APC 2004 Annual Report Download - page 87

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14.3 - Stock option plans
Outstanding options as of December 31, 2004
Plan Date Type Number Options Options Starting Expiration Price Options Options Number
no. of Board (1) of options granted to granted to date of date (in euros) exercised cancelled of options
Meeting outstanding corporate the top 10 exercise in 2004 in 2004 outstanding
(2) officers employee period at Dec. 31,
(2) grantees (2) 2004
11 06/13/96 S 89,950 - - 06/13/01 06/12/04 35.37 89,950 0 0
12 01/24/97 S 27,000 - - 01/24/00 01/23/04 35.67 27,000 0 0
13 06/10/97 S 532,210 - - 06/10/00 06/09/04 44.52 527,710 4,500 0
14 01/28/98 P 997,400 - - 01/28/01 01/27/05 50.77 72,254 6,100 919,046
15 12/22/98 P 46,700 46,700 - 12/22/01 12/21/05 50.86 0 0 46,700
16 04/01/99 P 928,500 85,600 118,200 04/01/02 03/31/07 50.73 8,700 0 919,800
17 04/01/99 P 953,700 107,400 124,000 04/01/02 03/31/07 50.73 7,200 2,400 944,100
18 03/24/00 P 644,650 63,000 87,900 03/24/03 03/23/08 65.88 0 2,650 642,000
19 04/04/01 S 1,485,525 205,500 163,600 04/04/05 04/03/09 68.80 0 20,650 1,464,875
20 12/12/01 S 1,528,900 100,000 333,000 12/12/04 12/11/09 51.76 0 34,500 1,494,400
21 02/05/03 S or P 1,950,400 150,000 345,000 02/05/07 02/04/11 45.65 0 29,200 1,921,200
22 02/05/03 S 93,000 - 10,000 06/05/03 02/04/11 45.65 1,500 0 91,500
23 05/06/04 S 107,000 - 10,000 10/01/04 05/05/12 56.09 0 0 107,000
24 05/06/04 S or P 2,060,700 150,000 282,200 05/06/08 05/05/12 56.09 0 0 2,060,700
(1) S = Options to subscribe new shares / P = Options to purchase existing shares
(2)
After cancellations because targets were only partially met or because grantees did not exercise their options.
In 2004, 646,160 new Schneider Electric SA shares
were created on the exercise of currently vested stock
options.
On May 6, 2004, the Board of Directors set up stock
option plans no. 23 and no. 24:
Plan no. 23, granting the prizewinners of the
"NEW2004" trophy 107,000 options to subscribe new
shares of Company stock at a price of 56.09, exer-
cisable between October 1, 2004 and May 5, 2012.
Plan no. 24, granting 2,060,700 options to sub-
scribe new shares or purchase existing shares of
Company stock at a price of 56.09, in principle exer-
cisable between May 6, 2008 and May 5, 2012. To
exercise the option, the grantee must be an employee
or corporate officer of the Group. In addition, exercise
of half the options is conditional on the achivement of
annual objectives based on operating margin.
14.4 - Schneider Electric shares held
A share buyback program was authorized by share-
holders at the Annual Meeting on May 6, 1999, and
renewed at the Annual Meetings held on May 5, 2000,
June 11, 2001, May 27, 2002, May 16, 2003 and May
6, 2004.
The purpose of the program is to stabilize the market
price of the Company's stock, reduce dilution and
optimize return on equity. The last authorized program
provides for the purchase of a maximum of 10% of
the capital stock for a period of up to eighteen months
from May 6, 2004. Under the programs of May 16,
2003 and May 6, 2004, 5,481,047 shares were pur-
chased during the year ended December 31, 2004,
for a total of 284 million.
Acting on the authorization granted by shareholders
at the Annual Meeting of May 6, 2004, the Board of
Directors on December 9, 2004 cancelled 7,000,000
of the shares acquired pursuant to authorizations
granted at the Annual Meetings of May 27, 2002, May
16, 2003 and May 6, 2004.
At December 31, 2004, the Group held 7,233,618
Schneider Electric shares. Of these, 5,362,026 are
classified at cost as a deduction from retained earn-
ings of 208.6 million and 1,871,592 are classified as
cash and cash equivalents for the remaining portion,
amounting to 87 million, under shares intended to
cover stock option exercise (see Note 14.3).
Schneider Electric shares owned by consolidated
subsidiaries have a market value of 372 million.
Consolidated financial statements