NATIXIS - 2018 Registration document and annual financial report
5 FINANCIAL DATA
Consolidated financial statements and notes
Other share-based plans 12.2.4 a) Employee stock option plans under the Company employee savings plan
Plan
2013
2014
2014
2015
2016
2018
Entity
Natixis
Natixis
Coface
Natixis
Natixis
Natixis
Plan announcement date
04.04.2013
03.14.2014
06.12.2014
03.12.2015
03.10.2016
03.23.2018
Plan maturity Reference price Subscription price Face value discount
5 years 3.491 € 2.800 € 19.79%
5 years 5.051 € 4.041 € 20.00%
5 years 10.400 € 8.320 € 20.00% 255,347
5 years 6.618 € 5.295 € 19.99%
5 years 4.094 € 3.276 € 19.98%
5 years 6.252 € 5.002 € 19.99%
Number of shares subscribed Total subscribed amount (in millions of euros)
8,439,630
9,951,325
8,505,624
7,989,447
11,982,805
€23.6m
€40.2m
€2.1m 0.84%
€45m 0.14%
€26m 0.08%
€60m
Risk-free interest rate
1.26%
0.84%
(0.15)%
Annual security borrowing rate (repos) Market participant’s borrowing rate (five years)
0.50%
0.16%
0.16%
0.05%
(0.12)%
0.05%
6.72% 25.74%
5.47% 21.28%
5.47% 21.30%
4.45% 19.57%
3.93% 19.43%
3.34% 16.22%
Lock-up cost
At December 31, 2018, Natixis recorded an expense of €2.3 million for the discount granted on subscription to employee stock options under the Company employee savings plan, measured taking into account the five-year lock-up period applicable to the issued securities. For the record, there were no capital increases reserved for employees in 2017.
CAPITAL MANAGEMENT
NOTE 13
Share capital 13.1
Ordinary share At January 1 Capital increase
Number of shares
Par value
Capital (in euros) 5,019,776,381
3,137,360,238
1.60 1.60
12,928,354
20,685,366
AT DECEMBER 31
3,150,288,592
5,040,461,747
Equity instruments issued 13.3 Perpetual deeply subordinated notes and 13.3.1 preference shares In accordance with IAS 32, issued financial instruments are classified as debt or equity depending on whether or not they incorporate a contractual obligation to deliver cash to the holder. Since December 31, 2009, issues of perpetual deeply subordinated notes and preference shares have been recognized as equity instruments issued in accordance with a clause concerning dividend payments which has become discretionary, and have been booked to “Consolidated reserves” in the consolidated balance sheet. The conversion of these debt instruments into equity instruments had generated a gain of €418 million recognized in income on June 30, 2009. Issues after June 30, 2009 were always classified as equity given the discretionary nature of their interest.
3,716,978 treasury shares at December 31, 2018, and 1,431,936 shares at December 31, 2017. The capital increase in 2018 is linked to the award of free shares to some Natixis employees under the 2013 and 2016 Retention and Performance Plans, for which payment is share-based (see Note 6.17 and Note 12.2.2.) . Capital management 13.2 Natixis’ main capital management objectives are to ensure that the Group meets the capital requirements imposed by its external environment and maintains an adequate rating to support its activity and maximize shareholder value. Natixis adapts the management of its capital structure in line with changes in economic conditions and in the risk profile of its operations. Its objectives, policies and procedures remained unchanged in 2018.
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Natixis Registration Document 2018
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