Just Annual Report and Accounts 2022

Just group PLC | Annual Report and accounts 2022

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

10 EMPLOYEE BENEFITS continued The range of exercise prices of options outstanding at the end of the year are as follows:

2022 Number of options outstanding 9,949,082

2021 Number of options outstanding 11,119,351 2,443,437

£0.38 £0.52 £0.71 £0.74 £1.07 £1.18 Total

395,051

1,718,536

–

787,780 66,166

1,079,922

66,166 70,677

1,525

12,918,140 14,779,553

During the year to 31 December 2022, awards of SAYEs were made on 20 April 2022. The weighted-average fair value and assumptions used to determine the fair value of options granted during the year under the SAYE are as follows:

£0.41

Fair value at grant date Option pricing model used Share price at grant date

Black–Scholes

£0.93 £0.71

Exercise price

54.24% 48.39%

Expected volatility – 3 year scheme Expected volatility – 5 year scheme

3.37 or 5.37 years

Option life Dividends

1.62% 1.70% 1.72%

Risk-free interest rate – 3 year scheme Risk-free interest rate – 5 year scheme

Expected volatility has been calculated using historic volatility of the Company over the period of time commensurate with the expected term of the awards immediately prior to the date of grant.

11 EARNINGS PER SHARE The calculation of basic and diluted earnings per share is based on dividing the profit or loss attributable to ordinary equity holders of the Company by the weighted-average number of ordinary shares outstanding and by the diluted weighted-average number of ordinary shares potentially outstanding at the end of the year. The weighted-average number of ordinary shares excludes shares held by the Employee Benefit Trust on behalf of the Company to satisfy future exercises of employee share scheme awards. Year ended 31 December 2022 Year ended 31 December 2021

Weighted- average number of

Earnings per share (restated) pence

Earnings per share pence

Earnings (restated) £m

shares million

Earnings £m

shares million

(231.1)

– – –

(15.0) (20.4) (47.0) (82.4)

– – –

(Loss)/profit attributable to equity holders of Just Group plc Coupon payments in respect of Tier 1 notes (net of tax)

(13.6)

–

Loss on redemption of Tier 1 notes (net of tax)

Basic (loss)/profit attributable to ordinary equity holders of Just Group plc

(244.7)

1,032.4

(23.70)

1,033.7

(7.97)

–

Effect of potentially dilutive share options1

Diluted (loss)/profit attributable to ordinary equity holders of Just Group plc (244.7)

1,032.4

(23.70)

(82.4)

1,033.7

(7.97)

1 The weighted-average number of share options for the year ended 31 December 2022 that could potentially dilute basic earnings per share in the future but are not included in diluted EPS because they would be antidilutive was 23.3 million share options.

During the current year, the FRC conducted a limited scope review of the Company’s 2021 Annual Report and Accounts in accordance with Part 2 of the FRC Corporate Reporting Review Operating Procedures. The review covered only those aspects of the Annual Report and Accounts that relate to the application of IAS 33, Earnings per share, and compliance with its requirements.

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