VINCI - 2005 annual report

22.4 SHARE-BASED PAYMENTS
22.4.1 Share options
In accordance with the authorisations granted to it by the Shareholders’
General Meeting, VINCI’s Board of Directors defines the conditions for the
granting of share subscription options and the list of beneficiaries.
Each option gives the right to subscribe to one VINCI share. Beneficiaries
may exercise two-thirds of their options two years after receiving them
and all of their options after three years. Options lapse if they are not
exercised at the end of a period of 10 years or 7 years, depending on the
31/12/2005 31/12/2004 (*)
Options Average price Options Average price
(in euros) (in euros)
Options in circulation at the beginning of the period 24,776,866 28.69 16,350,808 47.76
Two-for-one share split 32,701,616 23.88
Options granted during the period 2,540,568 49.40 3,172,000 41.20
Options exercised (6,173,947) – (10,997,280) –
Options cancelled (24,534) – (99,470) –
Options in circulation at the end of the period 21,118,953 32.41 24,776,866 28.69
of which exercisable options 14,471,718 – 17,883,225 –
(*) After the two-for-one share split.
Information on the options exercised in 2005
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VINCI 2005 ANNUAL REPORT
plans, or if the beneficiaries leave the Group before the end of the granting
period, unless specifically authorised otherwise by the Board of Directors.
The number and weighted average exercise prices of share subscription
or purchase options were as follows:
Share subscription and Exercise price Number of options Number of options
share purchase plans (*) (in euros) exercised in 2005 remaining to be exercised
at 31/12/2005
GTM 1997 9.37 60,400 0
VINCI 1998 12.81 29,786 13,684
GTM 1998 12.71 70,160 83,000
VINCI 1999 n°1 18.99 73,386 73,202
VINCI 1999 n°2 21.15 286,454 271,461
GTM 1999 16.47 223,485 283,481
VINCI 2000 n°1 25.00 905,750 269,250
VINCI 2000 n°2 28.50 976,982 1,387,912
GTM 2000 17.82 387,519 408,781
VINCI 2001 28.50 133,625 85,000
VINCI 2002 n°1 31.83 333,832 4,217,168
VINCI 2002 n°2 26.45 908,292 3,760,016
VINCI 2003 30.70 100,798 2,503,202
VINCI 2004 41.20 – 3,172,000
VINCI 2005 49.40 – 2,540,568
Total subscription plans 33.34 4,490,469 19,068,725
VINCI 1999 n°2 21.83 572,871 543,316
VINCI 2000 24.02 1,020,607 1,387,912
VINCI 2001 28.50 90,000 85,000
VINCI 2001 31.83 – 34,000
Total purchase plans 23.75 1,683,478 2,050,228
Total plans 32.41 6,173,947 21,118,953
(*) Number of options and exercise price adjusted for the two-for-one share split.