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90 Notes to the consolidated fi nancial statements Kingfi sher plc Annual Report and Accounts 2009/10 29 Other reserves Cash fl ow hedge Translation £ millions reserve reserve Other Total At 1 February 2009 Currency translation differences 14 340 159 513 Group – 17 – 17 Joint ventures and associates Cash fl ow hedges – (6) – (6) Fair value losses (13) – – (13) Gains transferred to inventories (5) – – (5) Tax on other comprehensive income 5 5 – 10 Other comprehensive income for the year (13) 16 – 3 At 30 January 2010 1 356 159 516 At 3 February 2008 (2) 248 159 405 Currency translation differences Group – 152 – 152 Joint ventures and associates – 32 – 32 Gains transferred to income statement – (80) – (80) Cash fl ow hedges Fair value gains 33 – – 33 Gains transferred to inventories (10) – – (10) Tax on other comprehensive income (7) (12) – (19) Other comprehensive income for the year 16 92 – 108 At 31 January 2009 14 340 159 513 The ‘other’ category of reserve represents the premium on the issue of convertible loan stock in 1993 and the merger reserve relating to the acquisition of Darty. 30 Share-based payments 2009/10 2008/09 Weighted Weighted average average Options exercise price Options exercise price Number £ Number £ Outstanding at beginning of year 59,956,785 0.62 35,056,105 1.14 Granted during the year 1, 2 25,897,945 0.36 36,997,595 0.31 Forfeited during the year (11,169,219) 0.40 (7,782,056) 1.42 Exercised during the year (3,279,783) 0.45 (2,287,970) – Expired during the year (2,229,219) 1.54 (2,026,889) 1.66 Outstanding at end of year 69,176,509 0.54 59,956,785 0.62 Exercisable at end of year 4,703,958 2.35 4,274,222 2.38 1 The charge to the income statement for the years ended 30 January 2010 and 31 January 2009 in respect of share-based payments includes the fi rst year’s charge of the 2010 and 2009 Kingfi sher Incentive Share Scheme (‘KISS’) grants respectively, based on the cash bonus for the year. Since grants under the KISS are made following the year end to which the fi rst year of charge relates, it is not possible to give the number of options granted until after the year end. 2 The weighted average exercise price for options granted during the year represents a blend of nil price KISS, Performance Share Plan, Retention Plan and Store Manager Incentive Plan options and discounted ShareSave options (see below). Information on the share schemes is given in note 13 of the Company’s separate fi nancial statements. Options have been exercised on a regular basis throughout the year. On that basis, the weighted average share price during the year, rather than at the date of exercise, is £1.96 (2008/09: £1.27). The options outstanding at the end of the year have exercise prices ranging from nil to £2.45 and a weighted average remaining contractual life of 2.6 years (2008/09: 3.0 years). The Group recognised a total expense of £20m in the year (2008/09: £15m) relating to equity-settled share-based payment transactions. Under IFRS 2, ‘Share-based Payment’, the Group recognises a charge for share options granted after 7 November 2002. Option numbers and other disclosures above are for those options granted after this date. A full list of outstanding options is given in note 13 of the Company’s separate fi nancial statements.
Kingfi sher plc Annual Report and Accounts 2009/10 The fair value of share options and deferred shares is obtained using the Black-Scholes and stochastic option pricing models. The inputs of the principal schemes into these models are as follows: 91 Share price Exercise Expected Expected Dividend Risk free Fair Date of at grant price life volatility yield rate value grant £ £ years % % % £ Kingfi sher Incentive Share Scheme 06/04/05 2.86 – 3.5 – 3.7% – 2.55 06/04/05 2.86 – 3.5 35.0% 3.7% – 1.62 10/04/06 2.31 – 3.5 – 4.6% – 2.01 10/04/06 2.31 – 3.5 19.8% 4.6% – 0.77 11/04/07 2.77 – 3.5 – – – 2.77 21/04/08 1.28 – 3.5 – – – 1.28 21/04/09 1.63 – 3.5 – – – 1.63 Performance Share Plan 28/06/06 2.29 – 3.5 19.8% – 4.9% 1.04 24/10/06 2.65 – 3.5 19.6% – 5.0% 1.36 11/04/07 2.77 – 3.5 20.2% – – 1.68 01/10/07 1.83 – 3.5 22.4% – – 0.26 01/02/08 1.51 – 3.5 28.2% – – 0.92 01/02/08 1.51 – 4.5 – – – 1.51 21/04/08 1.28 – 4.5 – – – 1.28 24/07/08 1.24 – 4.5 – – – 1.24 01/10/08 1.35 – 3.5 35.9% – – 0.79 01/10/08 1.35 – 4.0 – – – 1.35 21/04/09 1.63 – 4.5 44.9% – 2.2% 1.17 21/04/09 1.63 – 4.5 – – – 1.63 30/10/09 2.24 – 3.5 – – – 2.24 Kingfi sher Retention Plan 16/03/06 2.48 – 2.5 18.9% 4.3% 4.4% 2.28 28/06/06 2.29 – 2.5 18.9% 4.3% 4.4% 2.11 21/04/08 1.28 – 1.5 to 4.5 – – – 1.28 Store Manager Incentive Plan 21/04/09 1.63 – 2.5 – 3.3% – 1.52 21/04/09 1.63 – 3.0 to 3.5 – 3.3% – 1.48 30/10/09 2.24 – 2.5 – 2.4% – 2.11 UK and International ShareSave 01/05/03 2.41 1.87 5.5 35.0% 4.0% 3.8% 0.76 22/10/04 3.08 2.45 3.5 35.0% 3.3% 4.5% 0.98 22/10/04 3.08 2.45 5.5 35.0% 3.3% 4.6% 1.08 27/10/05 2.01 1.76 3.5 35.0% 5.3% 4.3% 0.49 27/10/05 2.01 1.76 5.5 35.0% 5.3% 4.4% 0.52 26/10/06 2.65 1.97 3.5 19.9% 4.0% 4.0% 0.75 26/10/06 2.65 1.97 5.5 28.1% 4.0% 4.0% 0.86 01/11/07 1.90 1.55 3.5 23.6% 5.6% 5.0% 0.42 01/11/07 1.90 1.55 5.5 25.5% 5.6% 5.0% 0.44 29/10/08 1.09 1.09 3.5 36.3% 4.9% 3.4% 0.23 29/10/08 1.09 1.09 5.5 30.8% 4.9% 3.8% 0.22 03/11/09 2.24 1.72 3.5 43.6% 2.4% 2.2% 0.51 03/11/09 2.24 1.72 5.5 36.4% 2.4% 2.9% 0.38 Executive Share Scheme 17/04/03 2.44 2.38 6.0 35.0% 4.0% 4.2% 0.64 Expected volatility was determined for each individual award, by calculating the historical volatility of the Group’s share price (plus reinvested dividends) immediately prior to the grant of the award, over the same period as the vesting period of each award, adjusted by expectations of future volatility.
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