Shares and Share Capital
During 2003 the highest price for the Finnair Plc share on the Helsinki Stock Exchange was 5.58 euros, while the lowest price was 3.20 euros and the average price 4.29 euros. The total market value of the company's shares on December 31, 2003 was 449.1 million euros. At the beginning of the financial year the market value was 317.8 million euros. During 2003 some 17.8 million (16.7 million) of the company's shares were traded on the Helsinki Stock Exchange. At the end of the period under review, the government of Finland owned 58.4 per cent of the company's shares, while 16.6 per cent were held by foreign investors or in the name of a nominee.
If all the convertible debentures and option certificates in circulation on December 31, 2003 were converted into Finnair Plc shares, the Finnish government's holding would amount to 55.2 per cent. On the basis of the unconverted debentures and option certificates in circulation on December 31, 2003, the company's share capital could rise by not more than 4,180,143.60 euros, corresponding to 4,917,816 shares.
On April 9, 2003 the Annual General Meeting authorized the Board of Directors to purchase and dispose of the company's own shares up to a maximum of 4,100,000 shares. The authorizations apply to shares amounting to less than 5 per cent of the total share capital of the company. To date, the authorizations have not been exercised.
Trading in Finnair Plc 2000 A stock options (2,000,000 units) commenced on the Main List of the Helsinki Stock Exchange on May 2, 2003. By December 31, 2003 a total of 2,500 new shares were subscribed for using the A stock options. In the financial statements the new shares are entered in share issues and in the share premium account. The company booked in full a provision for social security expenses arising from A stock options, namely a total of 155,000 euros. |