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NOTES
Consolidated financial statements • 103
SECTION 4: CAPITAL STRUCTURE AND NET FINANCIALS, CONTINUED
4.1 SHARE CAPITAL
Number
Nominal
Share capital
of shares
value (DKK)
2016
Balance at 1 January
122,297,169 122,297,169
Reduction of share capital
-5,240,348
-5,240,348
Balance at 31 December
117,056,821 117,056,821
2015
Balance at 1 January
128,115,820 128,115,820
Reduction of share capital
-5,818,651
-5,818,651
Balance at 31 December
122,297,169
122,297,169
Number
Nominal
Purchase
Treasury shares
of shares
value (DKK)
price
% of shares
2016
Balance at 1 January
6,063,915
6,063,915 4,152,220,853
5.0%
Used to settle share options
-334,877
-334,877 -230,344,441
-0.3%
Reduction of share capital
-5,240,348
-5,240,348 -3,588,289,454
-4.3%
Purchase of treasury shares
4,641,992
4,641,992 4,000,001,320
4.0%
Balance at 31 December
5,130,682
5,130,682 4,333,588,278
4.4%
2015
Balance at 1 January
7,216,058
7,216,058 2,679,520,750
5.6%
Used to settle share options
-718,165
-718,165 -266,674,411
-0.6%
Reduction of share capital
-5,818,651
-5,818,651 -2,160,625,107
-4.5%
Purchase of treasury shares
5,384,673
5,384,673 3,899,999,621
4.4%
Balance at 31 December¹
6,063,915
6,063,915 4,152,220,853
5.0%
1
At 31 December 2015 treasury shares accounted for 4.96%, rounded to 5.0%.
At 31 December 2016, the share capital comprised
117,056,821 shares with a par value of DKK 1. No shares
have special rights.
In 2016, PANDORA launched a share buyback
programme under which PANDORA expected to buy back
own shares of DKK 4,000 million. PANDORA bought
4,641,992 treasury shares in 2016, corresponding to a total
purchase price of DKK 4,000 million.
Treasury shares
All treasury shares are owned by PANDORA A/S. Treasury
shares include hedges for share-based incentive plans and
restricted stock grants to the Executive Management and
other employees.