APC 2015 Annual Report Download - page 224

2015 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC222
CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31,2015
5NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Non leveraged plans
Full year 2015 Full year 2014
% Value % Value
Plan characteristics
Maturity (years) 55
Reference price (euros) 68.49 68.62
Subscription price (euros):
between 58.21 58.33
and 54.79 54.90
Discount:
between 15.0% 15.0%
and 20.0% 20.0%
Amount subscribed by employees 135.0 122.7
Total amount subscribed 135.0 122.7
Total number of shares subscribed (millions of shares) 2.4 2.2
Valuation assumptions
Interest rate available to market participant (bullet loan) (1) 4.4% 4.8%
Five year risk-free interest rate (euro zone) 0.4% 0.8%
Annual interest rate (repo) 1.0% 1.0%
(a) Value of discount:
between 15.0% 8.3 15.0% 7.8
and 20.0% 22.0 20.0% 19.6
(b) Value of the lock-up period for market participant 26.4% 43.6 26.4% 39.5
Total expense for the Group (a-b) 0 0
Sensitivity
• decrease in interest rate for market participant(2) ( 0.5%) 4.8 ( 0.5%) 4.3
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.
21.6 – Schneider ElectricSE shares
At December31, 2015, the Group held 23,283,812 Schneider Electric shares in treasury stock, which have been recorded as a deduction
from retained earnings.
21.7 – Tax on equity
Total income tax recorded in Equity amounts to EUR344million as of December31, 2015 and can be analyzed as follows:
Dec.31, 2015 Dec.31, 2014 Change in tax
Cash-fl ow hedges 41 75 (34)
Available-for-sale fi nancial assets (7) (8) 1
Actuarial gains (losses) on defi ned benefi ts 311 379 (68)
Other (1) (1) -
TOTAL 344 445 (101)