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 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 regions.
The table below summarises the data on free share plans vesting after 1 January 2023.
| Grant date | Vesting date | Number of shares granted | Number of shares issued/allotted | Number of shares not finally vested |
|---|---|---|---|---|
| STOCK SUBSCRIPTION PLANS | ||||
| 18.04.2019 | 18.04.2019 Vesting date 19.04.2023 |
18.04.2019 Number of shares granted 843,075 |
18.04.2019 Number of shares issued/allotted 776,975 |
18.04.2019 Number of shares not finally vested — |
| 14.10.2020 | 14.10.2020 Vesting date 15.10.2024 |
14.10.2020 Number of shares granted 713,660 |
14.10.2020 Number of shares issued/allotted 661,270 |
14.10.2020 Number of shares not finally vested — |
| 07.10.2021 | 07.10.2021 Vesting date 08.10.2025 |
07.10.2021 Number of shares granted 588,750 |
07.10.2021 Number of shares issued/allotted 549,595 |
07.10.2021 Number of shares not finally vested — |
| 13.10.2022 | 13.10.2022 Vesting date 14.10.2026 |
13.10.2022 Number of shares granted 700,000 |
13.10.2022 Number of shares issued/allotted 2,025 |
13.10.2022 Number of shares not finally vested 675,800 |
| 12.10.2023 | 12.10.2023 Vesting date 13.10.2027 |
12.10.2023 Number of shares granted 650,580 |
12.10.2023 Number of shares issued/allotted — |
12.10.2023 Number of shares not finally vested 636,655 |
| 10.10.2024 | 10.10.2024 Vesting date 11.10.2028 |
10.10.2024 Number of shares granted 700,000 |
10.10.2024 Number of shares issued/allotted — |
10.10.2024 Number of shares not finally vested 696,421 |
| 10.10.2025 | 10.10.2025 Vesting date 11.10.2029 |
10.10.2025 Number of shares granted 703,500 |
10.10.2025 Number of shares issued/allotted — |
10.10.2025 Number of shares not finally vested 703,500 |
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 plans:
The calculation will be based on the arithmetic average of the performance in the 2022, 2023 and 2024 financial years.
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, 12 October 2023, 10 October 2024 and 10 October 2025 plans, the performance conditions comprise the following:
the increase over the same period in the Group’s consolidated operating profit. The calculation will be made on the basis of the arithmetic average of the performances for:
20% based on non-financial performance criteria, of which:
No performance condition applies below a block of 100 shares.
At 31 December 2025, the performance conditions for plans in progress were deemed achieved.
