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.
Under the Decree assigning assets, rights and obligations to the government-owned company Andorra Telecom, S.A.U., 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 euros was made to this reserve when the Company was incorporated and the reserve is therefore fully constituted.
Following a technical edict on tax matters issued by the Government of Andorra on 22 September 2017, the Company has reviewed how it treats all forms of payment in kind and intends to include a retrospective adjustment in its tax return for payments in kind that were not correctly declared. The adjustment for the tax years from 2013 to 2016 totals 483,796 euros. This amount has been allocated to equity (unrestricted reserves) in accordance with current accounting standards.
On 29 March 2017 the General Meeting of Shareholders of the Company resolved to distribute all the profit for 2016 as dividends.
As a result of the interim payments made, the final amount payable was as follows: