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Note 16. Shareholders' equity
€ million Share
capital
Share
premium
Contingency fund Reserve of
invested
non-
restricted
equity
Retained earnings Total
equity
Balance as at 1 January 2014 197.3 197.5 243.4 20.6 954.8 1,613.6
Increase 2.1 2.1
Dividends -138.5 -138.5
Treasury shares -14.4 -14.4
Transfer to donations -0.2 -0.2
Profit for the year 16.3 16.3
Balance as at 31 December 2014 197.3 197.5 243.4 22.8 818.0 1,478.9
Dividends -148.7 -148.7
Treasury shares 4.7 4.7
Transfer to donations -0.3 -0.3
Profit for the year 161.8 161.8
Balance as at 31 December 2015 197.3 197.5 243.4 22.8 835.6 1,496.5
Calculation of distributable profits 2015 2014
Other reserves 266.2 266.2
Retained earnings 673.7 801.7
Profit for the year 161.8 16.3
Total 1,101.7 1,084.2
Breakdown of parent company shares Pcs
A shares 31,737,007
B shares 68,282,745
Total 100,019,752
Votes attached to shares Number
of votes
A share 10
B share 1
Board's authorisations to acquire and issue own shares
The Board has the authority, granted by the Annual General Meeting of 13 April 2015 and valid until 30 June 2018, to issue a total maximum of 20,000,000 new B shares. In addition, the Board has the authority, granted by the Annual General Meeting of 8 April 2013, to decide on the transfer of a maximum of 1,000,000 own B shares held by the Company as treasury shares. The authorisation is valid until 30 June 2017.
Treasury shares
Authorised by the General Meeting, the Board of Directors acquired a total of 700,000 own B shares (purchase price €23.7 million) in the financial year 2011 and a total of 500,000 own B shares (purchase price €16.1 million) in the financial year 2014. The total prices paid for the shares have been deducted from retained earnings in equity. The shares are held by the Company as treasury shares and the Company Board is entitled to transfer them. Based on the authorisations to issue own shares and the fulfilment of the vesting criteria of the 2013 vesting period of Kesko's share-based compensation plans, the Board granted a total of 50,520 own shares held by the Company as treasury shares, and based on the fulfilment of the 2014 vesting period, a total of 120,022 own shares held by the Company as treasury shares to the persons included in the target groups of the vesting periods. In addition, Mikko Helander, the Company President and CEO as from 1 January 2015, was granted 8,791 shares held by the Company as treasury shares in December 2014. The transfers of treasury shares were announced in a stock exchange release on 24 March 2014, 25 March 2014, 17 December 2014, 1 April 2015 and 7 April 2015. During the financial year, a total of 2,284 shares already granted were returned to the Company in accordance with the terms and conditions of the share-based compensation plan. At the end of the financial year, the Company held 877,577 own B shares (995,315 B shares) as treasury shares. The €28.9 million (€31.5 million) acquisition cost of these shares has been deducted from retained earnings in equity.