4.4 Legal risk - Scor

Share-based payments
The caption “Share-based payments” is used to offset the cost of services received in exchange for the granting of shares,
stock options or for employee stock purchase plans.
A breakdown of the movements in the various reserves is provided in Section 20.1.5 - Statement of changes in
shareholders’ equity.
Information relating to dividend distribution
SCOR’s Combined General Meeting of 3 May 2012 resolved to distribute, for the 2011 fiscal year, a dividend of one Euro
and ten cents (EUR 1.10) per share, being an aggregate amount of dividend paid of EUR 203 million, calculated on the
basis of the number of shares eligible for dividend as at the payment date. The ex-dividend date was 9 May 2012 and the
dividend was paid on 14 May 2012.
SCOR’s Combined General Meeting of 4 May 2011 resolved to distribute, for the 2010 fiscal year, a dividend of one Euro
and ten cents (EUR 1.10) per share, being an aggregate amount of dividend paid of EUR 201 million, calculated on the
basis of the number of shares eligible for dividend as at the payment date. The ex-dividend date was 25 May 2011 and the
dividend was paid on 30 May 2011.
The resolution to be presented to the Annual General Meeting to approve, during the first half of 2013, the accounts for the
financial year 2012, sets out the distribution of a dividend of EUR 1.20 per share for the financial year 2012.
INFORMATION RELATING TO DIVIDEND RESTRICTIONS
Certain group entities are subject to local regulatory requirements in the jurisdiction in which they operate which could limit
their ability to pay dividends in the future
The Group’s Swiss subsidiary SCOR Switzerland AG is submitted to dividend distribution restrictions. On 26 June 2007, in
relation with the take-over of Converium by the company, the Swiss Financial Market Supervisory Authority (FINMA) issued
an ordinance which requires its approval for e.g. dividend payments, for transactions above USD 100 million per transaction
or aggregated over a calendar year USD 200 million. On 1 April 2010, FINMA revoked this ordinance, however subject to
SCOR Switzerland AG’s written confirmation that the company submit all transactions over USD 100 million per transaction
or USD 200 million on an aggregated basis during the calendar year to FINMA for prior approval. As at 8 August 2012 these
specific reporting requirements were fully revoked and only the regulatory requirements are to be observed by SCOR
Switzerland AG.
20.1.6.14 NOTE 14 - FINANCIAL DEBT
The following table sets out an overview of the debt issued by the Group:
In EUR million
Subordinated debt
(1) Amounts are not publicly traded. Therefore the Net book value are reflective of the Fair value
(2) The balance includes EUR 22 million accrued interests (as at 31 December 2011: EUR 20 million)
(3) The 2011 presentation has been aligned to the 2012 group presentation, whereas the financial lease to acquire an investment property of EUR 3 million as of 31
December 2012 (2011: EUR 10 million) is presented as part of Real estate financing.
SUBORDINATED DEBT
(a) USD 100 million
Maturity
2012 2011
Net book
Net book
value Fair value value
Fair value
USD 100 million (1) 06/06/2029 52 52 52 52
EUR 100 million (1) 05/07/2020 94 94 94 94
EUR 50 million (1) Perpetual - - 50 50
EUR 350 million Perpetual 262 265 261 199
CHF 650 million Perpetual 544 559 535 477
CHF 315 million Perpetual 260 266 - -
Total subordinated debt (2) 1,212 1,236 992 872
Other financial debt
Real estate financing (1) 409 409 419 (3) 419 (3)
Other (1) 26 26 14 14
Total other financial debt 435 435 433 433
TOTAL FINANCIAL DEBT 1,647 1,671 1,425 1,305
A 30-year subordinated note totaling USD 100 million was issued on 7 June 1999. These notes are redeemable by SCOR
quarterly as from the tenth year following their issue date. These floating-rate bonds bear interest indexed on the 3-month
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