2007 - April

2.0
Notes to the consolidated financial statements at December 31 st 2007
Note 10. Share-based payments
10.1. Monitoring of stock option and warrant schemes
Plan n°5 Plan n°6 Plan n°7 Plan n°8 Plan n°9 Plan n°10 Plan n°11 Plan n°12 Plan n°13 Plan n°14 Plan n°15 Plan n°16 Plan n°17 Plan n°18
Date of Board of Directors meeting 26/04/01 13/12/01 25/04/02 12/12/02 24/04/03 29/04/04 28/04/05 28/04/05 28/04/06 28/04/06 10/07/06 26/04/07 26/04/07 26/04/07
Total number of shares offered
on plan date
373,500 80,000 76,000 25,000 37,000 44,000 47,000* 65,000 70,000 10,000 116,000 40,000 21,000 226,000
Option exercise start date 26/04/06 14/12/06 26/04/07 13/12/07 25/04/08 30/04/09 01/05/09 01/05/09 29/04/10 29/04/10 11/07/10 27/04/13 27/04/11 27/04/11
End date 25/04/08 13/12/08 25/04/09 12/12/09 25/04/10 30/04/11 30/04/11 30/04/11 28/04/12 28/04/12 10/07/12 26/04/14 26/04/13 26/04/13
Subscription price €20.21 €16.86 €16.69 €15.57 €13.91 €15.94 €23.43 €23.43 €42.32 €42.32 €39.42 €40.56 €40.56 €40.56
NUMBER OF STOCK OPTIONS AT
END DECEMBER 2007
11,953 2,000 15,685 13,550 32,000 20,000 41,000 45,000 60,000 0 116,000 40,000 21,000 213,000
* Plan subject to compliance with economic targets.
In accordance with IFRS 2, the cost of share-based compensation
schemes for employees is recorded in the
consolidated financial statements.
In this respect, the amount recorded for 2007 came to 528
thousand euros.
10.2. Valuation model used
The Black and Scholes option valuation model has been used
to determine the fair value of options on April shares up to
2006. The Merton model, based on the Black and Scholes
model, has been used since January 1 st , 2007. The change of
calculation method has not had any significant effects. The
assumptions for the valuation and the fair value of options
are presented below:
FAIR VALUE OF STOCK OPTIONS 2007 2006
Dividend rate 0.9% 0.47%
Volatility 30% 27.85%
Risk-free rate 4% 3.68%
AVERAGE WEIGHTED FAIR VALUE OF
OPTIONS ON DATE GRANTED
€12.35 €10.36
The expected dividend assumption is based on the market
consensus.
The risk-free interest rate is based on the French government
bond rate curve for the corresponding maturity.
Note 11. Investments
Investments in tangible or intangible fixed assets over the
period were not significant.
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