24. Retained Earnings

in thousands of EUR

2016

2015

At 1 January

786,428

616,130

Acquisitions of subsidiaries and non-controlling interest

-

- 2,492

Result for the year

231,360

212,730

Dividends paid

- 35,327

- 35,327

Change of pension plan

-

- 2,766

Share-based payments

- 1,077

- 1,847

At 31 December

981,384

786,428

For 2016, it is proposed to the General Meeting to distribute a total dividend of €78,363 or EUR 0.31 per share. If the proposal is approved by the General Meeting, the dividend will be payable as from 11 May 2017.

A final dividend for 2015 of EUR 0.14 per share was paid out in the first half year of 2016 for a total of €35,327. An interim dividend for 2015 for an equal amount was paid out in September 2015.

Acquisition of subsidiaries and non-controlling interest in 2015 is mainly related to the purchase of the non-controlling shares in China.