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Further information Shares and shareholders
On 4 February 2009, Kesko's Board of Directors decided to revise Kesko's dividend policy published on 6 April 2005. In addition to the financial position and the operating strategy, the new policy takes account of the nature of non-recurring items. According to Kesko Corporation's revised dividend policy, Kesko Corporation distributes at least 50% of its earnings per share excluding non-recurring items as dividends, taking however the company's financial position and operating strategy into account (stock exchange release 5 February 2009).
The financial objectives are presented on Strategic objectives page.
Kesko Corporation's Board of Directors proposes to the Annual General Meeting that €88,547,166.90 or €0.90 per share, be distributed as dividends from the net profit for the year 2009, representing 70.5% of earnings per share and 126,8% of earnings per share excluding non-recurring items. During the past five years 83.4% of earnings per share excluding non-recurring items, on the average, has been distributed as dividends.
A share
B share
Trading unit of both share series: 1 share
Total share capital: €196,643,058
Total number of shares: 98,321,529
Voting rights carried by all shares: 383,954,592
Market capitalisation: €2,286 million
Kesko Corporation's share capital is divided into A share series and B share series. The company's share capital was €196,643,058.
The minimum number of A shares is one (1) and the maximum number two hundred and fifty million (250,000,000) and the minimum number of B shares is one (1) and the maximum number two hundred and fifty million (250,000,000), provided that the total number of shares is at minimum two (2) and at maximum four hundred million (400,000,000). The total number of shares is 98,321,529, of which 31,737,007 (32.3%) are A shares and 66,584,522 (67.7%) are B shares.
Each A share entitles the holder to 10 votes and each B share to 1 vote. Both shares give the same dividend rights. The number of votes entitled by A shares is 83% and the number of votes entitled by B shares 17% of the total voting rights.
The shares are included in the book-entry securities system held by Euroclear Finland Ltd.
The right to receive distributions from the company and the right to subscribe for shares when the share capital is increased belongs only to those:
Kesko's Annual General Meeting held on 30 March 2009 authorised the company's Board of Directors to decide about the issuance of new B shares. The new shares can be issued against payment either in a directed issue to the company's existing shareholders in proportion to their existing shareholdings regardless of whether they consist of A or B shares; or in a directed issue deviating from the shareholders' pre-emptive rights in order for the issued shares to be used as consideration in possible company acquisitions, other company business arrangements, or to finance investments. The company must have a weighty financial reason for deviating from the shareholders' pre-emptive rights. The authorisation is for the issuance of up to 20,000,000 new shares. The subscription price is recognised in the reserve of invested non-restricted equity.
The Board of Directors was also given the authority to decide about the subscription price of the shares, to issue shares against non-cash consideration, and to make decisions concerning any other matters relating to share issues. The share issue authorisation will be valid until 30 March 2012. The authorisation has not been used.
In addition, the company operates the 2003 and 2007 option plans. The exercise periods of the 2003 plan options have expired except for the 2003F options, whose exercise period will expire on 30 April 2010.
The Board of Directors has no other valid authorisations to issue shares, to increase share capital, or to acquire or assign the company's shares.
Kesko Corporation or its subsidiaries held no Kesko Corporation shares.
According to the register of Kesko's shareholders kept by the Euroclear Finland Ltd, there were 38,888 shareholders at the end of 2009 (38,080 at the end of 2008). The total number of shares registered in a nominee name was 19,352,409, accounting for 19.68% of the shares (18,909,587 and 19.33% respectively at the end of 2008). The number of votes entitled by these shares was 19,875,903 or 5.18% of the total voting rights (19,535,132 or 5.09% respectively at the end of 2008). A list of Kesko's largest shareholders, updated monthly, is available at www.kesko.fi/investors.
On 31 March 2003, the Annual General Meeting resolved to gratuitously issue a total of 1,800,000 stock options to the management of the Kesko Group as well as to a wholly-owned subsidiary of Kesko Corporation. A deviation was made from the shareholders' pre-emptive right to subscription since the stock options form a part of the incentive and commitment programme for the management. The scheme comprises approximately 60 persons.
