237
21. PERSONNEL COSTS
Personnel costs are detailed as follows:
Share-based payments
At 31 December 2012 and 31 December 2011, the Prysmian
Group had share-based compensation plans in place for
managers of Group companies and members of the 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 entitles the holder to subscribe to one share at a
price of Euro 4.65.
(in millions of Euro)
2012
2011
Wages and salaries
728
675
Social security
153
145
Fair value - stock option
17
7
Pension funds
6
4
Employee indemnity costs
-
-
Medical benefit costs
1
1
Termination and other benefits
6
4
Other personnel costs
50
35
Medium/long-term incentive plans
15
6
Non-recurring personnel costs:
Company reorganisation
64
39
Italian pensions reform
1
-
Total non-recurring personnel costs
65
39
Total
1,041
916
The following table provides further details about the stock option plan:
(1) Options can be exercised in specified periods only.
(in Euro)
31 December 2012
31 December 2011
Number of options
Exercise price Number of options
Exercise price
Options at start of year
198,237
4.65
737,846
4.65
Granted
-
4.65
-
4.65
Cancelled
-
-
-
-
Exercised
(115,300)
4.65
(539,609)
4.65
Options at end of year
82,937
4.65
198,237
4.65
of which vested at end of year
82,937
4.65
198,237
4.65
of which exercisable
(1)
-
-
-
-
of which not vested at end of year
-
4.65
-
4.65
