Unilever 2004 Annual Report Download - page 143

140 Unilever Annual Report and Accounts 2004
Notes to the consolidated accounts
Unilever Group
30 Share-based compensation plans (continued)
A summary of the status of the All-Employee Plans as at 31 December 2004, 2003 and 2002 and changes during the years ended on these
dates is presented below:
2004 2003 2002
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 4 480 673 €60.24 4 026 430 €63.38 3 109 260 €60.56
Granted 1 266 960 €54.33 1 356 143 €51.01 1 589 107 €67.90
Exercised (26 883) €51.62 (21 254) €54.48 (322 625) €58.72
Forfeited (308 593) €59.63 (748 773) €61.61 (349 312) €63.24
Expired(a) (159 095) €63.65 (131 873) €57.63 – –
Outstanding at 31 December 5 253 062 €58.79 4 480 673 €60.24 4 026 430 €63.38
Exercisable at 31 December 1 740 399 €60.71 683 702 €57.24 231 979 €67.90
PLC shares of 1.4p
Outstanding at 1 January 17 071 055 £5.28 18 005 592 £5.17 22 002 314 £4.61
Granted 2 287 826 £5.28 2 667 950 £5.72 4 122 000 £6.06
Exercised (247 261) £4.55 (570 578) £4.57 (5 771 480) £3.78
Forfeited (2 567 876) £5.46 (2 809 935) £5.30 (2 347 242) £4.90
Expired(a) (2 329 440) £5.78 (221 974) £3.68 – –
Outstanding at 31 December 14 214 304 £5.17 17 071 055 £5.28 18 005 592 £5.17
Exercisable at 31 December 1 705 467 £5.14 1 978 465 £5.88 430 696 £3.71
NV New York shares of €0.51
Outstanding at 1 January 146 760 $55.44 149 431 $54.11 – –
Granted ––162 745 $55.25 149 431 $54.11
Exercised (123 843) $55.44 (145 867) $54.05 – –
Forfeited (22 917) $55.44 (19 549) $54.11 – –
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.
2004 2003 2002
NV option value information(b)
Fair value per option(c) €9.37 €8.86 €14.66
Valuation assumptions
Expected option term 3.2 years 3.6 years 3.8 years
Expected volatility 27.5% 27.5% 26.8%
Expected dividend yield 3.3% 3.4% 2.4%
Risk-free interest rate 3.1% 2.5% 4.5%
PLC option value information(b)
Fair value per option(c) £1.06 £1.13 £1.57
Valuation assumptions
Expected option term 4.3 years 4.4 years 4.7 years
Expected volatility 27.5% 27.5% 28.5%
Expected dividend yield 3.5% 3.0% 2.5%
Risk-free interest rate 5.1% 3.7% 5.2%
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.