Compagnie des Alpes // 2020 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

The main terms of the stock option and performance share plans at 30 September 2020 are described below:

Plan for the grant of performance shares*

Plan no. 19 Plan no. 20 Plan no. 21

Plan no. 22 Plan no. 23

Total

Date of Shareholders’ Meeting

10/03/2016 10/03/2016 08/03/2018 08/03/2018 05/03/2020

Implementation date (decision of the Chairman and Chief Executive Officer upon delegation of the Board of Directors) Number of shares that can be subscribed to at the outset

18/03/2016 28/03/2017 23/03/2018 25/04/2019 25/06/2020

61,900

59,400

65,100

67,050

74,790

Including Board of Directors

-

-

-

-

-

Number of beneficiaries

170

159

158

165

198

Date of vesting of performance shares Number of performance shares vested

18/03/2018 28/03/2019 23/03/2020 25/04/2021 25/06/2022

50,850

49,950

53,050

-

-

Expired or cancelled stock options/performance shares Outstanding stock options/performance shares

11,050

9,450

12,050

4,700

2,200

-

-

-

62,350

72,590

134,940

* Grant of which is based on economic factors.

The total change in performance share awards can be summarised as follows:

At 30/09/2020

Grants of performance shares

At 30/09/2019 At 30/09/2018

RIGHTS GRANTED AT BEGINNING OF REPORTING PERIOD

122,650 74,790 -9,450 -53,050

116,350

113,950 65,100 -11,850 -50,850

Rights granted Rights expired Rights exercised

67,050

-10,800 -49,950

Grants adjustments

-

-

-

RIGHTS GRANTED AT REPORTING DATE

134,940

122,650

116,350

Detailed information on the stock options and performance shares can be found in Chapter V of the Registration Document on Corporate Governance. It notably details the performance criteria for the full vesting of performance shares. The fair value of the performance shares in Plan no. 23 at 30 September 2020 was €17,624 (compared to €25,374 in the prior reporting period for Plan no. 22).

The expense recognised for stock option and performance share plan awards was €1,102 thousand at 30 September 2020 (compared to €1,189 thousand at 30 September 2019). Plan no. 23 Plan no. 23 was implemented following the decision of the Chairman and Chief Executive Officer of 25 June 2020 acting on a delegation of the Board of Directors. This plan consisted of 74,790 performance shares and involved 198 beneficiaries.

The main factors used to calculate the cost for the Plan introduced during the fiscal year are:

Distribution rate

2.00%

Risk-free rate for performance shares (two-year duration)

-0.541%

Turnover rate

5.00%

Compared with previous Plans, the percentage of performance shares granted was limited. The valuation assumes grants of 50% for Executive Committee members (except corporate officers who are not entitled to share grants) and 75% for other beneficiaries.

The binomial model is used to measure fair value.

166

Compagnie des Alpes I 2020 Universal registration document