Each stock option entitles its owner to subscribe for one Kesko Corporation B share. The stock options have been marked with shortnames 2003D (KESBVEW103, ISIN code FI0009609317), 2003E (KESBVEW203, ISIN code FI0009609325), and 2003F
(KESBVEW303, ISIN code FI0009609333), in units of 600,000 stock options each.
The share subscription periods are:
The original share subscription price for stock option 2003D was the trade volume weighted average price of a Kesko Corporation B share on the Helsinki Stock Exchange between 1 to 30 April 2003 (€9.63), for stock option 2003E, the corresponding price between 1 to 30 April 2004 (€15.19) and for stock option 2003F, the corresponding price between 1 to 30 April 2005 (€19.08). From the prices of shares subscribed for with stock options shall be deducted the amount of the dividend per share distributed after the above period for the determination of the subscription price has ended but before the date of subscription for shares.
At the end of 2009, the subscription price of a B share subscribed for with stock option 2003F was €13.88. The subscription period for stock option 2003D ended on 30 April 2008, and for 2003E on 30 April 2009. Dividend rights and other shareholder rights of the share subscribed for with options take effect when the share capital increase has been entered in the Trade Register.
The Annual General Meeting of 26 March 2007 decided to grant a total of 3,000,000 stock options for no consideration to the Kesko Group management and other key Kesko personnel, and to a subsidiary wholly owned by Kesko Corporation. The company had a weighty financial reason for granting stock options because they are intended to be part of Kesko's share-based incentive system.
Each stock option entitles its holder to subscribe for one new Kesko Corporation B share. The stock options shall be marked with symbols 2007A, 2007B and 2007C in units of 1,000,000 options each.
The exercise periods of the options shall be:
The original subscription price for stock option 2007A was the trade volume weighted average quotation of a Kesko Corporation B share on the Helsinki Stock Exchange between 1 April and 30 April 2007 (€45.82), for stock option 2007B between 1 April and 30 April 2008 (€26.57), and for stock option 2007C between 1 April and 30 April 2009 (€16.84). The subscription prices of shares subscribed for with stock options shall be reduced by the amount decided after the beginning of the period for the determination of the subscription price but before the subscription as at the record date for each dividend distribution or other distribution of funds.
If shares were subscribed for with all exercisable options, the shares subscribed for with all the 2003 and 2007 plan options would account for 4.67% of shares and 1.23% of all votes. The subscriptions made with stock options could raise the number of the company's shares to 101,688,793. As a result of the subscriptions, the voting rights carried by all shares could increase to 387,321,856 votes.
In 2009, the share capital was increased four times corresponding to share subscriptions with the stock options of the 2003 option scheme. The increases were made on 11 February 2009 (€52,392), 5 May 2009 (€51,250), 5 June 2009 (€673,146) and 17 December 2009 (€216,562). In 2009, the share capital was increased by a total of €993,350 (496,675 shares).
By the end of 2009, 574,088 B shares had been subscribed for with the 2003D options (subscription period has ended), 576,000 with the 2003E options (subscription period has ended), and 232,736 with the 2003F options, or 1,382,824 B shares in aggregate. The subscribed shares have been included in the main list of the NASDAQ OMX Helsinki stock exchange for public trading.
The company has not issued other stock options, convertible bonds, bonds with warrants or other special rights to company shares.
At the end of 2009, the members of Kesko Corporation's Board of Directors, the President and CEO and the corporations under their control held 224,720 Kesko Corporation A shares (202,910 at the end of 2008) and 100,820 Kesko Corporation B shares (210,370), i.e. a total of 325,540 shares (413,280), which represented 0.33% (0.42%) of the company's total share capital and 0.61% (0.58%) of its voting rights.
At the end of 2009, the company's President and CEO held a total of 150,000 Kesko Corporation options (100,000 at the end of 2008), which represented 0.15% (0.10%) of the company's total share capital and 0.04% (0.03%) of voting rights, presuming that shares have been subscribed for with all of these options. No Board members held stock options at the end of 2009 (nor at the end of 2008).
Detailed information on shares and options held by the management at the beginning and at the end of 2009 is given on Board of Directors page.
