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Annual Report 2011-12 78 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 31 May 2011 (No new options were granted in Previous year). The Black Scholes valuation model has been used for computing the weighted average fair value considering the following inputs: Particulars As at As at 31 March, 2012 31 March, 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 `218.10 lacs). II. The subsidiary company, Firefly e-Ventures Limited has given Employee Stock Options (ESOPs) to employees of HT Media Limited (HTML). 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. B. The company has granted stock options during the year. Details of stock options granted during the current year & Previous year are as given below: Type of arrangement Employee Stock Options Employee Stock Options Date of grant Options granted (nos.) Fair value on the grant date (`) Vesting conditions* Weighted average remaining contractual life in years April 11, 2011 424,050 5.11 Starts from the date of listing of Firefly e-Ventures Limited as per the following vesting schedule 25% 12 months from the date of grant 25% 24 months from the date of grant 25% 36 months from the date of grant 25% 48 months from the date of grant October 16, 2009 4,421,200 4.82 Starts from the date of listing of Firefly e-Ventures Limited as per the following vesting schedule 25% 12 months from the date of grant 25% 24 months from the date of grant 25% 36 months from the date of grant 25% 48 months from 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. Particulars As at 31 March, 2012 As at 31 March, 2011 Number of options Weighted Average Exercise Price(`) Number of options 13.04 10.53 Weighted Average Exercise Price(`) Outstanding at the beginning of the year 4,421,200 10 4,421,200 10 Granted during the year 424,050 10 - - Forfeited during the year - - - - Exercised during the year - - - - Expired during the year - - - - Outstanding at the end of the year 4,845,250 10 4,421,200 10 Weighted average remaining contractual life (in years) 11.68 11.53
HT Media Limited Weighted average fair value of the options outstanding is `4.85 (Previous year `4.82) per option. The estimated fair value of each stock option granted on each date during the current year 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 11th April, 2011 0% 8.25 0% 8.4% 10 5.11 III 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 `91.70 lacs (Previous year `67.53 lacs). However, these have not been charged back to the company by the subsidiary company, hence not accounted for by the Company. HT Media Limited has given loan of `242.70 lacs to “HT Group Companies – Employee Stock Option Trust” which in turn has purchased 37,338 Equity Shares of `10/- each of Hindustan Media Ventures Limited (HMVL) – Subsidiary Company of HT Media Limited, for the purpose of granting Options under the ‘HT Group Companies –Employee Stock Option Scheme’ (the Scheme), to eligible employees of the group. On these purchased shares, the trust has also received 238,964 shares out of the bonus shares issued by the HMVL on February 21, 2010. Details of these plans are given below: Employee Stock Options A stock option gives an employee, the right to purchase equity shares of the HMVL at a fixed price within a specific period of time. A. Details of Options granted as on March 31, 2012 are given below: Type of Date of grant Options Fair value Vesting conditions Weighted arrangement granted (nos.) on the grant average date (`) remaining contractual life in years Employee 15 Stock Options th September 147,259 16.07 1/4 of the shares vest each year over a 9.47 2007 period of four years starting from one year after the date of grant Employee Stock Options Employee Stock Options Employee Stock Options Employee Stock Options 20 th May 2009 11,936 14.39 1/4 of the shares vest each year over a period of four years starting from one year after the date of grant 4 th February 2010 116,253 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 8 th March 2010 4,030 56.38 1/4 of the shares vest each year over a period of four years starting from one year after the date of grant 1 st April 2010 4545 53.87 1/4 of the shares vest each year over a period of four years starting from one year after the date of grant B . Summary of activity under the plans for the period ended March 31, 2012 and March 31, 2011 are given below. 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 (`) 11.15 9.47 11.95 12.00 (` in lacs) Weightedaverage remaining contractual life (in years) Outstanding at the beginning of the year 273,049 21.22 10.58 275,284 21.56 11.62 Granted during the year - - - 4,545 60 12.01 Forfeited/Cancelled during the year 3,389 19.98 - - - - Exercised during the year 19,266 19.96 - 6,780 19.95 - Expired during the year - - - - - Outstanding at the end of the year 250,394 21.33 9.58 273,049 21.22 10.58 79
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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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Page 41 and 42: Financial Year 1st��
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Page 45 and 46: AUDITORS’ REPORT To The Members o
Page 47 and 48: tax, customs duty, excise duty and
Page 49 and 50: STATEMENT OF PROFIT AND LOSS FOR TH
Page 51 and 52: HT Media Limited Particulars 31 Mar
Page 53 and 54: In respect of fixed assets (Plant &
Page 55 and 56: Sale of News & Publications, Waste
Page 57 and 58: t) Segment Reporting Policies Ident
Page 59 and 60: (e) Details of shareholders holding
Page 61 and 62: HT Media Limited 1. Overdraft facil
Page 63 and 64: 12A. INTANGIBLE ASSETS (` in lacs)
Page 65 and 66: Particulars As at 31 March, 2012 3.
Page 67 and 68: Particulars As at 31 March, 2012 HT
Page 71 and 72: 19. CASH AND BANK BALANCES HT Media
Page 73 and 74: 25. (INCREASE) / DECREASE IN INVENT
Page 75 and 76: 31. Contingent Liabilities a. Durin
Page 77 and 78: 33. In terms of the Scheme of Arran
Page 79: Plan B HT Media Limited Particulars
Page 83 and 84: Amount recognized in the statement
Page 85 and 86: Proportion of Company’s interest
Page 87 and 88: Related Party Transactions during t
Page 89 and 90: 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 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
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27. (INCREASE) / DECREASE IN INVENT
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30. DEPRECIATION & AMORTISATION Par
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HT Media Limited 34. Segment Inform
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HT Media Limited 35. During the yea
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HT Media Limited The details of act
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A. Details of Options granted as on
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HT Media Limited The estimated fair
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42. Names of Related Parties Holdin
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Transactions during the year ended
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HT Media Limited The above Goodwill
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As per our report of even date For
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STATEMENT PURSUANT TO SECTION 212 O
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HT Media Limited Hindustan Times Ho
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