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Deutsche Post World Net Annual Report 2007
Information on the individual tranches is presented in the following
tables:
Stock options
SOP 2000 SOP 2003
Tranche 2001 Tranche 2002 Tranche 2003 Tranche 2004 Tranche 2005
Grant date 15 March 2001 1 July 2002 1 August 2003 1 July 2004 1 July 2005
Stock options granted 5,537,484 10,306,038 13,049,592 9,328,296 10,062,672
SARs granted 345,432 446,934 731,736 1,116,374 1,216,320
Exercise price €23.05 €14.10 €12.40 €17.00 €19.33
Lock-up expires 14 March 2004 30 June 2005 31 July 2006 30 June 2007 30 June 2008
Dividend yield Deutsche Post AG – – 2.55% 3.05% 3.22%
Dividend yield Dow Jones EURO STOXX Index – – 1.4% 1.7% 2.06%
Yield volatility of Deutsche Post AG share – – 39.3% 28.9% 17.07%
Yield volatility of Dow Jones EURO STOXX Index – – 32.1% 14.8% 10.10%
Number
Outstanding stock options as at 1 January 2007 0 537,474 3,959,426 7,921,776 9,404,718
Outstanding SARs as at 1 January 2007 0 120,060 217,798 595,190 760,026
Options exercised – 492,664 2,731,894 1,926,180 –
SARs exercised – 120,060 100,674 117,964 –
Options lapsed – 44,810 29,994 2,824,656 588,714
of which lapsed before end of the lock-up period – – – 266,226 588,714
of which lapsed because performance targets not met – – – 2,558,430 –
of which lapsed after end of lock-up period – 44,810 29,994 – –
SARs lapsed – 0 0 209,246 64,950
of which lapsed before end of the lock-up period – – – 16,284 64,950
of which lapsed because performance targets not met – – – 192,962 –
of which lapsed after end of lock-up period – – – – –
Outstanding stock options as at 31 December 2007 – – – – 8,816,004
Outstanding SARs as at 31 December 2007 – – – – 695,076
Exercisable stock options as at 31 December 2007 0 0 1,197,538 3,170,940 –
Exercisable SARs as at 31 December 2007 0 0 117,124 267,980 –
Unexercised options from Tranche lapsed without compensation
following the expiration of the exercise period on March , those
from Tranche on July .
Stock options outstanding on December have an average remain-
ing maturity of . years. e weighted average exercise price of the
stock options from Tranches , and exercised in the nan-
cial year is . (previous year: .). ese options were settled at
the weighted average share price of . (previous year: .).
Starting in nancial year , the SOP has been measured using invest-
ment techniques by applying option pricing models (fair value measure-
ment). e expense of million attributable to nancial year
(previous year: million), comprising million for the stock options
(previous year: million) and million for the SARs (previous year:
million), was reported under sta costs.
35.6 2006 SAR Plan and Long-Term Incentive Plan for the
Board of Management
e
SAR Plan supersedes the SOP described above, under
which options could last be issued in . As at July , selected
executives received stock appreciation rights (SARs) under the new plan.
is gives executives the chance to receive a cash payment within a de-
ned period in the amount of the di erence between the respective clos-
ing price of Deutsche Post shares on the previous day and the xed issue
price, if demanding performance targets are met.
A successor plan was also launched for members of the Board of Man-
agement: Under the new Long-Term Incentive Plan ( LTIP), mem-
bers were granted SARs for the rst time as at July . e new plan
is largely identical in nature to the previous stock option plan. e main
di erence is that it is paid out in cash and therefore no longer leads to
dilution to the detriment of the shareholders. As previously, members of
the Board of Management must invest in Deutsche Post shares to receive
SARs. As with the former stock option plan, SARs may only be paid out
under the LTIP at the earliest a er the three-year lock-up period,
and only if the demanding performance targets agreed have been met.
Further details can be found in the Corporate Governance Report. e
remuneration report contained in the Corporate Governance Report
also forms part of the Notes.
e fair value of the SAR Plan and the LTIP was determined
using a stochastic simulation model. is led to an expense of . mil-
lion in nancial year (previous year: million), which was re-
corded in provisions. . million of this (previous year: . million) is
attributable to the SARs granted to the Board of Management.