CONSOLIDATED FINANCIAL STATEMENTS >
EXPLANATORY NOTES
208
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
21.
PERSONNEL COSTS
Personnel costs are detailed as follows:
(in millions of Euro)
2013
2012
Wages and salaries
693
728
Social security
151
153
Fair value - stock options
14
17
Pension plans
5
6
Employee indemnity costs
-
-
Medical benefit costs
1
1
Termination and other benefits
2
6
Other personnel costs
50
50
Medium/long-term incentive plans
15
15
Non-recurring personnel costs:
Company reorganisation
34
64
Terminated pension plans
(2)
-
Italian pensions reform
-
1
Non-recurring other costs
2
-
Total non-recurring personnel costs
34
65
Total
965
1,041
Share-based payments
At 31 December 2013 and 31 December 2012, the Prysmian
Group had share-based compensation plans in place for
managers and employees of Group companies and for
members of the Parent Company’s Board of Directors. These
plans are described below.
Stock option plan 2007-2012
On 30 November 2006, the Company’s shareholders approved
a stock option plan which was dependent on the flotation of
the Company’s shares on Italy’s Electronic Equities Market
(MTA) organised and managed by Borsa Italiana S.p.A. The
plan was reserved for employees of companies in the Prysmian
Group.
Each option entitled the holder to subscribe to one share at a
price of Euro 4.65.
The following table provides additional details about the stock
option plan:
(in Euro)
31 December 2013
31 December 2012
Number of options
Exercise price Number of options
Exercise price
Options at start of year
82,937
4.65
198,237
4.65
Granted
-
-
-
4.65
Cancelled
(8)
-
-
-
Exercised
(82,929)
4.65
(115,300)
4.65
Options at end of year
-
-
82,937
4.65
of which vested at end of year
-
-
82,937
4.65
of which exercisable
(1)
-
-
-
-
of which not vested at end of year
-
-
-
-
(1) Options could be exercised in specified periods only.
