2018 Registration document and annual fi nancial report - BNP PARIBAS 481
6INFORMATION ON THE PARENT COMPANY FINANCIAL STATEMENTS 31 DECEMBER 2018
6
Notes to the parent company fi nancial statements
3.d TREASURY SHARES
In millions of euros, at
31 December 2018 31 December 2017
Gross value amount
Net Carrying amount
Net Carrying amount
Transaction - - 5
Securities available for sale 6 6 6
Investment in subsidiaries 32 32 32
TREASURY SHARES 38 38 43
The fi fth resolution of the Shareholders Combined General Meeting of 24 May 2018, which replaced the fi fth resolution of the Shareholders Combined General Meeting of 23 May 2017, authorised BNP Paribas SA to buy back shares representing up to 10% of the Bank s issued capital at a maximum purchase price of EUR 73 per share (unchanged from 31 December 2017). The shares could be acquired for the following purposes: for subsequent cancellation in accordance with conditions set by the Shareholders Combined General Meeting of 24 May 2018, to fulfi l the Bank s obligations relative to the issue of shares or share equivalents, for stock option plans, for share awards, or for granting or selling shares to employees under an employee profi t-sharing plan, employee share ownership plan or Corporate Savings Plan and to cover any type of share award to the employees of BNP Paribas SA and companies controlled exclusively by BNP Paribas SA within the meaning of article L.233-16 of the French Commercial Code; to be held in treasury for subsequent remittance in exchange or payment for acquisitions, mergers, spin-offs or asset transfers; within the scope of a market-making agreement compliant with the Code of Ethics recognised by the AMF; or for asset and fi nancial management purposes.
This authorisation was granted for a period of 18 months.
At 31 December 2018, BNP Paribas SA held 603,827 treasury shares classified as Equity securities held for long-term investment and intended to be cancelled.
BNP Paribas SA also held 122,624 treasury shares classifi ed as Securities available for sale and intended to be used for free share awards to Group employees, granted or sold as part of an employee profi t-sharing plan, employee share ownership plan, or Company Savings Plan.
Moreover, under the Bank s market-making agreement relating to the BNP Paribas share on the Italian market made with Exane BNP Paribas, and in accordance with the Code of Ethics recognised by the AMF, the Bank bought back 513,568 shares in 2018 at an average share price of EUR 60.74, and sold 594,068 shares, representing the entire portfolio, at an average share price of EUR 59.33, which closed the portfolio.
3.e LONG-TERM INVESTMENTS
In millions of euros
Gross values Provisions Carrying amount
1 Jan. 2018 Purchases
Disposals and
redemptions
Transfers and other
movements 31 Dec.
2018 1 Jan. 2018 Additions
Write- backs
Other movements
31 Dec. 2018
31 Dec. 2018
31 Dec. 2017
Debt securities held to maturity (note 3.c) 819 (301) 28 546 12 (12) 0 546 807
Investments in subsidiaries and equity securities held for long-term investment (notes 3.c) 4,073 89 (250) (8) 3,904 354 56 (7) 403 3,501 3,719
Investments in affi liates (note 3.c) 69,987 1,222 (569) 507 71,147 7,249 696 (90) 8 7,863 63,284 62,738
of which merger premium on investments in affi liates 4,258 4,258 3,268 376 3,644 614 990
Treasury shares (note 3.d) 32 32 32 32
LONG-TERM INVESTMENTS 74,911 1,311 (1,120) 527 75,629 7,615 752 (97) (4) 8,266 67,363 67,296
