Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

The main terms of the stock option and performance share plans at 30 September 2019 are described below:

Plan for the grant of performance shares*

Plan no. 18 Plan no. 19 Plan no. 20 Plan no. 21 Plan no. 22 13/03/2014 10/03/2016 10/03/2016 08/03/2018 08/03/2018 08/04/2015 18/03/2016 28/03/2017 23/03/2018 25/04/2019

Total

Date of Shareholders’ Meeting

Implementation date (Board of Directors’ decision) Number of shares that can be subscribed to at the outset

59,925

61,900

59,400

65,100

67,050

Including Board of Directors

0

0

0

0

0

Number of bene fi ciaries

166

170

159

158

165

Date of vesting of performance shares Number of performance shares vested

08/04/2017 18/03/2018 28/03/2019 23/03/2020 25/04/2021

44,695 15,230

50,850 11,050

49,950

0

0

Expired or cancelled stock options/performance shares

9,450

8,700

800

Outstanding stock options/performance shares

0

0

0

56,400

66,250

122,650

* Grant of which is based on economic factors.

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

At 30/09/2019

Grants of performance shares

At 30/09/2018

At 30/09/2017

RIGHTS GRANTED AT BEGINNING OF REPORTING PERIOD

116,350

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

108,475 59,400 -9,230 -44,695

Rights granted Rights expired Rights exercised

67,050

-10,800 -49,950

Grants adjustments

0

0

0

RIGHTS GRANTED AT REPORTING DATE

122,650

116,350

113,950

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. 22 at 30 September 2019 was €25,374 (compared to €27,494 in the prior reporting period for Plan no. 21).

The expense recognised for stock option and performance share plan awards was €1,189 thousand at 30 September 2019 (compared to €1,030 thousand at 30 September 2018). Plan no. 22 Plan no. 22 was implemented following approval by the Board of Directors on 25 April 2019. This plan consisted of 67,050 performance shares and involved 165 bene fi ciaries.

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

Dividend cover

2.00%

Stock price volatility

25.00% -0.535%

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

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 o ffi cers who are not entitled to share grants) and 75% for other bene fi ciaries.

The binomial model is used to measure fair value.

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Compagnie des Alpes I 2019 Universal registration document

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