In accordance with the requirements of IFRS 2 “Share-based Payment”, the value of options or free shares granted as calculated at the grant date is expensed in the income statement over the vesting period, which is generally five years for purchase options and four years for free shares.
The fair value of free shares corresponds to the value of the share at the grant date, less dividends expected to be paid during the vesting period.
The impact of IFRS 2 on profit for the period is booked on the Selling, general and administrative expenses item of the income statement at Group level, and is not allocated to the Divisions or geographic zones.
There is no option plans in force at 31 December 2022.
Data concerning all share option plans during financial years 2022, 2021 and 2020 are set out below:
| 31.12.2022 | 31.12.2021 | 31.12.2020 | ||||
|---|---|---|---|---|---|---|
| Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | |
| Number of options not exercised at beginning of period | — | 57,397 | €83.19 | 524,193 | €81.91 | |
| Options granted | — | — | ||||
| Options exercised | -52,397 | €83.19 | -465,796 | €81.76 | ||
| Options expired | -5,000 | -1,000 | ||||
| Number of options not exercised at end of period | — | — | 57,397 | €83.19 | ||
| Of which: | ||||||
| number of exercisable options at end of period | 57,397 | €83.19 | ||||
| expired options at end of period | — | |||||
| Weighted average share price | €364.74 | €273.24 | ||||
The table below summarises the data on free share plans vesting after 1 January 2020.
| Grant date | ||||
|---|---|---|---|---|
| Stock subscription plans | Vesting date | Number of shares granted | Number of shares issued/allotted | Number of shares not finally vested |
| 20.04.2016 |
20.04.2016
21.04.2020 |
20.04.2016
906,100 |
20.04.2016
835,725 |
20.04.2016
— |
| 20.04.2017 |
20.04.2017
21.04.2021 |
20.04.2017
906,000 |
20.04.2017
742,276 |
20.04.2017
— |
| 17.04.2018 |
17.04.2018
18.04.2022 |
17.04.2018
931,000 |
17.04.2018
868,575 |
17.04.2018
— |
| 18.04.2019 |
18.04.2019
19.04.2023 |
18.04.2019
843,075 |
18.04.2019
450 |
18.04.2019
801,400 |
| 14.10.2020 |
14.10.2020
15.10.2024 |
14.10.2020
713,660 |
14.10.2020
385 |
14.10.2020
691,150 |
| 07.10.2021 |
07.10.2021
08.10.2025 |
07.10.2021
588,750 |
07.10.2021
105 |
07.10.2021
578,325 |
| 13.10.2022 |
13.10.2022
14.10.2026 |
13.10.2022
700,000 |
13.10.2022
— |
13.10.2022
700,000 |
For the conditional grant of shares, the plan provides for a four-year vesting period after which vesting is effective and final, subject to meeting the conditions of the plan.
The performance conditions apply to the 7 October 2021,14 October 2020 and 18 April 2019 plans:
The calculation will be based on the mean of the performance in the:
and will use a predefined allocation scale based on the performance percentage achieved. No performance condition applies below a block of 200 shares.
For the 13 October 2022 plan, the performance conditions comprise the following:
