The Company’s share capital is 50 million euros, represented by 5,000 shares with a par value of 10,000 euros per share, all of the same class, fully subscribed and paid. All the shares representing the share capital, numbered from 1 to 5,000 inclusive, have been subscribed by the Sole Shareholder, the Government of Andorra.
There have been no changes in the Company's share capital since its incorporation.
12.2 Legal reserve and other reserves
Under the Decree assigning assets, rights and obligations to the government-owned company Andorra Telecom, SAU, the reserves transferred to the Company are as detailed below:
In accordance with the Law on public limited companies, companies must allocate at least 10% of their profits to the legal reserve until that reserve reaches an amount equivalent to 20% of share capital. The legal reserve may only be used to offset losses when there are no other reserves available. An allocation of 10 million was made to this reserve when the Company was incorporated, and the reserve is therefore fully constituted.
12.3 Allocation of profit for 2018
On 27 March 2019 the General Meeting of Shareholders of the Company resolved to distribute 100% of the profit for 2018 as dividends.
At 31 December 2019 all the dividends declared against 2018 profits had been paid.
At 17 July and 18 December 2019, the extraordinary shareholders meeting resolved to distribute two additional dividends for a total of 5 million euros and 3,521,806 euros on account of accumulated profit. The payment was made on July and December.