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121
5
14.6 - Treasury stock
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, May 16, 2003, May 6,
2004, May 12, 2005 and May 3, 2006.
The purpose of the program is to reduce dilution, opti-
mize the management of capital and cover stock
option plans. The last authorized program provides for
the purchase of a maximum of 10% of the share capi-
tal within a period of up to eighteen months from May
3, 2006. Under the programs of May 12, 2005 and May
3, 2006, no shares were purchased during the year
ended December 31, 2006.
The Annual Shareholders’ Meeting of May 3, 2006
authorized the Management Board to buy back
shares. Acting on this authorization, the company set
up a liquidity contract under which the financial inter-
mediary bought 2,292,219 shares at an average price
of 85.29 and sold 2,172,219 shares at an average
price of 85.32.
At December 31, 2006, the Group holds 6,876,123
Schneider Electric shares in treasury stock, acquired
at a cost of 311.4 million which has been recorded as
a deduction from retained earnings.
14.7 - Other reserves
Changes in other reserves were as follows:
Gains and losses from Actuarial Total
remeasurement at fair value gains and
Currency Hedges Available- losses
instruments of metal for-sale
and interest purchases financial
rate hedges assets
December 31, 2004 22.3 22.3
Application of IAS 32/39 as from Jan. 1, 2005:
- Currency instruments 7.9 7.9
- Remeasurement of available-for-sale
financial assets 29.0 29.0
- Hedges of metal purchases 5.0 5.0
January 1, 2005 7.9 5.0 29.0 22.3 64.2
- Unrealized net gains (losses)
on available-for-sale financial assets 115.6 115.6
- Realized net gains (losses) on available-for-sale
financial assets reclassified in the statement
of income -
- Net gains (losses) on currency instruments (5.5) (5.5)
- Net gains (losses) on hedges of metal purchases 3.5 3.5
- Net gains (losses) on post-retirement benefits (78.0) (78.0)
December 31, 2005 2.4 8.5 144.6 (55.7) 99.8
- Unrealized net gains (losses)
on available-for-sale financial assets 16.5 16.5
- Realized net gains (losses) on available-for-sale
financial assets reclassified in the statement
of income 0.0
- Net gains (losses) on currency instruments (136.8) (136.8)
- Net gains (losses) on interest rate hedges (1.7) (1.7)
- Net gains (losses) on hedges of metal purchases (11.5) (11.5)
- Net gains (losses) on post-retirement benefits 24.3 24.3
December 31, 2006 (136.1) (3.0) 161.1 (31.4) (9.4)
The main changes during the year stemmed from changes in the fair value of hedging instruments (note 20), the
remeasurement at fair value of the Group’s AXA shares (note 8) and differences in actuarial gains and losses
(note 15).