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 2023. Data concerning all share option plans during financial years 2023, 2022 and 2021 are set out below:
| 31.12.2023 | 31.12.2022 | 31.12.2021 | ||||
|---|---|---|---|---|---|---|
| Number of options | Weighted average exercise price | Number of option | Weighted average exercise price | Number of option |
Weighted average exercise price |
|
| Number of options not exercised at beginning of period | — | — | 57,397 | €83.19 | ||
| Options granted | — | |||||
| Options exercised | -52,397 | €83.19 | ||||
| Options expired | -5,000 | |||||
| Number of options not exercised at end of period | — | — | — | |||
| Of which: | ||||||
| number of exercisable options at end of period | ||||||
| expired options at end of period | ||||||
| Weighted average share price | €364.74 | |||||
The table below summarises the data on free share plans vesting after 1 January 2021.
| Grant date | Vesting date | Number of shares granted | Number of shares issued/allotted | Number of shares not finally vested |
|---|---|---|---|---|
| STOCK SUBSCRIPTION PLANS |
STOCK SUBSCRIPTION PLANSVesting date
|
STOCK SUBSCRIPTION PLANSNumber of shares granted
|
STOCK SUBSCRIPTION PLANSNumber of shares issued/allotted
|
STOCK SUBSCRIPTION PLANSNumber of shares not finally vested
|
| 20.04.2017 |
20.04.2017 Vesting date21.04.2021 |
20.04.2017 Number of shares granted906,000 |
20.04.2017 Number of shares issued/allotted742,276 |
20.04.2017 Number of shares not finally vested— |
| 17.04.2018 |
17.04.2018 Vesting date18.04.2022 |
17.04.2018 Number of shares granted931,000 |
17.04.2018 Number of shares issued/allotted868,575 |
17.04.2018 Number of shares not finally vested— |
| 18.04.2019 |
18.04.2019 Vesting date19.04.2023 |
18.04.2019 Number of shares granted843,075 |
18.04.2019 Number of shares issued/allotted776,975 |
18.04.2019 Number of shares not finally vested— |
| 14.10.2020 |
14.10.2020 Vesting date15.10.2024 |
14.10.2020 Number of shares granted713,660 |
14.10.2020 Number of shares issued/allotted385 |
14.10.2020 Number of shares not finally vested673,530 |
| 07.10.2021 |
07.10.2021 Vesting date08.10.2025 |
07.10.2021 Number of shares granted588,750 |
07.10.2021 Number of shares issued/allotted105 |
07.10.2021 Number of shares not finally vested570,685 |
| 13.10.2022 |
13.10.2022 Vesting date14.10.2026 |
13.10.2022 Number of shares granted700,000 |
13.10.2022 Number of shares issued/allotted— |
13.10.2022 Number of shares not finally vested699,375 |
| 12.10.2023 |
12.10.2023 Vesting date13.10.2027 |
12.10.2023 Number of shares granted650,580 |
12.10.2023 Number of shares issued/allotted— |
12.10.2023 Number of shares not finally vested650,580 |
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 and 14 October 2020 plans:
