Boskalis_Annual Report_2017

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23. GROUP EQUITY SHARE CAPITAL AND DIVIDEND 23.1

The authorized share capital of EUR 4.8 million (2016: EUR 4.8 million) is divided into 240,000,000 (2016: 240,000,000) ordinary shares with a par value of EUR 0.01 (2016: EUR 0.01) each and 80,000,000 (2016: 80,000,000) cumulative protective preference shares with a par value of EUR 0.03 (2016: EUR 0.03) each.

Movements of the ordinary shares issued were as follows:

2017

2016

(in number of ordinary shares)

130,076,852

Issued and fully paid shares entitled to dividend at 1 January

125,627,062

3,275,042

Stock dividend

4,449,790

133,351,894 - 2,674,601 130,677,293

Issued and fully paid shares entitled to dividend at 31 December

130,076,852

Repurchased shares

-

Shares entitled to dividend at 31 December

130,076,852

The nominal value of shares was reduced in 2016. As a result, the issued and fully paid share capital decreased by EUR 104.0 million to EUR 1.3 million, with an opposite effect on the share premium reserve.

Stock dividend In 2017 a dividend of EUR 1.00 per share was distributed relating to the 2016 financial year, resulting in a total amount of EUR 130.1 million. Of all shareholders, 77% opted to receive the dividend in ordinary shares. As a result 3,275,042 ordinary shares were issued. Repurchase of shares On 3 July 2017 the Group initiated a share repurchase program. In total 2,674,601 shares were repurchased for an amount of EUR 81.2 million (including EUR 2.9 million dividend tax) in 2017. Shares per balance sheet date The issued capital as at 31 December 2017 consists of 133,351,894 ordinary shares (2016: 130,076,852 shares) with a par value of EUR 0.01 each (2016: EUR 0.01) and consequently amounts to EUR 1.3 million (2016: EUR 1.3 million). SHARE PREMIUM RESERVE 23.2 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. Following the reduction in the nominal value of each share (see note 23.1) in 2016, the share premium reserve increased by EUR 102.8 million in 2016. RETAINED EARNINGS 23.3 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. DIVIDEND 23.4 Royal Boskalis Westminster N.V. announced and distributed the following dividend to holders of ordinary shares:

2017

2016

130,077 130,077 100,544 29,533 130,077

Dividend prior year EUR 1.00 respectively EUR 1.60 per ordinary share

201,003 201,003 145,241 55,762 201,003

Total dividend announced and distributed

Stock dividend Cash dividend

TOTAL DISTRIBUTED DIVIDEND

In 2017 23% of the shareholders opted for a distribution of dividend in cash. An amount of EUR 29.5 million was distributed and the accompanying dividend tax was paid in July 2017.

ANNUAL REPORT 2017 – BOSKALIS A UAL REPORT 20 7 --