Compagnie des Alpes // 2021 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

Treasury stock Pursuant to the share buyback programme authorised by the Combined Ordinary and Extraordinary Shareholders’ Meeting of 5 March 2021, CDA’s liquidity contract consisted of the following at 30 September 2021: l 22,067 shares representing a gross carrying amount of €310 thousand;

l cash of €498 thousand (principal and accrued interest).

Stock options There were 191,657 performance shares (representing 0.5% of the share capital) that had not yet vested at 30 September 2021. The options and allotments of the bonus shares are realised through the issue of new shares released through the special incorporation of reserves.

The main terms of the stock option and performance share plans at 30 September 2021 are described below:

Plan for the grant of performance shares (1)

Plan no. 20 Plan no. 21

Plan no. 22 Plan no. 23 Plan no. 24

Total

Date of Shareholders’ Meeting

10/03/2016 08/03/2018 08/03/2018 05/03/2020 25/03/2021

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

28/03/2017 23/03/2018 25/04/2019 25/06/2020 27/04/2021

59,400

65,100

67,050

74,790

73,535

Including Board of Directors

-

-

-

-

-

Number of beneficiaries

159

158

165

198

176

Number of additional shares for adjustment following the capital increase Date of decision on additional allocations Date of vesting of performance shares

22,821

29,744

05/07/2021 05/07/2021

28/03/2019 23/03/2020 25/04/2021 25/06/2022 29/04/2023

Performance shares vested

49,950

53,050

53,350

-

-

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

9,450

12,050

13,700

7,828

1,405

-

-

-

89,783

101,874

191,657

(1) Grant of which is based on economic factors.

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

At 30/09/2021

Grants of performance shares

At 30/09/2020 At 30/09/2019

RIGHTS GRANTED AT BEGINNING OF REPORTING PERIOD

134,940 73,535 52,565 -16,033 -53,350

122,650

116,350

Rights granted

74,790

67,050

Rights granted by adjustment

-

-

Rights expired Rights exercised

-9,450

-10,800 -49,950

-53,050

Grants adjustments

-

-

-

RIGHTS GRANTED AT REPORTING DATE

191,657

134,940

122,650

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. 24 at 30 September 2021 was €15,595 (compared to €12,556 in the prior financial year for Plan no. 23).

The expense recognised in respect of stock option and performance share plans was €1,126 thousand at 30 September 2021 (of which €938 thousand excluding social security contributions), compared with €1,102 thousand at 30 September 2020. Plan no. 24 Plan no. 24 was implemented following the decision of the Chairman and Chief Executive Officer of 27 April 2021 acting on a delegation of the Board of Directors. This plan covers 103,279 performance shares after the capital increase and concerns 176 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)

-0.595%

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.

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Compagnie des Alpes I 2021 Universal registration document