CSL Ltd Annual Report 2019

CSL Limited Annual Report 2019 102 Notes to the Financial Statements Outstanding share-based payment equity instruments The number and weighted average exercise price for each share-based payment scheme outstanding is as follows. All schemes are settled by physical delivery of shares except for instruments granted to good leavers from 2012 onwards, which may be settled in cash at the discretion of the company. Options Performance Rights Number Weighted average exercise price Number Weighted average exercise price Outstanding at the beginning of the year 822,588 A$91.36 684,941 A$0.00 Granted during the year – A$0.00 – A$0.00 Exercised during the year 206,748 A$72.09 201,460 A$0.00 Cash settled during the year – A$0.00 6,836 A$0.00 Forfeited during the year – A$0.00 54,197 A$0.00 GESP True-up 1 – A$0.00 – A$0.00 Closing balance at the end of the year 615,840 A$97.83 422,448 A$0.00 Exercisable at the end of the year – – 6,678 A$0.00 The share price at the dates of exercise (expressed as a weighted average) by equity instrument type, is as follows: 2019 2018 Options A$215.88 A$162.60 Performance Rights A$209.97 A$137.99 RGP A$227.29 A$161.53 EPA A$229.43 – GESP A$204.39 A$150.02 Cash-settled share-based payments expense The Group did not grant any notional shares related to the Executive Deferred Incentive Plan (EDIP) plan in the current fiscal year as this plan has been replaced with other equity-based schemes as previously disclosed. All cash settlements will cease after 30 September 2019 and the EDIP will cease to operate. The amount of the cash payment will be determined by reference to the CSL share price immediately before the award maturity date. The October 2015 EDIP grant vested during the period ended 30 June 2019 and an amount of $30.1mwas paid to participants (2018: $24.9m). The March 2016 EDIP grant vested during the period ending 30 June 2019 and an amount of $3.9mwas paid to participants (2018: $1.2m). The carrying amount of the liability at 30 June 2019 attributable to the final vesting is $33.8m (2018: $57.0m inclusive of 2015) measured at fair value. Fair value is determined by reference to the CSL share price at reporting date, adjusted for expected future dividends that will be paid between reporting date and vesting date. 1 The exercise price at which GESP plan shares are issued is calculated at a 15% discount of the five day VWAP up to and including the lower of the ASX market price on the first and last dates of the contribution period. Accordingly, the exercise price and the final number of shares to be issued is not yet known (and may differ from the assumptions and fair values disclosed above). The number of shares which may ultimately be issued from entitlements granted on 1 March 2018 has been estimated based on information available as at 30 June 2019. * Forfeitures as a result of Director retirement