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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
Share-Based Compensation | 21. Share-based compensation In 2021 and 2022, the share option program was expanded to include more senior executives and other core Group personnel. The share-based awards are used to attract, incentivize and retain employees over the long-term by the management of the Group. Share-based compensation expense According to IFRS 2, this accelerates the recognition of compensation expenses resulting in a higher proportion of expenses being recognized in the early years of overall plan. GDR Options The fair value of GDR options at the date of grant is determined using the Black-Scholes model. The fair value determined at the grant date is expensed over the five year vesting period, based on the Group’s estimate of the number of GDR options that will eventually vest. Recipients of GDR options are entitled to receive dividends once GDR options vested and exercised. The inputs into the Black-Scholes model are as follows:
|  | 2022 |  |  | 2023 |  |  | 2024 |
Black-Scholes model inputs: |  |  |  |  |  |  |  |  |
Weighted average share price in USD |  |  | 63.7 |  |  |  | 67.3 |  |  |  | 68.4 |
Expected volatility |  |  | 43.5 | % |  |  | 42.4 | % |  |  | 42.1 | %
Risk-free rate |  |  | 3.6 | % |  |  | 4.2 | % |  |  | 4.3 | %
Dividend yield |  |  | 7.0 | % |  |  | 7.0 | % |  |  | 7.0 | %
Expected volatility is based on the historical share price volatility over the past 3 years. The following table summarizes the details of the GDR options outstanding:
|  | 2023 |  |  | 2024 |
|  | (GDRs) |  |  | (GDRs) |
Outstanding at the beginning of the period |  |  | 2,266,166 |  |  |  | 2,202,438 |
Granted |  |  | 564,800 |  |  |  | 142,970 |
Forfeited |  |  | (9,740 | ) |  |  | — |
Exercised |  |  | (618,788 | ) |  |  | (747,178 | )
Expired |  |  | - |  |  |  | - |
Outstanding at the end of the period |  |  | 2,202,438 |  |  |  | 1,598,230 |
The following table represents Share-based compensation reserve outstanding:
|  | Share-Based Compensation reserve |
31 December 2022 |  |  | 29,274 |
GDR options accrued |  |  | 20,859 |
GDR options exercised |  |  | (15,323 | )
31 December 2023 |  |  | 34,810 |
GDR options accrued |  |  | 16,963 |
GDR options exercised |  |  | (19,999 | )
31 December 2024 |  |  | 31,774 |

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- Definition The entire disclosure for share-based payment arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2024-01-01 -Paragraph 44 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_44&doctype=Standard -URIDate 2024-03-27 + Details
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