axiata group berhad | annual report 2015
182
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
14. EMPLOYEE SHARE OPTION AND SHARE SCHEME (CONTINUED)
(a) Performance-Based Employee Share Option Scheme and Restricted Share Plan [“Axiata Share Scheme”] (continued)
The fair value of the RSA granted in which MFRS 2 applies, were determined using the Monte Carlo valuation model. The significant inputs in the
model are as follows:
Entitlement over the Company’s shares
Grant 3(b) Grant 3(c) Grant 4(a) Grant 4(b) Grant 4(c) Grant 5(a) Grant 5(b) Grant 6(a) Grant 6(b) Grant 7(a) Grant 7(b)
Reference price
RM5.03
RM5.10
RM5.20
RM5.86
RM5.92
RM6.27
RM6.90
RM6.55
RM6.95
RM7.11
RM5.92
Valuation at grant date*
18 Jul
2011
30 Nov
2011
16 Apr
2012
17 Aug
2012
10 Dec
2012
29 Mar
2013
15 Aug
2013
07 Apr
2014
02 Sep
2014
09 Apr
2015
17 Sep
2015
Vesting date:
- Tranche 1
18 Jul
2013
30 Nov
2013
30 Mar
2014
31 Jul
2014
30 Nov
2014
20 Feb
2015
15 Aug
2015
15 Feb
2016
15 Aug
2016
-
-
- Tranche 2
18 Jul
2014
30 Nov
2014
30 Mar
2015
31 Jul
2015
30 Nov
2015
20 Feb
2016
15 Aug
2016
15 Feb
2017
15 Aug
2017
15 Feb
2018
15 Aug
2018
Closing share price at
grant date*
RM5.03
RM5.10
RM5.39
RM6.00
RM6.19
RM6.60
RM6.90
RM6.69
RM6.94
RM7.06
RM6.29
Expected dividend
yield
2.54% 3.12% 4.23% 4.06% 4.15% 4.58% 4.20% 3.79% 3.89% 3.96% 3.96%
Risk free interest rates
(Yield of Malaysian
Government
Securities)
3.19%-
3.32%
2.92%-
3.23%
3.09%-
3.18%
2.97%-
3.04%
3.00%-
3.08%
2.88%-
3.09%
3.17%-
3.36%
3.00%-
3.38%
3.46% 3.57% 3.76%
Expected volatility
#
19.9% 18.7% 27.5% 19.2% 18.6% 18.7% 17.4% 16.5% 15.8% 14.26% 15.20%
#
The expected volatility rate of the Company’s RSA was derived using 520 days historical volatility due to availability of data with more data
points to increase the credibility of assumptions.
*
Grant date refers to the date where majority of employees accepted the offer.
