2007 Reference document (PDF) - Valeo

2006
Consolidated fi nancial statements at December 31, 2007
Notes to consolidated financial statements
Number of options
and free shares
Weighted average
exercise price
Options not exercised at January 1, 2006 6,442,405 31.82
Options granted/free shares to be issued 1,659,250 29.55
Options cancelled (490,575) 29.49
Options expired (432,125) 50.01
Options exercised (69,555) 25.88
Options not exercised/free shares not issued at December 31 7,109,400 30.50
Options which can be exercised at December 31, 2006 3,759,575 35.21
2005
Number of options
and free shares
< Contents >
The principal data and assumptions underlying the valuation of equity instruments at fair value can be analyzed as follows:
2007
Weighted average
exercise price
Options not exercised at January 1, 2005 6,476,975 38.23
Options granted/free shares to be issued 1,250,000 16.81
Options cancelled (748,200) 37.67
Options expired (485,250) 70.32
Options exercised (51,120) 25.69
Options not exercised/free shares not issued at December 31 6,442,405 31.82
Options which can be exercised at December 31, 2005 3,099,668 39.50
March November
Free shares
and stock options Stock options
Share price at date of grant (euros) 37.03 36.93
Expected volatility (%) - and 27.8 32.2
Risk-free rate (%) 4.1 4.4
Dividend rate (%) 3.2 3.2
Duration of the option (years) 3 and 4 4
Fair value of the equity instrument (euros) 32.21 and 7.63 8.85
2007 Reference document - VALEO
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