2.1 Revenue recognition
Revenue is measured at the fair value of consideration received or receivable by the Company for goods supplied and services provided,
excluding trade discounts and other applicable taxes. Revenue is recognized upon transfer of control of promised goods or services
under a contract.
Revenue is recognized when the amount can be measured reliably it is probable that the economic benefits associated with the transaction will
flow to the Company, the costs incurred or to be incurred can be measured reliably and when the criteria for each of the Company’s different
activities has been met.
The Company derives revenues from two types of contracts:
Construction contracts - Customer contracts towards delivering a water treatment facility and its associated infrastructure, that is fit for
purpose as per the contract
Operation and maintenance contracts - Customer contracts towards operation and maintenance of water treatment facilities and its
associated infrastructure
The Company determines its performance obligations included in the contracts signed with customers which is general is a single performance
obligation. When a customer contract includes both a construction and operation & maintenance, the performance obligations are separately
identified and revenue is recognized in accordance with the principles of Ind AS 115.
Construction contracts:
Construction contracts generally involve design, supply, construction, installation and commissioning of water treatment facilities and its
associated infrastructure on turnkey basis. Construction contracts include both EPC contracts (Contracts with scope of design, supply,
construction, installation and commissioning) and EP contracts (Contracts with scope of design, supply, installation and commissioning).
The transaction price is usually a fixed consideration with a variable consideration on a case to case basis. Variable consideration (penalties,
damages, claims, bonus etc.) is included in the transaction price to the extent it is highly probable that a significant reversal in the amount of
revenue recognized will not occur.
Construction contracts usually have a single performance obligation, wherein the control of goods and services are transferred progressively
over the period of the contract. The Company satisfies its performance obligation upon completing the scope of the construction contract and
achieving customer acceptance.
Contract revenue and Contract costs in respect of construction contracts, execution of which is spread over different accounting periods is
recognized as revenue and expense respectively by using percentage of completion method at the reporting date.
The percentage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of
total estimated costs for each contract. Only costs that reflect work performed are included in cost incurred to date.
When the Company cannot measure the outcome of a contract reliably, revenue is recognized only to the extent of contract costs that have
been incurred and are recoverable. In situations when it is probable that the total contract costs will exceed total contract revenues, the
expected loss is recognized immediately in the statement of profit and loss.
Operation and maintenance contracts:
Operation and maintenance contracts involve operation and maintenance services for water treatment facilities and supply of spares.
Revenue from operation and maintenance contracts are recognized as the services are provided and invoiced to the customer, as per the
terms of the contract.
The amount due from customers for operation and maintenance contracts are presented as “Trade receivables”. Prepayments received from
customers in advance of performance under the contract are presented as contract liabilities and represented as “Advances from customers”
as part of other current liabilities.
2.2 Dues from Customers for construction contract works and Billing in Advance of work completed
The amount due from the customer is classified and presented under Trade receivables and Due from customer for construction contract
works. Trade receivables represents progress billings raised to the customers as per the contractual milestones and remaining uncollected as
of the reporting date. Due from customers for construction contract works represents costs incurred plus recognized profits (less recognized
losses) in excess of progress billing for all contracts in progress.
The gross amount due to customers for contract work for all contracts in progress for which progress billings exceed costs incurred plus
recognized profits (less recognized losses) is presented as contract liabilities under “Billing in advance of work completed” as part of other
current liabilities. Amounts received from customers in advance of performance under the contract are also presented as contract liabilities
and represented as “Advance from Customers “ as part of other current liabilities .
2.3 Trade Receivables
Trade Receivables are recognised based on the contractual terms agreed with customers and are initially measured at the transaction price,
as the arrangement does not include a significant financing component.
2.4 Expected Credit Loss
The loss allowance at each reporting period is evaluated based on the expected credit losses for next 12 months and credit risk exposure. The
Company also measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk
on that financial instrument has increased significantly since initial recognition.
The Company follows 'simplified approach’ for recognition of impairment loss allowance on trade receivables which does not require the
Company to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime expected credit loss at each
reporting date, right from its initial recognition.
2.5 Cost of sales and services
Cost of sales and services comprise costs that are directly related to the contract, attributable to the contract activity in general and such costs
that can be allocated to the contract and specifically chargeable to the customer under the terms of the contracts, which is charged to the
statement of profit and loss.
Costs related to construction contracts incurred towards engineering, construction, installation and supervision of the project is recognised in
the period in which the relevant services are procured or delivered to the project.
