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4. ISSUED CAPITAL AND OPTIONAL DIVIDEND
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.
In 2016 a dividend of EUR 1.60 per share was distributed to the 2015 financial year for a total amount of
EUR 201.0 million. Of all shareholders 72% opted for a dividend in ordinary shares. As a result
4,449,790 new ordinary shares were issued.
(in number of ordinary shares)
2016
2015
Issued and fully paid shares entitled to dividend at 1 January
125,627,062
122,937,820
Stock dividend
4,449,790
2,689,242
Issued and fully paid shares entitled to dividend at 31 December
130,076,852
125,627,062
The issued capital as at 31 December 2016 consisted of 130,076,852 ordinary shares with a par value of
EUR 0.01 each (2015: EUR 0.80) for a total amount of EUR 1.3 million (2015: EUR 100.5 million). No
shares were owned by Royal Boskalis Westminster N.V. as at 31 December 2016 and as at 31 December
2015. The Stichting Continuïteit KBW received an option right to acquire cumulative protective preference
shares in Royal Boskalis Westminster N.V. This option has not been exercised yet. Share premium
comprises additional paid-in capital exceeding the par value of outstanding shares. Share premium is
distributable free of tax.
5. OTHER RESERVES
With regard to the difference between the cost price and equity value of joint ventures and associated
companies recognized in accordance with the equity method, a legally required reserve is recognized due
to a lack of control over the distribution of profits, only to the extent that these differences are not included
in the accumulated currency translation differences on foreign operations. The legal reserve for non-
distributed profits of group and/or joint ventures and associated companies amounted to
EUR 214.3 million at the end of 2016 (2015: EUR 320.9 million). The legal reserve for associated
companies is determined on an individual basis.
The other reserves recognized in the company balance sheet are disclosed in the notes to the consolidated
financial statements
(note 23.6).
6. PROFIT OR LOSS FOR THE YEAR
The amount of the loss EUR 563.7 million will be deducted from the retained earnings. The proposal to the
Annual General Meeting will be to distribute a dividend from the retained earnings, amounting to
EUR 130.1 million, for a dividend payment to the shareholders of EUR 1.00 per ordinary share.
The proposed dividend will be made payable in ordinary shares that will be charged to the tax-exempt
share premium reserve or charged to the retained earnings, with the exception of shareholder requests for
payment in cash.
7. FINANCIAL INSTRUMENTS
General
Pursuant to its use of financial instruments, the Group is exposed to credit risk, liquidity risk and market risk.
The notes to the consolidated financial statements provide information on the Group’s exposure to each of
these risks, its objectives, principles and procedures for managing and measuring these risks, as well as
group capital management. These risks, objectives, principles and procedures for managing and measuring
these risks as well as capital management apply mutatis mutandis to the company financial statements of
Royal Boskalis Westminster N.V.
Fair value
The fair value of the majority of the financial instruments presented in the balance sheet, including
receivables, securities, cash and cash equivalents and current liabilities are close to their carrying value.
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ANNUAL REPORT 2016 – BOSKALIS