2014 Registration Document and Annual Financial Report - page 230

Financial Statemements
Consolidated Financial Statements and Notes
5
2012 Plan
On March 27, 2012, Accor granted 284,976 performance shares to
senior executives and certain employees. Of these:
ƒƒ
170,332 have a two-year vesting period followed by a two-year
lock-up period and are subject to two vesting conditions;
ƒƒ
67,269 have a four-year vesting period with no subsequent lock-up
period, and are subject to two vesting conditions;
ƒƒ
47,375 have a two-year vesting period followed by a two-year
lock-up period and are subject to three vesting conditions.
The performance shares are subject to vesting conditions based
on EBIT margin, operating cash flow and disposals’ plan for each of
the years 2012 and 2013. Targets have been set for annual growth
in relation to the budget over the next two years, with interim
milestones, and a certain percentage of the shares vest each year
as each milestone is met.
The cost of the performance share plan – corresponding to the fair
value of the share grants – amounted to €7.1 million at March 27, 2012
and was being recognized on a straight-line basis over the vesting
period under “Employee benefits expense” with a corresponding
adjustment to equity. The fair value of the share grants was
measured as the Accor opening share price on the grant date less
the present value of dividends unpaid multiplied by the number of
shares granted under the plan.
In 2012, the performance criteria were almost met. Plan costs
recognized in 2012 amounted to €2.4 million.
In 2013, the performance criteria were met. Plan costs recognized
in 2013 amounted to €2.6 million.
In 2014, plan costs recognized amounted to €0.7 million.
2013 Plan
On April 15, 2013, Accor granted 290,550 performance shares to
senior executives and certain employees. Of these:
ƒƒ
169,605 have a two-year vesting period followed by a two-year
lock-up period and are subject to two vesting conditions;
ƒƒ
48,445 have a four-year vesting period with no subsequent lock-up
period, and are subject to two vesting conditions;
ƒƒ
72,500 have a two-year vesting period followed by a two-year
lock-up period and are subject to four vesting conditions.
The performance shares are subject to vesting conditions based
on EBIT margin, operating cash flow from operating activities,
disposals’ plan and an external vesting condition for each of the
years 2013 and 2014. Targets have been set for annual growth
in relation to the budget over the next two years, with interim
milestones, and a certain percentage of the shares vest each year
as each milestone is met.
The cost of the performance share plan – corresponding to the fair
value of the share grants – amounted to €6.6 million at April 15, 2013
and was being recognized on a straight-line basis over the vesting
period under “Employee benefits expense” with a corresponding
adjustment to equity. The fair value of the share grants was
measured as the Accor opening share price on the grant date less
the present value of dividends unpaid multiplied by the number of
shares granted under the plan.
In 2013, the performance criteria were almost met. Plan costs
recognized in 2013 amounted to €2.6 million.
In 2014, plan costs recognized amounted to €2.4 million.
2014 Plan
On June 18, 2014, Accor granted 484,400 performance shares to
senior executives and certain employees.
Of these:
ƒƒ
176,500 have a two-year vesting period followed by a two-year
lock-up period and are subject to four vesting conditions;
ƒƒ
22,000 have a four-year vesting period with no subsequent lock-up
period and are subject to four vesting conditions;
ƒƒ
206,050 have a two-year vesting period followed by a two-year
lock-up period and are subject to two vesting conditions;
ƒƒ
79,850 have a four-year vesting period with no subsequent lock-up
period and are subject to two vesting conditions.
The performance shares are subject to vesting conditions based
on EBIT margin, operating cash flow from operating activities,
completion of planned asset disposals and an external vesting
condition for each of the years 2014 and 2015. Targets have been
set for annual growth in relation to the budget over the next two
years, with interim milestones, and a certain percentage of the
shares vest each year as each milestone is met.
Registration Document 2014
228
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