Unilever 2001 Annual Report Download - page 90

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Unilever Annual Report & Accounts and Form 20-F 2001
NOTES TO THE CONSOLIDATED ACCOUNTS
Unilever Group
>87
Financial Statements
28 Equity-based compensation plans continued
2001
Weighted
Number of average
shares price
PLC shares of 1.4p in the form of ADRs (d)
Outstanding at 1 January ––
Granted 4 665 064 £0.00
Exercised ––
Forfeited/Expired ––
Outstanding at 31 December 4 665 064 £0.00
Exercisable at 31 December ––
(d) 1 ADR is equivalent to 4 PLC shares.
2001
NV option value information (b)
Fair value per option $59.65
PLC option value information (b)
Fair value per option $8.59
Actual compensation costs recognised (million) 32
(b) Weighted average of options granted during each period.
Employee share option plans: additional information
At 31 December 2001, there were options outstanding to purchase 12 446 685 (2000: 7 528 810) 0.51 ordinary NV shares, and
56 763 080 (2000: 27 733 624) 1.4p ordinary PLC shares in respect of equity-based compensation plans of NV and its subsidiaries and
the North American plans, and 2 782 756 (2000:1 608 128) 0.51 ordinary NV shares and 44 038 928 (2000: 41 946 202) 1.4p ordinary
PLC shares in respect of equity-based compensation plans of PLC and its subsidiaries.
To satisfy the options granted, certain NV group companies hold 13 679 007 (2000: 9 417 914) certificates or depositary receipts of
ordinary shares of NV and 43 038 640 (2000: 27 394 112) of PLC, a forward equity contract at a spot price of £5.59 to buy 10 000 000
(2000: nil) PLC shares in 2006 has been entered into, and trusts in Jersey and the United Kingdom hold 41 531 145 (2000: 40 194 042)
PLC shares. The book value of the shares held by the trusts, together with their borrowings, is taken up in the entity accounts of PLC, as
required by United Kingdom UITF Abstract 13. The trustees of these trusts have agreed, until further notice, to waive dividends on these
shares, save for the nominal sum of 0.01p per 1.4p ordinary share. Shares acquired during 2001 represent 0.8% of the Group’s called-up
capital. The balance at year end is 2.6% (2000: 2.0%).
The book value of 1 480 million (2000: 1 028 million) of all shares held in respect of equity-based compensation plans for both NV and
PLC is eliminated on consolidation by deduction from other reserves (see note 22 on page 75). Their market value at 31 December 2001
was 1 681 million (2000: 1 259 million).
At 31 December 2001 the exercise price of 11 382 978 (2000: 12 243 522) PLC options and 1 314 187 (2000: 1 354 607) NV options
was above the market price of the shares. Shares held to satisfy options are accounted for in accordance with Dutch law. Any difference
between the market value of the shares at the grant date and the exercise price of the related options is charged to the profit and loss
account over the vesting period. In accordance with Dutch law, all other differences between the purchase price of the shares held to
satisfy options granted and the exercise price of those options are charged to other reserves.
Options over the following number of shares were granted, exercised, forfeited or expired between 31 December 2001 and
28 February 2002.
Granted Exercised, forfeited or expired
Shares of 1.4p(i) Shares of 0.51(i) Shares of 1.4p(i) Shares of 0.51(i)
All-Employee Option Plans ––451 257 58 319
Executive Option Plans ––538 733 80 964
Share Matching Plans 499 184 73 122 ––
TSR Long-Term Incentive Plan ––––
Restricted Share Plan 54 000 8 000 894 072 121 875
North American Performance Share Plan ––1 900 260
(i) When under a North American Plan, in the form of PLC ADR’s and NV New York Shares respectively.