The reconciliation of movement in capital and reserves for the years ended 31st December 2007, 2006 and 2005 is presented in the following table:
| |||||||||||
|
|
|
Equity attributable to equity holders of the parent |
Minority interests |
Total equity | |||||||
|
(in €m) |
Note |
Capital |
Share premium |
Other reserves |
Accu- |
Treasury shares |
Total |
|
| ||
|
|
|
|
|
|
|
|
|
|
| ||
|
Balance at 31st December 2004 |
|
810 |
8,952 |
(1,450) |
7,678 |
(177) |
15,813 |
134 |
15,947 | ||
|
Total recognised income and expenses |
|
|
|
1,401 |
(3,696) |
|
(2,295) |
19 |
(2,276) | ||
|
Capital increase |
|
9 |
178 |
|
|
|
187 |
|
187 | ||
|
Share-based Payment (IFRS 2) |
31 |
|
|
33 |
|
|
33 |
|
33 | ||
|
Cash distribution to EADS N.V. shareholders |
|
|
(396) |
|
|
|
(396) |
|
(396) | ||
|
Purchase of treasury shares |
|
|
|
|
|
(288) |
(288) |
|
(288) | ||
|
Cancellation of treasury shares |
|
(1) |
(19) |
|
|
20 |
0 |
|
0 | ||
|
Balance at 31st December 2005 |
|
818 |
8,715 |
(16) |
3,982 |
(445) |
13,054 |
153 |
13,207 | ||
|
Total recognised income and expenses |
|
|
|
(591) |
973 |
|
382 |
(4) |
378 | ||
|
Capital increase |
|
5 |
89 |
|
|
|
94 |
|
94 | ||
|
Share-based Payment (IFRS 2) |
31 |
|
|
40 |
|
|
40 |
|
40 | ||
|
Cash distribution to EADS N.V. shareholders/dividends paid to minority interests |
|
|
(520) |
|
|
|
(520) |
(16) |
(536) | ||
|
Change in minority interests |
|
|
|
|
|
|
0 |
4 |
4 | ||
|
Purchase of treasury shares |
|
|
|
|
|
(35) |
(35) |
|
(35) | ||
|
Cancellation of treasury shares |
|
(7) |
(124) |
|
|
131 |
0 |
|
0 | ||
|
Balance at 31st December 2006 |
|
816 |
8,160 |
(567) |
4,955 |
(349) |
13,015 |
137 |
13,152 | ||
|
Total recognised income and expenses |
|
|
|
(43) |
121 |
|
78 |
41 |
119 | ||
|
Capital increase |
|
3 |
43 |
|
|
|
46 |
2 |
48 | ||
|
Share-based Payment (IFRS 2) |
31 |
|
|
48 |
|
|
48 |
|
48 | ||
|
Cash distribution to EADS N.V. shareholders/dividends paid to minority interests |
|
|
(97) |
|
|
|
(97) |
(1) |
(98) | ||
|
Change in minority interests(1) |
|
|
|
|
|
|
0 |
(94) |
(94) | ||
|
Cancellation of treasury shares |
|
(5) |
(138) |
|
|
143 |
0 |
|
0 | ||
|
Balance at 31st December 2007 |
|
814 |
7,968 |
(562) |
5,076 |
(206) |
13,090 |
85 |
13,175 | ||
The following table shows the development of the number of shares outstanding:
|
Number of shares |
2007 |
2006 |
|
|
|
|
|
Issued as at 1st January |
815,931,524 |
817,743,130 |
|
Issued for ESOP |
2,037,835 |
0 |
|
Issued for exercised options |
613,519 |
4,845,364 |
|
Cancelled |
(4,568,405) |
(6,656,970) |
|
Issued as at 31st December |
814,014,473 |
815,931,524 |
|
Treasury shares as at 31st December |
(9,804,998) |
(13,800,531) |
|
Outstanding as at 31st December |
804,209,475 |
802,130,993 |
EADS’ shares are exclusively ordinary shares with a par value of €1.00. The authorised share capital consists of 3,000,000,000 shares.
On 4th May 2007, the Shareholders’ General Meeting of EADS renewed the authorisation given to the Board of Directors to issue shares and to grant rights to subscribe for shares which are part of the Company’s authorised share capital, provided that such powers will be limited to 1% of the Company’s authorised capital from time to time and to have powers to limit and to exclude preferential subscription rights, in both cases for a period expiring at the Shareholders’ General Meeting to be held in 2009.
The Shareholders’ General Meeting on 4th May 2007 also renewed the authorisation given to the Board of Directors for a new period of 18 months from the date of the Annual General Meeting, to repurchase shares of the Company, by any means, including derivative products, on any stock exchange or otherwise, as long as, upon such repurchase, the Company will not hold more than 10% of the Company’s issued share capital and at a price not less than the nominal value and not more than the higher of the price of the last independent trade and the highest current independent bid on the trading venues of the regulated market of the country in which the purchase is carried out. This authorisation supersedes and replaces the authorisation given by the Annual General Meeting of 4th May 2006.
Furthermore, the Shareholders’ General Meeting authorised both the Board of Directors and the Chief Executive Officers, with power of substitution, to cancel up to a maximum of 4,568,405 shares. On 12th July 2007, the Chief Executive Officers decided to cancel 4,568,405 treasury shares.
On 4th May 2007, the Shareholders’ General Meeting also decided to distribute the result of the fiscal year 2006 resulting in a gross amount of €0.12 per share, which was paid on 16th May 2007. Relating to the fiscal year 2007 a cash distribution of €0.12 per share is proposed.
In total EADS purchased in 2007 572,872 treasury shares (in 2006: sale of 145,203 treasury shares) and cancelled 4,568,405 shares (in 2006: 6,656,970 shares), resulting in an amount of 9,804,998 treasury shares at 31st December 2007 (in 2006: 13,800,531 treasury shares).
Capital stock comprises the nominal amount of shares outstanding. The addition to capital stock represents the contribution for exercised options of €613,519 (in 2006: €4,845,364) in compliance with the implemented stock option plans and €2,037,835 by employees under the 2007 Employee Stock Ownership Plan. In 2006, the Employee Stock Ownership Plan was cancelled and consequently, EADS did not issue any new shares.
Share premium mainly results from contributions in kind in the course of the creation of EADS, cash contributions from the Initial Public Offering, capital increases and reductions due to the issuance and cancellation of shares as well as cash distributions to EADS N.V. shareholders. Other reserves include among others retained earnings, reduced by the recognition of actuarial gains and losses of pension obligations, net of deferred taxes. Accumulated other comprehensive income consists of all amounts recognised directly in equity resulting from changes in fair value of financial instruments that are classified as available-for-sale or that form part of hedging relationships in effective cash-flow hedges as well as from currency translation adjustments of foreign entities. Treasury shares represent the amount paid for own shares held in treasury.
