AT&S World

Consolidated Financial Statements as of 31 March 2011
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The following table summarises information about all stock options
granted until 31 March 2011.
Date of grant
1 April 2010 1 April 2009 1 April 2008 1 April 2007
Exercise price (in EUR) 7,45 3,86 15,67 22,57
31 March 2009 – – 137,000 129,000
Number of options granted – 138,000 – –
Number of options forfeited – – – –
Number of options exercised – – – –
Number of options expired – 3,000 5,000 5,000
31 March 2010 – 135,000 132,000 124,000
Number of options granted 135,000 – – –
Number of options forfeited – – – –
Number of options exercised – 70,000 – –
Number of options expired – – 40,000 40,000
31 March 2011 135,000 65,000 92,000 84,000
Remaining contract period of stock options granted 4 years 3 years 2 years 1 year
Fair value of granted stock options at the balance sheet date
(in EUR 1,000)
31 March 2010 – 638 61 8
31 March 2011 1,161 753 119 6
In contrast to the stated contract terms and according to the
stock option plan, the stock options of Steen E. Hansen vest at
the retirement date on 31 January 2011 and are exercisable until
31 January 2012 at the latest.
Reference is made to Note 27 “Related party transactions”.
These stock options are measured at fair value at the respective
balance sheet date, using the Monte Carlo method and based
on model assumptions and valuation parameters stated below.
These may differ from the values realised on the market
for all stock options granted as of 1 April 2007, 1 April 2008,
1 April 2009 and 1 April 2010:
Risk-free interest rate 1.51–2.15%
Volatility 32.09–52.71%
Dividend per share
Weighted average terms of
0.41
granted stock options 3.6 years
The calculation of the volatility is based on the daily share prices
as of 1 October 2006 and 1 April 2009, respectively up to the balance
sheet date.
The fair value of the stock options granted is recognised as expense
over their term. The related accrual item is included in the
liabilities to employees.
Other liabilities
Other liabilities mainly include debtors with credit balances, accrued
legal, audit and consulting fees, as well as other accruals.