DHL 2015 Annual Report Download - page 208

Deutsche Post  Group —  Annual Report
.  Plan for executives
From July  to August , selected executives received annual
tranches of  s under the  Plan. is allowed them to receive
a cash payment within a dened period in the amount of the dier-
ence between the respective price of Deutsche Post shares and the
xed issue price if demanding performance targets are met (see
disclosures on the   for members of the Board of Manage-
ment). Due to the strong share price performance since  s were
issued in , all of the related performance targets were met
onexpiry of the waiting period on  June . All  s under
thistranche were therefore able to be exercised. Most executives
exercised them as early as . All of the performance targets for
the  tranche were also met on expiry of the waiting period on
 June . Consequently, all  s granted were able to be exer-
cised. e majority of executives exercised the  s during the third
quarter of . Starting in ,  s were no longer issued to
executives under the  Plan. e Performance Share Plan 
for executives replaces the  Plan. All earlier tranches issued
under the  Plan remain valid.
More details on the  Plan tranches are shown in the follow-
ing table:
 Plan
2010 tranche 2011 tranche 2012 tranche 2013 tranche s
Issue date 1 July 2010 1 July 2011 1 July 2012 1 Aug. 2013
Issue price  12.27 12.67 13.26 20.49
Waiting period expires 30 June 2014 30 June 2015 30 June 2016 31 July 2017
e fair value of the  Plan and the   was determined
using a stochastic simulation model. As a result, an expense of
 million was recognised for nancial year  (previous year:
 million).
A provision for the   and the  Plan was recognised
as at the balance sheet date in the amount of  million (previous
year:  million), of which  million (previous year:  mil-
lion) was attributable to the Board of Management.  million of
the total provision (previous year:  million) related to rights ex-
ercisable at the reporting date.
. Performance Share Plan for executives
e Annual General Meeting on  May  resolved to introduce
the Performance Share Plan  for executives. is plan replaces
the former share-based payment system ( Plan) for executives.
Whereas the  Plan involved cash-settled share-based payments,
under the  shares are issued to participants at the end of the
waiting period. Under the , the granting of the shares at the end
of the waiting period is linked to the achievement of demanding
performance targets. e performance targets under the  are
identical to the performance targets under the  for members of
the Board of Management.
Performance Share Units  s were issued to selected execu-
tives under the  for the rst time on  September . It is not
planned that members of the Board of Management will participate
in the . e Long-Term Incentive Plan   for members
of the Board of Management remains unchanged.
In the consolidated nancial statements as at  December ,
a total of  million (previous year:  million) has been added to
capital reserves for the purposes of the plan, an equal amount was
recognised in sta costs, Notes  and .
e value of the  is measured using actuarial methods based
on option pricing models (fair value measurement).
Performance Share Plan
2014
tranche
2015
tranche
Grant date 1 Sept. 2014 1 Sept. 2015
Exercise price €24.14 €25.89
Waiting period expires 31 Aug. 2018 31 Aug. 2019
Risk-free interest rate 0.11 % – 0.10 %
Initial dividend yield of Deutsche Post shares 3.52 % 3.28 %
Yield volatility of Deutsche Post shares 23.46 % 24.69 %
Yield volatility of Dow Jones    Index 10.81 % 16.40 %
Covariance of Deutsche Post shares to Dow Jones
   Index 1.74 % 2.94 %
Quantity
Rights outstanding at  January  4,476,948 0
Rights granted 0 4,223,718
Rights lapsed 207,660 9,882
Rights outstanding at  December  4,269,288 4,213,836
Future dividends were taken into account, based on a moderate
increase in dividend distributions over the respective measurement
period.
e average remaining maturity of the outstanding  s as at
 December  was  months.
 Related party disclosures
. Related party disclosures (companies and Federal Republic
ofGermany)
All companies classied as related parties that are controlled by the
Group or on which the Group can exercise signicant inuence are
recorded in the list of shareholdings, which can be accessed on the
website,  www.dpdhl.com/en/investors.html , together with informa-
tion on the equity interest held, their equity and their net prot or
loss for the period, broken down by geographical areas.
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