RWS AR 23 Final Single pages - Flipbook - Page 149
22. SHARE-BASED PAYMENTS
Share based payments
The Group and Parent Company provide bene昀椀ts to certain employees (including certain Executive Directors), in the
form of share-based payment transactions whereby employees render services in exchange for either share options
(equity-settled) or cash options (cash-settled).
The equity-settled share-based transactions are measured at the fair value of the share option at the grant date. The
fair value determined at the grant date of the share options is expensed on a straight-line basis over the vesting period,
based on the Group’s estimate of the number of share options that will vest.
At each balance sheet date, the Group revises its estimate of the number of options expected to vest as a result of the
e昀昀ect on non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised
in pro昀椀t or loss in the Consolidated Statement of Comprehensive Income, such that the cumulative expense re昀氀ects
the revised estimate with a corresponding adjustment to equity reserves. For cash-settled share-based transactions,
an expense is recognised, with a corresponding increase in liabilities, over the period during which employees become
entitled to payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of
the cash options. Any changes in the liability are recognised in pro昀椀t or loss.
The Group incurred a charge of £1.8m relating to share-based payments in the year ended 30 September 2023, as follows;
2023
Scheme
Save As You Earn ("SAYE") scheme
LTIPs
2022
Equity-settled
£m
Cash-settled
£m
Total
£m
Equity-settled
£m
Cash-settled
£m
Total
£m
-
-
-
0.1
-
0.1
1.8
-
1.8
1.2
-
1.2
Executive Share Option Plan ("ESOP')
-
-
-
0.2
-
0.2
Deferred consideration
-
-
-
1.7
-
1.7
1.8
-
1.8
3.2
-
3.2
LTIPs
RWS Save As You
Earn scheme
Number
Executive share
option plan
Number
SDL Save
as You Earn
scheme
Number
Weighted
average
exercise price
(£)
Balance at 1 October 2021
1,431,456
476,608
1,123,540
116,300
3.123
Granted during the year
1,378,864
211,288
-
-
0.678
Lapsed during the year
(428,949)
(128,067)
(279,389)
(9,453)
2.810
Summary of movements in awards
Exercised during the year
Balance at 30 September 2022
Exercisable at 30 September 2022
-
(5,657)
-
(61,980)
3.014
2,381,371
554,172
844,151
44,867
2.088
-
123,650
-
44,867
Granted during the year
2,723,622
287,292
-
-
0.354
Lapsed during the year
(1,376,547)
(391,064)
(66,140)
(28,158)
1.177
Exercised during the year
Balance at 30 September 2023
Exercisable at 30 September 2023
-
-
-
(16,709)
3.348
3,728,446
450,400
778,011
-
1.348
-
-
-
-
The weighted average share price at the date of exercise of shares exercised during the year was 388.9 pence per share
(2022: 519.6 pence). The weighted average remaining contractual life of outstanding options at the end of the year was 11.0
years (2022: 10.5 years). The aggregate fair value of options granted in the year was £9.0m (2022: £3.3m).
NOTES TO THE CONSOLIDATED STATEMENTS
RWS Holdings plc — Annual Report 2023
149
