C19. Equity and earnings per share
Share capital
According to the articles of association of Telia Company AB, the authorized share capital shall amount to no less than SEK 8 billion and no more than SEK 32 billion. All issued shares have been paid in full and carry equal rights to vote and participate in the assets of the company. Since December 31, 2005, the issued share capital changed as follows.
Issued share |
Number of |
Quotient value |
|
Issued share capital, December 31, 2005 |
14,960,742,621 |
4,675,232,069 |
3.20 |
Cancellation of shares repurchased in 2005, September 6, 2006 |
-591,279,539 |
-184,774,856 |
3.20 |
Issued share capital, December 31, 2006 |
14,369,463,082 |
4,490,457,213 |
3.20 |
Issued share capital, December 31, 2007, 2008 and 2009 |
14,369,463,082 |
4,490,457,213 |
3.20 |
Issued share capital, December 31, 2010 |
14,369,463,082 |
4,490,457,213 |
3.20 |
Cancellation of shares repurchased in 2011, July 19, 2011 |
-513,191,783 |
-160,372,432 |
3.20 |
Issued share capital, December 31, 2011, 2012, 2013, 2014 and 2015 |
13,856,271,299 |
4,330,084,781 |
3.20 |
Issued share capital, December 31, 2016 |
13,856,271,299 |
4,330,084,781 |
3.20 |
Treasury shares
As of December 31, 2015, 4,588 Telia Company shares were held by the company itself and the total numbers of issued and outstanding shares were 4,330,084,781 and 4,330,080,193, respectively. On April 29, 2016 Telia Company AB acquired additional 118,398 own shares at an average price of SEK 38.6519 to cover commitments under the “Long term Incentive Program 2013/2016”. During the second quarter of 2016, Telia Company distributed 122,986 shares to the incentive program participants. As of December 31, 2016, no Telia Company shares were held by the company itself or by its subsidiaries. The total numbers of issued and outstanding shares were 4,330,084,781.
Subsidiaries in continuing operations with material non-controlling interests
Summarized financial information on subsidiaries in continuing operations with material non-controlling interests (NCI) is presented below. The amounts disclosed for each subsidiary are based on those included in the consolidated financial statements before inter-company eliminations and only the net asset in which the NCI has a share. Other comprehensive income (OCI ) only comprises exchange rate differences arising on translation to SEK.
The NCI in TEO LT, AB is 11.8 percent. The group holds 49 percent of the shares in Latvijas Mobilais Telefons SIA (LMT). However, according to shareholders’ agreements Telia Company has the board majority in LMT and the company is therefore regarded as a subsidiary. In addition, LMT is held partly by the associated company Lattelecom SIA which decreases NCI to 39.7 percent.
Former segment region Eurasia is classified as held for sale and discontinued operations since December 31, 2015. For information regarding subsidiaries in discontinued operations with material non-controlling interests, see Note C34 “Discontinued operations and assets classified as held for sale.”
Dividends paid to NCIs are disclosed in Note C30 “Cash flow information.”
Dec 31, 2016 |
TEO LT, AB, |
Latvijas Mobilais Telefons SIA, Latvia |
Other subsidiaries, continuing operations |
Discontinued operations |
Total |
Assets |
|||||
Non-current assets |
3,626 |
1,679 |
|||
Current assets |
702 |
639 |
|||
Liabilities |
|||||
Non-current liabilities |
-1,040 |
-678 |
|||
Current liabilities |
-817 |
-566 |
|||
Net assets |
2,471 |
1,074 |
|||
NCI percentage |
11.8 |
39.7 |
|||
Carrying amount of NCI |
293 |
427 |
213 |
4,104 |
5,036 |
Net sales |
1,965 |
1,196 |
|||
Net income |
296 |
97 |
|||
Net income allocated to NCI |
35 |
39 |
64 |
2,626 |
2,764 |
Cash flows from operating activities |
693 |
501 |
|||
Free cash flow |
339 |
237 |
Dec 31, 2015 |
TEO LT, AB, |
Latvijas Mobilais Telefons SIA, Latvia |
Other subsidiaries, continuing operations |
Discontinued operations |
Total |
||
Assets |
|||||||
Non-current assets |
2,157 |
1,594 |
|||||
Current assets |
445 |
559 |
|||||
Liabilities |
|||||||
Non-current liabilities |
-85 |
-637 |
|||||
Current liabilities |
-391 |
-438 |
|||||
Net assets |
2,125 |
1,077 |
|||||
NCI percentage |
11.8 |
39.7 |
|||||
Carrying amount of NCI |
252 |
428 |
136 |
3,502 |
4,318 |
||
Net sales |
1,914 |
1,127 |
|||||
Net income |
320 |
101 |
|||||
Net income allocated to NCI |
38 |
40 |
92 |
1,484 |
1,654 |
||
Cash flows from operating activities |
601 |
323 |
|||||
Free cash flow |
284 |
41 |
Earnings per share and dividends
Jan–Dec 2016 |
Jan–Dec 2015 |
|
Net income attributable to owners of the parent (SEK million) |
3,732 |
8,551 |
Average number of outstanding shares, basic and diluted (thousands) |
4,330,083 |
4,330,082 |
Earnings per outstanding share, basic and diluted (SEK) |
0.86 |
1.97 |
Ordinary cash dividend (for 2016 as proposed by the Board of Directors) |
||
– Per share (SEK) |
2.00 |
3.00 |
– Total (SEK million) |
8,660 |
12,990 |