Annual report-2007.pmd - SABMiller India

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(iii)The estimated fair value of each stock option granted in the Stock option plan is Rs 235.32 (£2.76) (previous year: Rs175.43 (£2.26)). The estimation of fair value on the date of the grant was made using the Black-Scholes model with thefollowing assumptions:31 March 2007 31 March 2006Share price at grant date Rs 875.62 (£10.27) Rs 655.93 (£8.45)Exercise price at grant date Rs 904.61 (£10.61) Rs 642.73 (£8.28)Expected volatility 22.5%* 22.5%*Contractual life 10 years 10 yearsDividend yield 2.11% 2.4%Risk-free interest rate 4.49% 4.3%Expected volatility is calculated by assessing the historic share price data in the United Kingdom and South Africa since May1999 and May 2001 respectively.(iv)(a)Other disclosure:During the year ended 31 March 2007, SABMiller Plc ('the Group') had one share-based payment arrangement for theemployees of the Company. As at 31 March 2007, the following options, attributable to employees of the Company forrendering services, were outstanding under the SABMiller Plc Executive Share Option (No 2) Scheme ('the Stock OptionPlan') which is described below:Type of arrangementrangement 31 March 2007 31 March 2006Date of grant 19 May 2006 20 May 2005Number of shares granted 95,377 73,000Method of settlement Equity EquityContractual Life 10 years 10 yearsVesting conditions 3 years and achievement of 3 years and achievement of a targeta target growth in earnings per sharegrowth in earnings per shareSKOL Breweries Limited3637
Schedules to the financial statements(b)Further details of the stock option plan is as follows:Numberof OptionsWeightedaverage exerciseprice31 March 2007 31 March 2006NumberWeightedof Optionsaverage exercisepriceOutstanding at the beginning of the year 73,000 Rs 642.73(£8.28) - -Granted during the year 95,377 Rs 904.61 Rs 642.73(£10.61) 73,000 (£8.28)Lapsed during the year - - - -Exercised during the year - - - -Outstanding at the end of the year 168,377 Rs 818.50 Rs 642.73(£9.60) 73,000 (£8.28)Exercisable at the end of the year - - - -(c)The options outstanding at 31 March2007 had an weighted averageexercise price of Rs 818.50 (previousyear: Rs 642.73), and a weightedaverage remaining contractual life of8.70 years (previous year: 9.14years).For the purpose of calculating theexercise price, British Pound isconverted into Indian Rupees usingthe closing exchange rate of Rs85.26/£ (previous year: Rs 77.62/£).18. The Board of Directors of theCompany at their meeting held on 7August 2007 have approved a planto rationalise SABMiller Group's ('theGroup') operations in India, wherebythe Company along with MBLInvestments Limited, Fosters' IndiaPrivate Limited and SABMiller IndiaLimited will merge to create a singleentity bringing operational efficienciesfor the Group in India.19. The comparative figures have beenregrouped/ reclassified, wherevernecessary, to conform with thecurrent year's presentation.for SKOL Breweries LimitedJean Marc Delpon De VauxManaging DirectorKevin HeydenrychChief Finance OfficerJonathan Andrew KirbyDirectorPramod S MCompany SecretaryBangalore7 August 2007
Page 13 and 14: SKOL Breweries LimitedBoard of Dire
Page 15 and 16: NOTES:01. A member entitled to atte
Page 17 and 18: As stated in last year's annual rep
Page 19 and 20: The measures taken by the Company a
Page 21 and 22: Annexure to the Auditor's reportAnn
Page 23 and 24: Period to which the amount relatesD
Page 25 and 26: Profit and loss account for the yea
Page 27 and 28: accumulated depreciation andprovisi
Page 29 and 30: obligation as a result of anobligat
Page 31 and 32: 5. Fixed assetsTangible assetsDescr
Page 33 and 34: 10. Loans and advances(Rs.)31 March
Page 35 and 36: 17. Other expenses(Rs.)31 March 200
Page 37 and 38: 4. Additional information pursuant
Page 39 and 40: 7. Related parties(i)Names of relat
Page 41: Schedules to the financial statemen
Page 45 and 46: Additional information pursuant to
Page 48 and 49: NotesSKOL Breweries Limited4243

Annual report-2007.pmd - SABMiller India

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