17.1 EMPLOYEE DATA 77
17.1.1 Number of employees 77
17.1.2 Invoicing rate 78
17.1.3 Staff turnover rate 78
17.2 EMPLOYEE PROFIT-SHARING
AND STOCK-OPTIONS 78
17.2.1 Stock-options 78
17.2.2 Employee profit-sharing and
incentive schemes 80
17.2.3 Number of treasury shares purchased or sold during the period in connection
with employee profit-sharing 81 17.2.4 Stock-options granted
to the top ten employees
who are not corporate officers 81
17.1 Employee data
17.1.1 Number of employees
In 2009, Altran reduced its workforce by 1,373 employees bringing the total headcount to 17,149 at the end of the year.
The reduction in staff numbers in Q4 2009 (-78 employees) factored in the impact of the Personalised Voluntary Departure Plan (PPDV), which resulted in 92 departures by the end of the year. However, excluding departures related to this plan, the workforce increased by 14 employees in the fourth quarter.
Sept. 07 Dec. 07 March 08 June 08 Sept. 08 Dec. 08 March 09 June 09 Sept. 09 Dec. 09
Total Staff Of which consultants 17,234 14,780 17,052 15,109 17,650 15,289 17,997 15,619 18,405 16,022 18,552 16,146 18,030 15,694 17,548 15,263 17,227 15,018 17,149 14,987
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Employees
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Employee profit-sharing and stock-options17.1.2 Invoicing rate
Altran’s invoicing rate provides a relatively accurate yardstick by which to assess the group’s business levels. Note, however, that the invoicing rate may still be subject to adjustment. Altran has calculated its invoicing rate (on a constant methodological basis since 2004), by dividing the number of FTEs (Full Time Equivalents) billed by the total
number of potential FTEs, whereby 1/ the number of FTEs billed = the number of days billed / the total number of working days, and 2/ the total number of potential FTEs = (the number of employee days less paid leave) / the total number of working days.
In addition, the fact that there is no standard industry defi nition for the invoicing rate makes it diffi cult to draw comparisons between Altran and its rivals.
Altran’s average invoicing rate came out at 78.6% in 2009. Trends in the group’s invoicing rate are given in the table below:
Average 2007 Average 2008 Q1 2009 average Q2 2009 average H2 2009 average Q3 2009 average Q4 2009 average H2 2009 average Average 2009 Invoicing rate 84.6% 84.0% 77.9% 77.6% 77.8% 78.2% 80.8% 79.6% 78.6%
17.1.3 Staff turnover rate
Altran’s staff turnover rate is defi ned as the ratio between the total number of staff departures, for whatever reason (resignation, departure
during trial periods, etc.) and the total number of group employees. In 2009, the 12-month moving average of consultant staff turnover rates narrowed to 22.1%, on a like-for-like basis, from 29.9% at end-2008.
17.2 Employee profi t-sharing and stock-options
17.2.1 Stock-options
Altran did not grant any stock-option or bonus-share plans in 2009. All stock-options awarded to corporate offi cers are in the form of new share warrants. No stock-options were granted to the group’s corporate offi cers in 2009.
Moreover, it was decided at the 4 February 2008 Supervisory Board session that corporate offi cers could not exercise their stock-options received as part of the 20 December 2007 stock-option plan, until after their departure from the company.
The stock-options granted in March 2003 were exercisable as of 12 March 2007, at a unit price of €2.94. At end-2009, 990,252 options had been exercised, of which 6,182 in 2009, 72,345 in 2008 and 911,725 in 2007. No stock-options were exercised in H1 2009. This was also the case for the stock-option plans launched in June 2003 (exercisable since 02 June 2007), June 2004 (exercisable since 30 June 2008) and June 2005 (exercisable since 16 June 2009). In addition, note that the 20 December 2007 bonus-share plan reached maturity on 21 December 2009. In total, 371,240 shares were attributed in the context of this plan.
