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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