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Dilutive impact of the June 24, 2003 convertible/exchangeable bond<br />
issue (“OCEANE 2003”):<br />
These bonds were not considered dilutive at December 31, 2005<br />
as the interest expense recorded (net of taxes) exceeded basic<br />
earnings per share.<br />
The bonds are not considered dilutive at December 31, 2006 – even<br />
though the €14 million interest expense recognized on the bonds<br />
(net of taxes) is less than basic earnings per share (see Note 17<br />
– “Net cash and cash equivalents”) – because the Group acquired<br />
a call option in June 2005 on an equivalent number of shares to<br />
those underlying the bond issue (approximately 9 million shares),<br />
designed to neutralize in full the potential dilutive impact of the<br />
bonds. Accordingly, attributable net profit has not been adjusted to<br />
reflect the interest expense, net of taxes, on convertible bonds.<br />
For information purposes, had the “OCEANE 2003” convertible/<br />
exchangeable bond issue been considered dilutive at December 31,<br />
2006, the weighted average number of ordinary shares would have<br />
stood at 156,260,933 and diluted earnings per share would have<br />
amounted to €2.04.<br />
ANNUAL REPORT 2006 <strong>Capgemini</strong><br />
83
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