The Consolidated Statement of Changes in Equity includes:
| § | The value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance with Luxembourg law; |
| § | The currency translation adjustment, other reserves, retained earnings and non-controlling interest calculated in accordance with IFRS. |
The Company has an authorized share capital of a single class of
2.5
billion shares having a nominal value of
$1.00
per share. Total ordinary shares issued and outstanding as of
December 31, 2017,
2016
and
2015
are
with a par value of
$
per share with
vote each. All issued shares are fully paid.
| ( 3 ) | | Dividends distribution by the Company to shareholders |
Dividends distributions are recorded in the Company’s financial statements when Company’s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company.
Dividends
may
be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law (see Note
25
(iii)).
