Products and applications Investors Jobs About us EN Contact Us HomeInvestorsShareholdersStock options and subscription rights Stock options and subscription rights Share information Navigation.OpenClose Shareholders Navigation.OpenClose Individual shareholders Navigation.OpenClose Shareholder structure Navigation.OpenClose Transparency disclosures Dividends Stock options and subscription rights Financials Navigation.OpenClose Corporate Governance Navigation.OpenClose General Meetings Navigation.OpenClose legal publications 2016 Navigation.OpenClose IR Tools Navigation.OpenClose Presentations & downloads Navigation.OpenClose Issued capital 2014 2015 in thousands of € Nominal value Number of shares Nominal value Number of shares 1 As at 1 January 176 773 60 063 8712 176 914 60 111 405 Movements in the year Issue of new shares 141 47 534 43 14 120 As at 31 December 176 914 60 111 405 176 957 60 125 525 2 Structure 2.1 Classes of ordinary shares Ordinary shares without par value 176 914 60 111 405 176 957 60 125 525 2.2 Registered shares 1 722 615 148 202 Non-material shares 58 353 4323 59 977 323 Shares to be dematerialized 35 358 -8 Authorized capital not issued 1525 176 152 175 A total of 14 120 subscription rights were exercised under the Company's SOP1 and SOP 2005-2009 stock option plans in 2015, requiring the issue of a total of 14 120 new shares of the Company. From the 4 275 010 treasury shares held as of 31 December 2014, the Company disposed of 26 300 shares in connection with stock option plans. No treasury shares were purchased or cancelled in 2015. As a result, the Company held an aggregate 4 248 710 treasury shares as of 31 December 2015. Details of the stock option plans which showed an outstanding balance either at the balance sheet date or at the previous balance sheet date, are as follows: Overview of SOP1 Stock Option Plan Number of subscripiton rights Date offered Date granted Date of issue of supscription rights Exercise price (in €) Granted Exercised Forfeited Out- standing First exercise period 12.07.2002 10.09.2002 25.09.2002 15.825 106 152 105 432 720 - 22.05 - 30.06.2006 106 152 105 432 720 - Overview of SOP2 Stock Option Plan Number of subscripiton rights Date offered Date granted Exercise price (in €) Granted Exercised Forfeited Out- standing First exercise period 21.12.2006 19.02.2007 30.175 37 500 27 500 - 10 000 22.05- 30.06.2010 20.12.2007 18.02.2008 28.335 12 870 12 690 - 180 22.05.- 30.06.2011 20.12.2007 18.02.2008 28.335 30 630 11 310 - 19 320 22.05.- 30.06.2011 18.12.2008 16.02.2009 16.660 64 500 - - 64 500 22.05.- 30.06.2012 17.12.2009 15.02.2010 33.990 49 500 - - 49 500 22.05.- 30.06.2013 195 000 51 500 - 143 500 Overview of SOP 2005-2009 Stock Option Plan Number of subscripiton rights Date offered Date granted Date of issue of supscription rights Exercise price (in €) Granted Exercised Forfeited Out- standing First exercise period 22.12.2005 20.02.2006 22.03.2006 23.795 190 698 180 567 15 10 116 22.05.- 30.06.2009 21.12.2006 19.02.2007 22.03.2007 30.175 153 810 143 540 600 9 670 22.05.- 30.06.2010 20.12.2007 18.02.2008 22.04.2008 28.335 14 100 2 100 9 900 2 100 22.05.- 30.06.2011 20.12.2007 18.02.2008 22.04.2008 28.335 215 100 85 650 12 700 116 750 22.05.- 30.06.2011 18.12.2008 16.02.2009 20.10.2009 16.660 288 150 123 750 19 500 144 900 22.05.- 30.06.2012 17.12.2009 15.02.2010 08.09.2010 33.990 225 450 - 52 500 172 950 22.05.- 30.06.2013 1 087 308 535 607 95 215 456 486 Overview of SOP 2010-2014 Stock Option Plan Number of subscripiton rights Date offered Date granted Exercise price (in €) Granted Exercised Forfeited Out- standing First exercise period 16.12.2010 14.02.2011 77.000 360 925 - 46 000 314 925 28.02 - 13.04.2014 22.12.2011 20.02.2012 25.140 287 800 26 300 2 600 285 900 27.02 - 12.04.2015 20.12.2012 18.02.2013 19.200 267 200 - 2 700 264 500 End Feb. - 10.04.2016 29.03.2013 28.05.2013 21.450 260 00 - - 260 000 End Feb. - 09.04.2017 19.12.2013 17.02.2014 25.380 373 450 - - 373 450 End Feb. - 09.04.2017 18.12.2014 16.02.2015 26.055 349 810 - - 349 810 End Feb. - 09.04.2018 1 899 185 26 300 51 300 1 821 585 2014 2015 SOP1 Stock Option Plan Number of subscription rights Weighted average exercise price (in €) Number of subscription rights Weighted average exercise price (in €) Outstanding as at 1 January 14 2549 15.664 720 15.825 Exercised during the year -13 534 15.655 -720 15.825 Outstanding as at 31 December 720 15.825 - - 2014 2015 SOP2 Stock Option Plan Number of options Weighted average exercise price (in €) Number of options Weighted average exercise price (in €) Outstanding as at 1 January 143 500 25.166 143 500 25.166 Outstanding as at 31 December 143 500 25.166 143 500 25.166 2014 2015 SOP 2005-2009 Stock Option Plan Number of subscription rights Weighted average exercise price (in €) Number of subscription rights Weighted average exercise price (in €) Outstanding as at 1 January 523 401 26.068 489 386 26.720 Forfeited during the year -15 23.795 -19 500 33.873 Exercised during the year -34 000 16.678 -13 400 16.660 Outstanding as at 31 December 489 386 26.720 456 486 26.710 2014 2015 SOP 2010-2014 Stock Option Plan Number of options Weighted average exercise price (in €) Number of options Weighted average exercise price (in €) Outstanding as at 1 January 1 160 625 38.640 1 498 075 34.413 Granted during the year 373 450 25.380 349 810 26.055 Exercised during the year - - -26 300 25.140 Forfeited during the year -36 000 77.000 - - Outstanding as at 31 December 1 498 075 34.413 1 821 585 32.942 Weighted average remaining contractual life