198 348
Consolidated Financial Report |
EXPLANATORY NOTES
2014 Annual Report
Prysmian Group
198
Treasury shares
The treasury shares held at the beginning of the year were
acquired under the shareholders’ resolution dated 15 April
2008, which gave the Board of Directors the authority for an
18-month maximum period to buy up to 18,000,000 ordinary
shares. The number of treasury shares increased in 2011
following the acquisition of Draka Holding N.V. (now renamed
Draka Holding B.V.), which holds 10,669 Prysmian S.p.A.
shares.
Movements in treasury shares are shown in the following
table:
Number
Total
% of share
Average unit
Total
of shares
nominal value
capital
value (in Euro)
carrying value
(in Euro)
(in Euro)
At 31 December 2012
3,039,169
303,917
1.42%
9,963
30,279,078
- Purchases
-
-
-
-
-
- Sales
-
-
-
-
-
At 31 December 2013
3,039,169
303,917
1.42%
9,963
30,279,078
- Purchases
1,390,000
139,000
-
14,356
19,954,278
- Allotments under stock option plans
(1)
(1,598,851)
(159,885)
-
10,139
(16,209,987)
At 31 December 2014
2,830,318
283,032
1.31%
12,021
34,023,369
(1) This consists of the allotment of 162,650 shares under the Group employee share purchase plan (YES Plan), the sale of 24,649 shares to employees under the
same plan and the allotment of 1,411,552 shares under the Long-term incentive plan 2011-2013.
The Shareholders’ Meeting held on 16 April 2014 authorised
a new share buy-back and disposal programme, and revoked
the previous programme at the same time.
The new programme provides the opportunity to purchase,
on one or more occasions, a maximum number of ordinary
shares whose total cannot exceed 10% of share capital,
equal to 18,420,002 ordinary shares as at the date of the
Shareholders’ Meeting, after deducting the treasury shares
already held by the Company.
Purchases may not exceed the amount of undistributed
earnings and available reserves reported in the most
recently approved annual financial statements of the Parent
Company. The authorisation to buy back treasury shares will
last for 18 months commencing from the date of the Sha-
reholders’ Meeting; the authorisation to dispose of treasury
shares has no time limit.
During the months of May, June and July 2014, the number
of treasury shares decreased by 187,299 for those shares
allotted to employees that had signed up to the first phase
of the YES employee share purchase plan.
During the last few months of 2014, the number of treasury
shares decreased by another 1,411,552 after allotting shares
under the Long-term incentive plan 2011-2013. More details
can be found in Note 21. Personnel costs. In addition,
during the months of November and December 2014, the
Parent Company also purchased 1,390,000 shares under the
buy-back programme authorised by the shareholders.