sain t-gobain annu al report 2008 annual report

Analysis of “Other receivables”
(in € thousands) 2008 2007 2006
Current account advances to subsidiaries 3,268,448 2,358,868 2,625,046
Mark-to-market adjustments to swaps and options (1) 78,277 – –
Accounts receivable – Group 26,227 29,305 32,133
Income tax prepayments 2,057 103,329 14,260
Recoverable withholding tax 153 177 167
Dividends receivable – Group 1,442 27,239 10,361
Other 7,662 6,398 6,434
Total 3,384,266 2,525,316 2,688,401
(1) Mark-to-market adjustments to swaps and options that represent debit entries are recorded as assets under “Other receivables” and those representing credit
entries are recorded as liabilities under “Other payables”.
Marketable securities
At December 31, 2008, marketable securities amounted
to €1,224.6 million. The total included €1,180 million worth
of units in money market funds, representing the investment
of funds held by the cash pool managed by the Company
on behalf of the Group.
On November 16, 2007, the Company entered into a liquidity
agreement with Exane BNP Paribas. This agreement complies
with the Code of Ethics adopted by the Association Française
des Entreprises d’Investissement (AFEI), which is recognized by
the Autorité des Marchés Financiers (AMF). It came into effect
on December 3, 2007 for an initial period ending on December
31, 2007, since when it has been automatically renewable
for successive one-year periods.
The assets held by the Company under the liquidity agreement
at December 31, 2008 comprised:
€34.3 million worth of units in a euro-denominated money
market fund, and
311,713 Compagnie de Saint-Gobain shares with a carrying
value of €10 million.
Marketable securities are valued using the first in-first out
(FIFO) method.
NOTE 9
Shareholders’ equity
9.1 Changes in capital stock
Par value at December 31, 2007: €4 Number Amount
Par value at December 31, 2008: €4 of shares (in €
thousands)
Capital stock at January 1, 2008 374,216,152 1,496,865
Shares issued
under the Group Savings Plan 8,272,947 33,092
Shares issued
upon exercise of stock options 82,886 331
Capital stock at December 31, 2008 382,571,985 1,530,288
At December 31, 2008, capital stock amounted to €1,530,288
thousand, represented by 382,571,985 shares of common stock
with a par value of €4 each.
At the Annual General Meeting of June 7, 2007, shareholders
authorized the Board of Directors of Compagnie de Saint-
Gobain to:
Issue, on one or several occasions, up to 147.5 million new
shares with or without pre-emptive or priority subscription
rights for existing shareholders (twelfth, thirteenth, fourteenth
and fifteenth resolutions/26-month authorization
commencing June 7, 2007).
Issue, on one or several occasions, up to 18.5 million new
shares to members of the Group Savings Plan (sixteenth
resolution/26-month authorization commencing June 7,
2007). This authorization was used to issue 8,272,947 shares
on May 15, 2008 and the unused portion therefore concerns
10,227,053 new shares.
NOTES THE PARENT COMPANY FINANCIAL STATMENTS
197
Saint-Gobain – Financial Report 2008