Kesko Corporation's shares are listed on the NASDAQ OMX Helsinki Ltd Helsinki stock exchange. Key information about share trading in 2009 is given in the tables and graphs on this double page spread. The price trends of both shares followed the general share price trend. The prices of liquid B shares rose by 30 percent and those of less liquid A shares by 7 percent, while the NASDAQ OMX Helsinki All Share Index was up 19 percent. The trading in B shares dropped by over one third, and the value traded almost halved. The number of A shares traded also decreased by about 30% compared with the previous year, and the value traded represented only about one half of last year's level. At the end of the year, the market capitalisation of A shares was €749 million and that of B shares €1,537 million. The total market capitalisation of the company was €2,286 million, an increase of €411 million, or 22% during the year.
Kesko Corporation did not receive any flagging notification during 2009.
The company has not been informed of any agreements relating to its share ownership or the exercise of its voting rights.
The latest changes is share capital |
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| Year | Subscription period | Subscription ratio and price per option type |
Change | New share capital, € |
| 2005 | 15.2.2005 | 1:1 à 8.87 € B stock option | € 2,656,500 | € 190,337,584 |
| 1:1 à 7.11 € C stock option | ||||
| 2005 | 4.5.2005 | 1:1 à 7.87 € B stock option | € 912,390 | € 191,249,974 |
| 1:1 à 6.11 € C stock option | ||||
| 1:1 à 5.63 € D stock option | ||||
| 2005 | 8.6.2005 | 1:1 à 7.87 € B stock option | € 536,600 | € 191,786,574 |
| 1:1 à 6.11 € C stock option | ||||
| 1:1 à 5.63 € D stock option | ||||
| 2005 | 3.8.2005 | 1:1 à 7.87 € B stock option | € 172,676 | € 191,959,250 |
| 1:1 à 6.11 € C stock option | ||||
| 1:1 à 5.63 € D stock option | ||||
| 2005 | 28.9.2005 | 1:1 à 7.87 € B stock option | € 588,700 | € 192,547,950 |
| 1:1 à 6.11 € C stock option | ||||
| 1:1 à 5.63 € D stock option | ||||
| 2005 | 2.11.2005 | 1:1 à 7.87 € B stock option | € 97,960 | € 192,645,910 |
| 1:1 à 6.11 € C stock option | ||||
| 1:1 à 5.63 € D stock option | ||||
| 2005 | 20.12.2005 | 1:1 à 7.87 € B stock option | € 321,942 | € 192,967,852 |
| 1:1 à 6.11 € C stock option | ||||
| 1:1 à 5.63 € D stock option | ||||
| 2006 | 13.2.2006 | 1:1 à 7.87 € B stock option | € 640,500 | € 193,608,352 |
| 1:1 à 6.11 € C stock option | ||||
| 1:1 à 5.63 € D stock option | ||||
| 2006 | 4.5.2006 | 1:1 à 7.87 € B stock option | € 938,058 | € 194,546,410 |
| 1:1 à 6.77 € B stock option | ||||
| 1:1 à 6.11 € C stock option | ||||
| 1:1 à 5.01 € C stock option | ||||
| 1:1 à 4.53 € D stock option | ||||
| 2006 | 9.6.2006 | 1:1 à 4.53 € D stock option | € 59,200 | € 194,605,610 |
| 1:1 à 12.09 € E stock option | ||||
| 2006 | 7.8.2006 | 1:1 à 4.53 € D stock option | € 118,000 | € 194,723,610 |
| 1:1 à 12.09 € E stock option | ||||
| 2006 | 3.10.2006 | 1:1 à 4.53 € D stock option | € 94,800 | € 194,818,410 |
| 1:1 à 12.09 € E stock option | ||||
