APC 2011 Annual Report Download - page 190

188 2011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC
CONSOLIDATED FINANCIAL STATEMENTS
5NOTES TO THE CONSOLIDATED FINANCIAL
The tables below summarize the main characteristics of the plans, the amounts subscribed, the valuation assumptions and the plans’ cost
for 2011 and 2010.
Nonleveraged plans
2011 2010
% Value % Value
Plan characteristics
Maturity (years) 5 5
Reference price (euros) 112.21 79.34
Subscription price (euros):
between 95.38 67.44
and 89.77 65.86
Discount:
between 15.0% 15.0%
and 20.0% 17.0%
Amount subscribed by employees 72.0 37.8
Total amount subscribed 72.0 37.8
Total number of shares subscribed (millions of shares) 0.8 0.6
Valuation assumptions
Interest rate available to market participant (bullet loan) (1) 4.8% 4.1%
Five year risk-free interest rate (euro zone) 2.8% 2.1%
Annual interest rate (repo) 1.0% 1.0%
(a) Value of discount:
between 15.0% 7.9 15.0% 6.2
and 20.0% 6.7 17.0% 0.6
(b) Value of the lock-up period for market
participant 14.9% 12.9 15.0% 6.7
Total expense for the Group (a-b) 0.12% to 5.12% 1.8 0.01% to 2.01% 0.1
Sensitivity
• decrease in interest rate for market participant (2) -0.5% 2.0 -0.5% 1.2
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.