in years 2014 2015 SOP1 0.5 - SOP2 4.7 3.7 SOP 2005-2009 5.4 4.5 SOP 2010-2014 7.7 7.1 The weighted average share price at the date of exercise in 2015 was € 26.22 for the SOP1 subscription rights (2014: € 27.82), not applicable for the SOP2 options (2014: not applicable), € 26.36 for the SOP 2005-2009 subscription rights (2014: € 27.45) and € 27.09 for the SOP 2010-2014 options (2014: not applicable). The exercise price of the subscription rights and options is equal to the lower of (i) the average closing price of the Company’s share during the thirty days preceding the date of the offer, and (ii) the last closing price preceding the date of the offer. When subscription rights are exercised under the SOP1 or SOP 2005-2009 plan, equity is increased by the amount of the proceeds received. Under the terms of the SOP1 and SOP2 plans any subscription rights or options granted through 2004 were vested immediately. Under the terms of the SOP 2010-2014 stock option plan, options to acquire existing Company shares have been offered to the members of the Bekaert Group Executive, the Senior Vice Presidents and senior executive personnel during the period 2010-2014. The grant dates of each offering were scheduled in the period 2011-2015. The exercise price of the SOP 2010-2014 options was determined in the same manner as in the previous plans. The vesting conditions of the SOP 2010-2014 grants, as well as of the SOP 2005-2009 grants and of the SOP2 grants beginning in 2006, are such that the subscription rights or options will be fully vested on 1 January of the fourth year after the date of the offer. In accordance with the Economic Recovery Act of 27 March 2009, the Bekaert Annual Report 2015 Financial Review 51 exercise period of the SOP2 options and SOP 2005-2009 subscription rights granted in 2006, 2007 and 2008 was extended by five years in favor of the persons who were plan beneficiaries and subject to Belgian income tax at the time such extension was offered. The incremental fair value granted as a result of this amounts to € 0.3 million. The members of the Bekaert Group Executive, the senior management and a limited number of management staff members of the Company and a number of its subsidiaries received during 2015 Performance Share Units entitling the beneficiary to acquire Performance Shares subject to the conditions of the Performance Share Plan 2015-2017. These Performance Share Units will vest following a vesting period of three years, conditional to the achievement of a pre-set performance target. The performance target was set by the Board of Directors, in line with the Company strategy. The options granted under SOP2 and SOP 2010-2014, the subscription rights granted under SOP 2005-2009 and the performance shares granted under the Performance Shares Plan 2015-2017 are recognized at fair value at grant date in accordance with IFRS 2 (see note 6.13. ‘Retained earnings and other Group reserves’). The fair value of the options is determined using a binomial pricing model. Inputs and outcome of this option pricing model are detailed below: Option pricing model details Granted in February 2014 Granted in February 2015 Granted in December 20151 Granted in February 20162 Inputs to the model Share price at grant date (in €) 27.32 25.65 27.25 27.25 Exercise price (in €) 25.38 26.06 - 26.38 Expected volatility 39% 39% 39% 39% Expected dividend yield 3.0% 3.0% 3.0% 3.0% Vesting period (years) 3 3 3 3 Contractual life (years) 10 10 - 10 Employee exit rate 3% 3% 3% 3% Risk-free interest rate 1.0% 0.05% -0.20% 0.05% Exercise factor 1.40 1.40 - 1.40 Outcome of the model Fair value (in €) 7.44 1 Performance Share Plan 2015-2017 2 See note 7.6. ‘Events after the balance sheet date’. The model allows for the effects of early exercise through an exercise factor. An exercise factor of 1.40 stands for the assumption that the beneficiaries exercise the options and the subscription rights after the vesting date when the share price exceeds the exercise price by 40% (on average). During 2015, 349 810 options (2014: 373 450) were granted under SOP 2010-2014 at a fair value per unit of € 6.71 (2014: € 7.96). The Group has recorded an expense against equity of € 2.9 million (2014: € 2.8 million) based on a straight-line amortization over the vesting period of the fair value of options and subscription rights granted over the past three years. An offer of 50 850 Performance Share Units was made on 17 December 2015 under the terms of the Performance Share Plan 2015-2017. The granted units represent a fair value of € 1.8 million. Quick links Fact Sheet Generator calendar 2016 Annual reports Shareholders' guides Financial press releases and presentations Analysts' research News Webcast on 2016 Half Year Results Annual Report 2015 Shareholders guide 2015 better together Situation Skiers count on safety when they go up the mountain Solution In close cooperation Bekaert developed superior quality wires that meet the technical customer requirements of ropeway constructors Result The customer handles the production of the cables, but also on-site weaving (or splicing) and installation. The cables have a life expectancy up to 40 years Situation Alcan and Bekaert joined forces to install 210 miles of transmission cable Solution Bekaert seamlessly adjusted the lengths of the reels to help Alcan’s trucks drive through mountainous terrain Result Alcan could meet their customer’s delivery requirements ASK A QUESTION Copyright © 2015 Bekaert. All rights reserved. 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