Download PDF version English(2664KB) - Hamon
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Part 3 - Financial Statements<br />
95<br />
Valuation of options granted during the year 2010 2009 2008<br />
niLL NILL niLL NILL ESOP 2008 ESOP 2008<br />
(B+G) (F)<br />
Number of stock options granted - - - - 17 050 5 500<br />
Valuation model - - - - Black & Scholes<br />
Assumed volatility (% pa) - - - - 50,00% 50,00%<br />
Risk free interest rate (% pa) - - - - 2,27% 2,27%<br />
Dividend yields - - - - 1,56% 1,56%<br />
Rate of pre-vesting forfeiture (% pa) - - - - 0,00% 0,00%<br />
Rate of post-vesting forfeiture (% pa) - - - - 0,00% 0,00%<br />
Proportion who exercise given minimum gain achieved (% pa) - - - - 100,00% 100,00%<br />
Fair Value per granted instrument at the Grant date (€) - - - - 7,42 4,97<br />
Total fair value of the options granted (EUR thousands) - - - - 127 27<br />
Total 154<br />
Volatility is estimated on the basis of historical volatilities<br />
on 50 and 500 days.<br />
The cumulative impact of the stock option plan represents<br />
a cost of EUR 45 thousand (EUR 63 thousand in<br />
2009) calculated according to the Black & Scholes<br />
model and was charged to the income statement.<br />
34. FINANCIAL LIABILITIES<br />
Detail of financial liabilities<br />
in Eur ‘000’ 31/12/10 31/12/09 31/12/08<br />
Bank borrowings 72 856 65 873 62 105<br />
Bank overdrafts 1 746 3 889 4 301<br />
Sub-total bank borrowings 74 602 69 762 66 406<br />
Obligations under finance lease 4 480 4 568 2 351<br />
Treasury notes 1 000 - -<br />
Other financial commitments 871 735 1 101<br />
Sub-total other borrowings 6 351 5 303 3 452<br />
Total 80 953 75 065 69 858<br />
Of which:<br />
sub-total current (due for settlement within the year) 19 216 17 618 29 606<br />
Amount due for settlement in the 2nd year 4 401 5 613 10 014<br />
Amount due for settlement in the 3rd year 54 374 5 085 28 378<br />
Amount due for settlement in the 4th year 579 44 005 355<br />
Amount due for settlement in the 5th year and after 2 383 2 744 1 505<br />
Sub-total non-current: 61 737 57 447 40 252<br />
Total 80 953 75 065 69 858<br />
Borrowings due for settlement within the year in<br />
EUR 8 451 9 945 19 372<br />
USD 155 135 7 631<br />
Others 10 610 7 538 2 603<br />
Non-current borrowings in<br />
EUR 60 249 56 135 30 638<br />
USD 1 042 1 110 9 007<br />
Others 446 202 607
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