Ubisoft 2007 Annual Report Download - page 78

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UBISOFT • FINANCIAL REPORT 2008
Stock options
The increase in capital and issue premiums over the past fiscal year was partly driven by the exercise of stock options.
The terms and conditions of exercise of the stock option plans are as follows:
The options exercised during the period had an average strike
price of €7.70.
The impact of share-based payments on the financial statements
is as follows:
Assumptions used to calculate the fair value of options:
- Volatility rate: 30%,
- Dividend rate: 0%,
- Beneficiary turnover rate: 3%, except for Plans 14 and 15
for which a rate of 10% was assumed,
- Risk-free interest rate: yield on 5 or 10-year zero coupon
bonds, depending on the expiry date of the plan.
Own shares
As of March 31, 2008, the Company held 30,371 treasury
stock. They are measured at the average quoted price of
€51.79, and are recognized as a deduction from equity for
a total of K€ 1,573.
(1) Limitation of the exercise period approved by the Board of Directors on November 2, 2005 to ensure compliance with the maximum period allowed by US law.
(2) As a result of the 2-for-1 stock split on December 11, 2006, the total number of shares allotted and the number of options as of April 1, 2006 doubled and the
price of the options was divided by two.
03.31.08 03.31.07
Employee benefits expense 8,526 3,344
Stock options 7,826 3,318
Bonus share grant 528 -
Employee savings plan 172 26
Equity 20,090 11,564
7th 8th 9th 10th 11st
Plan Plan Plan Plan Plan
Total Number of shares Granted (2) 778,130 706,362 18,440 143,592 776,300
Start of exercise of Period 19.01.05 16.10.03 29.01.04 28.10.03 14.10.05
Expiration date of options 15.08.12 15.10.07 28.01.08 15.06.07 (1) 13.10.14
Option Price (2) €6.41 €4.60 €5.13 €4.60 €7.75
Options as of April 1, 2007 (2) 175,855 188,889 10,280 10,626 493,824
Options granted during the period
Options exercises during the period 52,200 146,273 10,280 4,452 113,096
Options cancelled during the period 28,200 42,616 - 6,174 104,256
Options outstanding as of March 31, 2008 95,455 - - - 276,472
12nd 13th 14th 15th
Plan Plan Plan Plan
Total Number of shares Granted (2) 992,100 1,355,892 1,577,400 12,036
Start of exercise of Period 17.11.05 17.11.05 01.07.05 23.02.07 26.04.08 22.06.08
Expiration date of options 16.11.14 16.11.14 15.06.09 (1) 22.02.11 25.04.12 21.06.12
Option Price (2) €7.36 €7.74 €6.78 €15.82 €35.29 €37.54
(France) (Italie) (USA)
Options as of April 1, 2007 (2) 833,418 1,307,110
Options granted during the period 1,577,400 12,036
Options exercises during the period 65,570 76,118 - -
Options cancelled during the period 44,142 63,054 43,850 250
Options outstanding as of March 31, 2008 723,706 1,167,938 1,533,550 11,786