National Grid 2008 Annual Report Download - page 689

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 54951
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 162
Description: EXHIBIT 15.1
0/4358.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/358/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 54951
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 162 Description: EXHIBIT 15.1
0/4358.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/358/4*
Table of Contents
170
Notes to the consolidated financial statements continued
National Grid plc
36. Share options and reward plans continued
Share options
Movement in options to subscribe for ordinary shares under the Company’s various options schemes for the three years ended
31 March 2008 is shown below and includes those options related to shares issued by employee benefit trusts:
The weighted average remaining contractual life of options in the employee Sharesave scheme at 31 March 2008 was 2 years and 2 months.
These options have exercise prices between £3.17 and £6.55.
The weighted average share price at the exercise dates was as follows:
Additional information in respect of share options
Options outstanding and exercisable and their weighted average exercise prices for the respective ranges of exercise prices
and years at 31 March 2008 are as follows:
The aggregate intrinsic value of all options outstanding and exercisable at 31 March 2008 amounted to £47m and £5m
respectively.
Share-based payment charges
The charge to the income statement for the year ended 31 March 2008 was £18m (2007: £15m; 2006: £14m). The related tax
charge recognised in the income statement was £1m (2007: £9m charge; 2006: £2m credit).
Sharesave Executive Plan
scheme options options
Weighted Weighted
average average Total
price price options
£ millions £ millions millions
At 31 March 2005 3.35 31.2 4.86 10.4 41.6
Granted 4.34 5.6 – – 5.6
La
p
sed
–
ex
p
ired 3.33
(
4.1
)
4.32
(
0.9
)
(
5.0
)
Exercised 3.25
(
12.8
)
4.04
(
2.3
)
(
15.1
)
At 31 March 2006 3.68 19.9 5.01 7.2 27.1
Granted 5.58 4.2
–
–
4.2
La
p
sed
–
ex
p
ired 3.82
(
0.9
)
5.48
(
1.9
)
(
2.8
)
Exercised 3.43
(
1.9
)
5.00
(
2.1
)
(
4.0
)
At 31 March 2007 4.07 21.3 4.74 3.2 24.5
Granted 6.55 2.9
–
–
2.9
La
p
sed — ex
p
ired 4.43
(
1.0
)
5.31
(
0.1
)
(
1.1
)
Exercised 3.37 (6.3) 4.45 (1.1) (7.4)
At 31 March 2008 4.74 16.9 4.87 2.0 18.9
Included within options outstanding at 31 March 2008, 31 March 2007 and 31 March 2006 were the following options that were exercisable:
At 31 March 2008 3.74 0.5 4.78 1.3 1.8
At 31 March 2007 3.17 4.1 4.63 2.4 6.5
At 31 March 2006 3.24 0.5 5.03 7.1 7.6
2008 2007 2006
£ £ £
Sharesave scheme o
p
tions 7.79 6.50 5.89
Executive Plan options 7.68 6.68 5.50
2008 2007 2006
£m £m £m
Share options exercised
Cash received on exercise of all share o
p
tions durin
g
the
y
ear 23 16 54
Tax benefits realised from share o
p
tions exercised durin
g
the
y
ear 10 5 5
Weighted average Weighted average
exercise price of Number exercise price of Number Exercise price Normal dates
exercisable options exercisable outstanding options outstanding per share of exercise
£ millions £ millions pence years
Executive Plan 3.91 0.1 3.91 0.1 375.8-490.0 2002-2009
5.34 0.2 5.34 0.2 424.0-566.5 2003-2010
5.27
–
5.26 0.6 526.0-623.0 2004-2011
4.70 1.0 4.70 1.0 434.3-481.5 2006-2013
4.05
–
4.05 0.1 405.0 2007-2014
4.78 1.3 4.87 2.0