2005 Annual report - Virbac

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Note A4 - Composition of Virbac’s share capital
2004 Increases Decreases 2005
Number of shares authorised 8,714,352 8,714,352
Number of shares issued and fully paid-up 8,714,352 8,714,352
Number of shares issued and not fully paid-up 0 0
Nominal value of the shares 1.25 1.25
Shares outstanding 8,311,274 197,343 -25,824 8,482,793
Treasury shares 403,078 25,824 -197,343 231,559
Note A5 - Proposed dividends
The annual shareholders meeting will be asked to approve the payment of a net dividend of €0.65 per share. The shares have a
nominal value of €1.25.
Note A6 - Financial instruments
Impact of financial instruments on changes in shareholders’ equity:
2004 Acquisitions Impact on 2005 Change in 2005
(impact on net profit shareholders’
(€ thousands) shareholders’ equity) equity in 2005
Cash flow hedge - exchange rate -38 21 0 38 21
Cash flow hedge - interest rate -91 0 0 91 0
Net investments - hedge 932 0 -95 -932 -95
TOTAL 803 21 -95 -803 -74
Breakdown of derivatives:
Nominal value Positive fair value Negative fair value
(€ thousands) 2005 2004 2005 2004 2005 2004
Exchange rate instruments
Forward exchange contracts 13,650 11,346 46 1,088 192 66
Over-the-counter foreign
exchange options 0 0 0 0 0 0
Interest rate instruments
Interest rate swaps 21,403 27,653 36 0 1 92
Interest rate options 6,403 12,653 0 50 0 0
TOTAL DERIVATIVES 41,456 51,652 82 1,138 193 158
Table of liabilities
The information provided below corresponds to amounts drawn down as at 31 December 2005 in respect of Virbac SA’s total line
of €100 million. The borrowing is partially hedged by the fixed rate swap.