Unilever 2002 Annual Report Download - page 110

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Financial Statements
Notes to the consolidated accounts 107
Unilever Group
Unilever Annual Report & Accounts and Form 20-F 2002
29 Equity-based compensation plans continued
2002 2001 2000
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 2 736 921 $49.23 2 030 941 $47.29 1 963 471 $45.41
Granted 755 295 $59.44 840 937 $52.22 294 645 $51.77
Exercised (242 276) $36.00 (119 965) $36.02 (185 740) $30.53
Forfeited/Expired (a) (28 926) $57.52 (14 992) $59.43 (41 435) $65.22
Outstanding at 31 December 3 221 014 $52.54 2 736 921 $49.23 2 030 941 $47.29
Exercisable at 31 December 1 888 079 $50.10 1 632 955 $46.29 1 473 860 $42.00
PLC shares of 1.4p in the form of ADRs (d)
Outstanding at 1 January 12 744 844 $7.89 7 491 864 $8.33 5 830 480 $8.82
Granted 4 994 640 $8.42 5 566 904 $7.25 1 975 788 $6.95
Exercised (598 300) $7.14 (208 116) $6.86 (47 572) $6.72
Forfeited/Expired (a) (144 032) $8.40 (105 808) $8.08 (266 832) $9.13
Outstanding at 31 December 16 997 152 $8.06 12 744 844 $7.88 7 491 864 $8.33
Exercisable at 31 December 8 175 172 $8.29 5 415 724 $8.57 3 758 584 $8.35
(a) The number of expired options is immaterial.
(d) 1 ADR is equivalent to 4 PLC shares.
2002 2001 2000
NV option value information (b)
Fair value per option (c) 18.74(e) 16.57(e) 10.83(e)
£11.59(f) £8.94(f) £6.25(f)
$16.32(g) $13.96(g) $15.97(g)
Valuation assumptions
Expected option term 6.0 years 6.3 years 6.3 years
Expected volatility 27.6% 28.5% 24.5%
Expected dividend yield 2.4% 2.5% 4.0%
Risk-free interest rate 5.0% 4.1% 5.2%
PLC option value information (b)
Fair value per option (c) 2.62(e) 2.01(e) 1.82(e)
£1.62(f) £1.24(f) £1.00(f)
$2.23(g) $1.86(g) $1.95(g)
Valuation assumptions
Expected option term 6.0 years 6.8 years 6.3 years
Expected volatility 27.1% 26.0% 23.9%
Expected dividend yield 2.6% 2.9% 3.2%
Risk-free interest rate 5.3% 4.6% 5.9%
Actual compensation costs recognised (million) – ––
(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.