Atari 2009 Annual Report Download - page 129

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ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
129
The table below shows a summary of transactions relating to free shares in fiscal year 2008-2009 and 2007-2008:
2008-2009 2007-2008
Free shares granted at beginning of year 639,584 -
Grants
472,685 1,038,948
Cancellations
(624,852) (399,364)
Vested
- -
Free shares granted at end of year 487,417 639,584
The fair value of free shares granted is based on the trading price of the Company‟s shares at the grant date. The
weighted fair value of shares granted in fiscal year 2008-2009 was €7.96 per share.
The related expense recognized in the years ended March 31, 2009 and 2008 (corresponding to employer social
security contributions) amounted to €0.2 million and €2.3 million respectively.
The fair value recognized is based on the assumption that all performance conditions will be fulfilled.
10. Other equity
(€ thousands)2008-2009
Opening balance 150,000
Conversion of ORANE 2008 bonds
(1,397)
Cancellation of ORANE 2008 bonds following public exchange offer
(147,987)
Issue of ORANE in February 2009 following public exchange offer
147,987
Issue of ORANE-BSA in January 2009
40,544
Closing balance 189,147
On January 4, 2008, the Company issued bonds redeemable for new or existing shares, maturing April 1, 2014. The
nominal value of the bond issue was €150 million representing 1,500,000 bonds with a nominal value of €100 each. The
bonds bear annual interest at 0.5%.
Following the public exchange offer relating to the January 4, 2008 bond issue, on February 11, 2009, the Company
issued bonds redeemable for new or existing shares, maturing April 1, 2014. The nominal value of the bond issue was
€147,987,100 representing 1,479,871 bonds with a nominal value of €100 each. The bonds bear annual interest at 0.5%.
On January 27, 2009, the Company issued bonds redeemable for new or existing shares with stock warrants attached,
maturing April 1, 2014. The nominal value of the bond issue was €40,543,800 representing 405,438 bonds with a
nominal value of €100 each. The bonds bear annual interest at 0.5%.
11. Provisions for contingencies and losses
utilized surplus
Provisions for future commitments 107
- - 49 58
Provisions for foreign exchange risks 43,834 827 24,346
- 20,315
Provisions for losses on investments in
subsidiaries
7,334 12,023 - 7,334 12,023
Provision for employee risk: severance benefits
due to restructuring
-
773 - - 773
Other provisions 118 - 4 4 110
Total 51,393 13,624 24,350 7,387 33,280
o/w operating 0 4 4
o/w financing 12,850 24,346 7,334
o/w non-recurring
773 049
March 31,
2009
(€ thousands)
March 31,
2008
Additions
Reversals
Provisions for losses on investments are designed to cover risks stemming from subsidiaries with a negative net worth.
At March 31, 2009, this provision only concerns Atari Europe.
Provisions for future commitments are designed to cover future rents on vacant premises.
Provisions for employee risk concerning the layoffs carried out as part of the Company's restructuring.