17.1. Share capital and share premium account
The authorised share capital is represented by 629,293,220 ordinary shares (2022: 629,293,220), each with a nominal value of one euro.
The owners of ordinary shares have the right to receive dividends in accordance with the deliberations of the General Shareholder’s Meeting and have the right to one vote for each share owned. There are no preferential shares. Rights relating to own shares are suspended until they are placed on the market.
During the year 2023, no changes occurred in the amount of €22,452 thousand showed in share premium in 2022.
17.2. Own shares
At 31 December 2023 JMH held 859 thousand own shares, acquired in 1999 at an average price of 7.06 euros per share. There were no transactions in 2023.
17.3. Retained earnings
As at 31 December 2023, the total amount of retained earnings was €2,510,471 thousand (2022: €2,298,160 thousand), resulting from profit generated in the financial year, in the amount of €558,924 thousand (2022: €480,137 thousand) and the remaining in the previous years.
Of this amount €315,953 thousand (2022: €316,927 thousand) are not able to be distributed, as provided in articles 32.º, 218.º, 295.º, 296.º and 324.º of the Commercial Companies Code.
17.4. Dividends
According with the decision made at the 20 April 2023 General Shareholders Meeting, the amount of €345,639 thousand was distributed to JMH shareholders in May 2023, corresponding to a dividend per share of 0.55 euros (excluding own shares in the portfolio).
Following the decision made at the 21 April 2022 General Shareholders Meeting, the amount of €443,046 thousand was distributed to JMH shareholders in May 2022, corresponding to a dividend per share of 0.705 euros (excluding own shares in the portfolio). Additionally, free reserves in the amount of €50,275 thousand were paid in May, corresponding to an amount per share of 0.08 euros (excluding own shares in the portfolio).
In the results appropriation proposal described in point 7 included in the Management Report chapter, which is integrated in the consolidated annual report, the Board of Directors proposes to the shareholders the distribution of the amount €411,624 thousand, which corresponds to a dividend per share of €0.655 (excluding own shares in the portfolio).