| 2006 | 1.11.2006 | 1:1 à 4.53 € D stock option | € 157,200 € | € 194,975,610 |
| 1:1 à 12.09 € E stock option | ||||
| 2006 | 21.12.2006 | 1:1 à 4.53 € D stock option | € 64,240 | € 195,039,850 |
| 1:1 à 12.09 € E stock option | ||||
| 2007 | 12.2.2007 | 1:1 à 4.53 € D stock option | € 46,376 | € 195,086,226 |
| 1:1 à 12.09 € E stock option | ||||
| 2007 | 26.4.2007 | 1:1 à 3.03 € D stock option | € 86,800 | € 195,173,026 |
| 1:1 à 10.59 € E stock option | ||||
| 2007 | 29.5.2007 | 1:1 à 3.03 € D stock option | € 298,572 | € 195,471,598 |
| 1:1 à 10.59 € E stock option | ||||
| 1:1 à 16.48 € F stock option | ||||
| 2007 | 24.7.2007 | 1:1 à 3.03 € D stock option | € 9,000 | € 195,480,598 |
| 1:1 à 10.59 € E stock option | ||||
| 2007 | 26.9.2007 | 1:1 à 3.03 € D stock option | € 39,032 | € 195,519,630 |
| 1:1 à 16.48 € F stock option | ||||
| 2007 | 19.12.2007 | 1:1 à 3.03 € D stock option | € 15,900 | € 195,535,530 |
| 1:1 à 10.59 € E stock option | ||||
| 2008 | 11.2.2008 | 1:1 à 3.03 € D stock option | € 210 | € 195,535,740 |
| 1:1 à 10.59 € E stock option | ||||
| 2008 | 28.4.2008 | 1:1 à 3.03 € D stock option | € 38,168 | € 195,573,908 |
| 1:1 à 2.00 € D stock option | ||||
| 1:1 à 8.99 € E stock option | ||||
| 2008 | 9.6.2008 | 1:1 à 2.00 € D stock option | € 42,200 | € 195,616,108 |
| 1:1 à 14.88 € F stock option | ||||
| 2008 | 28.7.2008 | 1:1 à 8.99 € E stock option | € 8,600 | € 195,624,708 |
| 2008 | 1.10.2008 | 1:1 à 8.99 € E stock option | € 4,000 | € 195,628,708 |
| 2008 | 27.10.2008 | 1:1 à 8.99 € E stock option | € 6,000 | € 195,634,708 |
| 2008 | 18.12.2008 | 1:1 à 8.99 € E stock option | € 7,500 | € 195,649,708 |
| 2009 | 11.2.2009 | 1:1 à 8.99 € E stock option | € 52,392 | € 195,702,100 |
| 2009 | 5.5.2009 | 1:1 à 8.99 € E stock option | € 51,250 | € 195,753,350 |
| 1:1 à 7.99 € E stock option | ||||
| 2009 | 5.6.2009 | 1:1 à 7.99 € E stock option | € 673,146 | € 196,426,496 |
| 1:1 à 13.88 € F stock option | ||||
| 2009 | 17.12.2009 | 1:1 à 13.88 € F stock option | € 216,562 | € 196,643,058 |
Prices and trading of Kesko A and B shares on the Helsinki Stock Exchange in 2009 |
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| Share | Share price, € 31 Dec. 2008 |
Share price, € 31 Dec. 2009 |
Change,% | Lowest price, € |
Highest price, € |
Trading volume, 1,000 pcs |
Total valuetraded, € million |
| A share | 22.00 | 23.60 | +7.3 | 18.73 | 25.00 | 993 | 21,955 |
| B share | 17.80 | 23.08 | +29.7 | 14.99 | 24.00 | 78,189 | 1,500,605 |
During the year, the NASDAQ OMXHelsinki All Share Index rose by 19.5% and the NASDAQ OMXHelsinkiCAP Index by 36.2%, and the Helsinki Stock Exchange Consumer Staples Index by 30.8%. Up-to-date information on shares and shareholders is available at www.kesko.fi |
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10 largest shareholders by number of shares (A- and B-series) at 31.12.2009 |
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| Number of shares, pcs |
% of shares | Number of votes |
% of votes | ||
| 1 | Kesko Pension Fund | 4,438,885 | 4.51 | 35,388,850 | 9.22 |
