37.4 Retained earnings and restrictions on dividends

The amounts of retained earnings arising from the settlement of mergers with subsidiaries as well as actuarial gains and losses on post-employment benefit provisions recognised through other comprehensive income are not distributed.

As at 31 December 2020 and as at the date these consolidated financial statements were authorised for issue, there are no other restrictions on the payment of dividends.

The Management Board of the Company recommends to offset the Company’s net loss for 2020 of PLN 3,589,655 thousand with reserve capital of Company.