275
Company. Purchases could not exceed the amount of
undistributed earnings and distributable reserves reported
in the most recently approved annual financial statements.
The programme was to last for a maximum of 18 months
commencing from the date of the shareholders’ approval and
therefore expired on 9 October 2010.
The Shareholders’ Meeting held on 16 April 2013 authorised
a share buy-back and disposal programme. This programme
provides the opportunity to purchase, on one or more
occasions, a maximum number of ordinary shares whose
total cannot exceed 10% of share capital, equal to 18,420,002
ordinary shares as at the date of 16 April 2013, taking account
of the treasury shares already held by the Company.
Extraordinary reserve
This reserve amounts to Euro 52,688 thousand at 31
December 2013 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 2013, the
same as at 31 December 2012.
Convertible bond reserve
This reserve amounts to Euro 39,236 thousand (net of the
Movements in treasury shares are as follows:
related tax effect) at 31 December 2013 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 38,568 thousand at 31
December 2013, reporting a net increase of Euro 12,593
thousand since 31 December 2012 due to:
• the total cost of Euro 4,599 thousand recognised in the
income statement during the year (Euro 5,557 thousand
in 2012), for stock option plans involving Prysmian S.p.A.
shares;
• the grant date fair value (Euro 7,789 thousand), recognised
as a receivable from subsidiaries in which beneficiaries of
stock option plans involving Prysmian S.p.A. shares are
directly or indirectly employees;
• an increase of Euro 1,781 thousand in the carrying amount
of investments in subsidiaries, in which beneficiaries of
stock option involving Prysmian S.p.A. shares are directly
or indirectly employees;
• the reclassification to retained earnings of Euro 1,576
thousand in respect of the Stock option plan 2007-2012,
all of whose options are now fully vested and exercised.
Number of
Total nominal
% of total
Average unit
Total carrying
ordinary shares
value (in Euro)
share capital
value (in Euro)
value (in Euro)
At 31 December 2011
3,028,500
302,850
1.41%
9.965
30,179,003
- Purchases
-
-
-
-
-
- Sales
-
-
-
-
-
At 31 December 2012
3,028,500
302,850
1.41%
9.965
30,179,003
- Purchases
-
-
-
-
-
- Sales
-
-
-
-
-
At 31 December 2013
3,028,500
302,850
1.41%
9.965
30,179,003
