24. Retained Earnings

in thousands of EUR

2015

2014

Balance at 1 January

616,130

512,616

Acquisitions of subsidiaries and minority

- 2,492

- 55,494

Result for the year

212,730

161,203

Dividends paid

- 35,327

-

Change of pension plan

- 2,766

-

Long-term incentive plan

- 1,847

-

Issue of share capital

-

- 3,000

Currency translation differences

-

805

Balance at 31 December

786,428

616,130

Acquisition of subsidiaries and minority in 2015 is mainly related to the purchase of the minority shares in China.

Acquisitions of subsidiaries and minority in 2014 is related to the acquisition of shares in Turkey and China from the parent company (HAL Holding) therefore applying predecessor accounting method.

An interim dividend of 0.14 EUR per share which was paid out in September 2015 for a total of €35,327.