IC Companys – Annual Report 2008/09 0 - IC Companys A/S

Warrant program
Grants in 2008/09
No warrants were granted in the financial year 2008/09.
Grants previous years:
In April 2007, the Company granted warrants to 1 executive employee. The warrants granted provide access to
the subscription for a total of 10,000 shares with up to 1/3 in the autumn of 2007, 2008 and 2009 after the release
of the Annual Report. The subscription price amounts to 328.3 plus 5% per annum calculated from 11 April
2007.
Furthermore, in November 2006, the Company granted warrants to 4 executive employees who had taken a position
with the Company since the latest issue in May 2006. The granted warrants provide access to the subscription
for a total of 30,000 shares with up to 1/3 in the autumn of 2007, 2008, 2009 after the release of the Annual
Report. The subscription price amounts to 363.0 plus 5% per annum calculated from 24 November 2006.
In May 2006, 7 Executives were granted a warrant program. The warrants granted provide access to the subscription
for a total of 65,000 shares with up to 1/3 in the autumn of 2007, 2008 and 2009 after the release of the
Annual Report. The subscription price amounts to 382.7 plus 5% per annum calculated from 19 May 2006.
20,000 stock options lapsed as a result of discontinued employment.
For all warrants granted applies that non-exercised warrants in one year can be transferred to the subsequent
year during the term of the warrant plan. The exercise of warrants is conditional upon the holder not having terminated
his position at the time of exercise. No other vesting conditions apply.
Specification of out standing warrants:
Executive Board
(no. of warrants)
Other executives
(no. of warrants)
Number of warrants
in total
Average exercise
price per warrants
(DKK)
Outstanding at 1 July 2007 - 322,415 322,415 238.7
Exercised - (112,059) (112,059) 173.5
Transfer 5,000 (5,000) - 180.2
Outstanding at 30 June 2008 5,000 205,356 210,356 288.1
Expired/lapsed (5,000) (105,356) (110,356) 183.0
Lapsed due to termination of employment - (15,000) (15,000) 445.6
Transfered 10,000 (10,000) - 445.6
Outstanding at 30 June 2009 10,000 75,000 85,000 424.5
Number of options that are exercisable at 30 June 2009 - - - -
Financial year Outstanding
Exercise price per
warrant (DKK) Exercise period
Other executives 2005/06 35,000 382.7 + 5 % pa. 01.10.07 - 31.10.09
Executive board 2005/06 10,000 382.7 + 5 % pa. 01.10.07 - 31.10.09
Other executives 2006/07 30,000 363.0 + 5 % pa. 01.10.07 - 31.10.09
Other executives 2006/07 10,000 328.3 + 5 % pa. 01.10.07 - 31.10.09
Total Warrants 85,000
In 2008/09, no warrants have been exercised (average share price for exertion in 2007/08: DKK 355.5).
In 2008/09, the fair value of the warrants recognised in the consolidated income statement amounted to DKK
0.2 million (2007/08: DKK 3.4 million). In 2008/09, the fair value of the warrants recognised in the Parent Company’s
income statement amounted to DKK 0.1 million (2007/08: DKK 2.4 million).
The computation of fair values is based on the Black & Scholes model. The applied assumptions, which are based
on actual market conditions, are as follows:
2008/09 2007/08
Expected volatility 25.0% - 35.0% 25.0%
Expected dividend per share 2.8% - 4.1% 1.3% - 2.6%
Risk-free interest rate (based on Danish government bonds with similar maturity) 4.0% - 4.4% 4.1% - 4.2%
In the fair value calculation, the terms used are average expected terms.
IC Companys – Årsrapport 2008/09
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