20. Share capital and other equity funds
VVO Group plc has one type of share. The share has no nominal value. All issued shares have been paid for in full.
Description of equity funds:
- The number of VVO Group plc shares issued as at 31 December 2015 was 7,402,560.
- VVO Group plc has no such instruments in force that would accrue a share premium under the new Limited Liability Companies Act. The share premium was generated under the previous Limited Liability Companies Act.
Fair value reserve
- The fair value reserve contains the changes in fair values of the derivatives used to hedge cash flow and the current assets held for sale.
Invested non-restricted equity reserve
- The invested non-restricted equity reserve contains equity investments and that part of the share subscription price that has not specifically been allocated to share capital.
- A dividend of EUR 3.00 per share was paid in 2014. After the balance sheet date, 31 December 2015, the Board of Directors has proposed that a dividend of EUR 5.00.
The non-controlling interest consists mainly of the result of Kiinteistö Oy Kotkankynnys.
Restrictions related to the Group’s equity
- VVO Group’s retained earnings for 2015, EUR 1,659.4 million (EUR 1,502.3 million in 2014) include a total of EUR 531.2 million (EUR 431.3 million in 2014) of equity subject to profit distri-bution restrictions relating to non-profit operations. Equity subject to profit distribution restrictions includes the measurement of investment property at fair value.
- Some of the Group companies are subject to revenue recognition restrictions under the non-profit provisions of housing legislation, according to which an entity cannot pay its owner more than the profit regulated by housing legislation.