16. Shareholders' equity

EUR 1,000 2016 2015

Share capital 1 Jan 1,346 4,720
Reduction of share capital
Share capital 31 Dec 1,346 1,346

Share premium fund 1 Jan 847 847
Share premium fund 31 Dec 847 847

Restricted equity total 2,193 2,193

Invested unrestricted equity reserve 1 Jan
Covering of loss
Invested unrestricted equity reserve 31 Dec

Retained earnings 1 Jan -5,213 -5,505
Covering of loss
Retained earnings 31 Dec -5,213

Result for the period 1,816 -5,213

Unrestricted equity total -3,397 -5,213

Total shareholders' equity -1,204 -3,020

In August 2015 the company’s Board of Directors recognised the loss of shareholders’ equity and delivered a statement concerning the matter to the Trade Register. At the end of 2016 the company's shareholders' equity was EUR 1,204 million negative (EUR 3,020 million negative).

In its decision on 9 March 2015, the district court of Espoo ordered the corporate restructuring proceedings as prescribed in law to be started for Tecnotree Corporation. The District Court of Espoo confirmed by the decision on 15 November 2016 the amended restructuring programme as the payment programme of the company. Along with the decision, the restructuring proceedings of Tecnotree Oyj came to an end.

The company had no distributable equity at the end of 2016 nor at the end of 2015. After the reporting date the Board of Directors has proposed that no dividend be paid for the financial year ended 31 December 2016, and that the company’s profit for the financial year, EUR 1,816 thousand, be remained in retained earnings. In 2016 no dividend was paid for the financial year that ended on 31 december 2015. Instead, based on the decision of the Annual General Meeting, the company's accumulated loss of EUR 5,213 thousand was remained in retained earnings.