Siemens 2005 Annual Report Download - page 203
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203
In November 2004, the Supervisory Board and Managing Board granted options to 624 key
executives for 2,945,035 shares with an exercise price of €72.54 of which options for 296,270
shares were granted to the Managing Board. In November 2003, the Supervisory Board and
Managing Board granted options to 5,625 key executives for 8,678,752 shares with an exercise
price of €73.25 of which options for 262,500 shares were granted to the Managing Board.
The following table summarizes information on stock options outstanding and exercisable at
September 30, 2005:
Fair value information
The Company’s determination of the fair value of grants is based on a Black-Scholes option pric-
ing model. The fair value of grants made during the years ended September 30, 2005 and 2004,
are as follows:
Notes to Consolidated Financial Statements
Consolidated Financial Statements Notes to Consolidated Financial Statements
(in millions of €, except where otherwise stated
and per share amounts)
Year ended September 30,
2005 2004
Weighted Weighted
average average
exercise exercise
Options price Options price
Outstanding, beginning of period 28,054,326 €70.86 20,410,876 €69.82
Granted 2,945,035 €72.54 8,678,752 €73.25
Options exercised (1,696,362) €54.31 (65,063) €57.73
Options forfeited (691,443) €74.41 (970,239) €71.18
Outstanding, end of period 28,611,556 €71.93 28,054,326 €70.86
Exercisable, end of period 17,486,809 €71.21 10,804,159 €82.91
Options outstanding Options exercisable
Weighted
average Weighted Weighted
Options remaining average Number average
Exercise prices outstanding life (years) exercise price exercisable exercise price
€53.70 7,185,600 2 €53.70 7,185,600 €53.70
€57.73 1,227,245 1 €57.73 1,227,245 €57.73
€72.54 2,907,680 4 €72.54 – –
€73.25 8,217,067 3 €73.25 – –
€86.23 2,809,396 2 €86.23 2,809,396 €86.23
€87.19 6,264,568 1 €87.19 6,264,568 €87.19
Assumptions at grant date
2005 2004
Risk-free interest rate 2.72% 3.22%
Expected dividend yield 2.07% 1.80%
Expected volatility 20.38% 31.85%
Expected option life 3 yrs.3 yrs.
Estimated weighted average fair value per option €4.54 €9.62
Fair value of total options granted during fiscal year €12 €81