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Risks and commitments related to associated shareholders
The Cofinea I partnership was entered into with the Orpea Group. Its goal is to bring assets operated by the Orpea Group under its structure.
Cofinimmo holds 51% of the shares of this structure. However, the partnership agreement stipulates that all decisions, particularly with regard
to investments and divestments, are to be taken by mutual consent, which implies a joint control of the company.
NOTE 44. PAYMENTS BASED ON SHARES
Stock option plan
In 2006, Cofinimmo launched a stock option plan whereby
8,000 stock options were granted to the Group’s management. This
plan was relaunched during each of the following years. In 2014, a
total of 3,000 stock options were granted.
When they are exercised, the beneficiaries will pay the exercise
price of €88.75 per share for the 2014 plan in exchange for the deliv-
ery of the securities. In the event of the voluntary or involuntary
departure (excluding premature termination for serious reasons)
of a beneficiary, the stock options accepted and vested can only
be exercised during the first exercise window following the date of
premature termination of the contract, except in case of retirement.
Options which have not been vested are cancelled. In the event of
the involuntary departure of a beneficiary for serious reasons, all
stock options accepted but not exercised, whether vested or not,
are cancelled. These conditions governing the acquisition and the
exercise periods in the event of a departure, whether voluntary or
involuntary, will apply without prejudice to the powers of the Board
of Directors for the members of the Executive Committee or the pow-
ers of the Executive Committee for the other participants to author-
ise waivers to these provisions in favour of the beneficiary, based on
objective and relevant criteria.
1
Situation between 01.01.2014 and 20.06.2014.
General information
Company
Cofinéa I
FPR Leuze
1
Segment
Healthcare real estate
PPP
Country
France
Belgium
% held by the Cofinimmo Group
51%
50%
Associated shareholders
Orpea Group OPCI (49%)
Cordeel Zetel Temse (49%)
Willemen General Contractor (1%)
Date of company creation
2012
2011
Accounting period
Ends on December 31
st
Ends on December 31
st
31.12.2014
20.06.2014
Net current result (at 100%)
1,124
2,198
Other elements of the global result
-538
-396
Global result
586
1,802
% held by the Cofinimmo Group
51%
50%
Share in the result of associated companies or joint ventures
299
901
Amount of the interest at Cofinimmo
Participations in associated companies and joint ventures
5,862
-
Fair value of the stock options at the date of granting and assumptions used - weighed average
2014
Price valuation model
Black & Scholes
Contractual duration of the options
10 years
Estimated duration
8 years
Strike price (in €)
88.75
Volatility (average last three years)
14.72%
Risk-free interest rate
Euro Swap Annual Rate
Fair value of the options at the date of granting, recognised over three years (x €1,000)
102.99