DHL 2003 Annual Report Download - page 120
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The maturity structure of deferred tax assets from temporary
differences is as follows:
Issued capital
The issued capital amounts to €1,112,800,000 and is composed of
1,112,800,000 no-par value registered shares with a current notional
value of €1 each.
The share capital changed as follows as of December 31, 2003:
Deutsche Post AG’s share capital remained unchanged at
€1,112,800,000. In November 2003, the German government sold
around 30% of Deutsche Post AG’s share capital to the KfW
Bankengruppe (KfW). As with earlier holding arrangements, KfW
purchased the shares with a significant discount to the current
market price. At the same time, the government received a debtor
warrant, which secures the additional proceeds for it in the event
that the shares are resold on the market. KfW sold part of its
interest in Deutsche Post AG in December, and at the same time
issued an exchangeable bond on Deutsche Post stock. The free
float has risen by 5.7% to 37.4%.
The authorization to increase the share capital by up to
€11.25 million by issuing shares to satisfy the employee equity
compensation program expired on January 30, 2003 (formerly
Authorized Capital I). No shares were issued on options held by
employees of the Company arising from the employee equity
compensation program.
The authorized capital of €80 million through the issue
of 80,000,000 no-par value registered shares as resolved by the
Extraordinary General Meeting on October 13, 2000, is still
in force. The Board of Management is authorized to increase the
share capital of the Company correspondingly up to and including
September 30, 2005. The shares will be issued against non-cash
contributions. Shareholders’ pre-emptive subscription rights have
been disapplied. The Company did not exercise this authorization
in fiscal year 2003.
33
The Annual General Meeting on June 5, 2003 resolved a
contingent capital increase of €60 million to satisfy the Stock Option
Plan 2003. Taken together with the contingent capital increase of
€50 million resolved by the Extraordinary General Meeting on
September 27, 2000, a total amount of €110 million is currently
available to satisfy the 2000 and 2003 Stock Option Plans.
In accordance with the resolution adopted by the Annual
General Meeting on June 5, 2003, Deutsche Post AG is authorized
up to November 30, 2004 to buy back own shares amounting to
no more than 10% of the current share capital for any purpose
permitted by law, and in particular for the purpose of pursuing the
objectives cited in the resolution by the Annual General Meeting
on June 5, 2003.
Share-based payment system for executives
Under the Stock Option Plan 2000, eligible participants are granted
stock options in annual tranches. Certain employees (Group
management levels one to three and some specialists) were granted
stock options for the first time on March 15, 2001 (Tranche 2001).
The second tranche was issued on July 1, 2002.
On the basis of the Stock Option Plan 2003 adopted by the
Annual General Meeting on June 5, 2003, no further options were
granted under the previous plan. Options were granted under the
new stock option plan for the first time on August 1, 2003. The
plan provides for additional stock options to be granted to eligible
participants on the first trading day in July in 2004 and 2005.
The grant of stock options to members of the Board
of Management and executives in Group management level two still
requires eligible participants to invest in shares of Deutsche Post AG.
Eligible participants in Group management levels three and four
receive stock options without any requirement to buy shares.
The stock options issued under both stock option plans can
only be exercised within a two-year period following the expiration
of a lock-up period of three years after the relevant grant date.
The options can only be exercised if the absolute or the relative
performance targets have been satisfied. Unexercised options lapse
after the end of the exercise period.
Tranches
Issued capital
Maturities
in €m 2002 2003
Less than 1 year 188 117
1 to 5 years 383 121
More than 5 years 167 295
738 533
Number of shares 2002 2003
Federal Republic of Germany 556,400,026 222,560,000
KfW Bankengruppe
(formerly Kreditanstalt für Wiederaufbau) 203,591,065 473,950,704
Free float 352,808,909 416,289,296
1,112,800,000 1,112,800,000
Stock
Appreciation
Stock options Rights (SARs)
Tranche 2001
Board of Management 466,908 0
Other senior executives 5,070,576 345,432
Tranche 2002
Board of Management 1,223,418 0
Other senior executives 9,082,620 446,934
Tranche 2003
Board of Management 1,096,236 0
Other senior executives 11,953,356 731,736