Subscribed capital and capital reserves
As at 31 December 2015, the Company’s share capital amounted to €98.9 million, which was unchanged on 31 December 2014, and was fully paid up. It was divided into 98.9 million no-par-value shares.
Between 10 September 2015 and 30 September 2015, a further 70,000 treasury shares were repurchased via the stock exchange at an average price of €38.74 in order to provide the shares for employees’ own investments and the free shares under the employee share option programme. The total cost was €2.7 million. Due to the issue of 73,512 no-par-value shares (2014: 87,438 no-par-value shares) under the programme, KION GROUP AG held 160,050 treasury shares at the reporting date (31 December 2014: 163,562). These are not dividend-bearing and do not confer any voting rights. Further details on the KEEP employee share option programme can be found in note .
The total number of shares outstanding as at 31 December 2015 was 98,739,950 no-par-value shares (31 December 2014: 98,736,438 no-par-value shares).
As at 31 December 2015, KION Group employees held options on a total of 53,220 no-par-value shares (31 December 2014: 29,116 no-par-value shares). The share options granted under the employee share option programme are not dividend-bearing and do not confer any voting rights.
The Annual General Meeting on 19 May 2014 voted to create authorised capital that will enable the KION Group to meet its funding needs quickly and flexibly. Subject to the consent of the Supervisory Board, the Executive Board is authorised until 18 May 2019 to increase the Company’s share capital by up to €9.89 million by way of an issue of up to 9,890,000 new no-par-value bearer shares (2014 Authorised Capital).
To safeguard the Company’s funding options, the Executive Board is also authorised until 18 May 2019 to issue warrant-linked bonds, convertible bonds or profit-sharing rights with a total par value of up to €800 million that contain pre-emption rights / obligations for up to 9,890,000 no-par-value shares. To this end, a conditional increase was decided upon in order to increase the Company’s share capital by up to €9.89 million by way of an issue of up to 9,890,000 new no-par-value bearer shares (2014 Conditional Capital).
The total amount attributable to shares that was spent in connection with this approved / conditional capital may not exceed 10 per cent of the share capital. In both cases, the pre-emption right of shareholders can be excluded in certain circumstances. The corresponding amendments to the articles of incorporation were entered in the commercial register on 16 June 2014.
The development of retained earnings is shown in the consolidated statement of changes in equity in > TABLE 040. The retained earnings comprise the net income (loss) for the financial year and past contributions to earnings by the consolidated entities, provided they have not been distributed.
The distribution of a dividend of €0.55 per share (2014: €0.35 per share) to the shareholders of KION GROUP AG resulted in an outflow of funds of €54.3 million in 2015 (2014: €34.5 million).
Appropriation of profit
The Executive Board and Supervisory Board of KION GROUP AG will propose a dividend of €0.77 per share to the Annual General Meeting on 12 May 2016. As there were 98,739,950 dividend-bearing shares as at 31 December 2015, this equates to a total dividend payout of €76.0 million. Roughly 35.0 per cent of the net income accruing to the KION Group shareholders will therefore be distributed in dividends.
Accumulated other comprehensive income (loss)
The breakdown of accumulated other comprehensive income (loss) is shown in > TABLE 040.
The currency translation adjustment contains the exchange differences arising from the financial statements prepared in a foreign currency of foreign subsidiaries, associates and joint ventures.
The gains / losses on the defined benefit obligation are the result of remeasuring defined benefit pension obligations (see also note ).
The gains / losses on hedge reserves are the effective portion of the changes in the fair value of the hedging instruments for cash flow hedges and net investment hedges. The gains/losses from equity investments contain the share of other comprehensive income (loss) from associates and joint ventures accounted for under the equity method.
Non-controlling interests in companies in the KION Group amounted to €7.7 million (31 December 2014: €5.3 million).