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Overview

Shareholders' Equity and Ownership Structure

At 31 December 2021, the share capital of Prysmian S.p.A. amounted to Euro 26,814,424.60, comprising 268,144,246 ordinary shares with a nominal value of Euro 0.1 each.

The Company's free float was equal to 100% of the outstanding shares and major shareholdings (in excess of 3%) accounted for approximately 28% of total share capital, meaning there were no majority or controlling interests. Prysmian is now one of Italy's few globally present industrial concerns to have achieved true Public Company status in recent years.

 

 

The geographical ownership structure confirms the predominant and essentially stable presence of the United States, with 30% of capital held by institutional investors, followed by the United Kingdom with 27%, up from about 25% in the prior year. The weightings of France and Northern Europe, where investor awareness about ESG matters is generally greater, are also continuing to increase. At the end of 2021, France and Northern Europe contribute about 12% and 8% of all institutional investors, compared with 11% and 7% respectively in the prior year. In the meantime, the weighting of Italy has eased from 8% to 7%. The combined weighting of the other European countries is about 12%, down from 14% in the prior year. Among the main countries, Germany and Ireland have increased their weightings, while those of the Netherlands, Spain and Switzerland have decreased. There has also been a slight decline in the proportion of Asian investors (principally Japan and Hong Kong).

 
 

 

Overall, about 72% of capital is held by investment funds with Value, Growth or GARP (Growth at Reasonable Price) strategies. They anticipate the creation of value over the medium-long term and consider the current share price to be undervalued given the prospects offered by the fundamentals of the Company. With respect to 2020, there has been a slight increase in the number of shareholders adopting an Index investment (or passive) strategy, based on the main stock indices, while the weighting of the Hedge Fund component - with a shorter time horizon - has increased slightly to 5% from 4% in the prior year.

 

 

 

ESG investors have established an important and growing presence within the ownership structure of Prysmian, focusing their investment strategies on various Environmental, Social and Governance matters. Indeed, their weighting within the Prysmian ownership structure has increased substantially over the past 3 years, rising from about 13% in 2019 to 35% in 2020 and over 44% now. According to the latest Nasdaq data, this percentage is well above average for both the industrial sector and the Italian market, which is around 30% of all institutional investors. In absolute terms, Prysmian currently has 185 ESG investors, up strongly from 138 in the prior year and 55 just three years ago.

The increase in these investors within the ownership structure reflects not only the general growth of ESG investment, due to greater investor awareness about environmental, social and governance matters, but also market recognition of Prysmian’s strategy and firm commitment to the steady improvement of both the ESG and financial aspects of its performance. In addition, the greater attention paid to ESG investors and constant engagement with them by the Company and top management - with various organised activities, the Sustainability Day and dedicated meetings - have contributed to the further increase in their weighting within the ownership structure of the Company.