APC 2014 Annual Report Download - page 220
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5CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31,2014
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Full year 2014 Full year 2013
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 8.2 3.5
Total amount subscribed 82.4 35.4
Total number of shares subscribed (millions of shares) 1.5 0.7
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 dividend rate 3.4% 3.0%
Annual interest rate (repo) 1.0% 1.0%
Retail/institutional volatility spread 5.0% 5.0%
(a) Value of discount:
between 15.0% 0.0 15.0% 0.0
and 20.0% 20.6 20.0% 8.9
(b) Value of the lock-up period for market participant 26.4% 27.1 26.3% 11.7
(c) Value of the opportunity gain(2) 4.1% 4.2 3.3% 1.5
Total expense for the Group (a-b+c) 0 0
Sensitivity
decrease in interest rate for market participant(3)
l(0.5%) 3.0 (0.5%) 1.3
Amounts inmillions 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.
Calculated using a binomial model.(2)
A decline in the interest rate for market participants reduces the lock-up cost and increases the expense booked by the issuer.(3)
218 2014 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC