Ubisoft 2008 Annual Report Download - page 162
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160
UBISOFTANNUAL REPORT 2009
7th plan 11th plan 12th plan 13th plan
Total number of shares granted (1) 1,556,260 1,552,600 1,984,200 2,711,784
Start of exercise period 19.01.05 14.10.05 17.11.05 17.11.05 01.07.05 23.02.07
End of exercise period 15.08.12 13.10.14 16.11.14 16.11.14 15.06.09 (2) 22.02.11
Option strike price of options and grant date €3.21 €15.5 €14.72
France
€15.47
Italy
€13.55
United
States
€31.64
Strike price of options(1) €3.21 €3.88 €3.68
France
€3.87
Italy
€3.39
United
States
€7.91
Maturity (years) 10 10 10 4
Volatility N.A. 30% 30% 30%
Risk-free interest rate N.A. 4% 3.9% 2.99%
Estimated dividend rate N.A. 0% 0% 0%
Annual turnover rate N.A. 3% 3% 3%
Fair value of options on grant date (€/share) N.A. €5.89 €6.37
France
€6.15
Italy
€6.73
United
States
€9.11
France
€6.80
World
Fair value of options after stock split (1)
(€/share) N.A. €1.47 €1.59
France
€1.53
Italy
€1.68
United
States
€2.27
France
€1.70
World
Options at April 1, 2008 (1) 190,910 552,944 1,447,412 2,335,876
Options granted during the period - - - -
Options exercised during the period 145,560 152,944 529,874 214,288
Options cancelled during the period - 15,432 2,634 47,500
Options outstanding as at March 31, 2009 45,350 384,568 914,904 2,074,088
Stock options
The value of instruments unsettled through share issues is estimated and set at grant date. The expense is recognised over a
four-year vesting period but is not straight-line given the vesting terms. The IFRS have been applied only to instruments issued
after November 7, 2002 where rights had not been acquired at December 31, 2004, meaning a partial restatement of plans 9 and
10 (options acquired at January 1, 2005) and complete restatement of the following plans:
(1) Following the two-for-one stock split on December 11, 2006 and November 14, 2008.
(2) Limitation of exercise period adopted by the Board of Directors on November 2, 2005, to comply with the maximum period allowed by US law.
Options exercised during the period had an average strike price of €6.10 after the two-for-one stock split.
Plans 8, 9 and 10 matured before April 1, 2008.