Consolidated Financial Statements >
Directors’ Report
40
| 2012 annual report prysmian group
PRYSMIAN AND THE FINANCIAL MARKETS
The listing of Prysmian’s ordinary shares, resulting from
the sale of 46% of the shares held by Goldman Sachs Group
Inc., took place on 3 May 2007 at a price of Euro 15 per share,
corresponding to a capitalisation of Euro 2.7 billion. Subsequent
to the listing, Goldman Sachs Group Inc. gradually reduced its
interest in the company, control of which it had acquired in July
2005, by placing the remaining 54% of the shares with selected
investors in several successive stages: i) 22% in November
2007, ii) 14% in November 2009, iii) 17% in March 2010. Valerio
Battista, Chief Executive Officer of Prysmian S.p.A., announced
on occasion of the last sale that he had purchased 1,500,000
shares, corresponding to around 0.8% of share capital and
taking his total shareholding to 1.2%, which he raised to
approximately 1.4% during the course of 2011 and 2012.
At 31 December 2012, the Company’s free float was equal to
100% of the outstanding shares and major shareholdings
(in excess of 2%) accounted for approximately 23% of total
share capital, meaning there were no majority or controlling
interests. Prysmian is now one of Italy’s few globally present
industrial companies that has achieved public company status
in recent years.
At 31 December 2012, the share capital of Prysmian S.p.A.
amounted to Euro 21,450,878.10, comprising 214,508,781
ordinary shares with a nominal value of Euro 0.1 each. The
ownership structure at this date was as follows.
The ownership structure by geographical area confirms the
predominant share of American and British investors, who at
the end of 2012 accounted for more than 50% of the capital
held by institutional investors; they were followed by Italian
institutional investors with 14% and by the French with 8%.
Lastly, worth noting is the increase in the proportion of Asian
investors since the prior year, particularly those from Hong
Kong.
Approximately 75% of the share capital held by institutional
investors is represented by investment funds with Value or
Growth strategies, therefore focused on a medium to long-
term time horizon. There has also been a large increase in
the proportion of shareholders adopting an Index investment
strategy, based on the principal stock indices; in fact, this
increase is consistent with the greater weight of the Prysmian
stock within such indices.
Prysmian is now one of Italy’s few globally present industrial companies that has achieved
public company status.
Ownership structure by type and major shareholders
OWNERSHIP STRUCTURE
