6.3.23Equity Attributable to Shareholders

For a consolidated overview of changes in equity reference is made to the consolidated statement of changes in equity.

Issued Capital

The authorized share capital of the Company is two hundred million euro (€ 200,000,000). This share capital is divided into four hundred million (400,000,000) Ordinary Shares with a nominal value of twenty-five eurocent (€ 0.25) each and four hundred million (400,000,000) Protective Preference Shares, with a nominal value of twenty-five eurocent (€ 0.25) each. The Preference Shares can be issued as a protective measure as described in the Corporate Governance (section 4.5 Corporate Governance of the Annual Report).

During the financial year the movements in the outstanding number of ordinary shares are as follows:

number of shares

2015

2014

Outstanding at 1 January

209,695,094

208,747,188

Share-based payment remuneration

1,999,856

947,906

Outstanding 31 December

211,694,950

209,695,094

Of the ordinary shares 268,140 shares were held by Managing Directors, in office as at 31 December 2015 (31 December 2014: 84,113) as detailed below :

Ordinary shares held in the Company by Management Board

Shares subject to conditional holding requirement

Other shares

Total shares at 31 December 2015

Total shares at 31 December 2014

Bruno Chabas

107,142

81,281

188,423

46,984

Peter van Rossum

48,681

31,036

79,717

15,902

Philippe Barril

-

-

-

NA

Erik Lagendijk

-

-

-

NA

Sietze Hepkema 1

NA

NA

NA

21,227

Total

155,823

112,317

268,140

84,113

  • 1 Mr. Sietze Hepkema is no longer a member of the Management Board since 15 April 2015.

Of the Supervisory Board members, only Mr. Hepkema holds shares in the company (105,076 shares as at 31 December 2015), resulting from his previous employment as Managing Director.

Other Reserves

The other reserves comprise the hedging reserve, actuarial gains/losses and the foreign currency translation reserve. The movement and breakdown of the other reserves can be stated as follows (all amounts are expressed net of deferred taxes):

Hedging reserve

Actuarial gain/(loss) on defined benefit provisions

Foreign currency translation reserve

IFRS 2 Reserves

Total other reserves

Balance at 31 December 2013

(62)

0

(10)

(72)

Cash flow hedges

Change in fair value

(237)

-

-

-

(237)

Transfer to financial income and expenses

16

-

-

-

16

Transfer to construction contracts and property, plant and equipment

13

-

-

-

13

Net investment hedge

2

-

-

-

2

Actuarial gain/(loss) on defined benefit provision

Change in defined benefit provision due to changes in actuarial assumptions

-

(5)

-

-

(5)

Currency translation differences

Currency translation differences

-

-

(4)

(4)

Balance at 31 December 2014

(268)

(5)

(14)

-

(287)

Cash flow hedges

Change in fair value

(205)

-

-

-

(205)

Transfer to financial income and expenses

16

-

-

-

16

Transfer to construction contracts and property, plant and equipment

112

-

-

-

112

Transfer to operating profit and loss

83

-

-

-

83

Identification of IFRS 2 reserve as at 1 January 2015

-

-

-

28

28

IFRS 2 vesting costs for the year

-

-

-

20

20

IFRS 2 vested share based payments

-

-

-

(10)

(10)

Actuarial gain/(loss) on defined benefit provision

Change in defined benefit provision due to changes in actuarial assumptions

-

0

-

-

0

Currency translation differences

Currency translation differences

-

-

(12)

-

(12)

Balance at 31 December 2015

(263)

(5)

(26)

37

(255)

The hedging reserve consists of the effective portion of cash flow hedging instruments related to hedged transactions that have not yet occurred, net of deferred taxes.

Actuarial gain/(loss) on defined benefits provisions includes the impact of the remeasurement of defined benefit provisions.

The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.