• Growth Markets
• Tracking Performance
• Chairman's Statement
• Business Review
• Corporate Social Responsibility Report
• Board of Directors
• Corporate Governance
• Statement of Directors' Responsibilities
• Remuneration Report
• Directors' Report
• Auditors' Report
• Consolidated Income Statement
• Consolidated Statement of Recognised Income and Expense
• Consolidated Balance Sheet
• Consolidated Cash Flow Statement
• Significant Accounting Policies
• Notes to the Consolidated Financial Statements
• Auditors’ Report - Parent Company
• Parent Company Balance Sheet
• Parent Company Cash Flow Statement
• Significant Accounting Policies - Parent Company
• Notes to the Parent Company Financial Statements
• Five Year Summary
• Shareholder Information
• Award Winning
• PDF Download

Details of the nature of all share and share option schemes can be found in the Remuneration Report.

At the year end, options outstanding under all schemes were as follows:

All movements in the number of outstanding options under the Equity Partnership Plan, Performance Share Plan, Share Retention Plan, Long Term Incentive Plan and the Deferred Bonus Share Plan during both the current and prior year had zero weighted average exercise prices. Exerciseable options comprise outstanding options where the vesting period has completed, irrespective as to whether the option exercise price is above or below the current share price.

Movements in the weighted average exercise prices of the Approved and Unapproved Share Schemes during the year are as follows:

IFRS 2, Share-Based Payment, requires that the fair value of all share options issued after 7 November 2002 is charged to the Income Statement. All of the Equity Partnership Plan options and some of the options from the other schemes were issued before 7 November 2002 and therefore the fair values of these granted options are not recognised. For options issued after 7 November 2002, the fair value of the option must be assessed on the date of each issue. The Group uses a stochastic valuation model at each issue date re-assessing the input assumptions on each occasion. The weighted average of the assumptions used in each valuation and the resulting weighted average fair value per option, for options issued in the year, were as follows:

Expected volatility was determined by reference to the volatility in the share price using rolling one year periods for the five years immediately preceding the grant date. The risk free rate of return is based upon UK gilt rates with an equivalent term to the options granted.

For options issued prior to July 2003, an expected dividend yield of 6.4% was applied, based on historic dividend yield performance. For options issued after July 2003, future dividend assumptions were aligned to the dividend expectations publicly announced by the Group.