PARENT COMPANY >
EXPLANATORY NOTES
292
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
At 31 December 2013, the overall cost recognised in the income statement under “Personnel costs” in relation to the fair value of
the options granted under this plan is Euro 124 thousand.
The following table provides additional details about the plan:
The fair value of the options has been determined using the Monte Carlo binomial pricing model, based on the following
assumptions:
1st Window (2014)
2nd Window (2015)
3rd Window (2016)
Grant date
13 November 2013
13 November 2013
13 November 2013
Share purchase date
19 May 2014
19 May 2015
19 May 2016
End of retention period
19 May 2017
19 May 2018
19 May 2019
Residual life at grant date (in years)
0.35
1.35
2.35
Share price at grant date (Euro)
18.30
18.30
18.30
Expected volatility
29.27%
30.11%
36.79%
Risk-free interest rate
0.028%
0.052%
0.203%
Expected dividend %
2.830%
2.830%
2.830%
Option fair value at grant date (Euro)
18.04
17.54
17.11
Number of options
Options at start of year
-
Granted (*)
300,682
Cancelled
-
Exercised
-
Options at end of year
300,682
of which for Prysmian S.p.A. employees
36,015
of which vested at end of year
-
of which for Prysmian S.p.A. employees
-
of which exercisable
-
of which not vested at end of year
300,682
of which for Prysmian S.p.A. employees
36,015
All those who have adhered to the plan will also receive an
entry bonus of six free shares, taken from the Company’s
portfolio of treasury shares, only available at the time of first
purchase.
The shares purchased by participants, as well as those
received by way of discount and entry bonus, will generally
be subject to a retention period during which they cannot
be sold and the length of which varies according to local
regulations.
(*) The number of options has been determined on the basis of the number of shares expected to be bought by employees in the three purchase windows.
The information memorandum, prepared under art. 114-bis
of Legislative Decree 58/98 and describing the characteristics
of the above share purchase plan, is publicly available on the
Company’s website at
,
from its registered offices and from Borsa Italiana S.p.A..
As at 31 December 2013, Prysmian S.p.A. had made no loans
or given guarantees to any of its directors, senior managers or
statutory auditors.