| 2 | The K-Retailers´ Association | 3,400,724 | 3.46 | 33,639,590 | 8.76 |
| 3 | Vähittäiskaupan Takaus Oy | 2,991,771 | 3.04 | 26,648,568 | 6.94 |
| 4 | Ilmarinen Mutual Pension Insurance Company | 1,938,980 | 1.97 | 3,916,838 | 1.02 |
| 5 | Valluga-sijoitus Oy | 1,340,439 | 1.36 | 13,404,390 | 3.49 |
| 6 | Varma Mutual Pension Insurance Company | 1,210,986 | 1.23 | 1,210,986 | 0.32 |
| 7 | Tapiola Mutual Pension Insurance Company | 1,019,858 | 1.04 | 1,019,858 | 0.27 |
| 8 | Oy The English Tearoom Ab | 1,008,400 | 1.03 | 1,008,400 | 0.26 |
| 9 | Foundation for Vocational Training in the Retail Trade | 936,085 | 0.95 | 7,989,898 | 2.08 |
| 10 | The State Pension Fund | 850,000 | 0.86 | 850,000 | 0.22 |
| 10 | largest, total | 19,136,128 | 19.45 | 125,077,378 | 32.58 |
Ownership structure 31.12.2009 |
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| All shares | Number of shares | % of all shares | |
| Non-financial corporations and housing corporations | 25,624,351 | 26.06 | |
| Financial and insurance corporations | 6,101,976 | 6.21 | |
| General Government* | 11,342,495 | 11.54 | |
| Households | 28,889,275 | 29.38 | |
| Non-profit institutions serving households** | 6,238,327 | 6.34 | |
| Rest of the world | 772,696 | 0.79 | |
| Nominee registered | 19,352,409 | 19.68 | |
| Total | 98,321,529 | 100.00 | |
| A shares | Number of shares | % of A shares | % of all shares |
| Non-financial corporations and housing corporations | 18,335,606 | 57.77 | 18.65 |
| Financial and insurance corporations | 1,384,377 | 4.36 | 1.41 |
| General Government* | 3,662,847 | 11.54 | 3.73 |
| Households | 6,677,770 | 21.04 | 6.79 |
| Non-profit institutions serving households** | 1,613,405 | 5.08 | 1.64 |
| Rest of the world | 4,836 | 0.02 | 0.00 |
| Nominee registered | 58,166 | 0.18 | 0.06 |
| Total | 31,737,007 | 100.00 | 32.28 |
| B shares | Number of shares | % of B shares | % of all shares |
| Non-financial corporations and housing corporations | 7,288,745 | 10.95 | 7.41 |
| Financial and insurance corporations | 4,717,599 | 7.09 | 4.80 |
| General Government* | 7,679,648 | 11.53 | 7.81 |
| Households | 22,211,505 | 33.36 | 22.59 |
| Non-profit institutions serving households** | 4,624,922 | 6.95 | 4.70 |
| Rest of the world | 767,860 | 1.15 | 0.78 |
| Nominee registered | 19,294,243 | 28.98 | 19.62 |
| Total | 66,584,522 | 100.00 | 67.72 |
* General government includes municipalities, the provincial administration of Åland, employment pension institutions and |
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| ** Non-profit institutions include foundations awarding scholarships, organisations safeguarding certain interests, charitable associations. |
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10 largest shareholders by number of votes at 31.12.2009 |
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| Number of shares |
% of shares | Number of votes |
% of votes | ||
| 1 | Kesko Pension Fund | 4,438,885 | 4.51 | 35,388,850 | 9.22 |
| 2 | K-Retailers' Association | 3,400,724 | 3.46 | 33,639,590 | 8.76 |
