P

par value

The par value of a share is the proportion of the share capital represented by a single share. For Aerospatiale Matra, the par value is 20 francs.

payout ratio

The ratio between the amount of dividends distributed and net income.

placement global garanti – underwritten placement

Similar to a fixed-price public offering, intended for private investors during a privatization or initial public offering, the “Placement Global Garanti” (PGG) is intended for institutional investors.

plan d’epargne en actions – share savings plan

A savings account for French shares opened at a financial intermediary (similar to an IRA in the United States). At the end of five years, and within a limit of 600,000 francs per person, this account allows shareholders not to pay taxes on all dividends received and capital gains recorded (excluding French taxes).