NOTE 27
| Share capital € million |
Share premium € million |
Total € million |
||||
| Number of shares | ||||||
| Share capital | A | B | Total | |||
| 1 Jan. 2008 | 195.5 | 190.4 | 385.9 | |||
| Exercise of share options | - | 57,089 | 57,089 | 0.1 | 0.2 | 0.3 |
| 31 Dec. 2008 | 31,737,007 | 66,087,847 | 97,824,854 | 195.6 | 190.6 | 386.2 |
| Exercise of share options | - | 496,675 | 496,675 | 1.0 | 3.7 | 4.7 |
| 31 Dec. 2009 | 31,737,007 | 66,584,522 | 98,321,529 | 196.6 | 194.2 | 390.8 |
| Number of votes | 317,370,070 | 66,584,522 | 383,954,592 | |||
During the reporting period, the share capital was increased four times resulting from the exercise of the 2003 scheme options. The increases were made on 11 February 2009 (€52,392), 5 May 2009 (€51,250), 5 June 2009 (€673,146), and 17 December 2009 (€216,562), and announced in stock exchange notifications on the same days. The subscribed shares were included on the main list of OMX Helsinki Exchanges for public trading with the old B shares on 12 February 2009, 6 May 2009, 6 June 2009, and 18 December 2009.
All issued shares have been fully paid. The maximum number of A shares is 250 million and the maximum number of B shares is also 250 million, provided that the total number of shares is at maximum 400 million. One A share entitles the holder to 10 votes and one B share to 1 vote.
An analysis of share-based payments is given in note 35.
After the balance sheet date, the Board has proposed that €0.90 per share be distributed as dividends. A dividend of €1.00 per share was distributed on the profit for 2008.
Equity consists of share capital, share premium, other reserves, revaluation reserve, exchange differences and retained earnings. In addition, the portion of accumulated depreciation difference and optional provisions net of deferred tax liabilities are included in equity.
The amount exceeding the par value of shares received by the enterprise in connection with share subscriptions is recorded in share premium in cases where share options were granted under the old Limited Liability Companies Act (29 Sept. 1978/734). Previously the share premium also included the entry matching the effect of share options, but the amount has been presented retrospectively in retained earnings (€9.9 million transferred from share premium to retained earnings on 1 Jan. 2008).
The reserve of invested non-restricted equity includes other equity-related investments and share subscription prices to the extent that they are not expressly designated to be included in share capital. The payments received from the exercise of options of schemes under the new Limited Liability Companies Act (21 Jul. 2006/624, effective 1 Sept. 2006) are recorded in full in the reserve of invested non-restricted equity.
The other reserves have mainly been created and accumulated under the resolutions of the Annual General Meeting.
The currency translation differences arise from the translation of foreign operations' financial statements. Also the gains and losses arising from net investment hedges in foreign entities are included in currency translation differences, provided that hedge accounting requirements are fulfilled. The change in the reserve is stated within comprehensive income. Previously, the currency translation differences of retained earnings were included in retained earnings, but the amount has been retrospectively presented within currency translation differences (transfer of €0.7 million from retained earnings to currency translation differences on 1 Jan. 2008).
The revaluation surplus includes the fair value change of available-for-sale financial instruments and the effective portion of fair value change based on hedge accounting applied to derivatives. The cash flow hedges include electricity derivatives and interest rate derivatives hedging the private placement bond interest. The changes in the reserve are stated within comprehensive income.
Hedge accounting is applied to hedging exposure to electricity price risk. As a result, the amount of €-5.0 million (€5.4 million) has been removed from equity and included in the income statement as a purchase cost adjustment, and €0.3 million (€-12.5 million) have been recognised in equity. Their combined effect on the revaluation surplus for the financial year was €5.3 million (€-17.9
million) before accounting for deferred tas assets.
A fair value change of €-9.1 million (€5.1 million) has been recognised in equity for the USD-denominated private placement arrangement and €-0.1 million (€-0.1 million) in the financial items of the income statement.