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Annual Report 2011-12 140 C. Employee Stock Options A stock option gives an employee, the right to purchase equity shares of the Company at a fixed price within a specific period of time. The details of exercise price for stock options outstanding at the end of the year are as under: Year Range of exercise prices Number of options outstanding Weighted average remaining contractual life of options (in years) Weighted average exercise price (`) 2011-2012 `1.35 to `60 338,763 9.65 21.91 2010-2011 `1.35 to `60 364,110 10.65 22.07 Options granted are exercisable for a maximum period of 14 years after the scheduled grant date as per the Scheme The Company has accounted for the charge under Intrinsic Value method for options granted to its employees under this scheme. Same is included in Employee benefit expenses. 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 `9.54 lacs (Previous year `5.98 lacs). II. One of the subsidiary Company, Firefly e-Ventures Limited has granted Employee Stock Options (ESOPs) to its own employees and to the employees of its Ultimate Holding Company “HT Media Limited” and to the employees of its Fellow subsidiaries “Hindustan Media Ventures Limited” under the Scheme (“Firefly ESOP 2009”). A. Details of these plans are given below: Employee Stock Options A stock option gives an employee, the right to purchase equity shares of Firefly e-Ventures Limited at a fixed price within a specific period of time. The grant price (or strike price) is fixed as below: i. For options granted during the financial year 2009-10 shall be `10 each per option ii. For options granted in any financial year commencing on or after April 1, 2010 shall be the fair market value of one share as on the date of grant or face value of share whichever is higher. B. Details of stock options granted during the year ended 31 March, 2012 are as given below: Type of arrangement Date of grant Options granted (nos.) Fair value on the grant date (`) Vesting conditions Weighted average remaining contractual life in years Employee 11th April, 2011 424,050 5.11 1/4 of the shares vest each year over a Stock Options period of four years starting from one year after the date of grant. C. Summary of activity under the plan for the year ended 31 March 2012 and 31 March, 2011 are given below. Employee Stock Options Employee stock options 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 (`) 11.64 Weightedaverage remaining contractual life (in years) Outstanding at the beginning of the year 9,745,400 10 12.15 9,587,100 10 12.53 Granted during the year 424,050 10 - 339,200 10 - Forfeited during the year 1,249,475 10 - 180,900 10 - Exercised during the year - - - - - - Expired during the year - - - - - - Outstanding at the end of the year 8,919,975 10 11.64 9,745,400 10 12.15 Weighted average fair value of the options outstanding is `4.84 (Previous Year `4.81) per option. Since no options have been exercised during the period, thus weighted average share price has not been disclosed.
HT Media Limited 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: Grant Date Expected volatility for stock options Contractual life in years Dividend yield Risk-free interest rate Exercise price of options Fair Value of options granted April 11, 2011 0% 8.25 0% 8.4% 10 5.11 April 01, 2010 0% 8.25 0% 8.04% 10 4.81 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 `166.68 lacs (Previous Year `87.96 lacs). Had the fair value method been used for accounting in all three scheme above , the profit would have been lower by `247.07 lacs (Previous year `312.04 lacs) and adjusted basic and diluted EPS would have been `6.94 per share (Previous year `7.57 per share) 41. Gratuity (Post Employment Benefit plan) HT Media Group has a defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on separation at 15 days salary (last drawn salary) for each completed year of service. HT Media Ltd and Hindustan Media Ventures Limited has formed separate Gratuity Trust/Fund to which contribution is made based on actuarial valuation done by independent valuer. The following table summarizes the components of net benefit expenses recognized in the Consolidated Profit & Loss Account and the Funded status and amount recognized in the Consolidated Balance Sheet for respective plans: Amount recognized in Statement of Profit and Loss For the year (` in lacs) For the year ended 31st ended 31st March, 2012 March, 2011 Current service cost 307.76 265.91 Interest cost on benefit obligation 140.15 114.28 Expected return on plan assets (93.96) (101.21) Net actuarial (gain) / loss recognized in the year 1.27 37.61 Net Benefit Expense 355.22 316.59* Actual return on planned assets 97.97 45.22 *Gratuity expenses amounting to `Nil (previous year `0.62 lacs) have been transferred to preoperative expenses by HT Burda Media Ltd. Amount recognized in Balance Sheet As at 31st (` in lacs) As at 31st March, 2012 March, 2011 Present value of funded obligations 1,980.35 1660.61 Fair value of plan assets 1,343.46 1174.45 Surplus/ (Deficit) in the Plan (636.89) (486.16) Present value of unfunded obligations - - Less: Unrecognised past service cost - - Net (liability)/Asset (636.89) (486.16) Changes in the present value of obligation are as follows: For the year (` in lacs) For the year ended 31st ended 31st March, 2012 March, 2011 Present value of obligation in the beginning of the year 1,660.61 1,468.16 Present value of obligation of HT Learning Centers Limited pursuant of acquisition in HT Education Ltd (refer note 44a) 1.03 - Current Service Cost 307.76 265.9 Interest Cost 140.15 114.29 Actuarial loss /(gains) on obligation 5.27 (18.38) Benefits paid* (134.47) (169.37) Present value of obligation at the end of the year *Includes `24.79 lacs (Previous year Nil) paid from own sources and not from planned assets 1,980.35 1,660.61 141
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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
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Transactions during the year ended
Page 91 and 92: 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
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Page 129 and 130: 23. OTHER CURRENT ASSETS Particular
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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 and 140: HT Media Limited The details of act
Page 141: A. Details of Options granted as on
Page 145 and 146: 42. Names of Related Parties Holdin
Page 147 and 148: Transactions during the year ended
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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