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c) 2001 stock-split
On July 2, 2001 existing €6 par value shares were exchanged for new
€1 par value shares, on a six-for-one basis. This stock-split was
authorized by stockholders at the Extraordinary Meeting of May 16,
2001 (8th resolution).
d) Capital reduction
On November 23, 2001, the Group canceled 23,450,000 new €1
par value shares under a stockholder-approved program (9th resolution
of the Extraordinary Stockholders’ Meeting of May 16, 2001). The
difference between the cost of the shares and their par value
was charged against “Capital in excess of par value of stock” in the
amount of €381 million (note 29-h) and against “Retained earnings”
for €510 million.
e) Employee stock options
1. Stock subscription options
In 1995, the Managing Board of Peugeot S.A. granted options to
certain directors and officers of the Company and its subsidiaries to
subscribe for new €6 par value common shares at a price of €94.90 per
share. The options exercised under this plan, which terminated on
April 5, 2000, are set out in note 29-b.
2. Stock purchase options
Each year since 1999, the Managing Board of Peugeot S.A. has granted
options to the same categories of Group employees allowing them to
purchase existing shares. Following the 2001 stock-split (note 29-c),
the current terms of these plans are as follows:
2002 plan 2001 plan 2000 plan 1999 plan
Date of Managing Aug. 20, Nov. 20, Oct. 5, March 31,
Board decision 2002 2001 2000 1999
Vesting date Aug. 20, Nov. 20, Oct. 5, March 31,
2005 2004 2002 2001
Expiry date of Aug. 20, Nov. 19, Oct. 4, March 31,
exercise period 2009 2008 2008 2007
Number of
grantees 178 147 154 97
Exercise price
(in euros) 46.28 46.86 35.46 20.83
Number of
options granted 860,100 798,600 709,200 462,900
Changes in the number of options outstanding under these plans
(exercisable for €1 par value shares) are shown below:
(number of options) 2002 2001 2000
As of January 1 1,940,100 1,166,100 456,900
Options granted
during the year 860,100 798,600 709,200
Options exercised
during the year (17,000) (24,600) -
As of December 31 2,783,200 1,940,100 1,166,100
o/w 1999 plan 415,300 432,300 456,900
2000 plan 709,200 709,200 709,200
2001 plan 798,600 798,600
2002 plan 860,100
f) Share buyback programs
Transactions under stockholder-approved share buyback programs can be analyzed as follows:
Authorizations
Transactions
2002 2001 2000
Opening balance 2,994,287 16,044,378 8,332,152
Shares bought back
AGM of June 2, 1999 30,000,000 N/A N/A 2,775,786
AGM of May 24, 2000 29,400,000 N/A 1,249,068 5,026,440
AGM of May 16, 2001 10% of capital 789,000 9,625,441 N/A
AGM of May 15, 2002 25,000,000 11,511,167 N/A N/A
Canceled shares (note 29-d)
AGM of May 16, 2001 10% of capital - (23,450,000) N/A
Shares sold
On exercise of stock options (17,000) (24,600) -
Other (68,745) (450,000) (90,000)
At year-end 15,208,709 2,994,287 16,044,378
- Shares held for allocation on exercise of stock options
(note 29-d) 2,783,200 1,940,100 1,166,100
- Treasury stock (note 29-i) 12,425,509 1,054,187 14,878,278
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PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT