301 348
301
During the months of May, June and July 2014, the number of
treasury shares decreased by 187,299 following the allotment
of 162,650 shares to employees that had signed up to the first
phase of the YES employee share purchase plan and the sale
of 24,649 shares to employees under the same plan.
During the months of September, October, November and
December 2014, the number of treasury shares decreased by
another 1,411,552 after allotting shares under the Long-term
incentive plan 2011-2013.
Extraordinary reserve
This reserve amounts to Euro 52,688 thousand at 31 December
2014 and was formed following the apportionment of net
profit for 2006, as approved by the shareholders on 28
February 2007.
IAS/IFRS first-time adoption reserve
This reserve was created in accordance with IFRS 1 and reflects
the differences arising on first-time adoption of IAS/IFRS.
It amounts to Euro 30,177 thousand at 31 December 2014, the
same as at 31 December 2013.
Convertible bond reserve
This reserve amounts to Euro 39,208 thousand (net of the
related tax effect) at 31 December 2014 and refers to the
non-monetary components of the bond, discussed in more
detail in Note 10. Borrowings from banks and other lenders.
Stock option reserve
This reserve amounts to Euro 4,720 thousand at 31 December
2014, reporting a net decrease of Euro 33,848 thousand since
31 December 2013 due to:
• the total cost of Euro 496 thousand recognised in the
income statement during the year (Euro 4,599 thousand in
2013) for stock option plans (YES Plan) involving Prysmian
S.p.A. shares;
• an increase of Euro 3,120 thousand in the carrying amount
of investments in subsidiaries, in which beneficiaries of
stock option plans (YES Plan) involving Prysmian S.p.A.
shares are directly or indirectly employees;
• the reclassification to retained earnings of Euro 37,464
thousand in respect of the Stock Option Plan 2011-2013, all
of whose options are now fully vested and exercised.
Further information can be found in Note 17. Personnel costs.
Share issue reserve
The share issue reserve amounts to Euro 536 thousand at 31
December 2014, having been created from the apportionment
of net profit for 2013 under the shareholders' resolution dated
16 April 2014.
Retained earnings
Retained earnings amount to Euro 276,440 thousand at 31
December 2014, having increased by Euro 113,218 thousand
since 31 December 2013, reflecting the apportionment of net
profit for 2013 (Euro 95,291 thousand), the reclassification of
the reserve for the Stock Option Plan 2011-2013 (Euro 37,465
thousand), an increase for the sale of treasury shares (Euro
416 thousand) and a reduction for the purchase of treasury
shares (Euro 19,954 thousand).
In compliance with art. 2427, no. 7-bis of the Italian Civil Code,
the following table analyses each component of equity, indi-
cating its origin, permitted use and availability for distribution,
as well as how it has been used in previous years.