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FINANCIAL STATEMENTS AND MANAGEMENT REPORT 2015
Changes under this heading in 2014 were as follows:
Thousands of euros
Balance
12.31.13
Additions
Disposals
Balance
12.31.14
Treasury shares
73,445
307,514
9,586
371,373
The change in the number of shares in 2014 is detailed below:
Number of shares
Balance
12.31.13
Additions
Disposals
Balance
12.31.14
Treasury shares
5,563,223
34,583,221
861,582
39,284,862
The decrease in the number of treasury shares is chiefly due to the capital decrease approved by the shareholders in
general meeting on April 15, 2015, and to a lesser degree, to the exercise of share options by certain beneficiaries, which
were hedged by treasury shares, while increases are thanks to the execution of the share repurchasing plans underway
during the year.
Treasury shares represented 5.32% of share capital in 2015 (2014: 9.66%).