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<strong>Munich</strong> <strong>Re</strong>insurance Company Notes on the accounts<br />
Notes on the balance sheet – liabilities<br />
(6) Shareholders’ funds In November 1995, in partial utilization of the capital authorized for such<br />
purposes in Article 3a of the Articles of Association, the share capital was<br />
increased from TDM 743,350 to TDM 813,350.<br />
The increased share capital is made up of 300,000 bearer shares with a<br />
nominal value of DM 50 each and 7,983,500 (previously 7,283,500)<br />
registered shares with a nominal value of DM 100 each, DM 50 of which is<br />
paid up and entitled to dividend and one vote.<br />
Number Nominal Amount Votes<br />
value paid up<br />
TDM TDM<br />
Bearer 300,000 15,000 15,000 300,000<br />
<strong>Re</strong>gistered 7,983,500 798,350 399,175 7,983,500<br />
Total 813,350 414,175 8,283,500<br />
By resolution of the Annual General Meeting on 8th December 1995<br />
an amount of up to TDM 250,000 has been authorized for increasing<br />
the company’s share capital in one or more stages at any time up to<br />
8th December 2000 by issuing new shares against cash contribution.<br />
There is also a contingent capital of TDM 30,000, TDM 21,250 of which<br />
serves to safeguard warrants issued in the 1994 capital increase. The<br />
warrant exercise period initially runs until 13th March 1998. Should the<br />
market price of the registered shares at the end of this period be lower<br />
than the warrant exercise price (DM 2,482) applying since the capital<br />
increase of November 1995, the warrant conditions provide for the exercise<br />
period to be extended by a maximum of two years. No options had been<br />
exercised up to the end of the business year under review.<br />
TDM 545,838 from the 1995 capital increase was allocated to the capital<br />
reserve. In addition, TDM 100,000 of the profit for the year 1995/96 has<br />
been transferred to the revenue reserves.<br />
Altogether, therefore, our shareholders’ funds have increased as follows:<br />
Previous Increase Current<br />
position position<br />
TDM TDM TDM<br />
Subscribed capital 743,350 70,000 813,350<br />
Capital reserve 1,396,467 545,838 1,942,305<br />
Other revenue reserves 363,200 100,000 463,200<br />
Balance sheet profit 102,377 30,159 132,536<br />
Total 2,605,394 745,997 3,351,391<br />
The revenue reserves contain a special reserve for major losses<br />
amounting to TDM 170,000.<br />
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