| 3 | Vähittäiskaupan Takaus Oy | 2,991,771 | 3.04 | 26,648,568 | 6.94 |
| 4 | Valluga-sijoitus Oy | 1,340,439 | 1.36 | 13,404,390 | 3.49 |
| 5 | Foundation for Vocational Training in the Retail Trade | 936,085 | 0.95 | 7,989,898 | 2.08 |
| 6 | Ilmarinen Mutual Pension Insurance Company | 1,938,980 | 1.97 | 3,916,838 | 1.02 |
| 7 | Ruokacity Myyrmäki Oy | 389,541 | 0.40 | 3,895,410 | 1.01 |
| 8 | K-Food Retailers' Club | 351,822 | 0.36 | 3,518,220 | 0.92 |
| 9 | Heimo Välinen Oy | 313,707 | 0.32 | 2,961,570 | 0.77 |
| 10 | Svenska litteratursällskapet i Finland r.f. | 350,000 | 0.36 | 2,150,000 | 0.56 |
| 10 largest, total | 16,451,954 | 16.73 | 133,513,334 | 34.77 | |
Distribution of share ownership at 31.12.2009 |
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| All shares Number of shares |
Number of shareholders |
% of shareholders | Shares total | % of shares |
| 1–100 | 11,057 | 28.43 | 649,923 | 0.66 |
| 101–500 | 14,363 | 36.93 | 3,994,056 | 4.06 |
| 501–1 000 | 5,689 | 14.63 | 4,466,636 | 4.54 |
| 1 001–5 000 | 5,992 | 15.41 | 13,313,691 | 13.54 |
| 5 001–10 000 | 955 | 2.46 | 6,812,170 | 6.93 |
| 10 001–50 000 | 688 | 1.77 | 14,227,131 | 14.47 |
| 50 001–100 000 | 80 | 0.21 | 5,661,411 | 5.76 |
| 100 001–500 000 | 49 | 0.13 | 9,906,666 | 10.08 |
| 500 001– | 15 | 0.04 | 39,289,845 | 39.96 |
| Total | 38,888 | 100.00 | 98,321,529 | 100.00 |
| A shares Number of shares |
Number of shareholders |
% of holders of A shares |
A shares total | % of A shares |
| 1–100 | 1,707 | 26.41 | 86,919 | 0.27 |
| 101–500 | 1,378 | 21.32 | 365,747 | 1.15 |
| 501–1 000 | 977 | 15.11 | 841,461 | 2.65 |
| 1 001–5 000 | 1,610 | 24.91 | 3,973,792 | 12.52 |
| 5 001–10 000 | 405 | 6.27 | 2,856,168 | 9.00 |
| 10 001–50 000 | 334 | 5.17 | 7,030,846 | 22.15 |
| 50 001–100 000 | 35 | 0.54 | 2,471,378 | 7.79 |
| 100 001–500 000 | 13 | 0.20 | 2,559,208 | 8.06 |
| 500 001– | 5 | 0.08 | 11,551,488 | 36.40 |
| Total | 6,464 | 100.00 | 31,737,007 | 100.00 |
| B shares Number of shares |
Number of shareholders |
% of holders of B shares |
B shares total | % of B shares |
| 1–100 | 10,270 | 29.49 | 612,459 | 0.92 |
| 101–500 | 13,819 | 39.68 | 3,846,514 | 5.78 |
| 501–1 000 | 5,000 | 14.36 | 3,864,363 | 5.80 |
| 1 001–5 000 | 4,719 | 13.55 | 10,123,854 | 15.20 |
| 5 001–10 000 | 554 | 1.59 | 4,032,498 | 6.06 |
| 10 001–50 000 | 379 | 1.09 | 7,589,624 | 11.40 |
| 50 001–100 000 | 38 | 0.11 | 2,683,974 | 4.03 |
| 100 001–500 000 | 32 | 0.09 | 6,925,951 | 10.40 |
| 500 001– | 11 | 0.03 | 26,905,285 | 40.41 |
| Total | 34,822 | 100.00 | 66,584,522 | 100.00 |
| * General government includes municipalities, the provincial administration of Åland, employment pension institutions and social security funds. |
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| ** Non-profit institutions include foundations awarding scholarships, organisations safeguarding certain interests, charitable associations. |
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Share capital and shares |
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| 2005 | 2006 | 2007 | 2008 | 2009 | ||
