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Financial Statements
2013
119
Subscription options
7
th
plan
11
th
plan
12
th
plan
13
th
plan
14
th
plan
Total number of shares granted
1
,566,
260
1,
570,
134
(1)
1,487,128
(1)
2
,711,
784
3
,154,
800
Start of exercise period
19/01/2005
14/10/2005
17/11/2005
17/11/2005
13/06/2009
27/06/2009
End of exercise
period
15/08/2012
13/10/2014
16/11/2014
16/11/2014
13/06/2013
26/06/2013
Strike price of options (1)
€3.
17
€3.
84
€3.
64
€3.
83
€7.
82
€17.
45
France
Italy
Maturity (years)
10
10 10 5 5
Volatility
N/A
30%
30% 30%
30%
Risk
-free interest rate
N/A
4%
3.90% 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
€1.
53
€6.
69
€8.
00
France
Italy
Options at April 1, 2012
(1)
͓
28,
567
308,
228
707,747
1
,701,
303
2
,494,
890
Options granted during the period
- - - - -
Options exercised during the period
28,
567
33,
643
21,828 497,
008
-
Options cancelled during the period
- 17,
128
2,427
1
,204,
295
2
,494,
890
Options outstanding at
03/31/13
- 257,
457
683,492 - -
15
th
plan
16
th
plan
17
th
plan
18
th
plan
Total number of shares granted
24,072
1,
824,
587
(1)
1,
377,
587
(1)
101,340
(1)
Start of exercise period
13/06/2009
13/06/2009
27/06/2009
15/09/2009
End of exercise period
13/06/2013
13/06/2013
26/06/2013
14/09/2013
Strike price of options (1)
€18.56 €27.
44
€27.
35
€28.
98
€27.
82
France
(world)
Maturity (years)
5 5 5 5
Volatility
30% 30%
30%
30%
Risk
-free interest rate
4.41% 4.38%
4.38%
4.23%
Estimated dividend rate
0% 0%
0%
0%
Annual turnover rate
5% 5%
5%
5%
Fair value of options after stock split(1)
(€/share)
€5.
92 €
€4.
37 €
€6.
69 €
€8.
00 €
€8.
54 €
€6.
72
France
World
France
World
Options at April 1, 2012
(1)
͓
17,599
1
,458,
246
1
,284,
110
85,351
Options granted during
the period
- - - -
Options exercised during the period
- - - -
Options cancelled during the period
17,599 56,
595
19,
215
2,732
Options outstanding at
03/31/13
-
1
,401,
651
1
,264,
895
82,619