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2003
92
FINANCIAL
REPORT
4.2.4 Potential capital
a) The meeting of the Board of Directors of June 30,1998 made use of the authorization from the Extraordinary General Meeting
of the same date to issue convertible bonds without subscription right in the amount of 51.83 million (FF 340 million).
Chief characteristics of the second convertible bonds issue:
Number and face value: 314,815 bonds each with a nominal value of 164.64 (FF 1,080).
As a consequence of the 5-for-1 stock split, one bond entitles its holder to subscribe five shares each with a par value of 0.31
Issue price: 164.64 (FF 1,080) per bond
Dated date and settlement date: July 16, 1998
Term of bond: Seven years
Annual yield: 3.80% per year, or 6.26 (FF 41.04) per bond, payable on July 16 of each year
Gross yield to maturity: 3.80% on July 16, 1998
Normal redemption: redeemed in full on July 16, 2005 by repayment at a price of 164.64 (FF 1,080),
or 100% of the issue price.
As of March 31, 2003,151,094 bonds remain to be converted. No bonds were converted during this fiscal year.
b) At its meeting on November 13,2001,with the authorization granted by the Extraordinary General Meeting of October 19,2001
the Board of Directors agreed to issue bonds with the option of conversion into and/or exchange for the company's new or existing
shares (OCEANE) in the total maximum amount of approximately 172.5 million.
Chief characteristics of the third convertible bond issue:
Number and face value: 3,150,000 bonds each with a par value of 47.50.
Issue price: 47.50
Dated date and settlement date: November 30, 2001
Term of bond: Five years from settlement date
Annual yield: 2.5% per year, payable on November 30 of each year.
Gross yield to maturity: 4.5% on settlement date (if there is no conversion and/or exchange of shares,
and in the absence of early redemption)
Normal redemption: redemption in full on October 30, 2006 at a price of 52.70, or approximately
110.94 % of their face value.
No bonds were exercised over the fiscal year ending March 31, 2003.
During the fiscal year, the company bought back 1,200,699 bonds with the option of conversion and/or exchange for new or
existing shares in the amount of 36,319,599.These bonds were cancelled.
As of March 31, 2003,1,949,301 bonds remain to be converted.
c) During its meeting on October 19, 1999,the Board of Directors used the authorization granted by the combined Ordinary and
Extraordinary General Meeting held on June 30, 1998 to issue 372,058 shares with stock purchase warrants in the amount of
50.61 million (FF 332 million).
Chief characteristics of the 1999 stock purchase warrants:
Initial number of warrants: 372,058
Issue price: 136 (FF 892.10)
Exercise price: 170 (FF 1115.13)
Exercise period: from November 3, 1999 through November 2, 2002
As of March 31, 2002, 340,516 warrants remained to be exercised.From April 1 to November 2, 2002, 24 warrants were exercised.
The warrants not exercised before the end of the exercise period were cancelled.