APC 2003 Annual Report Download - page 90
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15.4 - Schneider Electric shares held
A share buyback program was authorized by share-
holders at the Annual Meeting on May 6, 1999, and
renewed at the Annual Meetings held on May 5,
2000, June 11, 2001, May 27, 2002 and May 16,
2003. The purpose of the program is to stabilize the
market price of the Company’s stock, reduce dilution
and optimize return on equity. It provides for the pur-
chase of a maximum of 10% of the capital stock for
a period of up to eighteen months from May 16,
2003.
Under the program, 2,557,142 shares were pur-
chased during the year ended December 31, 2003,
for a total of € 114.0 million. Of these, 38,124 were
purchased to stabilize the share price for a total of
€1.5 million. Schneider Electric shares owned by
consolidated subsidiaries had a market value of
€465.6 million at December 31, 2002. They are clas-
sified at cost as a deduction from retained earnings
of € 276.5 million and as cash and cash equivalents
for the remaining portion, amounting to € 90.6 million
under shares intended to cover stock option exercise
and stabilize the share price (see Note 14).
15.5 - Change in foreign
currency translation reserves
(
€
millions)
2003
United States (256.5)
Japan 2.0
Denmark (6.5)
China (10.3)
United Kingdom (9.0)
Other (18.8)
Total (299.1)
15.6 - Earnings per share
Fully diluted earnings per share are calculated by
dividing net income, as adjusted for interest expense
on the convertible debt, by the weighted-average
number of common shares (minus shares repur-
chased) and share equivalents (represented by con-
vertible bonds, to the extent that their conversion is
probable) outstanding during the year in question.
The dilutive impact of stock options is determined by
calculating the number of shares that could be pur-
chased on the open market using the funds obtained
from the exercise of the options (treasury stock
method - see Note 2.22).
Consolidated and Parent Company Financial Statements
88
15.6.1 - Determination of the share base used in calculation
(in thousands of shares)
2003 2002 (1)
Primary Diluted Primary Diluted
Common shares 223,146 223,146 228,511 228,511
Convertible bonds, stock options 33 741
Share base 223,146 223,179 228,511 229,252
(1) The 2002 share base was adjusted to take into account intra-group cross-shareholdings.
15.6.2 - Earnings per share
(in euros per share)
2003 2002
Primary Diluted Primary Diluted
Income from continuing operations 4.28 4.28 3.86 3.85
Exceptional items
(see Note 24)
(0.73) (0.73) (2.23) (2.22)
Income tax (0.57) (0.57) 1.29 1.28
Amortization of goodwill (0.85) (0.85) (0.84) (0.84)
Net income of fully consolidated companies 2.13 2.13 2.08 2.07
Earnings per share 1.94 1.94 1.85 1.84