The fair value of the warrants has been determined at grant date based on the Black-Scholes formula. The variables, used in this model, are:
| Warrants issued on | ||||||||||||||||||||
| 29 October 2010 |
31 January 2013 |
6 May 2013 |
5 May 2014 |
5 November 2015 |
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|
Number of warrants issued |
79,500 | 140,000 | 266,241 | 100,000 | 466,000 | |||||||||||||||
|
Number of warrants granted |
61,050 | 120,000 | 253,150 | 94,400 | 343,550 | |||||||||||||||
|
Number of warrants not fully vested as of 31 December 2017 |
— | — | — | 29,799 | 263,065 | |||||||||||||||
|
Average exercise price (in €) |
35.36 | 4.52 | 2.64 | 35.79 | 32.63 | |||||||||||||||
|
Expected share value volatility |
35.60 | % | 35.60 | % | 39.55 | % | 67.73 | % | 60.53 | % | ||||||||||
|
Risk-free interest rate |
3.21 | % | 2.30 | % | 2.06 | % | 1.09 | % | 0.26 | % | ||||||||||
|
Average fair value (in €) |
9.00 | 2.22 | 12.44 | 26.16 | 21.13 | |||||||||||||||
|
Weighted average remaining contractual life |
3.78 | 6.09 | 6.35 | 7.35 | 8.62 | |||||||||||||||
| Warrants issued on | ||||||||
| December 2016 | June 2017 |
|||||||
|
Number of warrants issued |
100,000 | 520,000 | ||||||
|
Number of warrants granted |
45,000 | 312,100 | ||||||
|
Number of warrants not fully vested as of 31 December 2017 |
35,000 | 308,434 | ||||||
|
Average exercise price (in €) |
24.39 | 31.53 | ||||||
|
Expected share value volatility |
61.03 | % | 60.27 | % | ||||
|
Risk-free interest rate |
-0.40 | % | -0.23 | % | ||||
|
Average fair value (in €) |
12.25 | 15.67 | ||||||
|
Weighted average remaining contractual life |
3.84 | 4.50 | ||||||