Euronext - 2019 Universal Registration Document

Financial Statements 8

Consolidated Statement of Changes in Equity

EBITDA 1 performance relative to budgeted EBITDA 1 and the total cost for the performance RSUs could be adjusted accordingly. Grant- date fair value of RSUs granted under the LTI Plans 2017, 2018 and 2019 reflect the present value of expected dividends over the vesting period.

The grant-date fair value of performance shares with a TSR performance condition was adjusted for the possible outcomes of this condition. This has been assessed by applying a Monte Carlo simulation to model possible share prices of Euronext and its peer companies. At the end of each reporting period, the number of vesting performance shares is reconsidered based on the Group’s

Movements in the number of shares granted as awards is as follows:

IN 2018

Fair value at grant date per share (in €)

Year of grant

1 January

Performance adjustment

31 December 2018

Plan

2018 Granted

Vested Forfeited

LTI, with performance

2015

37,598

-

16,981

(45,886)

(8,693)

-

€48.03

LTI, no performance

2015

65,120

-

-

(54,669)

(10,451)

-

€34.23

LTI, with performance

2016

96,453

-

-

-

(20,101)

76,352

€35.48

LTI, no performance

2016

35,725

-

-

-

(5,743)

29,982

€34.70

LTI, with performance

2017

85,055

-

-

-

(13,721)

71,334

€45.40

LTI, no performance

2017

40,713

-

-

-

(4,157)

36,556

€42.19

LTI, with performance

2018

-

95,671

-

-

(7,487)

88,184

€56.55

LTI, no performance

2018

-

47,928

-

-

(985)

46,943

€49.64

TOTAL

360,664

143,599

16,981 (100,555)

(71,338)

349,351

IN 2019

Fair value at grant date per share (in €)

Year of grant

1 January

Performance adjustment

31 December 2019

Plan

2019 Granted

Vested Forfeited

LTI, with performance

2016

76,352

-

3,907

(79,749)

(510)

-

€35.48

LTI, no performance

2016

29,982

-

-

(27,304)

(2,678)

-

€34.70

LTI, with performance

2017

71,334

-

-

-

(7,519)

63,815

€45.40

LTI, no performance

2017

36,556

-

-

-

(3,944)

32,612

€42.19

LTI, with performance

2018

88,184

-

-

-

(5,783)

82,401

€56.55

LTI, no performance

2018

46,943

-

-

-

(3,942)

43,001

€49.64

LTI, with performance

2019

-

79,009

-

-

(3,178)

75,831

€68.30

LTI, no performance

2019

-

53,044

-

-

(1,563)

51,481

€57.94

TOTAL

349,351

132,053

3,907 (107,053)

(29,117)

349,141

Euronext has taken into consideration the fact that the employees will not receive dividends during the vesting period of 3 years. The fair value has been adjusted taking into account the financials loss for the participants to not receive the payment of the dividends during the vesting period.

Share-based payment expenses recognised in the income statement for shares granted for all plans to directors and selected employees in 2019 amounted to €6.9 million (2018: €4.0 million), see Note 9.

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2019 UNIVERSAL REGISTRATION DOCUMENT