| Share capital | € million | 193 | 195 | 196 | 196 | 197 |
| Number of shares at 31 Dec. | 1,000 pcs | 96,483.9 | 97,519.9 | 97,767.8 | 97,824.9 | 98,321.5 |
| Adjusted number of shares at 31 Dec | 1,000 pcs | 96,483.9 | 97,519.9 | 97,767.8 | 97,824.9 | 98,321.5 |
| Adjusted average number of shares during the year | 1,000 pcs | 97,215.5 | 98,027.0 | 98,395.3 | 98,256.2 | 98,382.2 |
| of which A shares | % | 33 | 32 | 32 | 32 | 32 |
| of which B shares | % | 67 | 68 | 68 | 68 | 68 |
| Market capitalisation, A share | € million | 768 | 1,220 | 1,201 | 698 | 749 |
| Market capitalisation, B share | € million | 1,551 | 2,632 | 2,491 | 1,176 | 1,537 |
| Number of shareholders at 31 Dec. | pcs | 29,339 | 28,414 | 28,925 | 38,080 | 38,888 |
| Share turnover | ||||||
| A share | € million | 29 | 61 | 161 | 41 | 22 |
| B share | € million | 1,383 | 2,410 | 5,294 | 2,859 | 1,501 |
| Share turnover | ||||||
| A share | million pcs | 1 | 2 | 4 | 1 | 1 |
| B share | million pcs | 66 | 77 | 122 | 121 | 78 |
| Turnover rate | ||||||
| A share | % | 4.1 | 6.4 | 11.5 | 4.5 | 3.1 |
| B share | % | 101.5 | 117.1 | 185.3 | 183.3 | 117.4 |
| Change in turnover | ||||||
| A share | % | 7.6 | 57.2 | 78.8 | -61.0 | -30.4 |
| B share | % | -24.0 | 15.4 | 58.8 | -1.0 | -35.4 |
| Share price at 31 Dec. | ||||||
| A share | € | 24.19 | 38.43 | 37.85 | 22.00 | 23.60 |
| B share | € | 23.95 | 40.02 | 37.72 | 17.80 | 23.08 |
| Average share price | ||||||
| A share | € | 21.93 | 30.10 | 43.85 | 28.30 | 21.92 |
| B share | € | 21.04 | 31.34 | 43.36 | 23.51 | 19.18 |
| Highest share price during the year | ||||||
| A share | € | 24.60 | 38.99 | 53.44 | 38.20 | 25.00 |
| B share | € | 24.44 | 40.48 | 54.85 | 38.12 | 24.00 |
| Lowest share price over the year | ||||||
| A share | € | 18.61 | 23.72 | 34.52 | 21.33 | 18.73 |
| B share | € | 17.80 | 23.80 | 34.40 | 15.31 | 14.99 |
| Earnings per share, diluted | € | 1.87 | 3.76 | 2.90 | 2.24 | 1.27 |
| Earnings per share, basic | € | 1.89 | 3.80 | 2.92 | 2.25 | 1.28 |
| Equity per share, adjusted | € | 15.35 | 17.94 | 19.53 | 20.09 | 20.39 |
| Dividend per share | € | 1.10 | 1.50 | 1.60 | 1.00 | 0.90* |
| Payout ratio | % | 58.1 | 39.5 | 54.8 | 44.5 | 70.5* |
| Dividend as percentage of profit excl. non-recurring items |
% | 66.7 | 82.0 | 72.4 | 69.4 | 126.8* |
| Cash flow from operating activities per share, adjusted |
€ | 3.07 | 3.35 | 2.52 | 1.37 | 3.86 |
| Price per earnings ratio (P/E), A share, adjusted | 11.86 | 10.22 | 13.07 | 9.84 | 18.54 | |
| Price per earnings ratio (P/E), B share, adjusted | 11.74 | 10.64 | 13.02 | 7.96 | 18.13 | |
| Dividend yield, A share | % | 4.6 | 3.9 | 4.2 | 4.6 | 3.8* |
| Dividend yield, B share | % | 4.6 | 3.8 | 4.2 | 5.6 | 3.9* |
| Effective dividend yield of A share for the last five periods |
% | 15.4 | 29.3 | 26.6 | 10.9 | 9.2 |
| Effective dividend yield of B share | ||||||
| for the last five periods | % | 29.2 | 42.8 | 36.1 | 12.9 | 10.3 |
| for the last ten periods | % | 18.6 | 22.7 | 18.7 | 11.7 | 14.9 |
| *proposal to the Annual General Meeting | ||||||
