217
11. SHARE CAPITAL AND RESERVES
Consolidated equity has increased by Euro 55 million since 31
December 2011, mainly reflecting the net effect of:
• the net profit for the year of Euro 171 million;
• the dividend distribution of Euro 45 million;
• negative currency translation differences of Euro 24
million;
• the change of Euro 17 million in the share-based
compensation reserve linked to the Stock Option Plan;
• the increase of Euro 1 million in share capital and other
reserves due to exercise of the Stock Option Plan 2007-
2012;
• the negative post-tax change of Euro 46 million in actuarial
gains on employee benefits;
• the negative post-tax change of Euro 6 million in the fair
value of derivatives designated as cash flow hedges;
• the negative amount of Euro 22 million for changes in the
scope of consolidation of which: Euro 9 million following
completion of the squeeze-out, under art. 2.359c of the
Dutch Civil Code, to purchase the 478,878 ordinary shares
in Draka Holding N.V. that did not accept the public mixed
exchange and cash offer for all the ordinary shares in
Draka Holding N.V.; Euro 2 million for the purchase of the
remaining 30% of Draktel Optical Fibre S.A.; Euro 1 million
for the purchase of the remaining 25% of Neva Cables Ltd;
Euro 10 million for the deconsolidation of the investments
in Ravin Cables Ltd. and Power Plus Cables LLC.;
• the release of put options reported at 31 December 2011,
relating to the purchase of non-controlling interests in
Draktel Optical Fibre S.A. (Euro 3 million) and to non-
controlling interests in Ravin Cable Ltd. (Euro 6 million).
At 31 December 2012, the share capital of Prysmian S.p.A.
comprises 214,508,781 shares with a total value of Euro
21,450,878.10.
Treasury shares
The treasury shares held at the beginning of the year were
acquired under the shareholders’ resolution dated 15 April
2008, which gave the Board of Directors the authority for
an 18-month maximum period to buy up to 18,000,000
ordinary shares. This period was subsequently extended to
(1)
Capital increases relating to the Draka Group acquisition (31,824,570 shares) and to the exercise of part of the options under the Stock Option Plan 2007-2012
(539,609 shares).
(2)
Capital increases relating to the exercise of part of the options under the Stock Option Plan 2007-2012.
Movements in the ordinary shares and treasury shares of Prysmian S.p.A. are reported in the following table:
October 2010 under a resolution adopted on 9 April 2009.
During 2011 the number of treasury shares increased following
the acquisition of Draka Holding N.V., which holds 10,669
Prysmian S.p.A. shares.
Ordinary shares
Treasury shares
Total
Balance at 31 December 2010
182,029,302
(3,028,500)
179,000,802
Capital increase
(1)
32,364,179
-
32,364,179
Treasury shares
-
(10,669)
(10,669)
Balance at 31 December 2011
214,393,481
(3,039,169)
211,354,312
Ordinary shares
Treasury shares
Total
Balance at 31 December 2011
214,393,481
(3,039,169)
211,354,312
Capital increase
(2)
115,300
-
115,300
Treasury shares
-
-
-
Balance at 31 December 2012
214,508,781
(3,039,169)
211,469,612
