APC 2014 Annual Report Download - page 219

CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31,2014
NOTES 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2014 and 2013.
Full year 2014 Full year 2013
Non leveraged plans % Value % Value
Plan characteristics
Maturity (years) 5 5
Reference price (euros) 68.62 59.87
Subscription price (euros):
between 58.33 50.89
and 54.90 47.90
Discount:
between 15.0% 15.0%
and 20.0% 20.0%
Amount subscribed by employees 122.7 98,0
Total amount subscribed 122.7 98,0
Total number of shares subscribed (millions of shares) 2.2 2.0
Valuation assumptions
Interest rate available to market participant (bullet loan) (1) 4.8% 4.8%
Five year risk-free interest rate (euro zone) 0.8% 0.8%
Annual interest rate (repo) 1.0% 1.0%
(a) Value of discount:
between 15.0% 7.8 15.0% 8.4
and 20.0% 19.6 20.0% 12.7
(b) Value of the lock-up period for market participant 26.4% 39.5 26.3% 31.3
Total expense for the Group (a-b) 0 0
Sensitivity
decrease in interest rate for market participant(2)
l(0.5%) 4.3 (0.5%) 3.4
Amounts inmillions of euros, unless otherwise stated.
Average interest rate charged on an ordinary, non-revolving personal loan, with a five-year maturity to an individual with an average credit (1)
rating.
A decline in the interest rate for market participants reduces the lock-up cost and increases the expense booked by the issuer.(2) 5
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2014 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC