DSV Annual Report 2022
79
DSV Annual Report 2022
Consolidated financial statements 2022
= III
6.2 Share option schemes
Accounting policies
DSV's share option schemes are equity-settled, measured at the grant date
and recognised in the income statement as staff costs over the vesting
period. The offsetting item is recognised directly in equity.
Current share option schemes
Scheme
Number of
Market value at date
Options granted
Exercise period
Exercise price
employees
of granting (DKKm)
2018
2019
The value of employee services received during the vesting period in ex-
change for share options granted corresponds to the fair value of the share
options at the date of granting.
2020
2021
2022
2,733,500
2,735,000 29.03.2022 - 27.03.2024
3,080,750 31.03.2023 31.03.2025
2,438,300
2,640,900
28.03.2021 - 28.03.2023
477.5
1,600
118.2
545.0
1,624
141.7
560.0
2,000
155.5
01.04.2024 - 31.03.2026
01.04.2025 - 31.03.2027
1,325.0
2,202
205.3
1,485.0
2,524
279.8
2022
The fair value of the options granted is determined based on the Black &
Scholes valuation model. The assumptions used in the valuation takes into
account the terms and conditions applicable to the options granted and
Management's expectations of the various parameters on which the valua-
tion model is based.
Upon initial recognition, an estimate is made of the number of share options
that the employees are expected to earn. The estimated number of share
options is adjusted subsequently to reflect the actual number of share op-
tions earned.
The estimated volatility is based on historical data over the preceding three
years adjusted for any unusual circumstances during the period. The valu-
ation of the share options granted in 2022 and 2021 is based on the fol-
lowing assumptions:
Assumptions
Share option schemes at 31 December 2022
Scheme
2018*
2019*
2020
2021
2022
Outstanding at 31 December 2022
Executive Board
Key
employees
Average exercise
190,000
190,000
687,000
1,836,500
202,000
2,708,500
Total
877,000
2,026,500
2,910,500
price per option
477.5
545.0
560.0
168,750
198,250
949,000
2,193,800
2,362,550
1,325.0
2,387,000
9,812,800 10,761,800
2,585,250
1,485.0
940.6
Open for exercise at 31 December 2022
Life (years)
380,000
2,523,500
2,903,500
524.6
2.2
2.6
Market value (DKKm)
350.5
3,134.4
2.6
3,484.9
n.a.
n.a.
Share options granted in 2018 and 2019 are currently exercisable.
Share price
Volatility
Risk-free interest rate
1,485.0
18.0%
1.2%
2021
1,325.0
18.0%
(0.1%)
Expected dividends
0.8%
0.8%
Expected remaining life (years)
3.5
3.5View entire presentation