228 / 330
WWW.SAINT-GOBAIN.COM
9
FINANCIAL AND ACCOUNTING INFORMATION
1. 2016 Consolidated Financial Statements
228
SAINT-GOBAIN
- REGISTRATION DOCUMENT 2016
options, based on observed behavior of option holders;
assumptions relating to the average holding period of
dividend information dating back to 1988;
expected dividends, as estimated on the basis of historical
long-term government bonds;
a risk-free interest rate corresponding to the yield on
the effect of any stock market performance conditions,
IFRS 2 share-based payment expense.
which is taken into account in the initial measurement of
is four years.
income statement over the vesting period of the options, which
The cost calculated using this method is recognized in the
of options granted in 2016 amounted to €1 million.
amounted to €1 million in both 2016 and 2015. The fair value
Stock option expense recorded in the income statement
fulfillment of the performance criteria attached to certain plans:
The table below summarizes information about stock options outstanding at December 31, 2016, after taking into account partial
Grant date
Exercisable options
Non-exercisable options
Total options outstanding
(in €)
Exercise price
of options
Number
(in months)
contractual life
Weighted average
(in €)
Exercise price
of options
Number
of options
Number
Type of options
2007
64.72
3,403,171
11
3,403,171
Subscription
2008
25.88
1,702,822
23
1,702,822
Subscription
2009
36.34
809,868
35
809,868
Subscription
2010
35.19
0
47
0
Subscription
2011
31.22
0
59
0
Subscription
2012
27.71
29,716
71
29,716
Subscription
2013
83
38.80
237,250
237,250
or purchase*
Subscription
2014
95
34.13
234,550
234,550
or purchase*
Subscription
2015
107
39.47
224,950
224,950
or purchase*
Subscription
2016
119
40.43
280,000
280,000
or purchase*
Subscription
TOTAL
5,945,577
976,750
6,922,327
2013, 2014, 2015 and 2016 plans: see above.
*
when options are exercised is recorded in “Capital stock” for
For subscription options, the sum received by the Company
recorded under “Additional paid-in capital”.
balance - net of directly attributable transaction costs -
the portion representing the par value of the shares, with the
had not yet vested.
976,750 options (with an average exercise price of €38.30)
exercisable (at an average exercise price of €49.55) and
At December 31, 2016, 5,945,577 stock options were
grants
Performance shares and performance unit
4.4.3
The Group set up a worldwide share grant plan in 2009
(performance conditions), which are described below. The
conditions) with the Group as well as performance criteria
criteria based on the grantee’s period of service (service
categories of employees. These plans are subject to eligibility
performance share plans have also been set up for certain
This plan ended in the first half of 2014. Since 2009,
whereby each Group employee was awarded seven shares.
after deducting the present value of forfeited dividends on
these criteria as well as the lock-up feature. It is determined
IFRS 2 share-based payment expense takes into account
the country.
period, which ranges from two to four years depending on
the performance shares and are recognized over the vesting
transactions, the granted instruments are initially measured at
stipulates that for cash-settled share-based payment
fair value at the grant date, then remeasured at the end of
rights.
The expense is recognized over the vesting period of the
pro rata to the rights that have vested at the reporting date.
each reporting period, with the expense adjusted accordingly
as well as the fact that the units are cash-settled. IFRS 2
payment expense therefore takes into account these factors,
service and performance conditions. The IFRS 2 share-based
certain employees in France. These plans are also subject to
Since 2012, performance unit plans have been set up for
Performance share plans
a)
Saint-Gobain since 2009.
Various performance share plans have been set up by
and senior managers of the Group within and outside France.
November 24, 2016 concerns managerial-grade employees
The plan approved by the Board of Directors on
employees and senior managers of the Group outside France.
2014 and 2015 solely concern certain managerial-grade
Four performance plans were outstanding at December 31,
2016. The plans approved by the Board of Directors in 2013,
The vesting period for the plans is four years and the shares
All plans are subject to service and performance conditions.
will be delivered the day after the end of the vesting period.