Share buybacks
As part of the share buyback authorization approved by shareholders in general meeting, Capgemini may repurchase shares in accordance with the share buyback program (available here), in the following contexts: the liquidity contract, the multi-year share buyback program, other ad-hoc buybacks.

The liquidity contract

The purpose of the liquidity contract entered into with an investment services provider is to improve the liquidity of the Capgemini share and to allow regular quotations in accordance with market practices accepted by the Autorité des marchés financiers (AMF – the French Financial Markets Authority).

The liquidity program report filed by the Capgemini every 6 month is available here.

In 2018, a total of 1,585,947 shares were purchased on behalf of Capgemini SE, at an average price of €104.32 per share, representing 0.95% of the share capital at December 31, 2018. During the same period, 1,397,520 Capgemini SE shares were sold at an average price of €105.80 per share, representing 0.84% of the share capital at December 31, 2018. At the year-end, the liquidity account balance comprised 217,358 treasury shares (0.13% of the share capital) and approximately €2 million.

The multi-year share buyback program

As part of the active management of the share capital, Capgemini Board of Directors has decided in February 2016 to launch a €600 million share buyback program. The program was extended to €1,100 million in December 2016.

Share buybacks under this multi-year program were (based on the execution date of the orders, and not the settlement date):

Year Amount
(in millions of euros)
Volume
(number of shares)
Average price
(euros)
2016* 324 3,973,710 81.45
2017 176 1,958,761 90.02
2018 200 1,831,810 109.18
* in 2016, 203,530 shares were also repurchased as part of a prior program authorization (at an average price of 75.66 euros for a total amount of €15 million)

 

Other ad-hoc buybacks

In compliance with the authorizations voted at the general meeting, Capgemini may also buy back shares in addition to the share repurchase carried out under the multi-year share buyback program.
Capgemini implements Employee Share Ownership Plans (ESOP) as part of the Group’s policy to associate all employees to its development and performance. To neutralize the dilution resulting from the ESOP capital increases, Capgemini may also implement dedicated buyback plans.
Hence, in 2017 and in 2018, in relation to the 4th and 5th ESOP plans, Capgemini carried out share repurchases for respectively €360 million and €264 million.

Year Amount
(in millions of euros)
Volume
(number of shares)
Average price
(euros)
2017 360 3,522,495 102.20
2018 264 2,500,000 105.46

These buyback transactions are also subject to regulatory filings (Notice of trading on own shares, available here) no later than 7 days after the transaction.