Stock option plan
At the beginning of each of the years mentioned below approximately 100 employees were granted stock
options.
The options give the following rights:
Exercise
Issued
Unexercised
Expiration
price
rights
rights
date
1987
Dfl 103.49
76,750
44,054
12-28-1991
1988
Dfl 58.43
143,850
59,186
01-03-1993
1989
Dfl 88.83
168,450
107,010
01-01-1994
1990
Dfl 135.70
166,991
166,991
12-31-1994
Internal safeguards against insider trading have been extended to cover exercise of stock options.
Reserves/Retained earnings
Additional Reserve for
paid-in revaluation
capital of uncon
solidated
subsidiaries
General
reserve
Extra
reserve
Total
January 1, 1989
Issue of common shares
Appropriation of earnings 1988
Optional stock dividend 1988
Appropriation of earnings 1989
Interim optional stock dividend 1989
Goodwill
Adjustment in valuation
Exchange rate differences
in foreign interests
December 31, 1989
236,026
268,347
(2,061)
(975)
141,050 141,131 403,423 921,630
31,467
19,407
15,133
(429)
136
113,554
(21,150)
268,347
136
29,406
132,961
14,158
(21,150)
(429)
501,337 140,621 207,138 448,560 1,297,656
For tax purposes 426,053 (1988: 160,742) of the additional paid-in capital as of the balance sheet date is
considered additional paid-in capital from issued shares.
Commitments and Guarantees and securities
contingencies On behalf of nv Ceehorn and bv Eehorn, interests, repayments and redemption premiums were guaran
teed on loans issued by these companies totalling 61,693 (1988: 69,683).
Moreover, guarantees were given on an amount of 273 (1988: 367).
Rentals
The annual amount of rental commitments to third parties, chiefly for rentals of real estate, including the
commitments to unconsolidated real estate companies, totals 203,410 (1988: 230,379).
The rental commitments cover 1 to 25 years.
Capital investment commitments
At the end of 1989 commitments on orders already issued amounted to 86,016 (1988: 110,000).
m
(47,403) (47,403)
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