Annual Report 2023

17. Capital and reserves

Accounting policies

Share capital

Share capital corresponds to the nominal value of the ordinary shares issued.

Share premium is recognised when the issued share price exceeds its nominal value. Costs incurred with the issuance of new shares are recognised directly in this heading, net of respective taxes.

Own shares purchased are shown at cost as a deduction in equity. When they are disposed, the amount received, net of costs related with the transaction and taxes, is recognised directly in equity.

Payable dividends

Payable dividends are recognised as a liability in the Group’s Financial Statements in the period in which they are approved for distribution by the shareholders.

17.1. Share capital and share premium

Authorised share capital is represented by 629,293,220 ordinary shares (2022: 629,293,220), each with a nominal value of one euro.

The holders of ordinary shares have the right to receive dividends as established at the General Shareholder’s Meeting and have the right to one vote for each share held. There are no preferential shares and the own shares rights are suspended until these shares are sold in the market.

During the year no changes occurred in the amount of €22 million showed in share premium.

17.2. Own shares

On 31 December 2023 the Group held 859,000 own shares, acquired in 1999 at an average price of 7.06 euros per share. There were no transactions in 2023.

17.3. Dividends

Dividends and free reserves distributed in 2023, totalling €363 million, were paid to JMH shareholders in the amount of €346 million – corresponding to an amount per share of 0.5500 euros (excluding own share in the portfolio), and to non-controlling interests in the Group Companies in the amount of €17 million.

Dividends per share distributed in 2023 to JMH shareholders



17.4. Other reserves and retained earnings

In the individual accounts of JMH duly states all conditions related to the use of reserves to be distributed comprised in the Company equity. We therefore recommend reading this information.

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