Kemira oyj’s shares and shareholders
On December 31, 2013, Kemira Oyj’s share capital amounted to EUR 221.8 million and the number of shares was 155,342,557. Each share entitles to one vote at the Annual General Meeting.
At the end of December, 2013, Kemira Oyj had 30,640 registered shareholders (30,601 at the end of December 2012). Foreign shareholding of Kemira’s shares increased 26% during the year and was 21.6% (17.1% at the end of December 2012), including nominee registered holdings. Households owned 14.9% of the shares (15.4% at the end of December 2012). Kemira held 3,301,006 treasury shares (3,301,769 at the end of December, 2012) representing 2.1% (2.1% at the end of December 2012) of all company shares. On the basis of Kemira’s share-based incentive scheme, Kemira has received a return of 7,389 Kemira’s shares during January-December 2013. Based on the decision of the Annual General Meeting of Kemira Oyj on March 26, 2013, Kemira Oyj has transferred 8,152 shares on May 5, 2013, to the members of the Board of Directors as part of the Board’s remuneration.
Kemira Oyj’s share closed at EUR 12.16 at the NASDAQ OMX Helsinki at the end of 2013 (2012: 11.81). The share price increased 3% during the year while OMX Helsinki Cap index increased 26%. STOXX Chemicals (Europe), chemical sector benchmark index for Kemira, increased 15% in 2013 (2012: 30%). Shares registered a high of EUR 13.02 (12.00) and a low of EUR 10.55 (8.00). The average share price of Kemira increased 16% and was EUR 11.76 (10.10). The volatility of Kemira’s share price in 2013 was 24% (3 year volatility: 34%, 5 year: 37%). (Source: Factset)
Kemira’s market capitalization, excluding treasury shares, was EUR 1,849 million at the end of the year 2013 (2012: 1,796).
In 2013, Kemira Oyj’s share trading volume on NASDAQ OMX Helsinki decreased 27% to 65 million (2012: 89) shares. Share turnover value decreased 15% and was EUR 757.2 million (886.7). The average daily trading volume was 259,748 (352,397) shares. On NASDAQ OMX Helsinki stock exchange, the total trading volume decreased 4% in 2013 to EUR 95.3 billion (98.7).
In addition to NASDAQ OMX Helsinki, Kemira shares are traded on several alternative market places or multilateral trading facilities (MTF), for example at BATS Chi-X and Turquoise. In 2013, a total of 28 million (29) Kemira Oyj shares were traded at alternative market places, i.e. approximately 30% (26%) of the total amount of traded shares executed on-book. (Source: Fidessa)
The total amount of traded Kemira shares, including trade on NASDAQ OMX Helsinki and multilateral trading facilities decreased 21% in 2013 compared to 2012.
|Ownership December 31, 2013|
|Financial and insurance corporations||6.6%|
|Non-Finnish shareholders incl. Nominee register||21.6%|
|SHAREHOLDING BY NUMBER OF SHARES HELD DECEMBER 31, 2013|
|Number of shares||Number of shareholders||% of shareholders||Shares total||% of shares and votes|
|1 - 100||6,341||20.7||392,463||0.3|
|101 - 500||13,399||43.7||3,631,113||2.3|
|501 - 1,000||5,023||16.4||3,771,632||2.4|
|1,001 - 5,000||4,909||16.0||9,935,330||6.4|
|5,001 - 10,000||487||1.6||3,486,020||2.3|
|10,001 - 50,000||345||1.1||6,708,214||4.3|
|50,001 - 100,000||59||0.2||4,202,877||2.7|
|100,001 - 500,000||60||0.2||11,343,842||7.3|
|500,001 - 1,000,000||5||0.0||3,125,106||2.0|
|LARGEST SHAREHOLDERS DECEMBER 31, 2013|
|Shareholder||Number of shares||% of shares and votes|
|1||Oras Invest Ltd||28,278,217||18.2|
|3||Varma Mutual Pension Insurance Company||9,464,836||6.1|
|4||Ilmarinen Mutual Pension Insurance Company||3,840,451||2.5|
|6||Tapiola Mutual Pension Insurance Company||2,600,000||1.7|
|8||Danske Invest funds||1,495,176||1.0|
|9||The State Pension Fund||1,040,000||0.7|
|10||Pohjola Fund Management||819,817||0.5|
|11||Sigrid Jusélius Foundation||730,000||0.5|
|12||Kaleva Mutual Insurance Company||603,337||0.4|
|13||The Local Goverment Pensions Institution||426,482||0.3|
|15||Valio Pension Fund||359,469||0.2|
|Nominee-registered and foreign shareholders||33,595,809||21.6|
Share-based incentive plan for the strategic management
In February 2012, Kemira’s Board of Directors decided to establish a new share-based incentive plan that follows the already terminated 2009–2011 plan aimed at the company’s strategic management for the years 2012–2014, as part of the company's incentive and commitment schemes. The delivery of share rewards within the plan is subject to the achievement of performance targets set by the Board of Directors, which include both internal and external performance targets. The internal target-setting is divided into three one-year performance periods: 2012, 2013, and 2014. Payment depends on the achievement of the set intrinsic value targets calculated from the development of the EBITDA and the development of the net debt. The program also includes a three-year external goal, which is tied to the relative total shareholder return (TSR) performance during 2012–2014. As a guiding principle, rewards will only be paid based on excellent performance.
The value of the aggregate reward paid out in the course of the three-year plan may not exceed 120% of CEO's and 100% of the other participants' gross salary for the same period. The applicable taxes will be deducted from the gross earning and the remaining net value is delivered to the participants in Kemira shares.
Shares earned through the plan must be held for a minimum of two years following each payment. In addition, participants of the plan must retain fifty per cent of the shares obtained under the plan until their ownership of Kemira shares based on shares obtained through the share-based incentive programs of Kemira has reached a share ownership level which in value equals at least their gross annual salary for as long as they remain participants in the plan.
The shares transferable under the plan comprise treasury shares or Kemira Oyj shares available in public trading.
In addition to the share-based incentive plan aimed at the strategic management, Kemira has a share-based incentive plan aimed at other key employees. The participants in the strategic management plan will not participate in this plan for the key employees.
The share-based incentive plan for the strategic management aims to align the goals of shareholders and strategic management in order to increase the value of the company, motivate the strategic management, and provide competitive shareholder-based incentives.