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. 2014 53 973 66.8 72.9 143.5 -0.0 283.1
31 Dec. 2014 53 973 66.8 72.9 143.5 -0.0 283.1
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
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 and at the end of the financial year 2015, HKScan held 1 053 734 treasury A Shares. At the end of the year, they had a market value of EUR 4.01 million and accounted for 1.92 per cent of all shares and 0.67 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 2015 2014
Fair value reserve and hedging instruments reserve on 1 Jan. -13.3 -11.4
Amount recognized in equity in the financial period (effective portion), interest rate derivatives 1.5 -2.8
Amount recognized in equity in the financial period (effective portion), commodity derivatives -1.1 0.4
Share of deferred tax asset of changes in period -0.1 0.5
Fair value reserve and hedging instruments reserve on 31 Dec. -13.0 -13.3
Dividends
A dividend of EUR 0.49 (0.10) per share, totaling EUR 26.4 (5.4) million, was distributed in 2015. Since the reporting date, the Board of Directors has proposed that a dividend of EUR 0.14 per share, totaling EUR 7.6 million, be declared.