317 348
317
These are detailed as follows:
17.
PERSONNEL COSTS
Share-based payments
At 31 December 2014 and 31 December 2013, Prysmian S.p.A.
had share-based compensation plans in place for managers
of Group companies and members of the Company's Board of
Directors. These plans are described below.
Long-term incentive plan 2011-2013
On 14 April 2011, the Ordinary Shareholders' Meeting of
Prysmian S.p.A. had approved, pursuant to art. 114-bis of Leg-
islative Decree 58/98, a long-term incentive plan for the period
2011-2013 for employees of the Prysmian Group, including
certain members of the Board of Directors of Prysmian S.p.A.,
and granted the Board of Directors the necessary authority
to establish and execute the plan. The plan's purpose was to
incentivise the process of integration following Prysmian's
acquisition of the Draka Group.
The plan involved 268 employees (*) of Group companies
and established that the number of options granted would
depend on the achievement of common business and
financial performance objectives for all the participants.
The plan was dependent upon achievement of a minimum
performance objective of at least Euro 1.75 billion in aggregate
Adj. EBITDA for the Group in the period 2011-2013 (the Target),
as well as upon continuation of a professional relationship
with the Group up until 31 December 2013. The plan also set
an upper limit for Adj. EBITDA as the Target plus 20% (i.e.
Euro 2.1 billion), that would determine the maximum number
of exercisable options granted to each participant.
Access to the plan was conditional upon each participant's
acceptance that part of their annual bonus would be co-in-
vested, if achieved and payable in relation to financial years
2011 and 2012.
The allotted options carried the right to receive or subscribe
to ordinary shares in Prysmian S.p.A., the Parent Company.
These shares partly comprised treasury shares and partly new
shares, obtained through a capital increase that excluded
pre-emptive rights under art. 2441, par. 8 of the Italian
Civil Code. Such a capital increase has involved the issue of
2,120,687 new ordinary shares of nominal value Euro 0.10
each, for a total nominal value of Euro 212,069, as approved
by the shareholders in the extraordinary session of their
meeting on 14 April 2011. The shares obtained from the
Company's holding of treasury shares were allotted for zero
consideration, while the shares obtained from the above
capital increase were allotted to participants upon payment
2014
2013
Wages and salaries
27,993
30,746
Social security
6,791
6,813
Retirement pension costs
1,860
1,737
Employee indemnity costs
117
156
Non-recurring personnel costs (income):
Company reorganisation
2,186
2,463
Total non-recurring personnel costs (income)
2,186
2,463
Other personnel costs
934
6,552
Total
39,881
48,467
(in thousands of Euro)