Nokia 2004 Annual Report Download - page 160

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Notes to the Consolidated Financial Statements (Continued)
21. Fair value and other reserves (Continued)
loss account when the forecasted foreign currency cash flows occur, at various dates up to 1 year
from the balance sheet date.
22. The shares of the Parent Company
Shares and share capital
Nokia has one class of shares. Each Nokia share entitles the holder to one (1) vote at General
Meetings of Nokia. With effect from April 10, 2000, the par value of the share is EUR 0.06.
The minimum share capital stipulated in the Articles of Association is EUR 170 million and the
maximum share capital EUR 680 million. The share capital may be increased or reduced within
these limits without amending the Articles of Association. During 2004, our share capital was
increased on the basis of our outstanding stock option plans by an aggregate of EUR 302.40
consisting of 5,040 new shares.
On December 31, 2004, the share capital of Nokia Corporation was EUR 279,825,678.00 and the
total number of shares was 4,663,761,300.
On December 31, 2004, the total number of shares included 176,819,877 shares owned by the
Group companies with an aggregate par value of EUR 10,609,192.62 representing approximately
3.79% of the total number of shares and votes.
Authorizations
Authorization to increase the share capital
The Board of Directors had been authorized by Nokia shareholders at the Annual General Meeting
held on March 27, 2003 to decide on an increase of the share capital by a maximum of
EUR 57,000,000 offering a maximum of 950,000,000 new shares. In 2004, the Board of Directors did
not increase the share capital on the basis of this authorization. The authorization expired on
March 27, 2004.
At the Annual General Meeting held on March 25, 2004 Nokia shareholders authorized the Board of
Directors to decide on an increase of the share capital by a maximum of EUR 55,500,000, of which
a maximum of EUR 3,000,000 may result from incentive plans, within one year from the
resolution of the Annual General Meeting. The increase of the share capital may consist of one or
more issues offering a maximum of 925,000,000 new shares with a par value of EUR 0.06. The
share capital may be increased in deviation from the shareholders’ pre-emptive rights for share
subscription provided that from the company’s perspective important financial grounds exist such
as financing or carrying out of an acquisition or another arrangement and granting incentives to
selected members of the personnel. In 2004, the Board of Directors did not increase the share
capital on the basis of this authorization. The authorization is effective until March 25, 2005.
At the end of 2004, the Board of Directors had no other authorizations to issue shares, convertible
bonds, warrants or stock options.
F-35