XML 89 R40.htm IDEA: XBRL DOCUMENT v3.19.3
Share based compensation reserve (Tables)
 9 Months Ended
Sep. 30, 2019
Share Capital, Reserves and Other Equity Interest [Abstract]  
Summary of Management Share Awards
As part of its long term incentive initiatives, the Company has awarded 4,582,392 restricted shares to the management team (the “Management Share Awards”) as of the following four award dates.
 
January 1, 2016 Award
 
January 1, 2017 Award
 
January 1, 2018 Award
 
January 1, 2019 Award
 
Total
Number of awards outstanding at January 1, 2019
3,025,953

 
1,015,000

 
583,700

 
—

 
4,624,653
New awards granted in the period
—

 
—

 
—

 
173,293

 
173,293
Forfeitures in the period
(55,439)

 
(40,000)

 
(34,800)

 
—

 
(130,239)
Awards vested and issued in period
—

 
(85,315)

 
—

 
—

 
(85,315)
Number of awards outstanding at September 30, 2019
2,970,514

 
889,685

 
548,900

 
173,293

 
4,582,392
Summary of Management Share Award Inputs and Assumptions
Following the revision to the January 1, 2016, 2017 and 2018 awards schemes, and the addition of the January 1, 2019 scheme, the inputs and assumptions underlying the Monte Carlo models for all awards outstanding as of valuation date are as follows:

 
January 1, 2016 Award
 
January 1, 2017 Award
 
January 1, 2018 Award
 
January 1, 2019 Award
Revised grant date price
$
16.72

 
$
16.72

 
$
16.72

 
$
20.15

Exercise price
$
—

 
$
—

 
$
—

 
$
—

Expected life of restricted share
1.00 – 2.00 years

 
2.00 years

 
1.5 – 4.00 years

 
4.00 years

Expected volatility of the share price
22.6
%
 
22.6
%
 
22.7
%
 
24.0
%
Dividend yield expected
—
%
 
—
%
 
—
%
 
—
%
Risk free rate
2.65
%
 
2.65
%
 
2.55
%
 
1.33
%
Employee exit rate
6.0
%
 
14.0
%
 
14.0
%
 
14.0
%
EBITDA Performance Target Conditions
93.0
%
 
72.0
%
 
35.0
%
 
35.0
%
Schedule of Reserves within Equity
Share based compensation reserve
 
Total Share based
compensation
reserve
 
€m
Balance as of January 1, 2019
9.4

Non-Executive Director restricted share awards charge
0.7

Directors and Senior Management share awards charge - January 1, 2016
8.9

Directors and Senior Management share awards charge - January 1, 2017
1.0

Directors and Senior Management share awards charge - January 1, 2018
0.3

Directors and Senior Management share awards charge - January 1, 2019
0.2

Shares issued upon vesting of 2017 Award
(1.3
)
Vesting of Non-Executive Director restricted shares
(0.8
)
Re-class of employer tax for Director and Senior Management share awards
0.4

Balance as of September 30, 2019
18.8