Unilever 2004 Annual Report Download - page 145
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142 Unilever Annual Report and Accounts 2004
Notes to the consolidated accounts
Unilever Group
30 Share-based compensation plans (continued)
2004 2003 2002
Weighted Weighted Weighted
Number of average Number of average Number of average
options exercise price options exercise price options exercise price
NV New York shares of €0.51
Outstanding at 1 January 3 601 264 $54.83 3 221 014 $52.54 2 736 921 $49.23
Granted 429 142 $65.93 706 632 $58.48 755 295 $59.44
Exercised (641 245) $41.10 (278 763) $36.15 (242 276) $36.00
Forfeited (51 705) $66.41 (47 619) $63.61 (28 926) $57.52
Expired(a) –– –– ––
Outstanding at 31 December 3 337 456 $58.72 3 601 264 $54.83 3 221 014 $52.54
Exercisable at 31 December 2 439 155 $57.62 2 275 533 $53.22 1 888 079 $50.10
PLC shares of 1.4p in the form of ADRs(d)
Outstanding at 1 January 20 778 836 $8.32 16 997 152 $8.06 12 744 844 $7.89
Granted 2 836 492 $9.63 4 671 336 $9.13 4 994 640 $8.42
Exercised (1 940 440) $7.47 (600 348) $7.04 (598 300) $7.14
Forfeited (307 380) $9.51 (289 304) $8.92 (144 032) $8.40
Expired(a) –– –– ––
Outstanding at 31 December 21 367 508 $8.55 20 778 836 $8.32 16 997 152 $8.06
Exercisable at 31 December 15 475 612 $8.31 12 040 552 $8.15 8 175 172 $8.29
(a) Prior to 2003 the number of expired options was immaterial.
(d) 1 ADR is equivalent to 4 PLC shares.
2004 2003 2002
NV option value information(b)
Fair value per option(c)
NV Executive Option Plan €11.43 €12.43 €18.74
PLC Executive Option Plan £7.67 £8.41 £11.59
NA Executive Option Plan $13.45 $12.42 $16.32
Valuation assumptions
Expected option term 5.9 years 6.0 years 6.0 years
Expected volatility 27.5% 27.5% 27.6%
Expected dividend yield 3.3% 3.2% 2.4%
Risk-free interest rate 3.1% 3.5% 5.0%
PLC option value information(b)
Fair value per option(c)
NV Executive Option Plan €1.78 €2.14 €2.62
PLC Executive Option Plan £1.20 £1.45 £1.62
NA Executive Option Plan $1.92 $2.05 $2.23
Valuation assumptions
Expected option term 5.9 years 6.0 years 6.0 years
Expected volatility 27.5% 27.5% 27.1%
Expected dividend yield 3.5% 2.8% 2.6%
Risk-free interest rate 4.3% 4.0% 5.3%
(b) Weighted average of options granted during each period.
(c) Estimated using Black-Scholes option pricing method.