Ubisoft 2012 Annual Report Download - page 112

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Financial Statements
2012
107
Death rate assumptions are based on published statistics and tables.
The definition of and principles for measurement and recognition of these benefit liabilities are
presented in 1.6.5.3 Consolidation principles - Employee benefits.
A 67-point change in the discount rate would result in a change of 17% in the amount of the benefit
liability.
Note 14. Payments based on equity instruments
Impact on the financial statements:
Equity at 03/31/11
68,679
Employee benefits expenses
3,809
Stock options
3,063
Bonus share grants
691
Group savings scheme
55
Equity instruments capitalized
5,281
Equity at 03/31/12
77,769
The impact of these share-based payments on reserves corresponds to all equity instruments issued
by Ubisoft as at March 31, 2012 and can be seen in the statement of changes in equity presented in
1.4
Stock options
The fair value of share subscription or purchase options, subject to satisfaction of presence and
performance requirements for corporate officers and a presence requirement for employee
beneficiaries, is estimated and fixed at the grant date. The expense is recognized over a four-year
vesting period, but is not straight-line given the vesting terms. IFRS 2 has been applied to instruments
issued after November 7, 2002 for which the rights had not been acquired as at December 31st, 2004
(of the following plans, only the seventh has not been restated in accordance with IFRS 2):
Subscription options
7th plan
11th plan
12th plan
13th plan
14th plan
Total number of shares granted (1)
1,556,260
1,552,600
1,485,000
2,711,784
3,154,800
Start of exercise period
01/19/05
10/14/05
11/17/05
11/17/05
02/23/07
04/26/08
End of exercise period
08/15/12
10/13/14
11/16/14
11/16/14
02/22/13 (2)
04/25/12
Strike price of options (1)
€3.21
€3.88
€3.68
France
€3.87
Italy
€7.91
€17.65
Maturity (years)
10
10
10
5
5
Volatility
N/A
30%
30%
30%
30%
Risk-free interest rate
N/A
4%
3.9%
2.99%
4.03%
Estimated dividend rate
N/A
0%
0%
0%
0%
Annual turnover rate
N/A
3%
3%
3%
5%
Fair value of options after stock split(1)
(€/share)
N/A
€1.47
€1.59
France
€1.53
Italy
€2.27
France
€1.70
World
€5.71
France
€4.28
World
Options at April 1, 2011 (1)
28,250
327,889
715,209
1,722,683
2,575,018
Options granted during the period
-
-
-
-
-
Options exercised during the period
-
17,836
15,060
-
-
Options cancelled during the period
-
5,311
280
40,350
108,002
Options outstanding at March 31,
2012
28,250
304,742
699,869
1,682,333
2,467,016