Equipments, fabricated Items & specialised items for the purpose of construction of water treatment facilities are manufactured by suppliers
based on the engineering drawings and specifications approved by the customers. Costs related to construction contracts incurred towards
procurement of equipment’s, fabricated Items & specialised items are recognised over the production and delivery cycle of each such item, in
line with the manufacturing progress milestones
Expenses which by the nature fall under other expenses to the extent exclusively pertaining to project/operations have been included in the
cost of sales and services for appropriate presentation.
2.6 Trade Payables
Trade Payables are recognised based on invoices submitted by the Suppliers and Sub-Contractors to the Company on reaching the milestones
as prescribed in the relevant Purchase/Work orders.
2.7 Unbilled payables
Costs incurred representing progress of work done, on the reporting date, pending invoicing by the suppliers, are disclosed under “Unbilled
Payables” as part of other current liabilities.
2.8 Significant Management judgement in applying accounting policies and estimation uncertainty
When preparing the standalone financial statements, management makes a number of judgments, estimates and assumptions about the
recognition and measurement of assets, liabilities, income and expenses.
(i) Significant management judgment
The following is significant management judgment in applying the accounting policies of the Company that have the most significant
effect on the standalone financial statements.
Recognition of construction contract and operation & maintenance revenues
Recognizing construction contract revenue requires significant judgement in determining actual work performed and the estimated
costs to complete the work (refer note 23). Significant judgments are used in:
a. Estimating the revenue to be recognised in case of construction contracts where revenue recognition is done by measuring the
progress towards complete satisfaction of performance obligation as the performance obligation is satisfied over a period of time.
b Assessing the amount and period with respect to the variable consideration, requiring an adjustment to the transaction price.
Recognizing revenue from operation and maintenance services requires significant understanding, based on historical experience and
knowledge of the market, in relation to:
a. The nature and timing of the services provided to the customers
b The pattern of consumption of those services.
3. Summary of other Accounting policies
3.1 Investments in subsidiaries, associates, joint venture and joint operations
Investments in subsidiaries, associates and joint venture are accounted at cost less impairment, if any. Investments in joint operations are
accounted by using proportionate consolidation method in the standalone financial statements.
3.2 Foreign currency translation
Functional and presentation currency
The standalone financial statements are presented in Indian Rupees, which is also the functional currency of the Company.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency of the Company using the exchange rates prevailing at the dates
of the transactions, duly approximated. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
measurement of monetary items denominated in foreign currency at year-end exchange rates are recognized as other income/other expenses
in statement of profit and loss.
Non-monetary items are not re-translated at year-end and are measured at historical cost (translated using the exchange rates at the
transaction date), except for non-monetary items measured at fair value which are translated using the exchange rates at the date when fair
value was determined.
3.3 Interest, Dividends, duty drawback and other entitlements
Income from interest is recognized using effective interest method taking into account the amount outstanding and the applicable rate of interest.
Dividend income is recognized when the right to receive dividend is established by the reporting date.
Income from duty drawback and export benefit under duty free credit entitlements is recognized in the statement of profit and loss, when right
to receive license as per terms of the scheme is established in respect of exports made and there is no significant uncertainty regarding the
ultimate collection of the export proceeds, as applicable.
3.4 Property, plant and equipment
Freehold Land
Freehold Land (other than investment property) held for use in operations or administration is stated at cost. As no finite useful life for land can
be determined, related carrying amounts are not depreciated.
Buildings and other equipment
Buildings and other equipment (comprising plant and machinery, furniture and fittings, electrical equipment, office equipment, computers and
vehicles) are initially recognized at acquisition cost, including any costs directly attributable to bringing the assets to the location and condition
necessary for them to be capable of operating in the manner intended by the Company’s management. Buildings and other equipment are
subsequently measured at cost less accumulated depreciation and any impairment losses.
Advances paid towards acquisition of property plant and equipment outstanding at each balance sheet date is classified as capital advances
under other non-current assets and the cost of property plant and equipment not ready for the intended use before reporting date is disclosed
as capital work in progress.
Subsequent expenditure incurred on an item of property, plant and equipment is added to the book value of that asset only if this increases the
future benefits from the existing asset beyond its previously assessed standard of performance.
Depreciation on assets is provided on straight-line method at the rates and in the manner prescribed in Schedule II to the Companies Act, 2013
except for vehicles where the management believes that the useful life of 5 years would best represent the period over which the management
expects to use these assets and the residual value is 20% of the acquisition cost which is considered to be the amount recoverable at the end
of the asset’s useful life.
Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and
the carrying amount of the assets and are recognized in statement of profit and loss within other income or other expenses.
The components of assets are capitalized only if the life of the components vary significantly and whose cost is significant in relation to the
cost of respective asset. The life of components are determined based on technical assessment and past history of replacement of such
components in the assets.
3.5 Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, the intangible assets are carried
at cost less accumulated amortization and accumulated impairment, if any.
Computer softwares are stated at cost less accumulated amortization and are being amortized on a straight line basis over the estimated
useful life of 5 years.
Gains or losses that arise on disposal or retirement of an intangible asset are measured as the difference between net disposal proceeds and
the carrying value of an intangible asset and are recognized in the statement of profit and loss when the intangible asset is derecognized.
The amortization period is reviewed at each balance sheet date. Residual values and useful lives are reviewed at each reporting date. In
addition, they are subject to impairment as detailed in note 3.6.
3.6 Impairment of property, plant and equipment and intangible assets
For the purpose of impairment assessment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash¬
generating units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Goodwill
(if any) is allocated to those cash-generating units that are expected to benefit from synergies of a related business combination and represent
the lowest level within the Company at which management monitors goodwill.
All individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable.
An impairment loss is recognized for the amount by which the assets’ (or cash-generating unit’s) carrying amount exceeds its recoverable
amount, which is the higher of fair value less costs of disposal and value-in-use. To determine the value-in-use, management estimates
expected future cash flows from each cash-generating unit and determines a suitable discount rate in order to calculate the present value
of those cash flows. The data used for impairment testing procedures are directly linked to the Company’s latest approved budget, adjusted
as necessary to exclude the effects of future reorganizations and asset enhancements. Discount factors are determined individually for each
cash-generating unit and reflect current market assessments of the time value of money and asset-specific risk factors.
Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash-generating unit. Any
remaining impairment loss is charged pro-rata to the other assets in the cash-generating unit. With the exception of goodwill, all assets are
subsequently reassessed for indications that an impairment loss previously recognized may no longer exist. An impairment loss is reversed if
the assets’ or cash-generating unit’s recoverable amount exceeds its carrying amount.
3.7 Leases
The Company recognizes lease contracts as per the single lease accounting model for lessees. The model requires a lessee to recognize
right to use assets and corresponding lease liabilities for all leases with a lease term of more than twelve months, unless the underlying asset
is of a low value. For such leases the lease payments are recognized as an operating expense on a straight line basis over the term of the
lease contract.
At the time of initial measurement, the lease liabilities are recognized at the present value of lease payments payable. The lease liability is
discounted at the interest rate implicit to the lease, or incremental borrowing rate to arrive at the present value. The lease liabilities are diluted
over the remaining lease period by lease payments. The right to use assets are initially recognized at lease liability amount. The right to use
assets are thereafter depreciated over the period of lease term or the useful life of underlying asset whichever is lower. An impairment loss is
recognised where the carrying amount of right to use asset exceeds its recoverable amount.
The Company determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if
the use of such option is reasonably certain. The Company makes an assessment on the expected lease term on a lease-by-lease basis.
3.8 Financial instruments
Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial
instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair value through statement of profit
and loss which are measured initially at fair value.
Subsequent measurement of financial assets and financial liabilities are described below.
a) Classification and subsequent measurement of financial assets
For the purpose of subsequent measurement financial assets are classified and measured based on the entity's business model for
managing the financial asset and the contractual cash flow characteristics of the financial asset at:
a. Amortized cost
b. Fair Value Through Other Comprehensive Income (FVTOCI) or
c. Fair Value Through Profit or Loss (FVTPL)
All financial assets are reviewed for impairment at each reporting date to identify whether there is any objective evidence that a financial
asset or a group of financial assets are impaired. Different criteria to determine impairment are applied for each category of financial
assets, which are described below.
b) Financial assets at amortized cost
A financial asset is subsequently measured at amortized cost using effective interest rate if it is held within a business model where the
objective is to hold the financial assets to collect contractual cash flows and the contractual terms gives rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.
