APC 2009 Annual Report Download - page 152

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2009 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC150
CONSOLIDATED FINANCIAL STATEMENTS
5NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The tables below summarise the main characteristics of the plans, the amounts subscribed, the valuation assumptions and the plans’ cost
for 2009 and 2008.
Classic plan
2009 2008
%€%€
Plan characteristics
Maturity (years) -5 -5
Reference price (euros) - 53.59 - 78.82
Subscription price (euros)
between - 45.55 - 67.00
and - 44.48 - -
Discount:
between 15.00% - 15.00% -
and 17.00% - - -
Amount subscribed by employees - 28.6 - 45.8
Total amount subscribed - 28.6 - 45.8
Total number of shares subscribed (millions of shares) - 0.6 - 0.7
Valuation assumptions
Interest rate available to market participant (bullet loan) (1) 5.00% - 6.90% -
Five year risk-free interest rate (euro zone) 3.00% - 5.20% -
Annual interest rate (repo) 1.00% - 1.15% -
(a) Value of discount
between 15.00% 4.8 15.00% 8.1
and 17.00% 0.3 - -
(b) Value of lock-up period for market participant 14.85% 5.0 13.70% 7.4
Total expense for the Group (a-b) 0.15% to 2.15% 0.1 1.30% 0.7
Sensitivity
- Decrease in interest rate for market participant (2) -0.50% 0.9 -0.50% 1.4
Amounts in millions of euros, unless otherwise stated.
(1) Average interest rate charged by banks for an ordinary, non-revolving personal loan with a maximum maturity of fi ve years granted to an
individual with an average credit rating.
(2) A decline in the interest rate for market participants reduces the lock-up cost and increases the expense booked by the issuer.