Unilever 2001 Annual Report Download - page 86

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Unilever Annual Report & Accounts and Form 20-F 2001
NOTES TO THE CONSOLIDATED ACCOUNTS
Unilever Group
>83
Financial Statements
28 Equity-based compensation plans continued
2001 2000 1999
Weighted Weighted Weighted
Number of average Number of average Number of average
shares price shares price shares price
NV New York shares of 0.51
Outstanding at 1 January 2 030 941 $47.29 1 963 471 $45.41 1 702 300 $41.04
Granted 840 937 $52.22 294 645 $51.77 293 888 $69.19
Exercised (119 965) $36.02 (185 740) $30.53 (23 933) $29.27
Forfeited/Expired (a) (14 992) $59.43 (41 435) $65.22 (8 784) $38.41
Outstanding at 31 December 2 736 921 $49.23 2 030 941 $47.29 1 963 471 $45.41
Exercisable at 31 December 1 632 955 $46.29 1 473 860 $42.00 1 388 599 $36.21
PLC shares of 1.4p in the form of ADRs (d)
Outstanding at 1 January 7 491 864 $8.33 5 830 480 $8.82 3 878 316 $8.58
Granted 5 566 904 $7.25 1 975 788 $6.95 1 968 176 $9.30
Exercised (208 116) $6.86 (47 572) $6.72 (5 356) $6.72
Forfeited/Expired (a) (105 808) $8.08 (266 832) $9.13 (10 656) $9.46
Outstanding at 31 December 12 744 844 $7.88 7 491 864 $8.33 5 830 480 $8.82
Exercisable at 31 December 5 415 724 $8.57 3 758 584 $8.35 1 982 696 $7.92
(a) The number of expired options is immaterial.
(d) 1 ADR is equivalent to 4 PLC shares.
2001 2000 1999
NV option value information (b)
Fair value per option (c) 16.57(e) 10.83(e) 12.09(e)
£8.94(f) £6.25(f) £9.03(f)
$13.96(g) $15.97(g) $19.45(g)
Valuation assumptions
Expected option term 6.3 years 6.3 years 5.0 years
Expected volatility 28.5% 24.5% 21.4%
Expected dividend yield 2.5% 4.0% 1.5%
Risk-free interest rate 4.1% 5.2% 3.7%
PLC option value information (b)
Fair value per option (c) 2.01(e) 1.82(e) 1.66(e)
£1.24(f) £1.00(f) £1.16(f)
$1.86(g) $1.95(g) $2.23(g)
Valuation assumptions
Expected option term 6.8 years 6.3 years 5.0 years
Expected volatility 26.0% 23.9% 23.1%
Expected dividend yield 2.9% 3.2% 2.8%
Risk-free interest rate 4.6% 5.9% 4.7%
Actual compensation costs recognised (million) –– 7
(b) Weighted average of options granted during each period.
(c) Estimated using Black Scholes option pricing method.
(e) Fair value per option of the NV Executive Option Plan.
(f) Fair value per option of the PLC Executive Option Plan.
(g) Fair value per option of the NA Executive Option Plan.