NOTES TO THE BALANCE SHEET

21. Notes relating to equity
The effects of changes in the number of outstanding shares are presented below.
Number of
outstanding
shares
(1 000)
Share capital
(EUR million)
Share
premium
reserve
(EUR million)
RIUE
(EUR million)
Treasury
shares
(EUR million)
Total
(EUR million)
1 Jan. 2015 53 973 66.8 72.9 143.5 -0.0 283.1
31 Dec. 2015 53 973 66.8 72.9 143.5 -0.0 283.1
1 Jan. 2016 53 973 66.8 72.9 143.5 -0.0 283.1
31 Dec. 2016 54 018 66.8 72.9 143.5 -0.0 283.1
The shares have no nominal value. All issued shares have been paid up in full. The company’s stock is divided into Series A and K shares, which differ from each other in the manner set out in the Articles of Association. Each share gives equal entitlement to a dividend. K Shares produce 20 votes and A Shares 1 vote each. A Shares numbered 49 626 522 and K Shares 5 400 000.
The equity reserves are described below:
Share premium reserve
In share issues decided while the earlier Finnish Companies Act (29.9.1978/734) was in force, payments in cash or kind obtained on share subscription less transaction costs were recognized under equity and the share premium reserve in accordance with the terms of the arrangements.
Reserve for invested unrestricted equity
The reserve for invested unrestricted equity (RIUE) contains other investments of an equity nature and share issue price inasmuch as this is not recognized under equity pursuant to an express decision to that effect.
Treasury shares
At the beginning of the financial year 2016, HKScan held 1 053 734 treasury A Shares. During the year 44 885 HKScan Corporation’s A shares owned by the Group were gratuitously transferred to the participants of the incentive plan. After the transfer, HKScan holds a total of 1 008 849 own shares . At the end of the year, they had a market value of EUR 3.2 million and accounted for 1.83 per cent of all shares and 0.64 per cent of all votes. The acquisition cost is presented in the balance sheet as a deduction from equity.
Translation differences
The translation differences reserve includes exchange differences arising on the translation of foreign units’ financial statements as well as gains and losses arising on the hedging of net investments in foreign units when hedge accounting requirements are satisfied.
Revaluation reserve and other reserves
These reserves are for changes in the value of available-for-sale financial assets and changes in the fair value of derivative instruments used in cash flow hedging. The revaluation reserve includes EUR 0.6 million (EUR 0.6 million) other than hedging instrument related items. The following is an itemisation of events in the hedging instruments reserve during the financial period.
Hedging instruments reserve 2016 2015
Fair value reserve and hedging instruments reserve on 1 Jan. -13.0 -13.3
Amount recognized in equity in the financial period (effective portion), interest rate derivatives 0.6 1.5
Amount recognized in equity in the financial period (effective portion), commodity derivatives 2.5 -1.1
Share of deferred tax asset of changes in period -0.6 -0.1
Fair value reserve and hedging instruments reserve on 31 Dec. -10.5 -13.0
Gains/losses reclassified from other comprehensive income to profit or loss amounted to EUR -3.9 (-3.8) million from interest rate derivatives and EUR -1.2 (-0.6) million from commodity derivatives.
Dividends
Dividend of EUR 0.14 (0.49) per share, totaling EUR 7.6 (26.4) million, was distributed in 2016. Since the reporting date, the Board of Directors has proposed that dividend of EUR 0.16 per share, totaling EUR 8.6 million, be declared.