DHL 2000 Annual Report Download - page 117

At the date of the Initial Public Offering on November 20,
2000,the Federal Republic of Germany held 556,400,026
shares (50% plus 26 shares) in Deutsche Post AG,the
Kreditanstalt für Wiederaufbau held 236,469,974 shares
(21.25%) and 319,930,000 shares (28.75%) were freely
traded.Further 2% of the shares held by Kreditanstalt
für Wiederaufbau as of the balance sheet date were
placed in January 2001 within the scope of the increase
in the shares in DHL International.
The percentage of shares traded on the capital market
is around 31%.
Within the framework of the Initial Public Offering,
Deutsche Post AG employees were granted option war-
rants.The employee participation plan granted allot-
ment of shares up to the maximum amount of €307
with a discount of 50% on the issue price per share as
defined under § 19a EstG. In addition, employees were
entitled to the purchase of further shares in the amount
of €1,534.For each share the employee was granted a
call option which entitles to the purchase of addition-
al shares at the initial issue price after a two-year hold-
ing period. On November 20,2000,the option may be
exercised for the first time.At the balance sheet date
there were 7,683,494 option warrants for employees.
Authorized capital I
Pursuant to a resolution of September 27, 2000,the
shareholders approved the creation of an authorized
capital account (Authorized Capital I) in the amount
of €11.25 million, which capital must be used on or
before January 30,2003.Such authorized shares may
be used to support the stock options that are granted
to employees of the Company or any of its domestic
affiliates within the meaning of § 15 of the German
Stock Corporation Act (“AktG”). The Authorized
Capital I was recorded in the Commercial Register on
October 19,2000.
Authorized capital II
Pursuant to its resolution of October13,2000,the share-
holders approved the creation of a second authorized
capital account (Authorized Capital II) in the amount
of €80 million, which capital must be used on or be-
fore September 30,2005.Such authorized shares may
be used to increase the Company’s registered share
capital through the issuance of new shares in return
for a contributions-in-kind.The Authorized Capital II
was recorded in the Commercial Register on Novem-
ber 3,2000.
Restricted capital
Pursuant to its resolution of September 28,2000, the
shareholders approved the creation of a restricted
capital account (Conditional Capital) in the amount
of €50 million in order to launch a stock option plan
for Company executives.The increase in registered
share capital through the issue of restricted capital
must be carried out by no later than July 31,2005.The
Restricted Capital was recorded in the Commercial
Register on October 19,2000.
In early 2001,Deutsche Post AG launched stock option
plans for company executives (Long Term Incentive).
Under these plans, executives were granted the option
to buy Deutsche Post AG shares.Exercising these rights
depends on two separate performance targets set out
in the stock option plans.While the absolute perfor-
mance target depends on AKTIE GELB’s price perfor-
mance over a three-year waiting period, the relative
performance target depends on the performance of
AKTIE GELB as compared to a specific index during
that waiting period (outperformance).Around 1,000
executives worldwide come under this SOP program.
(31) Reserves
The Group’s reserves include the following:
109
Notes
19992000
Capital reserve 296 376
Retained earnings 1,080 70
1,376 446
in € millions