Basic HTML Version
72
MEDIASET ESPAÑA COMUNICACIÓN, S.A.
Thousands of euros
2011
2010
Publiespaña, S.A.U.
518
494
Agencia de Televisión Latinoamericana de Servicios y Noticias España, S.A.U. (*)
-
73
Telecinco Cinema, S.A.U.
59
57
577
624
(*) Merged into Mediaset España Comunicación, S.A. in 2011
At 31 December 2011, as described below, the Company had five share option plans 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 2010.The weighted average fair value of these options at
the measurement date was EUR 2.41 per share, calculated using a binomial valuation model with the following variables.
Variable
Value
Weighted average share price
8.08
Strike price
EUR 7
Expected volatility
50%
Life of option
28/7/2013-27/7/2015
Expected dividends
5,5%
Risk-free interest rate
1.93% (yield on German bond)
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.