PERNOD-RICARD - URD 2021-22 EN

6. Annual consolidated financial statements Notes to the consolidated financial statements

Changes made to outstanding stock options/shares during the financial year (period from 1 July 2021 to 30 June 2022) are described below:

Expired during the period

Outstanding options at 30.06.2022

Presence of performance condition

Outstanding options at 30.06.2021

Allocated during the period

Cancelled during the period

Exercised during the period

Type of options

Stock options

Plan dated 06.11.2015 Plan dated 17.11.2016 Plan dated 09.11.2017 Plan dated 21.11.2018 Plan dated 08.11.2019 Plan dated 27.11.2020

Purchase

Conditional

69,175

0

0

15,477

0

53,698

Purchase

Conditional

75,872

0

0

12,302

0

63,570

Purchase

Conditional

77,253

0

0

21,153

0

56,100

Purchase

Conditional

103,629

0

17,620

0

0

86,009

Purchase

Conditional

125,578

0

0

0

0

125,578

Purchase

Conditional

136,711

0

0

0

0

136,711

Expired during the period

Outstanding shares at 30.06.2022

Presence of performance condition

Outstanding shares at 30.06.2021

Allocated during the period

Cancelled during the period

Transferred during the period

Performance shares

Type of shares

Plan dated 09.11.2017 Plan dated 21.11.2018 Plan dated 08.11.2019 Plan dated 27.11.2020 Plan dated 10.11.2021

Free

Conditional

186,345

0

2,745

183,600

0

0

Free

Conditional

192,817

0

11,774

544

0

180,499

Free

Conditional

166,420

0

10,156

481

0

155,783

Free

Conditional

267,666

0

12,005

475

0

255,186

Conditional and unconditional

Free

0 237,306

1,947

0

0

235,359

The average strike price of options exercised during FY22 was €113.82.

The assumptions used in calculating the fair values of the options and shares allocated over the financial year, using the binomial or Monte Carlo models and the terms under which the options/shares were granted, are as follows:

Strike price (€)

Presence of performance condition

Expected dividend yield

Risk-free interest rate

IFRS 2 fair value (€)

Type of shares

Initial share price (€) (1)

Expected volatility

Plan dated 10.11.2021 Plan dated 10.11.2021 Plan dated 10.11.2021

Free

Unconditional

205.00 N/A

N/A

1.87%

N/A

193.82

Free

Conditional

205.00 N/A

N/A

1.87%

N/A

193.82

Free

Conditional

205.00 N/A

23%

1.87% -0.40%

118.08

N/A: not applicable. Closing rate at grant date. (1)

The fair values are fixed upon implementation of each plan and do not vary year on year. In addition, only the values relating to the plans allocated during FY22 are presented above (information on previous plans is available in the previous universal registration documents).

From 2012 onwards, the volatility assumption used for the plans is based on a multi-criteria approach taking into consideration: historic volatility over a period equal to the duration of the options; implied volatility calculated on the basis of options available in financial markets. Three share plans were granted on 10 November 2021.

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Pernod Ricard Universal Registration Document 2021-2022