VINCI - 2005 annual report

The changes in capital in 2005 break down as follows:
CONSOLIDATED FINANCIAL STATEMENTS
Increases Share Number Number
(Reductions) premiums on of shares of shares Amount of
in capital contributions issued or comprising share capital
(in euros) or mergers cancelled share capital (in euros)
(in euros)
At 31 December 2004 167,627,606 838 138 030
Reduction of capital (12,500,000) (112,613,432) (2,500,000) 165,127,606 825,638,030
Group Savings Scheme 22,221,105 136,222,479 4,444,221 169,571,827 847,859,135
Exercise of share subscription options 22,452,345 89,460,904 4,490,469 174,062,296 870,311,480
Conversion of OCEANE 2001-2007 57,341,310 458,730,480 11,468,262 185,530,558 927,652,790
Conversion of OCEANE 2002-2018 55,528,580 444,228,640 11,105,716 196,636,274 983,181,370
At 31 December 2005 196,636,274 983,181,370
The increases in share capital during the period, amounting to €44.7
million, correspond to the issue of shares in connection with the exercise
of subscription options (4,490,469 shares for €22.4 million) and with
subscriptions to the Group Savings Scheme (4,444,221 shares for €22.2
million).
22.2 TREASURY SHARES
At 31 December 2005, the total value of treasury shares shown as a deduction
from equity amounted to €335.8 million, representing 6,835,016 shares of
which 2,059,228 (€48.5 million) are allocated to covering share purchase
options granted to Group executives. These shares were acquired at an average
price of €49.13 and represent a total of 3.5% of the share capital.
22.3 RESERVES OF VINCI SA
The distributable reserves of VINCI SA break down as follows:
Moreover, the two OCEANE bonds issued in 2001 and 2002 were
converted into shares in 2005 (see Key Events §2), leading to the creation
of 22,573,978 shares.
No transaction costs connected with the issue of equity instruments in
2005 have been deducted from equity.
6,299,788 shares were acquired during 2005 for an amount of €369.8
million at an average price of €58.70, of which 2,500,000 shares have been
cancelled by a reduction of the share capital of €125.1 million.
(in € millions) 31/12/2005 31/12/2004
Distributable reserves
Free of corporate income tax liabilities 5,435.6 772.2
After payment of the exceptional levy 47.0 –
After deduction of supplementary tax – 3,300.0
After payment of withholding tax – –
After payment of the exceptional 25% levy –
Total 5,482.6 4,072.2
Moreover, the legal reserve of VINCI SA was €83.8 million at 31 December
2005.
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