The loss allowance at each reporting period is evaluated based on the expected credit losses for next twelve months and credit risk
exposure. The Company shall also measure the loss allowance for a financial instrument at an amount equal to the lifetime expected
credit losses if the credit risk on that financial asset has increased significantly since initial recognition.
c) Financial assets at Fair Value Through Other Comprehensive Income (FVTOCI)
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model
where the objective is both collecting contractual cash flows and selling financial assets along with the contractual terms giving rise on
specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. At initial recognition,
the Company, based on its assessment, makes an irrevocable election to present in other comprehensive income the changes in the
fair value of an investment in an equity instrument that is not held for trading. These elections are made on an instrument-by instrument
(i.e.., share-by-share) basis. If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on
the instrument, excluding dividends, impairment gains or losses and foreign exchange gains and losses, are recognized in other
comprehensive income. There is no recycling of the amounts from OCI to profit or loss, even on sale of investment. The dividends from
such instruments are recognized in statement of profit and loss.
The fair value of financial assets in this category are determined by reference to active market transactions or using a valuation technique
where no active market exists.
The loss allowance at each reporting period is evaluated based on the expected credit losses for next twelve months and credit risk
exposure. The Company shall also measure the loss allowance for a financial asset at an amount equal to the lifetime expected credit
losses if the credit risk on that financial asset has increased significantly since initial recognition. The loss allowance shall be recognized
in other comprehensive income and shall not reduce the carrying amount of the financial asset in the balance sheet.
d) Financial assets at Fair Value Through Profit or Loss (FVTPL)
Financial assets at FVTPL include financial assets that are designated at FVTPL upon initial recognition and financial assets that are
not measured at amortized cost or at fair value through other comprehensive income. All derivative financial instruments fall into this
category, except for those designated and effective as hedging instruments, for which the hedge accounting requirements apply. Assets
in this category are measured at fair value with gains or losses recognized in statement of profit and loss. The fair value of financial assets
in this category are determined by reference to active market transactions or using a valuation technique where no active market exists.
The loss allowance at each reporting period is evaluated based on the expected credit losses for next twelve months and credit risk
exposure. The Company shall also measure the loss allowance for a financial asset at an amount equal to the lifetime expected credit
losses if the credit risk on that financial asset has increased significantly since initial recognition. The loss allowance shall be recognized
in the statement of profit and loss.
e) Hedge accounting
To qualify for hedge accounting, the hedging relationship must meet the conditions with respect to documentation, probability of
occurrence of the hedged transaction and hedge effectiveness.
These arrangements have been entered into to mitigate currency exchange risk arising from certain legally binding sales and purchase
orders denominated in foreign currency.
f) De-recognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e.
removed from the Company’s standalone balance sheet) when:
i. the rights to receive cash flows from the asset have expired, or
ii. the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash
flows in full without material delay to a third party under a 'pass-through’ arrangement and either (a) the Company has transferred
substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks
and rewards of the asset, but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it
evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially
all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognize the transferred asset to
the extent of the Company’s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred
asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying
amount of the asset and the maximum amount of consideration that the Company could be required to repay.
g) Classification, subsequent measurement and derecognition of financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or at amortized cost. The
Company’s financial liabilities include borrowings, trade and other payables and derivative financial instruments.
Subsequent measurement
Financial liabilities are measured subsequently at amortized cost using the effective interest method except for derivatives and financial
liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognized in statement of profit and loss
(other than derivative financial instruments that are designated and effective as hedging instruments).
Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the holder for
a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument.
Financial guarantee contracts are recognized initially as a liability at fair value, adjusted for transaction costs that are directly attributable
to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per
impairment requirements of Ind-AS 109 and the amount recognized less cumulative amortization.
All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in statement of profit and loss are
included within finance costs or finance income.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The
difference in the respective carrying amounts is recognized in the statement of profit and loss.
3.9 Inventories
Inventory of stores and spares are stated at lower of cost and net realizable value and is determined on weighted average cost method. Cost of
inventories include all other costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated
selling price in the ordinary course of business less estimated cost to completion and applicable selling expenses.
Contract inventories are contract costs incurred for a future activity on a contract and are recognized as an asset if it is probable that they would
be recovered. The cost comprises of material and other expenses directly attributable to the contract.
3.10 Income taxes
Tax expense recognized in statement of profit and loss comprises the sum of deferred tax and current tax not recognized in other comprehensive
income or directly in equity.
Calculation of current tax is based on tax rates in accordance with tax laws that have been enacted or substantively enacted as at the reporting
period. Deferred income taxes are calculated on temporary differences between tax bases of assets and liabilities and their carrying amounts
for financial reporting purposes at reporting date. Deferred taxes pertaining to items recognized in other comprehensive income are also
disclosed under the same head.
Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be
utilized against future taxable income. This is assessed based on the Company’s forecast of future operating results, adjusted for significant
non-taxable income and expenses and specific limits on the use of any unused tax loss or credit. Deferred tax is not provided on the initial
recognition of goodwill, or on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax
or accounting profit.
Deferred tax liabilities are generally recognized in full, although Ind AS 12 'Income Taxes’ specifies limited exemptions. As a result of these
exemptions the Company does not recognize deferred tax liability on temporary differences relating to goodwill, or to its investments
in subsidiaries.
Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in statement of profit and loss, except
where they relate to items that are recognized in other comprehensive income (such as re-measurement of net defined benefit plans) or
directly in equity in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively.
3.11 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing
within three months from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant
risk of changes in value.
3.12 Equity, reserves and dividend payments
Share capital represents the nominal (par) value of shares that have been issued and paid-up.
Other components of equity include the following:
i. Accumulated other comprehensive income which includes re-measurement of net defined benefit liabilities.
ii. General reserve represents the accumulated surplus transferred from the Statement of profit and loss
iii. Securities premium reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing
of shares are deducted from securities premium, net of any related income tax benefits.
iv. Surplus in the statement of profit and loss includes all current and previous period retained profits.
v. Stock option outstanding account includes the value of equity-settled share based payment transactions with employees.
All transactions with owners are recorded separately within equity.
3.13 Post-employment benefits and short-term employee benefits
i. Short term Employee Benefits
Employee benefits such as salaries, wages, short-term compensated absences, bonus, ex-gratia and performance-linked rewards
falling due wholly within twelve months of rendering the service are classified as short-term employee benefits and are expensed in the
period in which the employee renders the service.
ii. Post-Employee Benefits
A. Defined contribution plan
The Company’s superannuation scheme, state governed provident fund scheme and employee state insurance scheme are
defined contribution plans. The contribution paid/payable under the schemes is recognised as an expense during the period in
which the employee renders the service. The Company has no legal or constructive obligations to pay contributions in addition to
its fixed contributions.
a. Provident fund and Employee state insurance scheme
The Company makes contributions to the statutory provident fund and employee state insurance scheme in accordance
with Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employees’ State Insurance Act, 1948. These
contributions, paid or payable, are recognized as expenses in the period in which it falls due.
b. Superannuation Fund
Contribution made towards superannuation fund (funded by payments to insurance company) is charged as expenses on
accrual basis. There are no obligations other than the contribution made to respective fund.
B. Defined benefit plans
Under the Company’s defined benefit plans, the amount of benefit that an employee will receive on retirement is defined by
reference to the employee’s length of service and final salary The legal obligation for any benefits remains with the Company even
if plan assets for funding the defined benefit plan have been set aside. Plan assets may include assets specifically designated to a
long-term benefit fund as well as qualifying insurance policies.
The defined benefit plans maintained by the Company are as below:
i. Gratuity
The liability recognized in the statement of financial position for defined benefit plans is the present value of the Defined
Benefit Obligation (DBO) at the reporting date less the fair value of plan assets. Management estimates the DBO annually
with the assistance of independent actuaries. This is based on standard rates of inflation, salary growth rate and mortality.
Discount factors are determined close to each year-end by reference to high quality corporate bonds that are denominated
in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related
gratuity liability.
Service cost on the Company’s defined benefit plan is included in employee benefits expense. Employee contributions, all
of which are independent of the number of years of service, are treated as a reduction of service cost. Actuarial gains and
losses resulting from measurements of the net defined benefit liability are included in other comprehensive income.
The plan assets represent qualifying insurance policies that are administered by an Insurance company.
ii. Leave salary - compensated absences
The Company also extends defined benefit plans in the form of compensated absences to employees. Provision for
compensated absences is made on actuarial valuation basis.
3.14 Employee stock option plan
Share based compensation benefits are provided to employees via "Wabag Centenary Stock Option Scheme 2023” of the Company
The fair value of options granted under the scheme is recognised as an employee benefit expenses with corresponding increase in equity. The
total amount to be expensed is determined by reference to the fair value of the options granted:
a) including any market performance conditions (e.g., the entity’s share price) including any market performance conditions (e.g., the
entity’s share price)
b) excluding the impact of any service and non-market performance vesting conditions (e.g. profitability sales growth targets and remaining
an employee of the entity over a specific time period) and
c) including the impact of any non-vesting conditions (e.g. the requirement for employees to save or holding shares for a specific
period of time)
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