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