Experian 2013 Annual Report Download - page 144
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Please find page 144 of the 2013 Experian annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.142 Experian Annual Report 2013 Financial statements
Notes to the Group financial statements continued
35. Share incentive plans (continued)
Experian PSP
The range of Benchmark profit performance conditions for conditional awards under this plan are set out below and require Benchmark PBT
growth at the stated percentages over a three-year period.
Year of award Target Maximum
Year ended 31 March 2013 7% per annum 14% per annum
Year ended 31 March 2012 7% per annum 14% per annum
Year ended 31 March 2011 5% per annum 11% per annum
The TSR performance condition is considered a market-based performance condition as defined by IFRS 2. In valuing the awarded shares, TSR
is evaluated using a Monte Carlo simulation with historic volatilities and correlations for comparator companies measured over the three-year
period preceding valuation and an implied volatility for Experian plc ordinary shares.
(ii) Information on share grant valuation techniques
Share grants are valued by reference to the market price on the day of award with no modification made for dividend distributions or other
factors as participants are entitled to dividend distributions on awarded shares. Market-based performance conditions are included in the fair
value measurement on grant date and are not revised for actual performance.
(iii) Movement in and analysis of number of share awards outstanding
2013
million
2012
million
At 1 April 18.3 20.9
Grants 6.9 7.4
Forfeitures (0.5) (2.3)
Vesting (4.8) (7.7)
At 31 March 19.9 18.3
Analysis by plan:
Experian CIPs 7.3 6.8
Experian PSP – conditional awards 6.8 6.7
Experian PSP – unconditional awards 5.8 4.8
At 31 March 19.9 18.3
The fair values of share awards are calculated using the assumptions, and adjusted for the performance conditions, noted above. Awards
granted in the year had a weighted average fair value of £8.91 (2012: £7.91).