5.3.23Equity Attributable to Shareholders

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

Issued Share 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 Protective Preference Shares can be issued as a protective measure as described in the Corporate Governance (section 3.5 of the Annual Report).

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

number of shares

2016

2015

Outstanding at 1 January

211,694,950

209,695,094

Share-based payment remuneration

1,776,355

1,999,856

Outstanding 31 December

213,471,305

211,694,950

Treasury shares

The Company completed its share repurchase program under the authorization granted by the Annual General Meeting of Shareholders of the Company held on April 6, 2016. In the period between August 11, 2016 and December 20, 2016 a total number of 11,442,179 shares totaling EUR 150,000,000 were repurchased. These treasury shares are still reported in the outstanding ordinary shares as at December 31, 2016. The repurchased shares are held as Treasury shares predominantly for share capital reduction purposes and, to a lesser extent, for employee share programs.

Within the equity, an amount of US$ 708 million (2015: US$ 553 million) should be treated as legal reserve (please refer to 5.4 Company Financial Statements).

Of the ordinary shares 553,733 shares were held by members of Management Board, in office as at December 31, 2016 (December 31, 2015: 268,140) 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 2016

Total shares at 31 December 2015

Bruno Chabas

284,967

96,112

381,079

188,423

Peter van Rossum 1

137,612

35,042

172,654

79,717

Douglas Wood

-

-

-

-

Philippe Barril

-

-

-

-

Erik Lagendijk

-

-

-

-

Total

422,579

131,154

553,733

268,140

  • 1 Mr. Peter van Rossum is no longer a member of the Management Board since 30 November 2016.

Of the Supervisory Board members, only Mr. Hepkema holds shares in the Company (211,613 shares as at December 31, 2016), resulting from his previous employment as member of Management Board.

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 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

IFRS 2 share based payments

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

Foreign currency variations

Foreign currency variations

-

-

(12)

-

(12)

Balance at 31 December 2015

(263)

(5)

(26)

37

(255)

Cash flow hedges

Change in fair value

(24)

-

-

-

(24)

Transfer to financial income and expenses

11

-

-

-

11

Transfer to construction contracts and property, plant and equipment

21

-

-

-

21

Transfer to operating profit and loss

42

-

-

-

42

IFRS 2 share based payments

IFRS 2 vesting costs for the year

-

-

-

15

15

IFRS 2 vested share based payments

-

-

-

(29)

(29)

Actuarial gain/(loss) on defined benefit provision

Change in defined benefit provision due to changes in actuarial assumptions

-

3

-

-

3

Foreign currency variations

Foreign currency variations

-

-

(19)

-

(19)

Balance at 31 December 2016

(212)

(1)

(45)

23

(235)

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.