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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 2017 shareholders’ equity amounted to EUR 6 008 (EUR 5 806) million, compared to the market capitalisation on Nasdaq Helsinki of EUR 10 422 (EUR 8 085) million. The market values of the shares were EUR 13.20 (EUR 10.40) for A shares and EUR 13.22 (EUR 10.21) 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 2017 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 2017, Directors and Group Leadership Team members owned 1 150 (150) A shares and 458 526 (435 390) 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 2016 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
Conversion of A shares to R shares 15 Feb -20 20 -
Conversion of A shares to R shares 15 May -750 750 -
Conversion of A shares to R shares 15 Aug -40 000 40 000 -
Conversion of A shares to R shares 14 Sep -20 000 20 000 -
Conversion of A shares to R shares 16 Oct -34 000 34 000 -
Conversion of A shares to R shares 14 Dec -20 000 20 000 -
At 31 December 2017 176 392 320 612 227 667 788 619 987
Number of votes as at 31 December 2017 176 392 320 61 222 7671 237 615 087
Share Capital at 31 December 2017, EUR million 300 1 042 1 342
Share Capital at 31 December 2016, EUR million 300 1 042 1 342
1 R share votes are calculated by dividing the number of R shares by 10.
The issued shares by 16 March 2018 will represent the total shares eligible to vote at the forthcoming Annual General Meeting.

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