EasyJet 2013 Annual Report Download - page 119

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Grant date
Share
price
£
Exercise
price
£
Expected
volatility
%
Option life
years
Risk-free
interest rate
%
Fair
value
£
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19 January 2004 3.80 3.60 40% 6.5 4.62% 1.90
8 December 2004 1.81 1.84 42% 6.5 4.45% 0.88
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16 January 2009 2.88 – – – – 2.88
16 December 2009 and 5 July 2010 3.49 – – – – 3.49
31 March 2011 3.41 – – – – 3.41
4 January 2012 3.92 – – – – 3.92
18 December 2012 – ROCE 7.37 – – – – 6.92
18 December 2012 – TSR 7.37 – 33% 3.0 0.44% 5.16
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1 July 2011 3.60 2.88 46% 3.5 1.45% 1.37
1 July 2012 5.23 4.18 35% 3.5 0.24% 1.77
1 July 2013 12.11 9.69 34% 3.5 0.32% 3.54
Share price is the closing share price from the last working day prior to the date of grant.
Exercise price for the discretionary schemes was determined using a five-day weighted average price. For the Sharesave
scheme, exercise price is set at a 20% discount from share price.
Expected volatility is based on historical volatility over a period comparable to the expected life of each type of option.
Levels of early exercises and forfeitures are estimated using historical averages.
The weighted average fair value of matching shares granted under the Share Incentive Plan during the year was
£9.77 (2012: £4.96).
For grants under the Sharesave scheme after 30 September 2011, the dividend yield assumption is calculated based on
the actual yield at the date the options are granted. For the options granted on 1 July 2012 and 1 July 2013, the dividend
yield assumption was 2%.
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2012
£ million
Operating profit  331

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Depreciation  97
Loss on disposal of property, plant and equipment ± 1
Amortisation of intangible assets  8
Share-based payments  12

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Decrease/(increase) in trade and other receivables  (44)
Increase in trade and other payables 74
Increase in provisions  18
Decrease in other non-current assets  6
Increase in derivative financial instruments ± 4
Decrease in non-current deferred income  (13)
 494
117
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