PDF, 3.2 MB - Pfleiderer AG

19. Stock appreciation
rights and stock
option programs
Authorized Unissued Capital
On July 10, 2001, the general meeting of the stockholders authorized the Board of Management,
subject to the approval of the Supervisory Board, to increase the capital stock, once or on
several occasions, by June 30, 2006 by up to 51,200 thousand euros by issuing new shares in
exchange for contributions of cash.
Conditional Capital
The conditional capital, which can similarly be issued by June 30, 2006, amounts to 20,480 thousand
euros.
Further conditional capital of 10,927 thousand euros can also be created in connection with the
Pfleiderer AG stock option scheme.
Additional Paid-In Capital
The Group’s additional paid-in capital comprises the additional paid-in capital of Pfleiderer AG
of 10,927 thousand euros.
Changes in Other Comprehensive Income Recognized in Equity
The following table shows how the valuation of financial derivatives and valuation of pensions
in other comprehensive income has developed:
The Company decides every year at its discretion whether to grant a stock option scheme,
which persons will be eligible to participate and how many stock options each beneficiary will
receive. The stock options are granted to beneficiaries on condition that the beneficiaries also
make a personal contribution. Stock options have a term of 6 years. The stock options may be
exercised for the first time three years after having been granted. The number of stock options
for each beneficiary is based on the amount of the personal contribution divided by the reference
price and multiplied by a factor of 12. The reference price for the Stock Option Programs for 2001
and 2002 is based on the Company’s average share price between September and November, for
the Stock Option Program for 2004 in accordance with the Company’s average share price between
June and August 2004 and for the stock appreciation rights that have already expired, is
based on the Company’s average share price between June and November 2000. Stock options
can be exercised at a subscription price of between 110 percent and 125 percent of the reference
price.
92
2004 2003
Before Tax After Before Tax After
‘000 euros tax effect tax tax effect tax
Financial derivatives 2,112 –792 1,320 817 –145 672
Minimum pension obligation –651 244 –407 16 –46 –30
Total 1,461 –548 913 833 –191 642