APC 2009 Annual Report Download - page 150

2009 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC148
CONSOLIDATED FINANCIAL STATEMENTS
5NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
21.5.1 Valuation of share-based payments
Stock options
In accordance with the accounting policies described in note1.20,
the stock option plans have been valued on the basis of an average
estimated life of between seven and ten years using the following
assumptions:
•expected volatility of between 20% and 28%, corresponding to
capped historical volatility;
•a payout rate of between 3.0% and 4.5%;
•a discount rate of between 2.9% and 4.5%, corresponding to a
risk-free rate over the life of the plans (source: Bloomberg).
Based on these assumptions, the amount recorded under “Selling, general and administrative expenses” for stock option plans set up after
November 7, 2002 breaks down as follows:
2009 2008
Plan 24 - (1)
Plan 25 --
Plan 26 25
Plan 27 56
Plan 28 67
Plan 29 11
Plan 30 -4
Plan 31 2-
Plan 32 --
Plan 33 --
16 22
Stock grants
In accordance with the accounting policies described in note1.20,
the stock grant plans have been valued on the basis of an average
estimated life of between four and fi ve years using the following
assumptions:
•a payout rate of between 3.0% and 4.5%;
•a discount rate of between 2.4% and 4.5%, corresponding to a
risk-free rate over the life of the plans (source: Bloomberg).
Based on these assumptions, the amount recorded under “Selling, general and administrative expenses” for stock grant plans set up after
November 7, 2002 breaks down as follows:
2009 2008
Plan 1 11
Plan 2 --
Plan 3 -2
Plan 4 11
Plan 5 2-
Plan 6 2-
Plan 7 --
Plan 8 --
Plan 9 --
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