16. Shareholders' equity

EUR 1,000 2019 2018

Share capital 1 Jan 1,346 1,346
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 2,090
Covering of loss 2,909 2,090
Invested unrestricted equity reserve 31 Dec 4,999 2,090

Retained earnings 1 Jan -11,981 -5,260
Change in accounting principles
Retained earnings 31 Dec -11,981 -5,141

Result for the period 6,017 -6,839

Unrestricted equity total -965 -9,891

Total shareholders' equity 1,228 -7,698

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 2019 the company's shareholders' equity was EUR 1,228 million (EUR 7,698 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 2019 nor at the end of 2018. After the reporting date the Board of Directors has proposed that no dividend be paid for the financial year ended 31 December 2019, and that the company’s profit for the financial year, EUR 6,017 thousand, be placed in retained earnings.