327
Personnel costs have increased in 2012 relative to 2011 partly
as a result of higher management bonuses and incentives, as
discussed in Note 23.
Retirement pension costs (Euro 1,658 thousand) refer to the
amount of employee indemnity liability accruing in the year
and paid by the Company into supplementary pension funds or
into the special fund established by INPS (Italy’s social security
agency) following the changes introduced under Law 296/06.
Other personnel costs mostly reflect the recognition of
liabilities for the new long-term incentive plan 2011-2013 which
will be settled in 2014; more details can be found in the later
paragraph on “Long-term incentive plan”.
Share-based payments
At 31 December 2012 and 31 December 2011, Prysmian S.p.A.
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
(Mercato Telematico Azionario - 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.
These are detailed as follows:
15. PERSONNEL COSTS
The following table provides further details about the stock option plan:
(1)
Options can be exercised in specified periods only.
(in thousands of Euro)
2012
2011
Wages and salaries
29,720
24,900
Social security
7,152
5,969
Retirement pension costs
1,658
1,546
Non-recurring personnel costs (income):
Company reorganisation
2,979
3,306
Total non-recurring personnel costs (income)
2,979
3,306
Other personnel costs
9,958
5,693
Total
51,467
41,414
(in Euro)
31 December 2012
31 December 2011
Number options
Exercise price
Number 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 Prysmian Spa
65,333
4.65
145,265
4.65
of which vested at end of year
82,937
4.65
198,237
4.65
of which Prysmian Spa
65,333
4.65
145,265
4.65
of which exercisable
(1)
-
-
-
-
of which not vested at end of year
-
4.65
-
4.65
of which Prysmian Spa
-
4.65
-
4.65
