198 / 222
194
ANNUAL ACCOUNTS /
Notes to the consolidated accounts
Evolution of the number of stock options
Year of the plan
2014
2013
2012
2011
2010
2009
2008
2007
2006
AT 01.01
925
4,095
8,035
5,740
7,215
6,730
7,300
8,000
Granted
3,000
Cancelled
-1,250
-184
-695
-1,800
-1,800
-2,100
Exercised
-3,992
Expired
AT 31.12
-992
925
4,095
6,785
5,556
6,520
4,930
5,500
5,900
Exercisable at
31.12
6,785
5,556
6,520
4,930
5,500
5,900
Strike price (in €)
88.75
88.12
84.85
97.45
93.45
86.06
122.92
143.66
129.27
Last exercise
date
16.06.2024 16.06.2023 18.06.2022 14.06.2021 13.06.2020 11.06.2019 12.06.2023
1
12.06.2022
1
13.06.2021
1
Fair value of the
options at the
date of granting
(x €1,000)
102.99
164.64
168.18
363.9
255.43
372.44
353.12
261.27
216.36
Cofinimmo applies the IFRS 2 standard by recognising over the vesting period (namely three years) the fair value of the stock options at the
date of granting according to the progressive acquisition method. The annual cost of the progressive vesting is recognised under the item
“Personnel charges” of the income statement.
NOTE 45. AVERAGE NUMBER OF PEOPLE LINKED BY AN EMPLOYMENT CONTRACT OR
BY A PERMANENT SERVICE CONTRACT
2014
2013
Average number of people linked by an employment contract or by a permanent service contract
115
111
Employees
111
107
Executive management personnel
4
4
FULL TIME EQUIVALENT
108
105
1
In accordance with the “Loi de relance économique”/”Wet van de Economische
Heropleving” of 27.03.2009, the exercise period of the stock option plans of 2006
to 2008 was extended from ten to 15 years.
NOTE 46. RELATED-PARTY TRANSACTIONS
The emoluments and insurance premiums borne by Cofinimmo
and its subsidiaries for the benefit of the members of the Board of
Directors, charged to the income statement, amount to €1,746,504 of
which €369,833 are attributed to post-employment benefits.
The chapter “Corporate Governance Statement” of this Annual
Financial Report details the composition of the various deci-
sion-making bodies and includes the tables on the remuneration of
the Non-Executive and Executive Directors.
The difference between the amount under the income statement and
that stated in the tables is explained by movements in provisions.
The Directors are not beneficiaries of the profit-sharing scheme,
which exclusively concerns the employees of the Group.
As a reminder, at the end of 2012, Cofinimmo signed a joint venture
with the entity Cofinea I SAS, a company incorporated under French
Law. Cofinimmo owns 51% of its capital and the Orpea Group 49%.
With the exception of its participation in Cofinea I, Cofinimmo has not
had any other transactions with this joint venture. Furthermore, there
was no transaction in 2014 with the Orpea Group. For more details,
see Note 43.
There were no other transactions with other related parties.
NOTE 47. EVENTS AFTER THE CLOSING
No significant events occurred after the closing date that could have
a significant impact on the figures at 31.12.2014.
However, it is worth mentioning the restructuring of interest rate
hedging instruments. In addition to the hedges cancelled in
May 2014, Cofinimmo cancelled sold FLOOR options for a notional
amount of €200 million in January 2015. The cost of this restructur-
ing stood at €17.7 million and will progressively be recorded under
the income statements of 2015, 2016 and 2017 under the IAS 39 item,
in compliance with the applicable accounting rules.
It is also worth mentioning the extension of two credit lines in
January 2015 and the private placement of bonds for a total amount
of €190 million in March 2015.
For more details on these operations, see the chapter “Events after
31.12.2014” of this Annual Financial Report.
The amount of the dividend proposed at the Ordinary General
Shareholders’ Meeting of 13.05.2015 stands at €95,067,549.50 for
the ordinary shares and at €4,372,909.45 for the preference shares.
For more details, see Note 33.