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FINANCIAL STATEMENTS
6
CONSOLIDATED FINANCIAL STATEMENTS
Treasury shares
Number of shares
Treasury shares
2015
2014
Beginning of year
388,117
1,829,333
Purchase of treasury shares
829,777
515,270
Sale of treasury shares
(373,988)
(1,850,206)
Treasury shares granted on the exercise of BSAAR stock warrants
(105,057)
–
Treasury shares granted to employees and officers
(58,700)
(106,280)
YEAR-END
680,149
388,117
Value of treasury shares recognised in equity
(in € millions)
(12.3)
(6.6)
Odirnane bonds
In the second half of 2014, the Group issued perpetual bonds redeemable in cash and/or in new or existing shares (Odirnane bonds). The
method used to account for these Odirnane bonds and the bonds’ general characteristics are described in Note 3 – Basis of preparation and
summary of significant accounting policies. The bonds’ main financial characteristics are set out in the table below:
Amount issued
Number
of bonds issued
Maturity
at issue date
Annual nominal
coupon from
17/07/2014
to 16/07/2021
Annual nominal
coupon as from
17/07/2021 *
Post-tax issuance
costs charged
against the value
of the instruments
Value recognised
in consolidated
reserves
Odirnane bonds
€160 million
5,602,240
Perpetual
4.5%
6-month Euribor +
800 basis pts
1.6
158.4
* Step-up clause.
NOTE 18
BOND DEBT
Ornane bonds
On 6 July 2011, the Group issued bonds redeemable in cash and/or in new or existing shares (Ornane bonds) for an aggregate €92 million.
The method used to account for these Ornane bonds and the bonds’ general characteristics are described in Note 3 – Basis of preparation and
summary of significant accounting policies. The bonds’ main financial characteristics are set out in the table below:
Amount issued
Number of bonds
outstanding at
31 December 2015
Maturity
at issue date
Coupon
Coupons
paid during
the year
Debt
component at
issue date
Expenses
charged in
accordance with
the effective
interest method
Embedded
derivative
at issue date
Ornane bonds
92.0
1,234,858 01/01/2017
4.0%
1.1
79.3
1.9
10.8
At 31 December 2015, 1,234,858 Ornane bonds were still outstanding, representing a total nominal amount of €27.2 million.
In millions of euros
2015
2014
Beginning of year
25.6
84.5
Ornane redemptions
–
(64.8)
Amortised cost
0.8
5.9
YEAR-END
26.4
25.6
The €1.4 million change in fair value of the outstanding Ornane bonds is detailed in Note 33 – Other financial income and expenses.
The rate applied for calculating the debt component and embedded derivative at the issue date was 6.63%.
ASSYSTEM
FINANCIAL REPORT
2015
106