The ratio of Class A shares to Class B shares must be maintained at 2:1 as required by the Articles of Incorporation.
In accordance with IFRS, earnings per share calculations should be made using the 12 month weighted average number of economic shares as adjusted for share buy backs.
As a result of the ongoing share buy back programme, the 12 month weighted average number of economic shares at 31 December 2008 was 395 273 321.
The listed security is the Fiduciary Depositary Receipt (“FDR”), listed on the Luxembourg and Euronext Paris Stock Exchanges. Each of these is backed by one A share and has all the rights attaching to that share, except the right of attending General Meetings of shareholders. In order to attend a General Meeting, at least one registered share must be held. Voting rights may be exercised by notifying the Fiduciary (Banque et Caisse d’Epargne de l’Etat) of the voting intention.
Of the Class A Shares, 282 738 218 (70.89 % of the economic shares) are currently lodged with the Fiduciary and trade in the form of FDRs.
Shares of Class B are held by the Luxembourg state and the public institutions Banque et Caisse d’Epargne (BCEE) and Société Nationale de Crédit et d’Investissement (SNCI). Class B shares carry 40% of the economic rights of the shares of Class A. The B shares are not listed on any exchange and do not back a tradable security.
SES buys FDRs ("shares") to support Executive Share Option Incentive schemes and as part of its share buy back and cancellation programme. B Shares are also purchased by the company in order to maintain the 2:1 ratio mentioned above.
The number of issued shares of each class as at 18 March, 2010 was as follows:
|
SES Shareholders(1)
|
Number of Shares
|
% Voting Shareholding
|
% Economic Participation
|
|
A Shares
|
|
Sofina Group
|
18 800 000
|
3.76 %
|
4.70 %
|
|
Luxempart S.A.
|
11 538 264
|
2.31 %
|
2.89 %
|
|
Santander Telecommunications S.A.
|
10 000 000
|
2.00 %
|
2.50 %
|
|
Other shareholders
|
9 908 648
|
1.98 %
|
2.48 %
|
|
BCEE FDRs (free float)
|
282 738 218
|
56.61 %
|
70.76 %
|
|
Total A Shares
|
332 985 130
|
66.66 %
|
83.33 %
|
|
B Shares
|
|
BCEE
|
54 336 756
|
10.88 %
|
5.44 %
|
|
SNCI
|
54 329 979
|
10.88 %
|
5.44 %
|
|
Etat du Grand-Duché de Luxembourg
|
57 825 830
|
11.58 %
|
5.79 %
|
|
Total B Shares (2)
|
166 492 565
|
33.33 % (3)
|
16.67 %
|
|
Total Shares (Actual)
|
499 477 695
|
|
|
|
Total Shares (Economic)
|
399 582 156
|
|
|
(1) Significant shareholdings as of 18 March 2010.
(2) Shares of Class B carry 40% of the economic rights of shares of Class A.
(3) These figures have been rounded up to the second decimal, as a result of which the Class B shareholders appear to hold a total of 33.34 % of the voting interest in the Company. The actual total voting interest of the Class B shareholders is, however, one-third.
Under IAS 33, the earnings per share and dividend per share calculations should be made using the weighted average number of shares during the period. The weighted average number of shares should be adjusted for the shares purchased by the company.
