Annual report 2019

109

22. CASH AND CASH EQUIVALENTS

2018

2019

Bank balances and cash Short-term bank deposits Cash and cash equivalents

311,740 24,467 336,207

375,900 23,674 399,574

Bank overdrafts

- 28,330 307,877

- 29,775 369,799

Net cash and cash equivalents in the consolidated statement of cash flows

Cash and cash equivalents include EUR 93.4 million (2018: EUR 81.7 million) held by project-driven construction consortiums (joint operations). The Group held EUR 1.5 million (2018: EUR 6.4 million), of which no amount (2018: no amount) in joint operations outside the Netherlands subject to local regulations limiting the transfer of these funds. The other cash and cash equivalents are at the free disposal of the Group.

23. GROUP EQUITY

SHARE CAPITAL AND DIVIDEND The authorized share capital of EUR 4.8 million (2018: EUR 4.8 million) is divided into 240,000,000 (2018: 240,000,000) ordinary shares with a par value of EUR 0.01 (2018: EUR 0.01) each and 80,000,000 (2018: 80,000,000) cumulative protective preference shares with a par value of EUR 0.03 (2018: EUR 0.03) each.

Movements of the ordinary shares issued were as follows:

2018

2019

(in number of ordinary shares)

Issued and fully paid shares entitled to dividend as at 1 January

130,677,293

134,067,826 - 2,341,189

Repurchased shares

- 600,441 3,990,974

Stock dividend

-

Issued and fully paid shares entitled to dividend as at 31 December

134,067,826

131,726,637

Treasury stock

1,310,512

3,651,701

Issued and fully paid shares as at 31 December

135,378,338

135,378,338

Stock dividend In 2019 no stock dividend was distributed relating to the 2018 financial year.

Repurchase of shares On 15 March 2019 the Group announced a share buyback program of EUR 100 million, to reduce the capital outstanding. A total of 2,341,189 shares representing an amount of EUR 46.8 million (including EUR 0.1 million dividend tax) were repurchased in 2019 as part of this program (the previous share buyback program in 2018: 600,441 shares and EUR 16.65 million, including EUR 1.3 million dividend tax). Shares per balance sheet date The issued capital as at 31 2019 consists of 135,378,338 ordinary shares (2018: 135,378,338 shares) with a par value of EUR 0.01 each (2018: EUR 0.01) and consequently amounts to EUR 1.4 million (2018: EUR 1.4 million). SHARE PREMIUM RESERVE The share premium reserve consists of additional paid-in capital exceeding the par value of the outstanding shares. The share premium is distributable free of tax. RETAINED EARNINGS Retained earnings consist of additions and distributions based on profit appropriations, effects of changes in accounting principles, losses and movements in the legal reserve. The balance is at the disposal of shareholders. Retained earnings also comprises the unappropriated profit or loss for the current year. A proposal for profit or loss appropriation is disclosed in note 6 of the Company financial statements and is included in Other information.

ANNUAL REPORT 2019 – BOSKALIS A O T 0 9 -- BOSKALIS