APC 2010 Annual Report Download - page 191
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CONSOLIDATED FINANCIAL STATEMENTS
5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The tables below summarise the main characteristics of the plans, the amounts subscribed, the valuation assumptions and the cost of the
plans for 2010 and 2009.
Nonleveraged plans
2010 2009
% Value % Value
Plan characteristics
Maturity (years) 5 5
Reference price (euros) 79.34 53.59
Subscription price (euros):
between 67.44 45.55
and 65.86 44.48
Discount:
between 15.0% 15.0%
and 17.0% 17.0%
Amount subscribed by employees 37.8 28.6
Total amount subscribed 37.8 28.6
Total number of shares subscribed (millions of shares) 0.6 0.6
Valuation assumptions
Interest rate available to market participant
(bulletloan)
(1) 4.1% 5.0%
Five year risk-free interest rate (euro zone) 2.1% 3.0%
Annual interest rate
(repo)
1.0% 1.0%
(a) Value of discount:
between 15.0% 6.2 15.0% 4.8
and 17.0% 0.6 17.0% 0.3
(b) Value of the lock-up period for market
participant 15.0% 6.7 14.9% 5.0
Total expense for the Group (a–b) 0.01% to 2.01% 0.1 0.15% to 2.15% 0.1
Sensitivity
• decrease in interest rate for market participant(2) (0.5%) 1.2 (0.5%) 0.9
Amounts in millions of euros, unless otherwise stated.
(1) Average interest rate charged on an ordinary, non-revolving personal loan, with a fi ve-year maturity 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.
2010 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 189