PARENT COMPANY >
FINANCIAL STATEMENTS AND EXPLANATORY NOTES
330
| 2012 annual report prysmian group
The fair value of the options has been determined using the Cox-Ross-Rubistein binomial pricing model, based on the following
assumptions:
At 31 December 2012, the options have an average remaining
life of 1 year.
At 31 December 2012, the overall cost recognised in the income
statement under “Personnel costs” in relation to the fair
value of the options granted has been estimated at Euro 5,557
thousand.
The information memorandum, prepared under art. 114-bis
of Legislative Decree 58/98 and describing the characteristics
of the above incentive 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 2012, there are no loans or guarantees by
the Parent Company or its subsidiaries to any of the directors,
senior managers or statutory auditors.
(*) The number of options shown has been determined assuming that the objective achieved is a mean between the Target and the Adjusted EBITDA upper limit.
The following table provides further details about the plan:
(in Euro)
For consideration
For no consideration
Number options (*)
Exercise price Number options (*)
Exercise price
Options at start of year
2,131,500
0.10
2,017,223
-
Granted
-
0.10
5,772
-
Cancelled
-
-
(132,120)
-
Exercised
-
0.10
-
-
Options at end of year
2,131,500
0.10
1,890,875
-
of which Prysmian Spa
645,396
0.10
669,132
-
of which vested at end of year
-
0.10
-
-
of which Prysmian Spa
-
0.10
-
-
of which exercisable
-
-
-
-
of which not vested at end of year
2,131,500
0.10
1,890,875
-
of which Prysmian Spa
645,396
0.10
669,132
-
Options for consideration
Options for no consideration
Grant date
2 September 2011
2 September 2011
Remaining life at grant date (in years)
2.33
2.33
Exercise price (Euro)
0.10
-
Expected volatility
45.17%
45.17%
Risk-free interest rate
1.56%
1.56%
Expected interest rate
3.96%
3.96%
Option fair value at grant date (Euro)
10.53
10.63
