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Annual Report 2011-12 138 The details of exercise price for stock options outstanding at the end of the current period ended March 31, 2012 are:- Range of exercise prices Number of options outstanding Weighted average remaining contractual life of options (in years) Weighted average exercise price (`) Plan A `92.30 to `170.80 Plan B 597,020 7.85 97.01 `92.30 to `160.80 Plan C 468,810 11.31 97.98 `117.55 410,197 9.53 117.55 The details of exercise price for stock options outstanding at the end of the previous year ended March 31, 2011 are: Range of exercise prices Number of options outstanding Weighted average remaining contractual life of options (in years) Weighted average exercise price (`) Plan A `92.30 to `170.80 Plan B 597,020 8.85 97.01 `92.30 to `160.80 Plan C 446,582 12.15 92.30 `117.55 410,197 10.53 117.55 The weighted average fair value of stock options granted during the previous year was `113.70. The Black Scholes valuation model has been used for computing the weighted average fair value considering the following inputs During the year company has granted stock options on 31st May 2011. The Black Scholes valuation model has been used for computing the weighted average fair value considering the following inputs: Particulars 2011-2012 2010-2011 Grant Date 31 May 2011 NA Expected Volatility 33.25% NA Life of the options granted (Vesting and exercise period) in years 14 NA Average risk-free interest rate 8.49% NA Expected dividend yield 0.34% NA Difference between employee compensation cost (calculated using the intrinsic value of stock options) and the employee compensation cost (calculated on the fair value of the options) is `70.85 lacs (Previous year `218.10 lacs) which will result into loss of `70.85 lacs (Previous year - income of `218.10 lacs). Had the fair value method been used the profit would have been lower by `70.85 lacs. II. The Hindustan Times Limited (the ultimate Parent Company) and HT Media Limited (the Parent Company) has given loan to “HT Group Companies – Employee Stock Option Trust” which in turn has purchased Equity Shares of `10/- each of the Company for the purpose of granting Options under the ‘HT Group Companies –Employee Stock Option Rules’ (“HT ESOP”), to eligible employees of the group.
A. Details of Options granted as on 31 March, 2012 are given below: Type of arrangement Date of grant Options granted (nos.) Employee 15th September Stock Options 2007 Fair value on the grant date (`) HT Media Limited Vesting conditions Weighted average remaining contractual life in years 193,782 16.07 ¼ of the shares vest each year over a period of four years starting from one year after the date of grant Employee 20th May 2009 11,936 14.39 ¼ of the shares vest each year over a Stock Options period of four years starting from one year after the date of grant Employee Stock Options Employee Stock Options 4th February 2010 150,729 87.01 50% on the date of grant and 25% vest each year over a period of 2 years starting from the date of grant 8th March 2010 17,510 56.38 ¼ of the shares vest each year over a period of four years starting from one year after the date of grant Employee 1st April 2010 4,545 53.87 ¼ of the shares vest each year over a Stock Options period of four years starting from one year after the date of grant Weighted average fair value of the options outstanding is `46.90 per option. B. Summary of activity under the plans is given below. Employee Stock Options Particulars As at 31 March, 2012 Number of options Weightedaverage exercise price (`) Weightedaverage remaining contractual life (in years) Number of options As at 31 March, 2011 Weightedaverage exercise price (`) 9.47 11.15 9.47 11.95 12.00 Weightedaverage remaining contractual life (in years) Outstanding at the beginning of the year 364,110 22.07 10.65 366,345 21.56 11.62 Granted during the year - - - 4,545 60 13.00 Forfeited/Cancelled during the year 5,367 34.73 - - - - Exercised during the year 19,980 21.39 - 6,780 19.95 - Expired during the year - - - - - - Outstanding at the end of the year 338,763 21.91 9.65 364,110 22.07 10.65 The estimated fair value of each stock option granted on each date was made using the Black-Scholes option pricing model with the following assumptions: Particulars As at As at 31 March, 2012 31 March, 2011 Grant Date 1st April, 2010 Expected Volatility 0% Life of the options granted (Vesting and exercise period) in years N.A. 6 to 9 years Average risk-free interest rate 7.69% to 8.12% Expected dividend yield 0% 139
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HT Media Limited Annual Report 2011
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Contents Staying ahead. Consistentl
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18.4% Revenue CAGR FY 05 - FY 12 29
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14 Cities Hindustan Times 19Edition
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Shine.com India’s leading job por
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10 Shine.com is India’s leading j
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12 Times are tough, but, as always,
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14 On HT Media's performance in FY
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Management Discussion & Analysis OV
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literacy leading to increased reade
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tremendous growth in clients served
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The highlights of consolidated fina
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During the year, the Company carrie
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Financial Year 1st��
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AUDITORS’ REPORT To The Members o
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tax, customs duty, excise duty and
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STATEMENT OF PROFIT AND LOSS FOR TH
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HT Media Limited Particulars 31 Mar
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In respect of fixed assets (Plant &
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Sale of News & Publications, Waste
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t) Segment Reporting Policies Ident
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(e) Details of shareholders holding
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HT Media Limited 1. Overdraft facil
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12A. INTANGIBLE ASSETS (` in lacs)
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Particulars As at 31 March, 2012 3.
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Particulars As at 31 March, 2012 HT
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Particulars As at 31 March, 2012 HT
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19. CASH AND BANK BALANCES HT Media
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25. (INCREASE) / DECREASE IN INVENT
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31. Contingent Liabilities a. Durin
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33. In terms of the Scheme of Arran
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Plan B HT Media Limited Particulars
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HT Media Limited Weighted average f
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Amount recognized in the statement
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Proportion of Company’s interest
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Related Party Transactions during t
Page 89 and 90: Transactions during the year ended
Page 93 and 94: HT Media Limited 40. Details of loa
Page 95 and 96: HT Media Limited 43. Based on the i
Page 97 and 98: AUDITORS’ REPORT To The Board of
Page 99 and 100: HT Media Limited CONSOLIDATED STATE
Page 101 and 102: Particulars For the year ended 31 M
Page 103 and 104: ) Use of estimates The preparation
Page 105 and 106: value of the leased property and pr
Page 107 and 108: differences on such contracts are r
Page 109 and 110: HT Media Limited w) Measurement of
Page 111 and 112: (e) Details of shareholders holding
Page 113 and 114: Particulars As at 31 March, 2012 HT
Page 115 and 116: 10. SHORT-TERM BORROWINGS Particula
Page 117 and 118: 13. TANGIBLE ASSETS AND INTANGIBLE
Page 119 and 120: 14. NON CURRENT INVESTMENTS Particu
Page 123 and 124: 18. CURRENT INVESTMENTS Particulars
Page 127 and 128: 19. INVENTORIES (valued at lower of
Page 129 and 130: 23. OTHER CURRENT ASSETS Particular
Page 131 and 132: 27. (INCREASE) / DECREASE IN INVENT
Page 133 and 134: 30. DEPRECIATION & AMORTISATION Par
Page 135 and 136: HT Media Limited 34. Segment Inform
Page 137 and 138: HT Media Limited 35. During the yea
Page 139: HT Media Limited The details of act
Page 143 and 144: HT Media Limited The estimated fair
Page 145 and 146: 42. Names of Related Parties Holdin
Page 149 and 150: HT Media Limited The above Goodwill
Page 151 and 152: As per our report of even date For
Page 153 and 154: STATEMENT PURSUANT TO SECTION 212 O
Page 156: HT Media Limited Hindustan Times Ho
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