Experian 2011 Annual Report Download - page 135

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Financial statements 133
32. Maturity prole of nancial liabilities – contractual undiscounted cash ows
At 31 March 2011 Less than
1 year
US$m
1 to 2
years
US$m
2 to 3
years
US$m
3 to 4
years
US$m
4 to 5
years
US$m
Over 5
years
US$m
Total
US$m
Loans and borrowings 96 95 631 64 64 1,578 2,528
Net settled derivative nancial instruments
(note 31(c)) 6 (4) (9) 6 3 - 2
Gross settled derivative nancial instruments
(note 31(c)) (30) (40) (40) (40) (40) (150) (340)
Put options in respect of Serasa and other non-
controlling interests 4 998 37 - - - 1,039
Trade and other payables 476 7 - - - - 483
552 1,056 619 30 27 1,428 3,712
At 31 March 2010 Less than
1 year
US$m
1 to 2
years
US$m
2 to 3
years
US$m
3 to 4
years
US$m
4 to 5
years
US$m
Over 5
years
US$m
Total
US$m
Loans and borrowings 60 61 681 568 32 818 2,220
Net settled derivative nancial instruments
(note 31(c)) 30 10 (7) (14) 2 - 21
Gross settled derivative nancial instruments
(note 31(c)) (19) (17) (17) (17) (17) (41) (128)
Put options in respect of Serasa and other non-
controlling interests - - 803 14 - - 817
Trade and other payables 521 6 - - - - 527
592 60 1,460 551 17 777 3,457
Cash ows in respect of VAT, other taxes payable, social security costs and accruals are excluded from the analysis for trade and other payables.
33. Share-based payments
The Group has a number of equity settled, share-based employee incentive plans. Option, award and share prices are disclosed in sterling as
this is the currency in which the price of Experian plc ordinary shares is quoted.
(a) Share options
(i) Summary of arrangements
Experian Share Option Plan Experian Sharesave Plans
Nature Grant of options ‘Save as you earn’ plans
Vesting conditions:
– Service period 3 years11 year for US plan
3 or 5 years for other plans
– Performance/Other n/a2Saving obligation over the vesting period
Maximum term 10 years 1, 3.5 or 5.5 years
Method of settlement Share distribution Share distribution
Expected departures (at grant date) 5% 1 year3 - 5%
3 years3 - 30%
5 years3 - 50%
Option exercise price calculation4Market price over the 3 dealing days
preceding the grant 15% discount to market price on the date of
grant for US plan
20% discount to market price over 3 dealing
days preceding the grant for other plans
1. Options with a four year service period were granted at demerger and vested in October 2010.
2. Options granted to directors of the Company after 1 April 2009 have been subject to performance conditions based on the growth in Benchmark EPS.
3. Such expected departures include an assumption about participants who will not meet the savings requirement of the plans.
4. Three day averages are calculated by taking middle market quotations of an Experian plc share from the London Stock Exchange daily ofcial list.
5. In addition, fully vested options exist under The North America Stock Option Plan, a former GUS share option plan, and these had a maximum term of six years from
the date of grant.