Page 75 - MEDIASET ESPAÑA / 2012. Financial Statements, Management and Corporate Governance Report

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FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT. 2012
The increase in the value of investments in the Company due to the recognition of stock options granted to employ-
ees of the investees is as follows:
Thousands of euros
2012 2011
Publiespaña, S.A.U. 423 518
Telecinco Cinema, S.A.U. 60 59
483 577
At December 31, 2012, as described below, the Company has four share option plans granted to certain employees.
The last share option plan was approved in 2011.
All the approved plans that remain in effect have a three-year accrual period and the given strike price, and, if applicable,
are exercised through the delivery of the shares.
Pursuant to a resolution by the parent’s Board of Directors on February 2, 2011, all the strike prices of each of the share
option plans were reestimated to ensure that the two capital increases carried out in 2010 had a neutral impact on the
statistics of the exercise of each.This adjustment only affected the strike prices of each Plan, not the number of options
originally granted.
The most relevant assumptions used in the measurement are as follows:
2007 Plan 2008 Plan 2009 Plan 2010 Plan 2011 Plan
Strike 19.74 7.13 5.21 7.00 5.83
Yield on the share (dividend yield) 6% 10% 5% 5.5% 5.5%
Volatility 22.5% 27.5% 30% 50% 37%
A share option plan for certain employees was approved in 2011.The weighted average fair value of these options at
the measurement date was 1.21 per share, calculated using a binomial valuation model with the following variables.
Variable Value
Weighted average share price 6.22
Strike price 5.83
Expected volatility 37%
Life of option 27/7/2014-26/7/2016
Expected dividends 5,5%
Risk-free interest rate 1.93% (yield on German bond)