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The above investments comprise:
The movement on investments in associates during the year was as follows:
2011
2010
£’000
£’000
Opening balance
-
-
Investments acquired in period
156
-
Share of losses in period
(156)
-
Closing balance
-
-
Associates
2011
2010
£’000
£’000
Cost of share of members capital
690
534
Share of accumulated profits and taxation
(690)
(534)
-
-
The following information is given in respect of the Groups’ share of all
associates:
2011
2010
£’000
£’000
Non-current assets
12
-
Current assets
561
563
573
563
Current liabilities
120
120
Non-current liabilities
14
-
134
120
Share of net assets
439
443
Share of associates revenue and profit:
Revenue
4,108
142
Loss after tax
(156)
-
The unrecognised share of losses in associates in the year is £550,000 (2010:
£60,000).
The movement on investments in joint ventures during the year was as follows:
2011
2010
£’000
£’000
Opening balance
-
-
Investments acquired in period
30,000
-
Share of profits in period
780
-
Closing balance
30,780
-
Joint Ventures
2011
2010
£’000
£’000
Cost of share of members capital
31,375
1,712
Loans to joint ventures
2,993
2,519
Share of accumulated profits,
revaluation gains/(deficits) and taxation
(3,588)
(4,231)
30,780
-
The following information is given in respect of the Groups’ share of all joint
ventures:
Non-current assets
36,218
35,833
Current assets
1,467
617
37,685
36,450
Current liabilities
11,631
9,535
Non-current liabilities
28,915
28,915
40,546
38,450
Share of net liabilities
(2,861)
(2,000)
Share of Joint Ventures revenue and profit:
Revenue
2,671
928
Profit/(loss) after tax
780
(131)
23. Share-Based Payments
2011
2010
£’000
£’000
Expenses arising from equity-settled
share based payment transactions:
Share options
65
118
Long term incentive plan
402
2,144
Cash settled employer’s National Insurance
charge on options under long term incentive
plan that have vested
-
251
Total expense arising from
share-based payment transactions
467
2,513
Of the share based payment charge above, £nil (2010: £1,758,000) has
been deducted in arriving at the net profit on disposal of the Widnes
assets as directly related to that disposal and £467,000 (2010: £746,000)
is included on the face of the income statement as share based payments
on underlying operating profit.
The share-based payment plans are described below.
Share Options
On 21 September 2007 1,504,120 options over the 10p ordinary shares
were granted with an exercise price of £1.66 each. The options vest over
a 3 year period and there are no performance conditions attached. These
options lapse in September 2017.
Incentive Plan
On 10 March 2008, 2.79m share options were granted to Directors and
Management under the Stobart Executive Equity Incentive Plan (SEEIP). The
exercise price of the options is nil.
On 3 July 2008 2.25m share options were granted to Directors and
Management under the Stobart Executive Equity Incentive Plan (SEEIP). The
exercise price of the options is nil.
On 20 August 2009, 2.4m share options were granted to Directors and
Management under the Stobart Executive Equity Incentive Plan (SEEIP). The
exercise price of the options is nil.
The Incentive Plan is designed to provide incentives to key employees of
the Group who are selected to participate by the Group’s remuneration
committee. Participants will be allocated units, each of which will
represent one 10p ordinary share and will vest on the third anniversary of
the date of grant. Fifty, forty and forty percent of the units granted 10
March 2008, 3 July 2008 and 20 August 2009 respectively will vest subject
to the total shareholder return (“TSR”) of the Group measured over a
three year performance period from the date of grant relative to a
comparator group. Fifty, sixty and sixty percent of the units granted 10
March 2008, 3 July 2008 and 20 August 2009 respectively will vest subject
to the achievement of a specified increase in the Company’s earnings per
share (“EPS”) over two, three and three consecutive financial years
respectively starting in the year in which the grant is made.
Notes to the Consolidated Financial Statements
For the year to 28 February 2011, continued
69
Financial Statements