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180 2014 Registration Document
Consolidated Financial Statements Year ended December 31, 2014
5
Notes to the Consolidated statements
27.3
TREASURY STOCK
At December 31, 2014, a total of 23,386,284 shares were held in treasury (December 31, 2013: 22,806,284 shares).
December 31,
2014
December 31, 2013
Change
Shares held directly
(1)
10,281,473
5,761,500
4,519,973
Shares held indirectly
via
an
equity swap
13,104,811
17,044,784
(3,939,973)
Treasury stock
23,386,284
22,806,284
580,000
(1) Or through a liquidity agreement set up in January 2014 with Oddo Corporate Finance.
27.3.1 SHARES HELD DIRECTLY
Most of the Carrefour shares held directly by the Company are intended for the Group’s stock option and stock grant plans. All rights attached to
the shares allocated to these plans are suspended for as long as they are held in treasury.
27.3.2 SHARES HELD INDIRECTLY
VIA
AN EQUITY SWAP
In 2009, the Group reorganized the portfolio of treasury shares and
instruments held to meet its obligations under the stock option and
stock grant plans. On June 15, 2009, a total of 18,638,439 shares
were sold out of treasury at a price of €28.725 per share, generating
total proceeds of €535 million, and 18,638,439 shares were bought
back at the same price per share of €28.725 for forward delivery at
various dates through July 2017. The transaction had no impact on the
consolidated income statement.
Since the end of 2009, a total of 3,124,885 shares have been bought back
on the various contractual dates. Following the distribution of Dia shares
on July 5, 2011, Carrefour delivered an additional 2,196,200 shares in
exchange for a reduction in the buyback price per share to €25.184.
At December 31, 2014, Carrefour was committed to buying back
13,104,811 shares under the equity swap for a total of €330 million
recorded as a financial liability.
Number of shares
Financial liability
(in € millions)
Shares held
indirectly
via
an equity
swap at December 31, 2014
13,104,811
330
Forward purchases
July 7, 2015
4,455,754
112
June 15, 2016
8,449,280
213
July 16, 2017
199,777
5