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FINANCIAL AND ACCOUNTING INFORMATION
1. 2016 Consolidated Financial Statements
229
SAINT-GOBAIN
- REGISTRATION DOCUMENT 2016
performance share rights:
The table below shows changes in the number of
Number of rights
AT DECEMBER 31, 2014
NUMBER OF PERFORMANCE SHARE RIGHTS
2,102,291
Performance share rights granted in November 2015
500,910
Shares issued/delivered
(237,810)
Lapsed and canceled rights
(13,510)
AT DECEMBER 31, 2015
NUMBER OF PERFORMANCE SHARE RIGHTS
2,351,881
Performance share rights granted in November 2016
1,231,320
Shares issued/delivered*
(583,220)
Lapsed and canceled rights
(196,856)
AT DECEMBER 31, 2016
NUMBER OF PERFORMANCE SHARE RIGHTS
2,803,125
advance under the 2013 and 2014 plans.
shares delivered under the 2012 plan and 550 existing shares delivered in
Including 217,115 new shares delivered under the 2011 plan, 365,555 existing
*
restricted stock (i.e., stock subject to a 4-year lock-up), which
and, as for the Group Savings Plan, minus the discount on
dividends not payable on the shares during the vesting period
Saint-Gobain share price on the grant date less the value of
The fair value of the performance shares corresponds to the
four-year vesting period of the performance shares.
share-based payment expense is recognized over the two- or
has been estimated at around 30% of the share price. The
The expense recorded in the income statement in 2016 in
2015).
respect of these plans amounted to €10 million (€8 million in
service and performance conditions remaining to be fulfilled:
2016 will be issued/delivered (except in the case of early release following the grantee’s death or disability), along with the
The following table shows the expected dates when shares under the four performance share plans outstanding at December 31,
Grant date
Number of rights
at December 31, 2016*
and lock-up period
End of vesting
Type of shares
November 21, 2013
541,105
November 21, 2017
existing
November 20, 2014
529,790
November 20, 2018
existing
November 26, 2015
500,910
November 26, 2019
existing
November 24, 2016
1,231,320
November 24, 2020
existing
TOTAL
2,803,125
Subject to fulfillment of the service and performance conditions applicable to each plan.
*
Performance unit plans
b)
share price.
of which will be determined by reference to the Company’s
between four and ten years after the grant date), the amount
compensation deferred over the long term (exercise period
Performance unit plans subject to service and performance
delivery of shares but entitle grantees to receive cash
of the Group in France. These plans do not give rise to the
certain management-grade employees and senior managers
conditions were set up every year between 2012 and 2015 for
was set up in 2016, since all beneficiaries received rights to
No long-term payment plan in the form of performance units
performance shares (see above).
the 2012 plan and 190,969 performance units under that plan
En 2016, 345,431 performance units became exercisable under
condition was only partly met.
lapsed, including 180,038 because the related performance
The table below shows historical data for the performance unit plans in the process of vesting at December 31, 2016:
Grant date
granted at inception of plan
Number of performance units
Exercised early
at December 31, 2016*
Number of performance units
November 21, 2013
588,535
17,750
570,785
November 20, 2014
598,400
1,350
597,050
November 26, 2015
556,340
556,340
TOTAL
1,743,275
19,100
1,724,175
Subject to fulfillment of the service and performance conditions applicable to each plan.
*
The expense recorded in the income statement in respect of these plans in 2016 amounted to €20 million (€14 million in 2015).