DHL 2008 Annual Report Download - page 195

Deutsche Post World Net Annual Report 2008
Consolidated Financial Statements
Notes
Unexercised options from Tranche  lapsed without com-
pensation following the expiration of the exercise period on  August
.  e options from Tranche  lapsed without compensa-
tion following the expiration of the lock-up period on  July 
because the absolute and relative performance targets tied to them
were not achieved.
Stock options outstanding as at  December  have an
average remaining maturity of . years.  e weighted average exer-
cise price of the stock options from tranches  and  exer-
cised in the  nancial year is  . (previous year:  .).  ese
options were settled at the weighted average share price of  .
(previous year:  .).
Starting in  nancial year , the  has been measured
using investment techniques by applying option pricing models (fair
value measurement).  e expense of   million for options attrib-
utable to  nancial year  (previous year:   million) was rec-
ognised under sta costs. No sta costs were recognised for  in
 (previous year:   million). Further details on share-based
payments for members of the Board of Management can be found
in Note 56.
Information on the individual tranches is presented in the following tables:
2003 Stock Option Plan
SOP 2003
Stock options Tranche 2003 Tranche 2004 Tranche 2005
Grant date 1 August 2003 1 July 2004 1 July 2005
Stock options granted 13,049,592 9,328,296 10,062,672
SAR granted 731,736 1,116,374 1,216,320
Exercise price € 12.40 € 17.00 € 19.33
Lock-up expires 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 2008 1,197,538 3,170,940 8,816,004
Outstanding SAR as at 1 January 2008 117,124 267,980 695,076
Stock options exercised 1,133,452 411,824 0
SAR exercised 117,124 18,752 0
Stock options lapsed 64,086 32,458 8,816,004
of which lapsed before end of the lock-up period 0 0 191,208
of which lapsed because performance targets not met 0 0 8,624,796
of which lapsed after end of lock-up period 64,086 32,458 0
SAR lapsed 016,660 695,076
of which lapsed before end of the lock-up period 0 0 13,032
of which lapsed because performance targets not met 0 0 682,044
of which lapsed after end of lock-up period 016,660 0
Outstanding stock options as at 31 December 2008 02,726,658 0
Outstanding SAR as at 31 December 2008 0232,568 0
Exercisable stock options as at 31 December 2008 02,726,658 0
Exercisable SAR as at 31 December 2008 0232,568 0
2006 SAR Plan for executives and Long-Term Incentive
Plan (2006 LTIP) for Board members
 e   Plan supersedes the   described above,
under which options could last be issued in . As at  July ,
selected executives received stock appreciation rights () 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 closing price of Deutsche Post shares on the
previous day and the  xed issue price, if demanding performance
targets are met.
 e fair value of the   Plan and the  Long-Term
Incentive Plan () for Board members was determined using a
stochastic simulation model. As a result, no expense had to be rec-
ognised for  nancial year  (previous year:  . million). Of
the   million of provisions recognised in prior periods for this
purpose   million were reversed in  nancial year . Addi-
tional details on the   Plan and the   can be found
in the Corporate Governance Report.  e remuneration report (see
Page 116) contained in the Corporate Governance Report also
forms part of the Group Management Report. Further details on
share-based remuneration of members of the Board of Management
can be found in Note 56.
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