Note 18: Group equity
in € |
Authorized share capital |
Subscribed share capital |
|---|---|---|
Priority shares (48 with nominal value of €400) |
19,200 |
19,200 |
Cumulative preferred shares (200 million with nominal value of €0.50) |
100,000,000 |
— |
Common shares (500 million with nominal value of €0.50) |
250,000,000 |
90,804,755 |
Total |
350,019,200 |
90,823,955 |
in € |
Authorized share capital |
Subscribed share capital |
|---|---|---|
Priority shares (48 with nominal value of €400) |
19,200 |
19,200 |
Cumulative preferred shares (200 million with nominal value of €0.50) |
100,000,000 |
— |
Common shares (500 million with nominal value of €0.50) |
250,000,000 |
87,187,614 |
Total |
350,019,200 |
87,206,814 |
Number of shares |
2021 |
2022 |
|---|---|---|
Outstanding at January 1 |
190,579,841 |
181,609,509 |
Issued in connection to performance-related share plan and share-matching plan |
277,517 |
214,262 |
Shares cancelled related to share buyback from previous year |
(695,776) |
(2,744,210) |
Shares bought back during the year |
(11,296,283) |
(8,651,230) |
Shares bought back during the year not yet cancelled |
2,744,210 |
3,946,896 |
Outstanding at December 31 |
181,609,509 |
174,375,227 |
Number of shares |
2021 |
2022 |
|---|---|---|
Weighted average number of common shares |
184,959,866 |
174,735,139 |
Subscribed share capital
For further details on subscribed share capital, refer to Note F in the Company financial statements.
Cumulative translation reserve
Cumulative translation reserves comprise all foreign exchange differences arising from the translation of the financial statements of foreign operations, as well as from the translation of intercompany loans with a permanent nature and liabilities and derivatives that hedge the net investments in a foreign subsidiary.
Equity-settled transactions
Equity-settled transactions consist of the performance related and restricted share plan and share-matching plan, whereby shares are granted to the Board of Management, Executive Committee, other executives and certain non-executive employee categories. For details on share-based compensation, refer to Note 7.
Dividend
Our dividend policy is to pay a stable to rising dividend. In 2022, an interim dividend of €0.44 (2021: €0.44) per common share was paid. We propose a 2022 final dividend of €1.54 (2021: €1.54) per common share, which would equal a total 2022 dividend of €1.98 (2021: €1.98).
Share buybacks
In February 2021, a €1 billion share buyback program was announced, which was completed in January 2022.
In February 2022, a €500 million share buyback program was announced which was completed in 2022. As at December 31, 2022, a total of 7.3 million shares had been acquired under this program, of which 3.3 million were cancelled.
During 2022, 8,651,230 common shares were repurchased (2021: 11,296,283). The total amount of shares cancelled was 7,448,544; cancelled shares are related to share buyback in the current and the previous year (2021: 9,247,849). For further details on weighted average number of shares, refer to Note 10.
Non-controlling interests
None of the non-controlling interests are considered individually material to the group. The effects of share transactions with non-controlling interest shareholders are recorded in equity insofar these do not lead to changes in control.
|
|
|
2021 |
|
2022 |
|---|---|---|---|---|---|
Group entity |
Partner at year-end 2022 |
% |
|
% |
|
Akzo Nobel India Limited, Kolkata, India |
Privately held, India |
25.24 |
56 |
25.24 |
54 |
PT ICI Paints Indonesia, Jakarta, Indonesia |
PT DWI Satrya Utama, Indonesia |
45.00 |
34 |
45.00 |
31 |
Akzo Nobel Kemipol A.S., Izmir, Türkiye |
Altan, Eyyüp and other family members |
49.00 |
19 |
49.00 |
24 |
Akzo Nobel Paints (Malaysia) Sdn Bhd, Kuala Lumpur, Malaysia |
Permodalan Nasional Berhad, Malaysia |
40.05 |
21 |
40.05 |
20 |
International Paint of Shanghai Co. Ltd, Shanghai, China |
Shanghai Huayi Fine Chemical Co. Ltd and China National Shipbuilding Equipment & Materials Corp. |
49.00 |
15 |
49.00 |
16 |
Akzo Nobel Saudi Arabia Ltd, Saudi Arabia |
Yousuf Bin Ahmed Kanoo Co. Ltd, Saudi Arabia |
40.00 |
12 |
40.00 |
14 |
Akzo Nobel Oman SAOC, Muscat, Oman |
Omar Zawawi Establishment LLC, Oman |
50.00 |
11 |
50.00 |
12 |
Akzo Nobel UAE Paints L.L.C., United Arab Emirates |
Kanoo Group, United Arab Emirates |
40.00 |
8 |
40.00 |
8 |
Societe Tunisienne de Peintures Astral S.A., Megrine, Tunisia |
Several people |
40.00 |
7 |
40.00 |
8 |
International Paint (Korea) Ltd, Busan, South-Korea |
Noroo Holdings, South Korea |
40.00 |
11 |
40.00 |
6 |
Akzo Nobel Paints (Guangzhou) Limited, Guangzhou, China |
Guangzhou Hi-tech Investment Group Corporation Ltd |
10.00 |
5 |
10.00 |
5 |
Others |
|
|
12 |
|
17 |
Total |
|
|
211 |
|
215 |