DHL 2004 Annual Report Download - page 108

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104
Information on the individual tranches is presented in the following tables:
Information on individual tranches
SOP 2000 SOP 2003
Tranche 2001 Tranche 2002 Tranche 2003 Tranche 2004
Grant date March 15, 2001 July 1, 2002 August 1, 2003 July 1, 2004
Stock options granted 5,537,484 10,306,038 13,049,592 9,328,296
Stock Appreciation Rights (SARs) granted 345,432 446,934 731,736 1,116,374
Issue price € 23.05 €14.10 €12.40 €17.00
Lock-up expires March 14, 2004 June 30, 2005 July 31, 2006 June 30, 2007
Number
Outstanding stock options at beginning of year 4,399,842 8,300,814 13,000,602 0
Outstanding SARs at beginning of year 232,416 342,816 731,736 0
Options exercised 0Not yet exercisable Not yet exercisable Not yet exercisable
SARs exercised 0Not yet exercisable Not yet exercisable Not yet exercisable
Options lapsed 3,704,660 503,748 717,654 249,450
thereof lapsed before end of the lock-up period 53,249 503,748 717,654 249,450
thereof lapsed because performance targets not met 3,633,385 Still in lock-up period Still in lock-up period Still in lock-up period
thereof lapsed after end of lock-up period 18,026 Still in lock-up period Still in lock-up period Still in lock-up period
SARs lapsed 194,573 32,640 53,988 27,768
thereof lapsed by the end of the lock-up period 893 32,640 53,988 27,768
thereof lapsed because performance targets not met 193,680 Still in lock-up period Still in lock-up period Still in lock-up period
thereof lapsed after end of lock-up period 0Still in lock-up period Still in lock-up period Still in lock-up period
Outstanding options at end of year 695,182 7,797,066 12,282,948 9,078,846
Outstanding SARs at end of year 37,843 310,176 677,748 1,088,606
Options exercisable at end of year 695,182 Not yet exercisable Not yet exercisable Not yet exercisable
SARs exercisable at end of year 37,843 Not yet exercisable Not yet exercisable Not yet exercisable
The measurement of the 2000 and 2003 Stock Option Plans result-
ed in staff costs for the stock options in the amount of € 31 million
(previous year: € 21 million) in fiscal year 2004; this amount was
charged to capital reserves. Further details of the stock option
plans can be found in note 33.
Revaluation reserve in accordance with IAS 39
The revaluation reserve contains gains and losses from changes in
the fair values of available-for-sale financial instruments that are
unlikely to be more than temporary and have been taken directly
to equity. This reserve is reversed to income either when the assets
are sold or otherwise disposed of, or if the fair value of the assets
falls more than temporarily below their cost.
Changes in the revaluation reserve are presented below:
Revaluation reserve
in € m
2003 2004
Balance at January 1 – 495 – 203
Currency translation 1 0
Additions / disposals 368 224
Appropriation to “Minority interest” 0– 631)
Deferred taxes recognized directly in equity – 34 1
Reversed to income – 43 – 169
Balance at December 31 – 203 – 210
1) Due to Deutsche Postbank AG‘s IPO and the resulting disposal of a 33.23% interest, 33.23% of
the changes in the fair values of financial instruments held by the Deutsche Postbank group have
been attributable to the minority interest since July 2, 2004
Starting in fiscal year 2002, the stock option plan has been meas-
ured using investment techniques by applying option pricing
models (fair value measurement). The expense of € 33 million
attributable to fiscal year 2004 (previous year: € 22 million), com-
prising € 31 million for the stock options (previous year: € 21 mil-
lion) and € 2 million for the SARs (previous year: €1 million), was
reported under staff costs.
34
Reserves
The Group’s reserves are composed of the following items:
Reserves
in € m
2003 2004
Capital reserves 377 408
Revaluation reserve in accordance with IAS 39 – 203 – 210
Hedging reserve in accordance with IAS 39 – 105 – 133
Retained earnings 3,615 4,451
3,684 4,516
Capital reserves
Changes in the capital reserves are presented below:
Capital reserves
in € m
2003 2004
Capital reserves at January 1 356 377
Measurement of stock option plans 21 31
Capital reserves at December 31 377 408