APC 2012 Annual Report Download - page 202

2012 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC200
CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31, 2012
5NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The tables below summarize the main characteristics of the plans, the amounts subscribed, the valuation assumptions and the plans’ cost
for2012 and 2011.
Nonleveraged plans
Full year 2012 Full year 2011
% Value % Value
Plan characteristics
Maturity (years) 55
Reference price (euros) 43.12 56.11
Subscription price (euros):
between 36.66 47.69
and 34.5 44.89
Discount:
between 15.0% 15.0%
and 20.0% 20.0%
Amount subscribed by employees 75.9 72.0
Total amount subscribed 75.9 72.0
Total number of shares subscribed (millions of shares) 2.1 1.6
Valuation assumptions
Interest rate available to market participant (bullet loan) (1) 5.5% 4.8%
Five year risk-free interest rate (euro zone) 1.5% 2.8%
Annual interest rate (repo) 1.0% 1.0%
(a) Value of discount:
between 15.0% 6.4 15.0% 7.9
and 20.0% 10.0 20.0% 6.7
(b) Value of the lock-up period for market
participant 26.2% 24.1 14.9% 12.9
Total expense for the Group (a-b) 0 1.8
Sensitivity
• decrease in interest rate for market participant (2) (0.5%) 2.5 (0.5%) 2.0
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.