Debt waiver agreements granted to affiliated undertakings and implemented in 2012:A debt waiver was granted to Medex for €4,553,000 with a financial recovery clause.Note 23 – Stock options and stock purchase optionsGrant datePlan of26/07/2005Plan of26/03/2009Plan of17/10/2011Plan of23/11/2011Plan of20/02/2012Tax availability date 26/07/2007 26/03/2011 17/10/2015 23/11/2015 20/02/2016Number of options granted: 106,950 6,000 132,710 12,000 1,700o.w. Yves L’Epine---12,000-o.w. Bruno Bonnemain2,000-4,000--Subscription or purchase price € 82.91 € 112.26 € 61.60 € 64.30 € 61.50Plan expiration date 25/07/2012 25/03/2019 16/10/2021 22/11/2021 20/02/2022Number of options exercised 16,023 - - - -Number of options cancelled 90,927 4,000 13,110 - -Number of options outstanding - 2,000 119,600 12,000 1,700Note 24 – Financial instruments subject to potential market risksThe fair value of treasury instruments is -€2.24 million for interest rate hedges and -€0.018 million forforeign exchange hedges.At 31 December 2012 <strong>the</strong>re were 11 interest rate hedges for €100.42 million. Total open positions arepresented below in detail:InceptiondateExpirationdateContracttypePosition<strong>Guerbet</strong>BenchmarkContractrateFair value(in €)Notional amount(in €)30/11/2006 04/12/2013 Swap Purchase 3 Month Euribor 3.7754% -48,667.25 2,142,857.1420/06/2008 20/06/2013 Swap Purchase 3 Month Euribor 5.1250% -12,510.66 500,000.0015/06/2009 15/06/2014 Swap Purchase 3 Month Euribor 2.4920% -91,541.38 4,500,000.0009/12/2009 12/12/2016 Cap Purchase 3 Month Euribor 2.5300% -81,488.78 5,714,285.7117/12/2009 17/12/2014 Cap Purchase 3 Month Euribor 2.3000% -24,165.17 4,000,000.0028/09/2010 28/09/2013 Swap Purchase 3 Month Euribor 1.2025% -13,032.51 2,500,000.0029/03/2011 31/03/2018 Swap Purchase 3 Month Euribor 2.7750% -1,044,418.86 16,125,000.0030/06/2011 04/07/2016 Swap Purchase 3 Month Euribor 2.2950% -153,145.80 3,750,000.0004/11/2011 08/11/2016 Swap Purchase 3 Month Euribor 1.4350% -194,166.78 8,000,000.0010/11/2011 14/11/2016 Swap Purchase 3 Month Euribor 1.4525% -196,817.69 8,000,000.0009/07/2012 30/06/2017 Swap Purchase 3 Month Euribor 0.7250% -380,042.75 45,187,500.00131
With respect to <strong>the</strong> management of foreign exchange risk, 74 forward exchange hedging contracts werenegotiated in 2012 including 3 still open at 31 December for €1.13 million. Total open positions arepresented below in detail:InceptiondateExpirationdateTypeSpot tradeHedgingrateAmount(in €)Amount(in currency)Fair value27/11/2012 09/01/201329/11/2012 09/01/201329/11/2012 05/02/2013USD SwappurchaseUSD SwappurchaseUSD Swappurchase1.2980 1.2985 159,934.54 207,675.00 -2,545.611.2975 1.2979 612,007.86 794,325.00 -10,019.371.2975 1.2983 354,829.39 460,675.00 -5,781.56Note 25 – Compensation to officers2012 2011Compensation granted to officers 651 560This refers to compensation paid to executives of <strong>the</strong> company in <strong>the</strong>ir capacity as officers and salariedemployees.Note 26 – Average number of personnel during <strong>the</strong> year2012 2011Office and plant workers 203 209Technicians, supervisors, sales representatives 432 418Management 253 246Total 888 873Note 27 – Off-balance sheet commitments2012 2011Guarantees and security and o<strong>the</strong>r commitments granted to third parties on behalf ofassociates 9,893 13,009Guarantees and security granted to third parties 3,384 3,141Receivables assigned within <strong>the</strong> framework of securitisation programmes 10,998 12,417Property and equipment capital lease commitments: 508 650- less than 1 year 130 141- between 1 and 5 years 379 509- greater than five years - -Guaranteed debt - -Total 24,783 29,217Capital lease payments in2012Capital lease payments in2011On property leases - -On equipment leases 141 -Total 141 -132