Experian 2014 Annual Report Download - page 151
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Financial statements • Notes to the Group financial statements 147
Experian PSP
The range of Benchmark profit performance conditions for conditional awards under this plan are the same as those shown in the
table immediately above for the Experian CIPs and also require Benchmark PBT growth at the stated percentages over a three-
year period.
The TSR performance condition is considered a market-based performance condition as defined by IFRS 2. In valuing the awarded
shares, TSR is evaluated using a Monte Carlo simulation with historic volatilities and correlations for comparator companies
measured over the three-year period preceding valuation and an implied volatility for Experian plc ordinary shares.
(ii) Information on share grant valuations
Share grants are valued by reference to the market price on the day of award with no modification made for dividend distributions
or other factors as participants are entitled to dividend distributions on awarded shares. Market-based performance conditions are
included in the fair value measurement on grant date and are not revised for actual performance. Awards granted in the year ended
31 March 2014 had a weighted average fair value per share of £12.02 (2013: £8.91).
(iii) Share awards outstanding
2014
million
2013
million
At 1 April 19.9 18.3
Grants 5.4 6.9
Forfeitures (0.6) (0.5)
Vesting (7.3) (4.8)
At 31 March 17.4 19.9
Analysis by plan:
Experian CIPs 6.3 7.3
Experian PSP – conditional awards 6.2 6.8
Experian PSP – unconditional awards 4.9 5.8
At 31 March 17.4 19.9