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Year <strong>2007</strong><br />
Note 26<br />
Changes in share capital<br />
Divisions The Group<br />
Financial<br />
statements Further information 109<br />
Number of shares<br />
Share capital A B Total<br />
Share<br />
capital<br />
€ million<br />
Share<br />
premium<br />
€ million<br />
Total<br />
€ million<br />
At 1 January 2006 31,737,007 64,746,919 96,483,926 193.0 188.7 381.7<br />
Exercise of stock options - 1,035,999 1,035,999 2.0 7.2 9.2<br />
At 31 December 2006 31,737,007 65,782,918 97,519,925 195.0 195.9 390.9<br />
Exercise of stock options - 247,840 247,840 0.5 4.4 4.9<br />
At 31 December <strong>2007</strong> 31,737,007 66,030,758 97,767,765 195.5 200.3 395.8<br />
Number of votes 317,370,007 66,030,758 383,400,765<br />
In <strong>2007</strong>, the share capital was increased six times as a result of stock subscriptions pursuant to stock options: by €46,376 in February, by €86, 800 in<br />
April, by €298,572 in May, by €9,000 in July, by €39,032 in September and by €15,900 in December. The corresponding numbers of shares subscribed<br />
for were 23,188; 43,400; 149,286; 4,500; 19,516 and 7,950. The increases were entered in the Trade Register respectively on 12 February, 26 April, 29<br />
May, 24 July, 26 September and 19 December <strong>2007</strong>.<br />
All issued shares have been fully paid. The maximum number of A shares is 250,000,000 and the maximum number of B shares is also 250,000,000,<br />
provided that the total number of shares is at maximum 400,000,000. One A share entitles the holder to 10 votes and one B share to 1 vote.<br />
The book counter value of the shares is €2.<br />
An analysis of share-based payments is given in Note 37.<br />
Dividends<br />
After the balance sheet date, the Board has proposed that €1.60 per share be distributed as dividends.<br />
Note 27<br />
Equity and reserves<br />
Restricted and non-restricted equity<br />
Restricted equity is made up of share capital and share premium, and non-restricted equity is made up of other reserves, revaluation surplus and<br />
retained earnings. Non-restricted equity also includes the accumulated depreciation difference and untaxed reserves recognised in equity.<br />
Share premium<br />
The amount exceeding the par value of shares received by the enterprise in connection with share subscription, gains on sale of treasury shares, and in<br />
some cases unraised amounts from sale of unsubscribed shares are recognised in the share premium account. The share premium includes the premium<br />
received on exercise of share options.<br />
Other reserves<br />
The other reserves have mainly been created and accumulated as a result of decisions by the Annual General Meeting.<br />
Revaluation surplus<br />
The revaluation surplus includes the effective portion of fair value based on hedge accounting applied to electricity derivatives and to interest rate<br />
derivatives hedging a private placement bond. The revaluation surplus will dissolve by the <strong>year</strong> 2019.<br />
Currency translation differences<br />
Currency translation differences arise from the consolidation of the results of foreign operations. Also gains and losses arising from net investment<br />
hedges in foreign entities are included in currency translation differences provided that hedge accounting requirements are fulfilled.
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