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118 Unilever Annual Report & Accounts and Form 20-F 2003
Notes to the consolidated accounts
Unilever Group
29 Equity-based compensation plans continued
A summary of the status of the All-Employee Plans as at 31 December 2003, 2002 and 2001 and changes during the years ended on these
dates is presented below:
2003 2002 2001
Weighted Weighted Weighted
Number of average Number of average Number of average
options exercise price options exercise price options exercise price
NV shares of €0.51
Outstanding at 1 January 4 026 430 €63.38 3 109 260 €60.56 1 634 437 €54.41
Granted 1 356 143 €51.01 1 589 107 €67.90 1 853 007 €64.65
Exercised (21 254) €54.48 (322 625) €58.72 (225 614) €51.85
Forfeited (748 773) €61.61 (349 312) €63.24 (152 570) €57.10
Expired(a) (131 873) €57.63 –– ––
Outstanding at 31 December 4 480 673 €60.24 4 026 430 €63.38 3 109 260 €60.56
Exercisable at 31 December 683 702 €57.24 231 979 €67.90 42 412 €42.99
PLC shares of 1.4p
Outstanding at 1 January 18 005 592 £5.17 22 002 314 £4.61 26 512 577 £4.14
Granted 2 667 950 £5.72 4 122 000 £6.06 4 411 833 £5.29
Exercised (570 578) £4.57 (5 771 480) £3.78 (5 756 768) £2.94
Forfeited (2 809 935) £5.30 (2 347 242) £4.90 (3 165 328) £4.62
Expired(a) (221 974) £3.68 –– ––
Outstanding at 31 December 17 071 055 £5.28 18 005 592 £5.17 22 002 314 £4.61
Exercisable at 31 December 1 978 465 £5.88 430 696 £3.71 250 760 £2.78
NV New York shares of €0.51
Outstanding at 1 January 149 431 $54.11 – – 470 680 $52.43
Granted 162 745 $55.25 149 431 $54.11 – –
Exercised (145 867) $54.05 – – (255 208) $52.43
Forfeited (19 549) $54.11 – – (215 472) $52.43
Expired(a) –– –– ––
Outstanding at 31 December 146 760 $55.44 149 431 $54.11 – –
Exercisable at 31 December – – – – – –
(a) Prior to 2003 the number of expired options was immaterial.
2003 2002 2001
NV option value information(b)
Fair value per option(c) €8.86 €14.66 €15.13
Valuation assumptions
Expected option term 3.6 years 3.8 years 3.5 years
Expected volatility 27.5% 26.8% 29.3%
Expected dividend yield 3.4% 2.4% 2.2%
Risk-free interest rate 2.5% 4.5% 4.5%
PLC option value information(b)
Fair value per option(c) £1.13 £1.57 £1.31
Valuation assumptions
Expected option term 4.4 years 4.7 years 4.7 years
Expected volatility 27.5% 28.5% 28.1%
Expected dividend yield 3.0% 2.5% 2.8%
Risk-free interest rate 3.7% 5.2% 5.4%
NV New York shares option value information(b)
Fair value per option(c) $9.14 $8.57 –
Valuation assumptions
Expected option term 1 year 1 year –
Expected volatility 27.5% 25.2% –
Expected dividend yield 3.3% 2.5% –
Risk-free interest rate 1.8% 1.2% –
(b) Weighted average of options granted during each period.
(c) Estimated using Black-Scholes option pricing method.