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financial report and registration document 2011 - Groupe SEB

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NOTE 19 EQUITY<br />

Note 19.1. SHARE CAPITAL<br />

At 31 December <strong>2011</strong>, 2010 <strong>and</strong> 2009 the Company’s share capital was<br />

made up of 49,951,826 shares with a par value of €1 each.<br />

The most recent corporate action took place in 2009, when in accordance<br />

with the Board of Directors’ decision of 27 February 2009, <strong>SEB</strong> S.A. cancelled<br />

1,000,000 of the shares held in treasury by the Group at 31 March 2009.<br />

Note 19.2. STOCK OPTIONS AND PERFORMANCE SHARES<br />

19.2.1. Stock options<br />

Financial Report <strong>and</strong> Registration Document <strong>2011</strong><br />

5<br />

Consolidated fi nancial statements<br />

Notes to the consolidated fi nancial statements<br />

One class of shares carries double voting rights <strong>and</strong> the right to a<br />

supplementary dividend.<br />

After deduction of treasury shares, the weighted average number of shares<br />

outst<strong>and</strong>ing in <strong>2011</strong> was 47,886,341 (47,414,375 in 2010 <strong>and</strong> 46,476,548<br />

in 2009).<br />

At 31 December <strong>2011</strong>, the family group owned 43.62% of the Company’s<br />

capital (breaking down as 23.58% held by FÉDÉRACTIVE <strong>and</strong> 20.04% by<br />

VENELLE INVESTISSEMENT) <strong>and</strong> 59.57% of the voting rights.<br />

No stock option plans were set up in <strong>2011</strong>. Information about stock option plans at 31 December <strong>2011</strong> is provided below:<br />

STOCK OPTIONS<br />

At 31 December <strong>2011</strong> Date Number of options**<br />

Type of option Option grant date*** Option exercise date Option expiry date Granted Exercised Cancelled<br />

Outst<strong>and</strong>ing<br />

Exercise price**<br />

(in €)<br />

To purchase<br />

existing shares<br />

To purchase<br />

18/06/2003 18/06/2007 18/06/<strong>2011</strong> 612,150 580,128 32,022 0 24.24<br />

existing shares<br />

To purchase<br />

18/06/2004 18/06/2008 18/06/2012 539,100 343,043 17,400 178,657 31.67<br />

existing shares<br />

To purchase<br />

08/04/2005 08/04/2009 08/04/2013 554,700 379,647 20,100 154,953 28.00<br />

existing shares<br />

To purchase<br />

16/06/2006 16/06/2010 16/06/2014 589,798 367,147 14,707 207,944 29.33<br />

existing shares<br />

To purchase<br />

20/04/2007 20/04/<strong>2011</strong> 20/04/2015 579,150 129,466 8,100 441,584 44.00<br />

existing shares<br />

To purchase<br />

13/05/2008 13/05/2012 13/05/2016 1,005,900 0 21,300 984,600 38.35<br />

existing shares<br />

To purchase<br />

12/06/2009 12/06/2013 12/06/2017 371,300 0 3,600 367,700 28.05<br />

existing shares 18/06/2010 18/06/2014 18/06/2018 412,592 0 750 411,842 53.86<br />

TOTAL* 4,664,690 1,799,431 117,979 2,747,280<br />

* Of which, movements in <strong>2011</strong> 0 275,642 11,192 (286,834)<br />

** The number of options <strong>and</strong> the exercise price for plans set up prior to 16 June 2008 were adjusted following the three-for-one stock split that took place on 16 June 2008.<br />

*** The grant date corresponds to the date of the Board Meeting when the option grants were decided.<br />

In accordance with IFRS 2 – Share-based Payment, stock options are<br />

measured at the grant date. The valuation method used is based on the<br />

Black & Scholes option pricing model. The initial valuation is not adjusted<br />

for any subsequent changes in value after the grant date.<br />

The value is recognised in employee benefi ts expense on a straight-line basis<br />

over the option vesting period by adjusting equity.<br />

IFRS 2 has been applied only to stock options granted after 7 November<br />

2002 that had not yet vested at 1 January 2005. As allowed under IFRS 2,<br />

options granted before 7 November 2002 have not been measured or<br />

recognised in the accounts.<br />

GROUPE <strong>SEB</strong><br />

5<br />

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