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165
FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT.
2011
• Research and development of an information system to manage contracts with electronic signature, security and
contingency plans.
The breakdown of the guarantees deposited with the tax authorities is as follows:
• A second guarantee of EUR 2,280 thousand was deposited with the Tax and Customs Control Depar tment due
to the appeal against the tax settlement agreement of which the Depar tment notified the Group on 26 June 2009
and which confirmed the proposal given in the assessment from the tax inspection dated 1 September 2008.The
tax inspection included the verification of the gaming tax in respect of bets and promotional draws, as well as raffles
and tombolas from September 2004 up to and including May 2008 (Note 16.2).
To guarantee the late-payment interest, the amount of the guarantee was increased by EUR 84 thousand.
The Group has deposited EUR 65 million in guarantees required for its commercial activity in 2011 and 26.07 million
in December 2010.
20.2 Guarantees received
Under the Group’s adver tising contracting procedures, deferred sales must be accompanied by performance bonds.The
amount of the guarantees received in this connection at 31 December 2011 and 31 December 2010 is shown in the
preceding table.
21. SHARE-BASED PAYMENT PLAN
At 31 December 2011, as described below, the Group has five valid share option plans which it has granted to cer tain
employees.The last share option plan was approved in 2010.
All the approved plans that remain in effect have a three-year accrual period and the given strike price, and, if applicable,
are exercised through the delivery of the shares.
Pursuant to a resolution by the Parent’s Board of Directors on 2 February 2011, all the strike prices of each of the share
option plans were reestimated to ensure that the two capital increases carried out in 2010 had a neutral impact on the
statistics of the exercise of each.This adjustment only affected the strike prices of each Plan, not the number of options
originally granted.
The most relevant assumptions used in the measurement are as follows:
2006 Plan 2007 Plan 2008 Plan 2009 Plan 2010 Plan 2011 Plan
Strike
17,49
19,74
7,13
5,21
7,00
5,83
Yield on the share
(dividend yield)
6%
6%
10%
5%
5,5%
5,5%
Volatility
22,5%
22,5%
27,5%
30%
50%
37%
A share option plan for cer tain employees was approved in 2011.The weighted average fair value of these options at
the measurement date was EUR 1.21 per share, calculated using a binomial valuation model with the following variables: