Boskalis_Annual_Report_2016

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23. GROUP EQUITY SHARE CAPITAL AND DIVIDEND 23.1

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. Movements of the ordinary shares issued were as follows:

2015

2016

(in number of ordinary shares)

Issued and fully paid shares entitled to dividend at 1 January

122,937,820

125,627,062

Stock dividend

2,689,242

4,449,790

Issued and fully paid shares entitled to dividend at 31 December

125,627,062

130,076,852

The authorized share capital of EUR 4.8 million (2015: EUR 240 million) is divided into 240,000,000 (2015: 150,000,000) ordinary shares with a par value of EUR 0.01 (2015: EUR 0.80) each and 80,000,000 (2015: 50,000,000) cumulative protective preference shares with a par value of EUR 0.03 (2015: EUR 2.40) each.

No own shares were owned by the Group as at 31 December 2016 as part of the issued share capital (2015: zero).

Stock dividend In 2016 a dividend of EUR 1.60 per share was distributed relating to the 2015 financial year, resulting in a total amount of EUR 201.0 million. Of all shareholders 72% opted to receive the dividend in ordinary shares. As a result 4,449,790 new ordinary shares were issued. Shares per balance sheet date The issued capital as at 31 December 2016 consists of 130,076,852 ordinary shares with a par value of EUR 0.01 each (2015: EUR 0.80) and consequently amounts to EUR 1.3 million (2015: EUR 100.5 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), the share premium reserve increased by EUR 102.8 million. 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:

2015

2016

Dividend prior year EUR 1.60 respectively EUR 1.60 per ordinary share

195,694 195,694 148,132 47,562 195,694

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

Total dividend announced and distributed

Stock dividend Cash dividend

TOTAL DISTRIBUTED DIVIDEND

In 2016 28% of the shareholders opted for a distribution of dividend in cash. An amount of EUR 55.8 million was distributed and the accompanying dividend tax was paid in July 2016.

ANNUAL REPORT 2016 – BOSKALIS