05 management report
profit for the year
Non-Group financial liabilities, totalling
€273.7 million, down by €234.7 million over
the year, corresponds to the amount of the
OCEANE bonds issued in May 2018 in the
amount of €182.8 million maturing in
March 2023, €56.4 million to the EURO PP
(issued in May 2015), €13.0 million to the
failure to meet performance conditions, as
well as the exercises carried out, there are
still 324,000 stock options for 2014
corresponding to options exercised at the
end of December 2021 and which will give
rise in January 2022 to the issue of 648,000
new shares, each option entitling holders to
two Econocom group shares following the
two-for-one split that took place in
June 2017.
Schuldschein
bond
(issued
in
November 2016 of which €137.1 million were
repaid during the year), and €21.5 million in
commercial
maturities of between one and three
months).
paper
(with
short-term
In June 2017, the Board of Directors also
approved a stock option plan (“2017 Stock
Option Plan”) and decided to issue, with
cancellation of shareholders’ pre-emptive
2.3.3. SHARE CAPITAL
subscription
rights,
2,000,000 stock
At 31 December 2021, Econocom group’s
share capital totalled €23,662,014.74,
divided into 222,281,980 shares with no
nominal value.
subscription rights entitling the holders to
subscribe, under certain conditions, to a
new
Econocom
group
share.
had
The
Compensation
Committee
until
31 December 2019 to determine the
beneficiaries of this plan. At 31 December
2020, taking into account the options
forfeited by beneficiaries, the number of
2017 stock options allocated amounted to
90,000 corresponding to a maximum issue
of 90,000 new shares.
Changes in share capital since 2012 have
consisted of (i) share capital increases in
connection with the exercise of stock
options by the Group’s managers and
(ii) share capital increases either as part of
external growth transactions to fund a
portion of the acquisition price or as a
result of the conversion of bonds.
On 1 March 2018, Econocom launched the
issuance of convertible bonds (OCEANE)
with a par value of €200 million, maturing
in 2023. The holders of Bonds will have a
right to the award of Shares that they may
exercise at any time from the Issue Date
(i.e. 6 March 2018) and until the 8th business
day (inclusive) preceding the normal or
early redemption date on the basis of a
conversion or exchange ratio of one
Econocom Share per Bond and subject to
any subsequent adjustments. In the event
of request of conversion of Bonds, the Bond
holders will receive, at Econocom’s
discretion, new and/or existing Shares of
Econocom. Following the bond buybacks
in 2021, there are currently 22,439,865
bonds outstanding. If all the bonds were
converted (if the conversion price of €8.26
was reached) into new shares, according to
the current conversion ratio of 1 share for 1
bond, 22,439,865 new shares would be
issued.
The only items that could have an influence
on Econocom group’s share capital
corresponding to the 2014 and 2017 stock
option plans and the OCEANE convertible
bond issued on 1 March 2018.
In December 2014, the Board of Directors
approved a stock option plan (“2014 Stock
Option Plan”) and decided to issue, with
cancellation of shareholders’ pre-emptive
subscription
rights,
2,500,000 stock
subscription rights entitling the holders to
subscribe, under certain conditions, to a
new
Econocom
group
share.
The
Compensation Committee had two years
to determine the beneficiaries of the 2014
Stock
Option
Plan.
A
total
of
2,480,000 stock options were granted to
approximately 20 of the Group’s managers
under the 2014 Stock Option Plan. At
31 December 2021, taking into account the
options lapsed due to departures and
140
2021 annual report
