Financials - Santos

More documents

Recommendations

Info

Notes to the Consolidated Financial Statements for the year ended 31 December 2012 30. Share‐based Payment Plans (continued) (f) Legacy Plan – executives Santos Executive Share Plan The Santos Executive Share Plan (“SESP”) operated between 1987 and 1997, when it was discontinued. Under the terms of the SESP, shares were issued as partly paid to one cent. While partly paid, the plan shares are not transferable, carry no voting right and no entitlement to dividend but are entitled to participate in any bonus or rights issue. After a “vesting” period, calls could be made for the balance of the issue price of the shares, which varied between $2.00 and the market price of the shares on the date of the call being made. Shares were issued principally on: 22 December 1987; 7 February and 5 December 1989; and 24 December 1990. At the beginning of the financial year there were 83,000 SESP shares on issue. During the financial year, 28,500 (2011: nil) SESP shares were fully paid and $87,690 (2011: nil) was received by the Company. During 2011, no SESP shares converted to ordinary shares. As at 31 December 2012 there were 54,500 (2011: 83,000) plan shares outstanding. Santos Executive Share Purchase Plan The Santos Executive Share Purchase Plan (“SESEP”) operated in 2003 and 2004, governed by the executive long‐term component of the Santos Employee Share Purchase Plan rules. No shares have been issued under the SESEP since 2004. At 31 December 2012, the total number of shares acquired under SESEP since its commencement was 220,912. The shares allocated pursuant to the SESEP were allotted to a trustee at no cost to participants, to be held on their behalf. In general, the shares were restricted for a period of one year from the date of allotment. If a participating executive ceased employment during this period, the Board, in its discretion, could determine that a lesser restriction on transfer and dealing applied, having regard to the circumstances of the cessation. At 31 December 2012, 30,430 (2011: 35,725) shares remain on trust until December 2013 or July 2014, applicable to the 2003 and 2004 grants respectively. During this time, the shares are subject to forfeiture if participants act fraudulently or dishonestly or in breach of their obligations to any Group company. During the period the shares are held on trust, participants are entitled to receive dividends, participate in bonus and rights issues and instruct the trustee as to the exercise of voting rights. (g) Non‐executive Director Share Plan In accordance with shareholder approval given at the 2007 Annual General Meeting, the Non‐executive Director (“NED”) Share Plan was introduced in July 2007. In 2010 and earlier years, Directors who participated in the NED Share Plan elected to sacrifice all or part of their fees in return for an allocation of fully paid ordinary shares of equivalent value. The NED Share Plan therefore did not involve any additional remuneration for participating Directors. Shares were allocated quarterly and were either issued as new shares or purchased on the ASX at the prevailing market price. The shares are registered in the name of the participating Director, but are subject to a restriction on dealing. In the absence of exceptional circumstances, the restriction will apply until the Director ceases to hold office or until ten years have elapsed since the allocation of the shares, whichever is earlier. The NED Share Plan was suspended in 2011 and closed in 2012. Accordingly, no non‐executive Directors participated in the NED Share Plan in 2012 or 2011 and no shares were allocated under the plan in those years. A total of 72,137 shares were allocated to non‐executive Directors during the life of the NED Share Plan, of which as at 31 December 2012, 46,279 (2011: 46,279) are still subject to restrictions, for periods up to 2020. 142
30. Share‐based Payment Plans (continued) (h) Amounts recognised in the financial statements The amounts recognised in the financial statements of the Group during the financial year in relation to shares issued under employee share plans are as follows: 2012 2011 Note $000 $000 Statement of financial position: Current general employee share plans – ShareMatch Plan 30(A) 5,379 8,478 Executive long‐term incentive programme: Share options 30(B) – 699 Cash‐settled 30(B) 80 (260) Acquisition of Eastern Star Gas Limited 30(C) – 13,767 5,459 22,684 Issued capital: Current general employee share plans: Share1000 Plan 30(A) 1,539 2,275 ShareMatch Plan 30(A) 5,379 8,478 Executive long‐term incentive programme – share options 30(B) – 699 6,918 11,452 Retained earnings: Current general employee share plans – matched SARs 30(A) 3,651 2,196 Executive long‐term incentive programme – equity‐settled 30(B) 9,003 8,872 Acquisition of Eastern Star Gas Limited 30(C) – 13,767 2012–2015 Four‐year Strategy Grant 30(D) 375 – 13,029 24,835 Employee expenses: Current general employee share plans: Share1000 Plan 30(A) (1,539) (2,275) matched SARs 30(A) (3,651) (2,196) Executive long‐term incentive programme: Equity settled 30(B) (9,003) (8,872) Cash‐settled 30(B) 80 (260) 2012–2015 Four‐year Strategy Grant 30(D) (375) – (14,488) (13,603) 5,459 22,684 Santos Annual Report 2012 143
Page 1 and 2:
Financial Report Contents The Direc
Page 3 and 4:
Consolidated Statement of Comprehen
Page 5 and 6:
Consolidated Statement of Cash Flow
Page 7 and 8:
Notes to the Consolidated Financial
Page 9 and 10:
1. Significant Accounting Policies
Page 11 and 12:
Page 13 and 14:
Page 15 and 16: 1. Significant Accounting Policies
Page 23 and 24: Corporate, Eastern exploration and
Page 25 and 26: 2012 2011 2. Segment information (c
Page 27 and 28: 2012 2011 4. Expenses Note $million
Page 29 and 30: 2012 2011 6. Taxation Expense $mill
Page 31 and 32: 8. Trade and Other Receivables (con
Page 33 and 34: 2012 2011 Subsurface Plant and Subs
Page 35 and 36: 14. Impairment of Non‐current Ass
Page 37 and 38: 2012 2011 17. Interest‐bearing Lo
Page 39 and 40: 17. Interest‐bearing Loans and Bo
Page 41 and 42: 2012 2011 19. Other Financial Liabi
Page 43 and 44: Translation Fair value Hedging rese
Page 45 and 46: 23. Earnings per Share Basic earnin
Page 47 and 48: 24. Consolidated Entities (continue
Page 49 and 50: 27. Interests in Joint Ventures (a)
Page 51 and 52: 2012 2011 28. Notes to the Statemen
Page 53 and 54: 2012 2011 29. Employee Benefits (co
Page 55 and 56: 30. Share‐based Payment Plans (co
Page 65: 30. Share‐based Payment Plans (co
Page 69 and 70: 31. Key Management Personnel Disclo
Page 71 and 72: 31. Key Management Personnel Disclo
Page 73 and 74: 32. Related Parties Identity of rel
Page 75 and 76: 2012 2011 34. Commitments for Expen
Page 77 and 78: 37. Deed of Cross Guarantee Pursuan
Page 79 and 80: 37. Deed of Cross Guarantee (CONTIN
Page 81 and 82: 38. Financial Risk Management (CONT
Page 87 and 88: Independent Audit Report to the mem
Page 89 and 90: Information for shareholders NOTICE
Page 91 and 92: Analysis of Shares - Range of Share
Page 93 and 94: Joint Venture and Permits % Interes
show all

Financials - Santos

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?