ANNUAL REPORT 2011 - Kuehne + Nagel

96
Consolidated Financial Statements 2011 _ _ _ _ _ _ Other Notes
The weighted average life of the options outstanding at December
31, 2011, is 2.9 years (2010: 3.5 years). The options outstanding at
CHF 2011 2010
Fair value of options granted at measurement date 29.96 31.44
Share price 127.60 111.80
Exercise price 131.15 111.37
Expected volatility in per cent 32.2 33.5
Expected option life 5 years 5 years
Dividend yield in per cent 2.2 2.1
Risk-free interest rate in per cent 1.07 0.85
The expected volatility is based on the historic volatility (calculated
based on the weighted average remaining life of the share options),
adjusted for any expected changes to future volatility due to pub-
CHF million 2011 2010
Employee expenses
Expense arising from employee share purchase plan – 1
Expense arising from employee option plan 7 9
Total expense for the Employee Share Purchase and Option Plan 7 10
38 Bank liabilities and other interest-bearing liabilities
December 31, 2011, have an exercise price in the range of
CHF 82.12 to CHF 131.15 (2010: CHF 51.80 to CHF 111.37).
licly available information. The share options are granted under a
service condition. Service conditions are not taken into account in
the grant date fair value measurement of the services received.
CHF million Dec. 31, 2011 Dec. 31, 2010
Less than 1 year 44 49
Between 1–5 years – –
Total 44 49
The current bank and other interest-bearing liabilities include
the short-term portion of non-current loans of CHF 5 million
(2010: none) and finance lease liabilities due for payment within
one year of CHF 23 million (2010: CHF 33 million). Current
bank and other interest-bearing liabilities also include bank
overdrafts of CHF 16 million (2010: CHF 16 million), which are
included in cash and cash equivalents for the purpose of the
consolidated cash flow statement.