280
Annual Report -
2013
-
Vivendi
4
Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements |
Consolidated
Financial Statements
| Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
Note 22. Share-based compensation plans
Note 22.
Share-based compensation plans
Vivendi has granted several share-based compensation plans to
employees of the group.
During 2012, Vivendi granted stock option and performance share plans,
wherever the fiscal residence of the beneficiaries and bonus share plan
for employees of all the group’s French subsidiaries.
In 2013, the Supervisory Board decided, upon the recommendation of
the Management Board and General Management and the advice of
the Human Resources Committee, that all grants would be made in
the form of performance shares, wherever the fiscal residence of the
beneficiaries.
In addition, in 2013 and 2012, Vivendi granted stock purchase plans
to its employees and retirees (employee stock purchase and leveraged
plans).
The accounting methods applied to value and recognize these granted
plans are described in Note 1.3.10. More specifically, the risk-free
interest rate applied is the rate of French “
Obligations Assimilables du
Trésor
” (OAT) with a maturity corresponding to the expected term of the
instrument at the valuation date, and the expected dividend yield at
grant date is based on Vivendi’s dividend distribution policy.
As a reminder, the volatility applied in valuing the stock option plans
granted by Vivendi in 2012 was calculated as the weighted average of
(a) 75% of the historical volatility of Vivendi shares computed on a 6.5-
year period and (b) 25% of the implied volatility based on Vivendi put
and call options traded on a liquid market with a maturity of 6 months
or more.
■
■
Equity-settled instruments
The definitive grant of equity-settled instruments, excluding the 2012
bonus share plan, is subject to the satisfaction of performance
conditions. Such performance conditions include an external indicator,
thus following AFEP and MEDEF recommendations. The objectives
underlying the performance conditions are determined by the
Supervisory Board upon proposal by the Human Resources Committee.
22.1.
Impact on the Consolidated Statement of Earnings
(in millions of euros)
Note
Year ended December 31,
2013
2012
Charge/(Income)
Stock options, performance shares and bonus shares
29
29
Employee stock purchase plans
23
33
Stock Appreciation Rights (SAR)
1
-
Vivendi stock instruments
22.2
53
62
UMG equity unit plan
22.3
5
9
Charge/(Income) related to share-based compensation plans
3
58
71
Equity-settled instruments
52
62
Cash-settled instruments
6
9
22.2.
Plans granted by Vivendi
22.2.1.
Information on plans granted by Vivendi
