Singapore Airlines 2009 Annual Report Download - page 134
Download and view the complete annual report
Please find page 134 of the 2009 Singapore Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124 -
125 -
126 -
127 -
128 -
129 -
130 -
131 -
132 -
133 -
134 -
135 -
136 -
137 -
138 -
139 -
140 -
141 -
142 -
143 -
144 -
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
 |
 |
132
13 Share Capital (in $ million) (continued)
Share option plans (continued)
Fair values of SIA, SATS and SIAEC ESOP (continued)
July 2008 Grant July 2007 Grant
SATS ESOP
Expected dividend yield (%) Management’s forecast in line with dividend policy
Expected volatility (%) 25.1 27.9
Risk-free interest rate (%) 2.89 2.65
Expected life of options (years) 6.0 6.0
Exercise price ($) 2.17 3.01#
Share price at date of grant ($) 2.21 3.10
SIAEC ESOP
Expected dividend yield (%) Management’s forecast in line with dividend policy
Expected volatility (%) 23.28 23.13 – 24.83
Risk-free interest rate (%) 2.89 2.60 – 2.76
Expected life of options (years) 6.0 5.5 – 7.0
Exercise price ($) 3.74 4.67
Share price at date of grant ($) 3.72 4.64
# Following approval by SATS’ shareholders of the declaration of a special dividend of $0.05 on 26 July 2007, the
Remuneration and Human Resource Committee administering the SATS ESOP approved a reduction of $0.05 in the exercise
prices of the share options outstanding on 30 July 2007. The exercise prices refl ected here are the exercise prices after
such adjustment.
The expected life of the options is based on historical data and is not necessarily indicative of exercise
patterns that may occur. The expected volatility refl ects the assumption that the historical volatility is
indicative of future trends, which may also not necessarily be the actual outcome. No other features of
options were incorporated into the measurement of fair value.
NOTES TO THE FINANCIAL STATEMENTS
31 March 2009