talanx group annual report 2011 en
talanx group annual report 2011 en
talanx group annual report 2011 en
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Nature of risks Notes on the balance<br />
Notes on the balance<br />
sheet – assets<br />
sheet – liabilities<br />
Notes on the<br />
statem<strong>en</strong>t of income<br />
Other information<br />
List of shareholdings<br />
The share award scheme is accounted for within the Group as share based remuneration with cash<br />
settlem<strong>en</strong>t governed by the requirem<strong>en</strong>ts of IFRS 2. Due to the differ<strong>en</strong>t calculation bases used for<br />
the Talanx share awards and the Hannover Re share awards, the further characteristics of the two<br />
versions are described separately in the following:<br />
Talanx share awards<br />
The provisional fair value is EUR 33.486 per share award at an anticipated allocation totalling<br />
54.26 share awards plus the total cash value of the divid<strong>en</strong>d rights acquired up to the <strong>en</strong>d of the<br />
term. Expected divid<strong>en</strong>d paym<strong>en</strong>ts are not tak<strong>en</strong> into account. No <strong>en</strong>titlem<strong>en</strong>ts due to divid<strong>en</strong>ds<br />
arose in the year under review. The fair value is calculated according to the proportionate equity<br />
(after going public: the share price) at the balance-sheet date of the financial year just <strong>en</strong>ded by<br />
multiplying the value of the share by the anticipated number of shares.<br />
The personnel exp<strong>en</strong>diture in respect of the share award scheme is deferred over the term of the<br />
employm<strong>en</strong>t contracts. In the context of the pro-rata write-up of the time values, personnel exp<strong>en</strong>diture<br />
amounting to EUR 0.5 million was added to the provision for share awards for the first time<br />
in <strong>2011</strong>. The amount is posted among the sundry provisions.<br />
Hannover Re share awards<br />
The provisional fair value is EUR 38,325 per share award at an anticipated allocation totalling<br />
24,390 share awards plus the total cash value of the divid<strong>en</strong>d rights acquired up to the <strong>en</strong>d of the<br />
term. Expected divid<strong>en</strong>d paym<strong>en</strong>ts are not tak<strong>en</strong> into account. No <strong>en</strong>titlem<strong>en</strong>ts due to divid<strong>en</strong>ds<br />
arose in the year under review. The fair value is calculated according to the curr<strong>en</strong>t market price of<br />
the share on the valuation date (30 December <strong>2011</strong>) by multiplying the share price by the anticipated<br />
number of shares. The scheduled determination of the value per share according to the<br />
unweighted arithmetic mean of the XEtRA closing prices of Hannover Re shares over a period of five<br />
trading days before to five trading days after the meeting of the Supervisory Board that approves<br />
the consolidated financial statem<strong>en</strong>ts for the previous financial year <strong>en</strong>tails an adjustm<strong>en</strong>t of the<br />
fair value posted in the consolidated financial statem<strong>en</strong>ts and of the number of share awards to be<br />
allocated that must be tak<strong>en</strong> into account in the year following the closing date.<br />
The personnel exp<strong>en</strong>diture in respect of the share award scheme is deferred over the term of the<br />
contracts of the Board members. In the context of the pro-rata write-up of the time values, personnel<br />
exp<strong>en</strong>diture amounting to EUR 0.2 million was added to the provision for share awards for the<br />
first time in <strong>2011</strong>. The amount is posted among the sundry provisions.<br />
Talanx Group. Annual Report <strong>2011</strong><br />
281