156 / 266
156 2014 Registration Document
Consolidated Financial Statements Year ended December 31, 2014
5
Notes to the Consolidated statements
3.6
BOND ISSUE AND BUYBACKS
3.5
2013 DIVIDEND REINVESTMENT OPTION
At the Annual General Meeting held on April 15, 2014, shareholders
decided to set the 2013 dividend at €0.62 per share with a dividend
reinvestment option.
The issue price of the shares to be issued in exchange for reinvested
dividends was set at €26.10 per share, representing 95% of the average
of the opening prices quoted on NYSE Euronext Paris during the 20
trading days preceding the date of the Annual General Meeting, less
the net amount of the dividend of €0.62 per share and rounded up to
the nearest euro cent.
The option period was open from April 24 to May 15, 2014. At the end
of this period, shareholders owning 64.55% of Carrefour’s shares had
elected to reinvest their 2013 dividends.
May 28, 2014 was set as the date for:
■
settlement/delivery of the 10,929,717 new shares corresponding to
reinvested dividends, leading to a total capital increase of €285 million
(share capital and premiums);
■
payment of the cash dividend to shareholders who chose not to reinvest
their dividends, representing a total payout of €149 million.
On July 15, 2014, the Group issued €1,000 million worth of eight-year
1.75% bonds maturing in July 2022.
At the same time, two outstanding issues representing an aggregate
€318 million were retired, as follows:
■
€97 million outstanding from a €763 million 4.375% issue maturing
in November 2016;
■
€221 million outstanding from a €500 million 5.25% issue maturing
in October 2018.
The transaction consolidated the Group’s long-term financing at the
very attractive interest rates currently available in the market. It led to:
■
a €682 million increase in the face value of the Group’s bond debt;
■
optimized future borrowing costs due to an issue at a historically low
interest rate;
■
an extension of the average maturity of bond debt, from 3.7 years to
4.2 years (an increase of 0.5 years) as from July 15, 2014.
3.7
DISCONTINUATION OF OPERATIONS IN INDIA
On July 7, 2014 Carrefour announced that it intended to close its five cash & carry stores in India, the first of which was opened in 2010. All of the
stores had been closed by the year-end.