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Joint ventures
At 31.12.2015, the Cofinimmo Group has the joint venture Cofinéa I, consolidated under the equity method, as the Group exercises joint control over
this company under a partnership agreement with the partner shareholders.
Given its share in the Cofinimmo Group’s result, this joint venture is considered immaterial.
Risks and commitments related to the partner shareholders:
With the framework of Cofinéa I, the goal of the partnership entered into with the ORPEA Group is to bring assets operated by the ORPEA Group
under the 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 taken in 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 2015, a total of 7,625
stock options were granted.
When they are exercised, the beneficiaries will pay the exercise price
of 95.03 EUR per share for the 2015 plan in exchange for the delivery
of the securities. In the event of voluntary or involuntary departure
(excluding premature termination for serious reasons) of a benefi-
ciary, the stock options accepted and vested may be exercised after
the end of the third calendar year following the year in which the
stock options were granted. Options that have not been vested are
cancelled, except when retiring on a pension. In the event of the invol-
untary 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 powers of the Executive
Committee for the other participants to authorise waivers to these
provisions in favour of the beneficiary, based on objective and rele-
vant criteria.
General information
Company
Cofinéa I
Segment
Healthcare real estate
Country
France
% held by the Cofinimmo Group
51%
Partner shareholders
ORPEA Group OPCI (49%)
Date of company creation
2012
Accounting period
Ends on December 31
st
31.12.15
AMOUNT OF THE COFINIMMO SHARE IN THE RESULT (x 1,000 EUR)
Net current result (at 100%)
902
Other elements of the global result
46
Global result
948
% held by the Cofinimmo Group
51%
Share in the result of associated companies or joint ventures
483
AMOUNT OF THE INTEREST AT COFINIMMO (x 1,000 EUR)
Participations in associated companies and joint ventures
6,033
Fair value of the stock options at the date of granting and assumptions used - weighted average
2015
Valuation model
Black & Scholes
Contractual life of the options
10 years
Estimated duration
8 years
Strike price (in EUR)
95.03
Volatility (average over last three years)
21.81%
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 EUR)
233.94
207