APC 2012 Annual Report Download - page 200

2012 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC198
CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31, 2012
5NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
To exercise the options granted under plans26 to33, and the SARs,
the grantee must be an employee or corporate offi cer of the Group.
In addition, exercise of some options is generally conditional on the
achievement of annual objectives based on fi nancial indicators.
In respect of subscription vesting conditions for current stock
option plans, Schneider ElectricSA has created 2,952,154shares
in2012.
Change in the number of stock grants
Plan no. Number of stock grants atDec.31, 2011 Number of existing or new shares grants in2012 Number of shares cancelledin2012 Number of shares
outstanding at Dec.31, 2012
4
5 272,830 (272,830)
6 393,748 (30,952) 362,796
7 2,500 (2,500)
8 317,962 (317,962)
9 750,410 (3,600) (32,920) 713,890
10 661,980 (4,028) 657,952
11 1,136,076 (2,324) (26,926) 1,106,826
10 bis 3,000 3,000
11 bis 5,882 5,882
12 19,850 19,850
13 645,443 2,500 (1,200) 646,743
13 ter 625 625
14 1,387,800 (1,575) (31,839) 1,354,386
14 ter 1,500 (900) 600
TOTAL 5,597,481 (596,166) (128,765) 4,872,550
For stock grants to vest, the grantee must be an employee or corporate offi cer of the Group. In addition, vesting of some stock grants is
conditional on the achievement of annual objectives based on fi nancial indicators.
21.5.1 Valuation of share-based payments
Stock option valuation
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 grant plans set up after
November7, 2002 breaks down as follows:
Full year 2012 Full year 2011
Plan 30 -1
Plan 31 12
Plan 32 --
Plan 33 34
TOTAL 47