Warrant plans (Tables)

12 Months Ended

Dec. 31, 2019

Warrant plans

Schedule of summary of warrants outstanding and exercisable per warrant plan


								Outstanding										Outstanding		Exercisable
								per		Granted		Exercised		Forfeited		Expired		per		per
		Allocation		Expiry		Exercise		January 1,		during		during		during		during		December 31,		December 31,
Warrant plan		date		date		price (€)		2019		year		year		year		year		2019		2019
2006 BNL		21/12/2007		20/12/2020		7.12		1,050										1,050		1,050
2007		28/06/2007		27/06/2020		8.65		29,374				(29,374)						—		—
2007 RMV		25/10/2007		24/10/2020		8.65		24,550				(9,570)						14,980		14,980
2008		26/06/2008		25/06/2021		5.6		77,100				(75,735)						1,365		1,365
2011		23/05/2011		22/05/2019		9.95		37,500				(37,500)						—		—
2012		03/09/2012		02/09/2020		14.19		110,040				(30,000)						80,040		80,040
2013		16/05/2013		15/05/2021		19.38		195,560				(75,126)						120,434		120,434
2014		25/07/2014		24/07/2022		14.54		347,560				(95,220)						252,340		252,340
2014 (B)		14/10/2014		13/10/2022		11.93		60,000				(60,000)						—		—
2015		30/04/2015		29/04/2023		28.75		515,053				(232,580)						282,473		282,473
2015 (B)		22/12/2015		21/12/2023		49.00		399,000				(69,500)						329,500		329,500
2015 RMV		22/12/2015		21/12/2023		49.00		97,500				(40,000)						57,500		57,500
2016		01/06/2016		31/05/2024		46.10		504,250										504,250
2016 RMV		01/06/2016		31/05/2024		46.10		120,000										120,000
2016 (B)		20/01/2017		19/01/2025		62.50		150,000										150,000
2017		17/05/2017		16/05/2025		80.57		595,500										595,500
2017 RMV		17/05/2017		16/05/2025		80.57		127,500										127,500
2018		19/04/2018		18/04/2026		79.88		1,097,745						(12,500)				1,085,245
2018 RMV		19/04/2018		18/04/2026		79.88		137,500										137,500
2019		10/04/2019		09/04/2027		95.11				1,504,940				(18,250)				1,486,690
2019 RMV		10/04/2019		09/04/2027		95.11				194,750								194,750
Total								4,626,782		1,699,690		(754,605)		(30,750)		—		5,541,117		1,139,682

Schedule of summary of warrants outstanding and exercisable


					Weighted
					average
					exercise
			Warrants		price (Euro)
Outstanding on January 1, 2017			3,466,407		€	27.1
Exercisable on December 31, 2016			669,704			10.3

Granted during the period			873,000			77.5
Forfeited during the year			—
Exercised during the period			(368,200)			14.4
Expired during the year			(400)			19.4
Outstanding on December 31, 2017			3,970,807		€	39.3
Exercisable on December 31, 2017			763,344			13.7

Granted during the period			1,235,245			79.9
Forfeited during the year			(12,000)			43.2
Exercised during the period			(567,270)			13.5
Expired during the year			—
Outstanding on December 31, 2018			4,626,782		€	53.3
Exercisable on December 31, 2018			882,734			14.0

Granted during the period			1,699,690			95.1
Forfeited during the year			(30,750)			88.9
Exercised during the period			(754,605)			22.8
Expired during the year			—
Outstanding on December 31, 2019			5,541,117		€	70.1
Exercisable on December 31, 2019			1,139,682			30.2

Schedule of summary of warrants outstanding by category


		2019			2019 RMV			2018			2018 RMV			2017			2017 RMV
		April 19			April 19			April 18			April 18			May 17			May 17
Exercise Price (€)		€	95.11		€	95.11		€	79.88		€	79.88		€	80.57		€	80.57
Weighted average share price at acceptance date (€)		€	107.05		€	107.45		€	84.88		€	84.88		€	68.67		€	68.67
Weighted average fair value on the acceptance date (€)		€	40.04		€	40.05		€	38.39		€	38.39		€	26.86		€	26.80
Weighted average estimated volatility (%)			35.86			35.63			39.44			39.44			40.06			40.08
Weighted average expected life of the warrant (years)			6			6			8			8			8			8
Weighted average risk free rate (%)			(0.27)			(0.28)			0.51			0.51			0.33			0.29
Expected dividends			None			None			None			None			None			None

Overview of outstanding warrants


		December 31,
		2019			2018			2017
		(in number of warrants)
Non-executive directors			222,600			216,780			216,060
Executive team			2,171,874			2,139,374			2,039,374
Other			3,146,643			2,270,628			1,715,373
Total warrants outstanding			5,541,117			4,626,782			3,970,807