APC 2003 Annual Report Download - page 121

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Note 7 : Advances
to the Group cash pool
This item corresponds to interest-bearing advances
to the Group cash pool (Boissière Finance) which are
recoverable on demand. The total includes €60 mil-
lion in commercial paper issued at the end of 2003
(2002: €395 million) and the €750 million bond
issue in 2003 (see note 10).
Note 8 : Shareholders' equity
The number of common shares issued and out-
standing decreased from 240,812,905 at December
31, 2002 to 231,842,170 at December 31, 2003, as
follows:
■12 million shares cancelled as part of a capital
decrease.
■1,958,180 shares issued on exercise of manage-
ment stock options
■1,071,085 shares issued as part of the worldwide
employee share purchase plan.
No other securities have been issued carrying rights
to a share in the Company's income.
The par value of the shares is €8.
Movements in additional paid-in capital over the year
were as follows:
Additional paid-in capital
at December 31, 2002 4,895,209.6
1. Premiums on shares issued on
exercise of options and in connection
with the ESPP
(net of share issuance costs) 77,594.2
2. Capital decrease (394,200.0)
3. Income appropriation decided
by the AGM
- Transfer to the legal reserve (192,650.3)
- Paid out in 2003 (95,120.5)
Additional paid-in capital
at December 31, 2003 4,290,833.0
Additional paid-in capital at December 31, 2003
breaks down as follows:
Premiums on shares issued
in connection with stock-for-stock
offers 3,959,377.7
Premiums on shares issued for cash 300,152.9
Merger premiums (Schneider SA/
Spie Batignolles 1995 and others) 31,302.4
Premiums on shares issued
on conversion of bonds and other -
Total 4,290,833.0
119
Note 9 : Reserves for
contingencies and pension accruals
These items break down as follows:
2003 2002
Reserves for
contingencies:
Contract risks 2,743.4 2,743.4
Other contingencies 8,171.3 9,390.9
Currency risks - 2,328.1
Total 10,914.7 14,462.4
Pension accruals
(note 15 a)
10,986.2 10,986.2
Other contingencies correspond to risks transferred
to Schneider Electric in connection with divestments
(J.S.I., Spie Batignolles) or mergers (J.S., Spie
Batignolles) which have not yet entirely disappeared.
Unrealized exchange losses are reserved for when
necessary. Where unrealized exchange gains and
losses exist on investments and the related financing
in the same currency and with the same maturity, the
amount of the reserve is limited to the net loss.