Nokia 2003 Annual Report Download - page 144
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Notes to the Consolidated Financial Statements (Continued)
21. The shares of the Parent Company (Continued)
Pursuant to the stock options issued, an aggregate maximum number of 321,755,816 new shares
may be subscribed for representing approximately 6.71% of the total number of votes on
December 31, 2003. During 2003 the exercise of 447,517 options resulted in the issuance of
7,160,272 new shares and the increase of the share capital of Nokia Corporation was
EUR 429,616.32.
There were no other stock options or stock option plans and no convertible bonds outstanding as
of December 31, 2003, the exercise of which would result in an increase of the share capital of the
Parent Company.
Restricted Shares
In 2003, we granted a total of 452,250 restricted shares to 28 of our key management personnel
who are critical to the future success of Nokia. These restricted shares will vest in October 2006, at
which time the shares will be transferred and delivered to the recipients. Until the shares are
transferred and delivered, the recipients will not have any voting or dividend rights associated
with these shares.
The Nokia Holding Inc. 1999 Stock Option Plan
In 1999 Nokia introduced a complementary stock option plan available for Nokia employees in the
U.S. and Canada (The Nokia Holding Inc. 1999 Stock Option Plan). Each stock option granted by
December 31, 2000 entitles the holder to purchase one Nokia ADS during certain periods of time
after April 1, 2001 until five years from the date of grant, for a price within the range of
USD 20.50–54.50 per ADS. On December 31, 2003 a total of 769,335 stock options were outstanding
and 722,503 were exercisable under the Nokia Holding Inc. 1999 Stock Option Plan. An exercise of
the stock options under the Nokia Holding Inc. 1999 Stock Option Plan does not result in increase
of the share capital of Nokia Corporation. The maximum number of ADSs with a par value of
EUR 0.06 that may be issued under the Nokia Holding Inc. 1999 Stock Option Plan is 2,000,000. The
shares are carried at purchase cost in the balance sheet until disposed.
22. Distributable earnings
2003
EURm
Retained earnings .......................................................... 13,953
Translation differences (distributable earnings) ................................... (363)
Treasury shares ............................................................ (1,373)
Other non-distributable items
Portion of untaxed reserves ................................................ 12
Distributable earnings December 31 ............................................ 12,229
Retained earnings under IAS and Finnish Accounting Standards (FAS) are substantially the same.
Distributable earnings are calculated based on Finnish legislation.
F-35