6 PEUGEOT S.A. FINANCIAL STATEMENTS FOR THE YEAR ENDED 6.4. Notes to Peugeot S.A. Financial Statements 31 DECEMBER 2015 A. PEUGEOT S.A. SHARES Changes in treasury shares classified as “Other long-term investments”: Hedge of a future liquidity contract (in million euros) Hedge of convertible bonds from the 2009 issue Gross Number Gross Number Total at 1 January 2015 - - 8,636,181 190.4 > Capital increase: sales of pre-emptive subscription rights > Shares allocated to the Accelerate matching contribution > Shares reclassified: change of category(1) > Shares covering bond conversions(2) Total at 31 December 2015 - - 1,382,587 (2,475,086) 7,543,682 49.2 (33.4) 206.2 Impairment at 1 January 2015 > Provisions > Shares reclassified into other categories: net value reclassification > Reversals(3) PROVISIONS FOR IMPAIRMENT AT 31 DECEMBER 2015 - (102.1) - - - - (49.0) 63.5 - (87.6) (1) Recategorisation made by the Managing Board. (2) At 31 December 2015 when the OCEANE bond matured, it resulted in 2,475,086 conversions. (3) Reversal of an impairment loss recognised on the basis the average share price during the last month of the period, or €16.158 per share. B. UNITS IN FCPR INVESTMENT FUNDS Peugeot S.A. holds units in France’s Fonds Avenir Automobiles (FAA), a private equity fund set up by the French government as part of the Automobile Pact signed on 9 February 2009. These units are measured at value in use, which corresponds to their market value at the balance sheet date. This reflects the value in use of the investments made by the fund. On the assumption that they are not publicly traded, their value is estimated at their cost during the first twelve months following acquisition, adjusted if necessary for any unfavourable subsequent event. After the first twelve months, value in use is estimated using earnings multiples. At 31 December 2015 the monies already called and paid into the Fund were valued at €63.1 million. The total provision for FAA shares amounted to €41.7 million. An impairment reversal of €8.7 million was thus recognised over the period. FAA units not yet called at 31 December 2015 amounted to €70.9 million. The liability is carried in the balance sheet under “Due to suppliers of fixed assets” (see Note 1.C). These units are governed by the tax rules relating to FCPR investment funds, with the result that long-term capital gains on the units will be taxed at a reduced rate. NOTE 8 LONG-TERM LOANS AND RECEIVABLES The deposit of €30 million made by Peugeot S.A. on 20 December 2012, pursuant to the programme of securitisation of the Group’s trade receivables, was decreased by a repayment at 26 March of €15.0 million, bringing the balance to €15 million. A repayment of €20.75 million on a deposit with the European Investment Bank (guaranteeing loans issued by that institution to Group subsidiaries) was recorded for the period. NOTE 9 OTHER RECEIVABLES AND PREPAYMENTS TO SUPPLIERS (in million euros) 31/12/2015 (1) 31/12/2014 Recoverable taxes 221.8 199.2 421.0 197.6 166.9 0.1 364.6 Shareholder advances(2) Other TOTAL (1) Of which receivables from the State as Research Tax Credits in the amount of €113.3 million in 2015, versus €84.1 million in 2014, and Competitiveness and Employment Tax Credit (CICE) in the amount of €86.7 million in 2015 versus €93.1 million in 2014. (2) Of which receivables related to the December VAT consolidation in the amount of €104.8 million versus €66.0 million in 2014. 270 PSA PEUGEOT CITROËN - 2015 REGISTRATION DOCUMENT
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