sain t-gobain annu al report 2008 annual report

Non-voting participating securities
In June 1983, Compagnie de Saint-Gobain issued
FRF 700 million worth of non-voting participating securities
with warrants attached that were exercisable for participating
securities for the same amount. In all, 1,288,299 securities
with a face value of FRF 1,000 were issued. Since 1999,
the face value is €152.45.
Interest on the securities varies according to Saint-Gobain’s
results and ranges from 0.75 to 1.25 times the average French
corporate bond rate (known as the “TMO” rate).
Since the securities were issued, the rate has consistently
reached the cap of 1.25 times the TMO and, in light of
the Group’s 2007 results, it will also be at this level in 2008,
representing €8.70 per security.
Trading volume since September 2007 (Source : Euronext Paris SA.)
Paris Stock
Exchange ISIN
FR 0000140030
Number
of securities
Amount
(in €)
High
(in €)
Low
(in €)
2007
September 1,658 283,380 172.00 150.00
October 1,684 287,595 173.00 165.00
November 2,956 492,642 170.00 153.00
December 3,285 516,904 161.01 153.20
Total 9,583 1,580,521
2008
January 2,403 385,157 168.00 154.10
February 3,607 578,726 172.00 154.01
March 5,755 875,212 161.70 138.01
April 6,639 995,362 157.00 145.01
May 742 111,454 157.00 143.01
June 1,107 169,401 157.00 151.00
July 3,740 552,737 159.00 136.00
August 882 124,799 145.50 136.02
September 918 129,357 147.72 130.50
October 1,852 263,860 154.00 126.00
November 2,630 371,117 156.00 126.00
December 1,223 170,862 145.00 128.20
Total 31,498 4,728,045
2009
January 957 136,965 152.00 136.85
February 799 112,935 148.00 136.50
Trading volume since September 2007 (Source : Euronext Paris SA.)
Paris Stock
Exchange ISIN
FR 0000047607
2007
Number
of securities
Amount
(in €)
High
(in €)
Low
(in €)
September 581 92,219 160.08 158.41
October 72 11,449 159.99 158.50
November 218 34,209 158.00 154.00
December 102 15,708 154.00 154.00
Total 973 153,585
2008
January 113 17,321 155.50 152.50
February 65 9,347 147.00 142.00
March 284 38,684 137.00 135.01
April 219 29,804 146.50 134.00
May 71 10,547 153.00 144.00
June 113 16,758 155.00 147.43
July 231 30,506 146.00 128.13
August 0 0
September 94 12,366 132.00 131.00
October 101 13,001 131.45 125.10
November 48 6,106 128.00 127.00
December 35 4,435 127.00 126.00
Total 1,374 188,874
2009
January 55 6,900 126 125
February 22 2,800 135 118
In April 1984, Compagnie de Saint-Gobain issued
ECU 100 million worth of non-voting participating securities
with warrants attached that were exercisable for participating
securities for the same amount. In all, 194,633 securities
with a face value of ECU 1,000 were issued. Their face value
is now €1,000.
Interest is payable at a fixed rate of 7.5% on 60%
of the securities’ face value and at a variable rate on
the remaining 40%. The variable rate is based on the prior
year’s consolidated net income and is subject to a cap
and a floor. Total interest on the securities ranges from TMOE
less 50 bps to TMOE plus 175 bps, depending on Group
earnings. Interest for 2008 amounted to €67.50 per security,
paid in two installments.
MANAGEMENT REPORT
83
Saint-Gobain - 2008 Annual Report