Consolidated Financial Statements of <strong>SinnerSchrader</strong> <strong>AG</strong>Notes75The tax expenditure or income identified in the Statements of Operations deviates from the value that wouldresult from the use of the statutory tax rates on the pre-tax profits. Table 13d explains the difference betweenthe calculated tax expenditure or income on the basis of the statutory tax rate and the tax expenditure or incomerecorded in the Statements of Operations for the <strong>2008</strong>/<strong>2009</strong> and 2007/<strong>2008</strong> financial years:Table 13d | Tax reconciliation in €<strong>2008</strong>/<strong>2009</strong> 2007/<strong>2008</strong>Tax provision (+), tax credit (-) at statutory rate 404,553 753,284Permanent difference for share-based compensation 10,089 12,343Other non-deductible expenses/non-taxable income 29,447 8,049Depreciation of goodwill, effecting tax -213,015 –Deferred tax assets, not recognised 80,901 –Changes in valuation allowances for deferred tax assets and differences in tax ratesconcerning losses in foreign group companies, net of tax effects on consolidation 16 294Taxes for previous years 2,373 -43,935Other – -4,324Income tax corresponding to income statement 314,364 725,7115.6 Earnings per ShareThe derivation of the undiluted and diluted earnings per share for the <strong>2008</strong>/<strong>2009</strong> and 2007/<strong>2008</strong> financial yearsis shown in Table 14:Table 14 | Earnings per share in € and number<strong>2008</strong>/<strong>2009</strong> 2007/<strong>2008</strong>Net income 939,091 1,608,245Net income attributable to external shareholders -291,935 –Net income attributable to the shareholders of <strong>SinnerSchrader</strong> <strong>AG</strong> 1,231,026 1,608,245Basis weighted average shares of common stock outstanding 11,356,215 11,471,025Basic earnings per share 0.11 0.14Weighted average shares of common stock outstanding 11,356,215 11,471,025add: stock option grant 465 5,274Diluted average share of common stock outstanding 11,356,680 11,476,299Diluted earnings per share 0.11 0.14
76NotesConsolidated Financial Statements of <strong>SinnerSchrader</strong> <strong>AG</strong>6 Share-basedCompensation6.1 Stock Option Plans• <strong>SinnerSchrader</strong> Stock Option Plan 2000In December 2000, the Annual General Meeting of <strong>SinnerSchrader</strong> <strong>AG</strong> approved the <strong>SinnerSchrader</strong> StockOption Plan 2000 (“2000 Plan”), which provides for the granting of stock options to allocate a total of 375,000shares to the members of the Management Board of <strong>SinnerSchrader</strong> <strong>AG</strong> (40,000 options), to the managementof the affiliated companies (40,000 options), to all employees of <strong>SinnerSchrader</strong> <strong>AG</strong> (55,000 options) as well asto all employees of the affiliated companies (240,000 options) by 10 January 2006.Options granted under the 2000 Plan have an exercise price of 120 % of the average closing price of the<strong>SinnerSchrader</strong> share on the Frankfurt Stock Exchange during the ten trading days prior to the allocation date.The options of the 2000 Plan can be exercised in equal instalments of one-third each two, three, and fouryears after allocation at the earliest. They have to be exercised within six years after the allocation date. Inthe <strong>2008</strong>/<strong>2009</strong> financial year, no options were allocated. In the 2007/<strong>2008</strong> financial year, 12,500 options wereexercised at an exercise price of € 1.53 per share. As of 31 August <strong>2009</strong>, a total of 38,367 options from the 2000Plan were still outstanding with an average exercise price of € 2.08.• <strong>SinnerSchrader</strong> Stock Option Plan 2007In January 2007, the Annual General Meeting of <strong>SinnerSchrader</strong> <strong>AG</strong> approved the <strong>SinnerSchrader</strong> Stock OptionPlan 2007 (“2007 Plan”), which provides for the granting of stock options to allocate a total of 600,000 sharesto the members of the Management Board of <strong>SinnerSchrader</strong> <strong>AG</strong> (200,000 options) and to the members of themanagement of the affiliated companies (200,000 options) as well as to selected employees performingmanagerial tasks within <strong>SinnerSchrader</strong> <strong>AG</strong> and affiliated companies (200,000 options).Options granted under the 2007 Plan have an exercise price of at least the mean value of the closing priceof <strong>SinnerSchrader</strong> <strong>AG</strong> shares in the Xetra trading system of Deutsche Börse <strong>AG</strong> (or an equivalent successorsystem) during the five trading days prior to the allocation date. The options can be exercised in equal instalmentsof one-third each three, four, and five years after allocation at the earliest. The options of the first thirdmay be exercised only if the mean value of the closing price of <strong>SinnerSchrader</strong> <strong>AG</strong> shares in the Xetra tradingsystem of Deutsche Börse <strong>AG</strong> (or an equivalent successor system) during the five trading days before the dayof exercise (reference price) is 30 % above the exercise price. The options of the second third may be exercisedonly if the reference price is 40 % above the exercise price. The options of the last third may be exercised onlyif the reference price is 50 % above the exercise price. The latest exercise period is seven years after theallocation date. In previous financial years, 250,000 options with an average exercise price of € 1.62 wereallocated to members of the <strong>SinnerSchrader</strong> <strong>AG</strong> Management Board and to members of the management ofsubsidiary companies.
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