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Home Investors & Shareholders > Financial information > Creating value
Creating value
BNP Paribas presents below two measures of the value created for shareholders, using a medium-term investment horizon similar to that used by the majority of individual investors.
- Total Shareholder Return (TSR)
-
Total Shareholder Return (TSR)
Calculation parameters:
- dividends include the avoir fiscal tax credit at a rate of 50% and are assumed to have been reinvested in BNP shares then BNP Paribas shares,
- returns are gross returns, i.e. before any tax payments, and brokerage fees.
- Since privatisation on October 1993
Initial investment on 18 October 1993 = 1 share at the IPO price (FRF 240 or EUR 36.59).Gross
dividend1
per share
(in euros)Gross
dividend1
received by
share-
holders
(in euros)Price
of shares
acquired
by
reinvesting
dividends2
(in euros)Fractional
share
acquired
by
reinvesting
gross
dividends1Total
number
of
shares
after
gross
dividend1
re-
investment1994 0,693 0.69 37.17 0.01856 1.0186 1995 0.733 0.824 34.30 0.02381 1.14244 1996 0.823 0.94 27.36 0.03424 1.1766 1997 1.233 1.45 38.28 0.03781 1.2144 1998 1.603 1.94 75.92 0.02559 1.2400 1999 2.25 2.79 80.85 0.03451 1.2745 2000 2.625 3.35 93.95 0.03561 1.3101 2001 3.375 4.42 100.50 0.04400 1.3541 2.70825 2002 1.80 4.87 54.10 0.09011 2.7984 2003 1.80 5.04 45.32 0.11114 2.9095 2004 2.175 6.33 50.50 0.12531 3.0348 2005 2.00 6.07 54.45 0.11147 3.1463 3.17096 2006 2.60 8.18 72.60 0.11268 3.2836 2007 3.10 10.18 89.20 0.11412 3.3977 2008 3.35 11.38 65.68 0.17330 3.5710 2009 1.003 3.57 47.24 0.07559 3.6466 3.75207 2010 1.503 5.63 49.85 0.1129 3,8649
(1) "Avoir fiscal" tax credit abolished for dividends distributed as from 1 January 2005.
(2) Based on the assumption that the dividend was reinvested in shares at the opening price on the first trading day after the payment date.
(3) To be consistent with subsequent years. it has been assumed that the dividend was paid in cash and not in shares. although the Board of Directors approved the payment of scrip dividends for the years in question.
(4) Taking into account the March 1995 allocation of one share for every 10 shares acquired at the time of the IPO and held for 18 months.
(5) After the nominal value was divided in half on 20th February 2002.
(6) Number of shares adjusted following the capital increase with pre-emptive subscription rights in March. 2006 (factor of adjustment = 0.992235740050131). The new shares are fully entitled as from January 1st. 2006.
(7) Number of shares adjusted following the capital increase with pre-emptive subscription rights from 30 September to 13 October 2009 (factor of adjustment = 0.971895). The new shares are fully entitled as from January 1st. 2009.
Closing price on 31/12/2009 = EUR 55.90. valuing the initial investment at 55.90*3.7520 = EUR 209.74. This represents an average annual increase (average annual TSR for the period) of 11.37% and an amount 5.73 times higher than the original investment made in 1993. - Since the creation of BNP Paribas
Initial investment = 1 share at the opening price on 1st September 1999 = EUR 72.70.
Gross
dividend1
per share
(in euros)Gross
dividend1
received by
share-
holders
(in euros)Price
of shares
acquired
by
reinvesting
dividends2
(in euros)Fractional
share
acquired
by
reinvesting
gross
dividends1Total
number
of
shares
after
gross
dividend1
re-
investment2000 2.625 2.63 93.95 0.00279 1.0279 2001 3.375 3.47 100.50 0.04400 1.0625 2.12493 2002 1.80 3.82 54.10 0.09011 2.1956 2003 1.80 3.95 45.32 0.11114 2.2828 2004 2.175 6.33 50.50 0.12531 2.3811 2005 2.00 6.07 54.45 0.11147 2.4686 2.48794 2006 2.60 8.18 72.60 0.11268 2.5763 2007 3.10 10.18 89.20 0.11412 2.6659 2008 3.35 11.38 65.68 0.17330 2.8018 2009 1.003 3.57 47.24 0.07559 2.8612 2.94396 2010 1.505 4.42 49.85 0.0886 3.0325 (1) "Avoir fiscal" tax credit abolished for dividends distributed as from 1 January 2005.
(2) Based on the assumption that the dividend was reinvested in shares at the opening price on the first trading day after the payment date.
(3) After the nominal value was divided in half on 20th February 2002.
(4) Number of shares adjusted following the capital increase with pre-emptive subscription rights in March, 2006 (factor of adjustment = 0.992235740050131). The new shares are fully entitled as from January 1st, 2006.
(5) To be consistent with subsequent years, it has been assumed that the dividend was paid in cash and not in shares, although the Board of Directors approved the payment of scrip dividends for the years in question.
(6) Number of shares adjusted following the capital increase with pre-emptive subscription rights from 30 September to 13 October 2009 (factor of adjustment = 0.971895). The new shares are fully entitled as from January 1st, 2009.
Closing price on 31/12/2009 = EUR 55.90, valuing the initial investment at 55.90*2.9439 = EUR 164.56. This represents an average annual increase (average annual TSR for the period) of 8.22% and an amount 2.26 times higher than the original investment made on 1st September 1999.- Over 5 years
Initial investment = 1 share at the opening price on 03/01/2005 = EUR 53.40.
Gross
dividend1
per share
(in euros)Gross
dividend1
received by
share-
holders
(in euros)Price
of shares
acquired
by
reinvesting
dividends2
(in eurosFractional
share
acquired
by
reinvesting
gross
dividends1Total
number
of
shares
after
gross
dividend1
re-
investment2006 2.60 2.60 72.60 0.03581 1.0436 2007 3.10 3.24 89.20 0.03627 1.0799 2008 3.35 3.62 65.68 0.05508 1.1350 2009 1.003 1.13 47.24 0.02403 1.1590 1.19254 2010 1.503 1.79 49.85 0.03588 1.2284 (1) "Avoir fiscal" tax credit abolished for dividends distributed as from 1 January (1) Based on the assumption that the dividend was reinvested in shares at the opening price on the first trading day after the payment date.
(2) Number of shares adjusted following the capital increase with pre-emptive subscription rights in March, 2006 (factor of adjustment = 0.992235740050131). The new shares are fully entitled as from January 1st, 2006.
(3) To be consistent with subsequent years, it has been assumed that the dividend was paid in cash and not in shares, although the Board of Directors approved the payment of scrip dividends for the years in question.
(4) Number of shares adjusted following the capital increase with pre-emptive subscription rights from 30 September to 13 October 2009 (factor of adjustment = 0.971895). The new shares are fully entitled as from January 1st, 2009.
Closing price on 31/12/2009 = EUR 55.90, valuing the initial investment at 55.90*1.2363 = EUR 69.11. This represents an average annual increase (average annual TSR for the period) of 5.30% and a placement whose value has increased by 29.40% over 5 years. - dividends include the avoir fiscal tax credit at a rate of 50% and are assumed to have been reinvested in BNP shares then BNP Paribas shares,
-
- Five-year comparison of an investment in BNP Paribas shares with the "Livret A" passbook savings account and medium-term Treasury notes
-
Five-year comparison of an investment in BNP Paribas shares with the "Livret A" passbook savings account and medium-term Treasury notes
In this calculation, we compare the creation of shareholder value over the same period through investment in BNP, then BNP Paribas shares with two risk free investments, the "Livret A" passbook savings account offered by the French savings bank network and medium-term Treasury notes (OAT).
- Investment of EUR 100.40 on 1/1/2002 in a "Livret A" passbook savings account:
At the investment date, the official interest rate on Livret A accounts was 2.25%. The rate was increased to 3.0% on 1 July 2000 and returned to 2.25% on 1 August 2003.
As of 31/12/2006, the account balance is EUR 113.61.
The value created through an investment in BNP Paribas shares, reflecting the additional risk, totalled 200,41 - 113,61 = EUR 86,80 per share over 5 years.
- Investment of EUR 100.4 on 1/1/2002 in five-year French government notes:
The five-year interest rate (BTAN) on that date was 4.4484% ; at the end of each subsequent year, interest income is re-invested in a similar note on the following terms:
- 3.2489 % (BTAN) in January 2003 for 4 years ;
- 3.0106 % (BTAN) in January 2004 for 3 years ;
- 2.5006 % (BTAN) in January 2005 for 2 years ;
- 2.844 % in January 2006 for 1 year (Euribor).
At the end of five years, the accrued value of the investment is EUR 124.11.
The additional value created by choosing BNP Paribas shares as the investment vehicle is therefore 200.41 - 124.11 = EUR 76.3 per share over five years.
Comparative total yields over 5 years for an investment of EUR 100.40
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