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Friday, February 19, 2016
The applied valuation assumptions were as follows:
2015
Grant date June 18
Data at grant date:
Share price (in euros) 23.49
Expected dividend yield 4.26%
Risk-free interest rate 0.36%
5-year interest rate in fine 4.69%
Repo rate 0.36%
Discount for non-transferability per share 16.69%
Under the employee stock purchase plan, 696 thousand shares were subscribed for in 2015 at €18.39 per share.
Under the leveraged plan, 3,218 thousand shares were subscribed for in 2015 at €19.21 per share. The leveraged plan entitles virtually all
employees and retirees of Vivendi and its French and foreign subsidiaries to subscribe for Vivendi shares through a reserved share capital
increase, while obtaining a discounted subscription price, and to ultimately receive the capital gain (calculated pursuant to the terms and
conditions of the plan) corresponding to 10 shares for one subscribed share. A financial institution mandated by Vivendi hedges this
transaction.
In 2015, the charge recognized with respect to employee stock purchase and leveraged plans amounted to €5 million.
Stock purchase and leveraged plans resulted in a capital increase (including issue premium) having an aggregate value of €75 million on
July 16, 2015.
In 2014, no capital increase, reserved for employees of participating group companies that have joined an employee stock purchase and
leveraged plans, was put into place by Vivendi.
18.1.3 Cash-settled instruments
Stock appreciation right (SAR) plans
Under a SAR plan, the beneficiaries will receive a cash payment upon exercise of their rights based on the Vivendi share price equal to the
difference between the Vivendi share price upon exercise of the SAR and their strike price as set at the grant date. SAR expire at the end of
a ten-year period, i.e., 2016 and 2017.
As of December 31, 2015, the outstanding SAR was 2,878 thousand (compared to 4,427 thousand as of December 31, 2014). In 2015,
1,288 thousand SAR were exercised and 261 thousand have expired. As of December 31, 2015 and 2014, the amount accrued for these
instruments was non-significant.
18.2 UMG long-term incentive plan
Effective from January 1, 2010, UMG implemented long-term incentive arrangements under which certain key executives of UMG were
awarded phantom equity units and phantom stock appreciation rights whose value was intended to reflect the value of UMG. These units
were simply account units and did not represent an actual ownership interest in either UMG or Vivendi. The equity units were notional grants
of equity that were payable in cash upon settlement in 2015 at the latest, or in certain cases, on an earlier date. The stock appreciation
rights were essentially options on those notional shares that provided additional compensation tied to any increase in value of UMG over the
term.
During the third quarter of 2014, one executive, who benefited from the plan, ended his employment contract. The phantom equity units and
phantom stock appreciation rights that were awarded to him were therefore cancelled and the amount previously accrued for these rights
was reversed (€19 million). In July 2015, following the renewal of the employment contract of one executive who benefited from the plan,
the remaining rights under the plan vested, and an amount of €16 million was paid as final settlement to the executive.
In 2015, the charge recognized with respect to this plan amounted to €3 million, compared to an income of €17 million in 2014. As of
December 31, 2015, no further amounts were accrued for (€12 million as of December 31, 2014).
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /81