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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 2016 197.3 197.5 243.4 22.8 835.5 1,496.5
Dividends -248.2 -248.2
Treasury shares 5.0 5.0
Transfer to donations -0.3 -0.3
Profit for the year 147.9 147.9
Balance as at 31 December 2016 197.3 197.5 243.4 22.8 740.0 1,400.9
Dividends -198.9 -198.9
Treasury shares 7.9 7.9
Transfer to donations -0.3 -0.3
Profit for the year 495.1 495.1
Balance as at 31 December 2017 197.3 197.5 243.4 22.8 1,043.8 1,704.7
Restricted equity 2017 2016
Share capital 197.3 197.3
Share premium 197.5 197.5
Total 394.8 394.8
Non-restricted equity 2017 2016
Contingency fund 243.4 243.4
Reserve of invested non-restricted equity 22.8 22.8
Retained earnings 1,043.8 740.0
Total 1,310.0 1,006.2
Calculation of distributable profits 2017 2016
Other reserves 266.2 266.2
Retained earnings 548.7 592.1
Profit for the year 495.1 147.9
Total 1,310.0 1,006.2
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 Annual General Meeting held on 4 April 2016 approved the Board's proposal for its authorisation to decide on the acquisition of a maximum of 1,000,000 own B shares of the Company. The authorisation was valid until 30 September 2017. 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. Kesko's Annual General Meeting held on 4 April 2016 also authorised the Company's Board to make decisions concerning the transfer of a total maximum of 1,000,000 own B shares held by the Company as treasury shares. The authorisation is valid until 30 June 2020.
Treasury shares
Authorised by the General Meeting, the Board of Directors acquired a total of 1,200,000 of the Company’s own B shares in the financial years 2011 and 2014. The shares are held by the Company as treasury shares and the Company Board is entitled to transfer them. The acquisition cost of the shares held by the Company, €23.5 million, has been deducted from retained earnings in equity.
Shares
Own B shares held by the Company as at 31 Dec. 2016 746,109
Transferred, share-based compensation scheme -192,822
Returned during the financial year 9,850
Own B shares held by the Company as at 31 Dec. 2017 563,137