Annual report 2008 - Altarea Cogedim
Annual report 2008 - Altarea Cogedim
Annual report 2008 - Altarea Cogedim
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• Assumptions used to value the plans<br />
Plans settled in own equity instruments of ALTAREA:<br />
12/31/<strong>2008</strong> 12/31/2007<br />
Expected dividend payout rate 2.00% 2%<br />
Expected volatility 16% to 48% 20% to 49%<br />
Risk-free interest rate 2.6% to 4.9% 4% to 4.5%<br />
Model used<br />
Cox Ross Rubinstein binomial model<br />
Plans settled in <strong>Cogedim</strong> cash instruments:<br />
Since the plans due to be settled in <strong>Cogedim</strong> cash instruments were cancelled and replaced by plans settled in own equity<br />
instruments of ALTAREA.<br />
• Stock option plans<br />
Option plans<br />
Stock option plans on<br />
ALTAREA shares<br />
Number<br />
of options<br />
awarded<br />
Number of<br />
beneficiaries<br />
at the date<br />
of grant<br />
Option<br />
exercise<br />
price<br />
(in euros)<br />
Exercise<br />
dates<br />
Options<br />
outstanding<br />
at<br />
12/31/2007<br />
Award<br />
Options<br />
exercised<br />
Options<br />
cancelled<br />
Options<br />
outstanding<br />
at<br />
12/31/<strong>2008</strong><br />
23 November 2004 9,240 1 32.90 11/23/<strong>2008</strong> – 11/23/2011 9,240 9,240<br />
Additional options<br />
- capital increase<br />
2,640 1 170.00 11/23/<strong>2008</strong> – 11/23/2011 0 2,640 2,640<br />
4 January 2005 28,500 1 38.25 01/04/2009 – 01/04/2012 3,000 3,000<br />
Additional options<br />
- capital increase<br />
857 1 170.00 01/04/2009 – 01/04/2012 0 857 857<br />
13 March 2006 1,950 6 119.02 03/13/2010 – 03/13/2013 1,950 (200) 1,750<br />
Additional options<br />
- capital increase<br />
557 6 170.00 03/13/2010 – 03/13/2013 0 557 (57) 500<br />
30 January 2007 3,800 14 175.81 01/30/2011 – 01/30/2014 3,800 (1,200) 2,600<br />
Additional options<br />
- capital increase<br />
1,086 14 170.00 01/30/2011 – 01/30/2014 0 1,086 (344) 742<br />
Stock option plans on<br />
<strong>Cogedim</strong> shares<br />
3 October 2006 8,109 79 425.70 10/03/2010 – 10/03/2012 7,599 (7,599) 0<br />
Total 56,739 25,589 5,140 0 (9,400) 21,329<br />
• Share subscription warrants<br />
BSA<br />
Number<br />
of options<br />
awarded<br />
Number of<br />
beneficiaries<br />
at the date<br />
of grant<br />
Option<br />
exercise<br />
price<br />
(in euros)<br />
Exercise<br />
dates<br />
Options<br />
outstanding<br />
at<br />
12/31/2007<br />
Award<br />
Options<br />
exercised<br />
Options<br />
cancelled<br />
Options<br />
outstanding<br />
at<br />
12/31/<strong>2008</strong><br />
24 december 2007 65,000* 1 275.00 01/01/2011 - 01/31/2011 65,000 65,000<br />
Total 65,000 1 65,000 0 0 0 65,000<br />
(*) Holders subscribed to these warrants at a unit price of €10, representing a total amount of €650,000<br />
135
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