118 FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OI\ NUE
HEINEKEN N.V. ANNUAL REPORT 20; 18
27. Share-based payments - Long-Term Incentive Plan
Based on RTSR and internal performance, it is expected that approximately 409,000 shares will vest. The
expenses relating to these expected additional grants are recognised in the income statement during the
performance period.
The number and weighted average share price per share is as follows:
Weighted
Number of
Weighted
Number of
average share
share rights
average share
share rights
price 2008
2008
price 2007
Outstanding as at 1 January
30.10
696,616
26.55
435,871
Granted during the year
44.22
290,246
36.03
313,665
Forfeited during the year
-
(40,581)
(52,920)
Vested during the year
-
(40,744)
Outstanding as at 31 December
37.48
905,537
30.10
696,616
The 40,744 (gross) shares vested in 2008 are related to the 2005-2007 LTIP of the Executive Board. J.F.M.L.
van Boxmeer received net 9,244 shares and D.R. Hooft Graafland received net 6,544 shares. The remaining
shares were provided to a former board member. The shares have a two-year holding period.
The fair value of services received in return for share rights granted is based on the fair value of shares
granted, measured using the Monte Carlo model, with following inputs:
Senior Senior
Executive Executive management management
In EUR Board 2008 Board 2007 2008 Senior 2007
Fair value at grant date
Expected volatility
411,670
18.4%
1.7%
486,879 7,409,515 9,524,037
20.1% 18.4% 20.1%
1.7%
Personnel expenses
In millions of EUR
Note 2008 2007
Share rights granted in 2006
Share rights granted in 2007
Share rights granted in 2008
3
4 4
4
Total expense recognised as personnel expenses
11 7