of Espoo ordered the corporate restructuring proceedings as prescribed in law to be started for Tecnotree Corporation. The District Court of Espoo confirmed by the decision on 15 November 2016 the amended restructuring programme as the payment programme of the company. Along with the decision, the restructuring proceedings of Tecnotree Oyj came to an end.
The company had no distributable equity at the end of 2019 nor at the end of 2018. After the reporting date the Board of Directors has proposed that no dividend be paid for the financial year ended 31 December 2019, and that the company’s profit for the financial year, EUR 6,017 thousand, be placed in retained earnings.