Employees
17
Employee profit-sharing and stock-options
The main characteristics of the group’s stock-option plans at 31 December 2009 are outlined in the tables below:
Stock-options Stock-option and allocation
bonus-share plans Stock-option plans 2003 (a) (c) Plan 2003 (a) (b) (c) Plan 2004 (c) Plan 2005 (c) Plan 2005 (c)
Date of General Meeting 17/06/1999 17/06/1999 28/06/2004 28/06/2004 28/06/2004
Date of Management Board or Board
of Directors meeting 11/03/2003 24/06/2003 29/06/2004 15/06/2005 20/12/2005
Total number of shares available for subscription or allocation on the date
of attribution 3,948,993 336,191 2,762,000 340,000 2,630,000
o/w available to corporate officers 186,785 80,000 200,000 210,000
o/w available to ten highest paid employees 875,218 106,734 510,000 340,000 635,000
Balance at 31/12/2009 378,890 107,848 451,792 132,369 321,068
Vesting date 12/03/2007 25/06/2007 30/06/2008 16/06/2009 21/12/2009
Deadline for granting bonus shares
Maturity 11/03/2011 24/06/2011 29/06/2012 15/06/2013 20/12/2013
End of lock-in period for bonus shares Purchase price of options/reference share
price (€) 2.94 6.66 9.27 7.17 9.52
Valuation method used Black & Scholes Black & Scholes Black & Scholes Black & Scholes Black & Scholes Number of shares available for subscription
or allocation at 31/12/2008 1,098,133 174,823 1,400,222 132,369 1,499,073
Options granted in 2008 (following capital increase)
Options forfeited in 2009 77,443 4,668 183,164 211,197
Options exercised in 2009 16,967
Number of shares available for subscription
or allocation at 31/12/2009 1,003,723 170,155 1,217,058 132,369 1,287,876
(a) Following the 23 December 2003 capital increase in cash with pre-emptive subscription rights, the exercise prices and the number of shares of each subscription plan were adjusted to take into account the issue of 20,807,584 new shares.
(b) The Ninth Resolution passed by the Extraordinary General Meeting held on 8 June 2006, extended the maturity of the 24 June 2003 plan from 5 to 8 years
(c) Following the 29 July 2008 capital increase in cash with pre-emptive subscription rights, the exercise prices and the number of shares of each subscription plan were adjusted to take into account the issue of 24,900,364 new shares.
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Employees
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Employee profit-sharing and stock-optionsStock-options Bonus shares
Stock-option and allocation bonus-share plans
Plan 2007 (c) Plan 2007
France
Plan 2007 Outside France
Date of General Meeting 29/06/2005 29/06/2005 29/06/2005
Board Meeting date 20/12/2007 20/12/2007 20/12/2007
Total number of shares available for subscription or allocation
on the date of attribution 2,589,830 482,240 336,500
o/w available to corporate officers 100,000
o/w available to ten highest paid employees 340,000 93,240
Balance at 31/12/2009 424,386
Vesting date 21/12/2011
Deadline for granting bonus shares 21/12/2009 21/12/2011
Maturity 20/12/2015 20/12/2011 20/12/2011
End of lock-in period for bonus shares
Purchase price of options/reference share price (€) 4.25 4.00 4.00
Valuation method used Hull & White Binomial Binomial
Number of shares available for subscription or allocation at 31/12/2008 2,453,681 433,740 329,000 Options granted in 2009 (following capital increase)
Options forfeited in 2009 341,789 62,500 80,000
Options exercised in 2009
Number of shares available for subscription or allocation at 31/12/2009 2,111,892 371,240 249,000
(c) Following the 29 July 2008 capital increase in cash with pre-emptive subscription rights, the exercise prices and the number of shares of each subscription plan were adjusted to take into account the issue of 24,900,364 new shares.
All stock-options awarded to corporate offi cers are in the form of new share warrants. No bonus shares were granted to the group’s corporate offi cers in 2009.