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Parent Company Financial Report |
EXPLANATORY NOTES
2014 Annual Report
Prysmian Group
318
of an exercise price corresponding to the nominal value of
the Company's shares. In accordance with IFRS 2, the options
allotted in respect of both new and treasury shares were
measured at their grant date fair value.
The number of options was determined according to the
actual aggregate Adj. EBITDA achieved, which lay between
the Target and the Adj. EBITDA upper limit.
The following table provides additional details about
movements in the plan:
Since the plan had vested in full at 31 December 2013, no
further costs were recognised in 2014.
As at 31 December 2014, the options had vested and had
been fully exercised as follows:
• 2,120,678 exercised for consideration (exercise price of
Euro 0.10);
• 1,411,552 exercised for no consideration.
Group employee share purchase plan (YES Plan)
On 16 April 2013, the shareholders approved a share purchase
plan reserved for employees of Prysmian S.p.A. and/or of
its subsidiaries, including some of the Company's Directors,
and granted the Board of Directors the relevant powers to
establish and implement this plan.
The reasons behind the introduction of the Plan are:
• to strengthen the sense of belonging to the Group
by offering employees an opportunity to share in its
successes, through equity ownership;
• to align the interests of the Prysmian Group's stakehold-
ers (its employees and shareholders), by identifying a
common goal of creating long-term value;
• to help consolidate the integration process started in the
wake of the Draka Group's acquisition.
The Plan offers the opportunity to purchase Prysmian's
ordinary shares on preferential terms, with a maximum
discount of 25% on the stock price, given in the form of
treasury shares, except for certain managers, for whom
For consideration
For no consideration
Number of options (*)
Exercise price
Number of options (*)
Exercise price
Options at start of year
2,131,500
0.10
1,416,309
-
Granted
-
-
-
-
Variation for target remeasurement
-
-
2,429
-
Cancelled
(2,288)
0.10
(1,521)
-
Exercised
(2,120,687)
0.10
(1,411,552)
-
Options at end of year
8,525
0.10
5,665
-
of which for Prysmian Spa employees
-
-
-
-
of which vested at end of year
8,525
0.10
5,665
-
of which exercisable
8,525
0.10
5,665
-
of which not vested at end of year
-
-
-
-
of which for Prysmian Spa employees
-
-
-
-
(in Euro)
(*) The number of Prysmian S.p.A. employees participating in the plan was 45.