229 348
229
1st Window (2014)
2nd Window (2015)
3rd Window (2016)
Grant date
13 November 2013
13 November 2013
13 November 2013
Share purchase date
19 May 2014
19 May 2015
19 May 2016
End of retention period
19 May 2017
19 May 2018
19 May 2019
Residual life at grant date (in years)
0.35
1.35
2.35
Share price at grant date (Euro)
18.30
18.30
18.30
Expected volatility
29.27%
30.11%
36.79%
Risk-free interest rate
0.03%
0.05%
0.20%
Expected dividend %
2.83%
2.83%
2.83%
Option fair value at grant date (Euro)
18.04
17.54
17.11
A total of Euro 3 million in costs for the fair value of options
granted under this plan have been recognised as “Personnel
costs” in the income statement for the year ended 31
December 2014.
The following table provides additional details about
movements in the plan:
31 December 2014
31 December 2013
Number of options
Number of options
Options at start of year
300,682
-
Granted
(*)
43,725
300,682
Change in expected adhesions
(**)
(17,748)
-
Cancelled
-
-
Exercised
(162,650)
-
Options at end of year
164,009
300,682
of which vested at end of year
-
-
of which exercisable
-
-
of which not vested at end of year
164,009
300,682
(*) The number of options refers to the adhesions to the additional purchase windows reserved for Managers (actual numbers for the first year and expected
numbers for the next two years).
(**) The number of options has been revised for the actual number of adhesions in the first window.
The information memorandum, prepared under art. 114-bis of
Legislative Decree 58/98 and describing the characteristics of
the above plan, is publicly available on the Company’s website
at
www.prysmiangroup.com, from its registered offices and
from Borsa Italiana S.p.A..
As at 31 December 2014, there are no outstanding loans or
guarantees by the Parent Company or its subsidiaries to any
of the directors, senior managers or statutory auditors.
Long-term incentive plan 2014-2016
The Shareholders’ Meeting held on 16 April 2014 approved an
incentive plan for the Group’s employees, including members
of the Board of Directors of Prysmian S.p.A., and granted
the Board of Directors the necessary powers to establish and
implement this plan.
As a result of the effects of the Western HVDC Link contract
(UK), the Board of Directors has decided not to execute the
mandate received from the shareholders allowing implemen-
tation of this plan.
The fair value of the options has been determined using the Montecarlo model, based on the following assumptions: