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Note 18 Shareholders' equity
Accounting principles
Dividend and capital repayments
Any dividend or capital repayment proposed by the Board is not deducted from distributable shareholders’ equity until approved by the shareholders at the Annual General Meeting.
At 31 December 2016 shareholders’ equity amounted to EUR 5 806 (EUR 5 388) million, compared with market capitalisation on Nasdaq Helsinki of EUR 8 085 (EUR 6 618) million. The market values of the shares were EUR 10.40 (EUR 8.40) for A shares and EUR 10.21 (EUR 8.39) for R shares.

The A shares entitle the holder to one vote per share, whereas R shares entitle the holder to one vote per ten shares with a minimum of one vote, though the accountable par of both shares is the same. A shares may be converted into R shares at any time at the request of a shareholder. At 31 December 2016 the company’s fully paid-up share capital as entered in the Finnish Trade Register was EUR 1 342 million (EUR 1 342 million). The current accountable par of each issued share is EUR 1.70 (EUR 1.70).

At the end of 2016, Directors and Group Leadership Team members owned 150 (zero) A shares and 435 390 (391 870) R shares representing 0.02% of the total voting rights of the company. Full details of Director and Executive interests are shown in Note 7 Board and executive remuneration. A full description of company share award programmes is shown in Note 21 Employee variable compensation and equity incentive schemes. However, none of these have any impact on the issued share capital.
Change in share capital and number of shares
A shares R shares Total
At 1 January 2015 177 056 204 611 563 783 788 619 987
Conversion of A shares to R shares 15 Jan -25 300 25 300 -
Conversion of A shares to R shares 16 Feb -25 000 25 000 -
Conversion of A shares to R shares 15 May -1 090 1 090 -
Conversion of A shares to R shares 15 Jun -400 000 400 000 -
Conversion of A shares to R shares 15 Jul -7 000 7 000 -
Conversion of A shares to R shares 15 Sep -390 390 -
Conversion of A shares to R shares 16 Nov -25 000 25 000 -
Conversion of A shares to R shares 15 Dec -40 334 40 334 -
At 31 December 2015 176 532 090 612 087 897 788 619 987
Conversion of A shares to R shares 15 Jan -25 000 25 000 -
At 31 December 2016 176 507 090 612 112 897 788 619 987
Number of votes as at 31 December 2016 176 507 090 61 211 2901 237 718 380
Share Capital at 31 December 2016, EUR million 300 1 042 1 342
Share Capital at 31 December 2015, EUR million 300 1 042 1 342
1 R share votes are calculated by dividing the number of R shares by 10.
The shares in issue at 13 April 2017 will represent the total shares eligible to vote at the forthcoming Annual General Meeting.

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