9. Share-Based Payments Performance share plan Performance shares are granted on a yearly basis. The performance shares are converted into tradable and transferable shares of Givaudan SA after the vesting period, subject to performance conditions. The performance metric is a combination of the average sales growth of selected peer companies and the cumulative free cash flow margin. There is no market vesting condition involved and participation in this plan is mandatory. Year of grant Commencing date Vesting date Number of shares expected to be delivered at vesting date Fair value at grant date (CHF) 2019 31 Mar 2019 15 Apr 2022 23,907 2,290 2020 31 Mar 2020 15 Apr 2023 20,227 2,795 2021 31 Mar 2021 15 Apr 2024 12,659 3,435 The cost of the equity-settled instruments of CHF 65 million (2020: CHF 52 million) has been expensed in the consolidated income statement. A marginal portion of the number of shares expected to be delivered can be settled in cash in the jurisdictions where a physical delivery is not permitted. Equity-settled instruments related to restricted shares Restricted shares shown in the table below have been granted on a yearly basis. These shares are tradable and transferable after the vesting period. Participation in these plans is mandatory. Restricted shares outstanding at the end of the year have the following terms: Year of grant Commencing date Blocking period of restricted shares ends on Restricted share at grant date (CHF) Number of restricted shares 2021 Number of restricted shares 2020 2018 31 Mar 2018 15 Apr 2021 1,993 730 2019 31 Mar 2019 15 Apr 2022 2,290 630 630 2020 31 Mar 2020 15 Apr 2023 2,795 602 602 2021 31 Mar 2021 15 Apr 2024 3,435 463 Of the 1,695 outstanding restricted shares (2020: 1,962), no share (2020: none) was deliverable. The cost of these equity-settled instruments of CHF 2 million (2020: CHF 2 million) has been expensed in the consolidated income statement. Movements in the number of restricted shares outstanding are as follows: Number of restricted shares 2021 2020 As at 1 January 1,962 2,260 Granted 463 602 Delivered/sold (730) (900) As at 31 December 1,695 1,962 For these plans, the Group has at its disposal treasury shares. 10. Investments in Joint Ventures Year of incorporation Name of Joint ventures Principal activity Country of incorporation Ownership interest 2014 BGN Tech LLC (in liquidation) Innovative natural ingredients USA 49% 2015 Natural Extracts International Ltd Natural ingredient derivatives production Mauritius 49% 2016 Vanilla International Ltd Natural ingredient collection and extract Mauritius 49% Summarised financial information in respect of the Group’s joint ventures is set out below. The following net assets represent 100% of the jointly controlled entities: As at 31 December in millions of Swiss francs 2021 2020 Current assets 42 35 Non-current assets 28 28 Current liabilities (10) (7) Non-current liabilities (4) (7) Total net assets of joint ventures 56 49 As at 31 December in millions of Swiss francs 2021 2020 Income 11 11 Expenses (9) (10) Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix 77 Givaudan — 2021 Governance, Compensation and Financial Report Notes to the consolidated financial statements