IFRS7 – FINANCIAL RISK MANAGEMENT: ADDITIONAL INFORMATION
Regarding the risks of the business, the main financial risks identified, monitored and actively managed by the company are the following:
a) The interest rate risk from exposure to movement in interest rates;
b) The credit risk from the possibility of a counterparty defaulting;
c) The liquidity risk resulting from a lack of financial resources to meet short term commitments.
Interest rate risk
Fluctuation in interest rates affects the market value of financial assets and the level of net financial expense.
The company continuously monitors its exposure to interest rate risk and manages this risk by investing in financial instruments that are consistent with its long-term funding through the CIR bond 5.75%/2024.
Sensitivity analysis
A parallel shift of one percentage point up or down of the 3 month Euribor rate would have the following effects on floating rate assets:
|
(amounts in thousands of euro) |
31.12.2010 |
|
|
Shifts |
-1% |
+1% |
|
Change in Income Statement |
(629) |
624 |
|
Change in Equity |
485 |
(465) |
Credit risk
Credit risk means the exposure of the company to potential losses resulting from the failure of a counterparty to meet its obligations. In relation in particular to the financial counterparty risk resulting from the investment of liquidity and from derivatives positions, counterparties are selected according to guidelines which set out the characteristics of the counterparties suitable for financial transactions. The list of possible counterparties includes both national and international companies with a high credit rating.
The company has not had any cases of default of its counterparties.
At December 31 2010 there were no significant concentrations of credit risk.
Valuation of financial assets and liabilities
The fair value of financial assets and liabilities is determined as follows:
· The fair value of financial assets and liabilities with standard terms and conditions listed on an active market is measured based on prices quoted in the active market;
· The fair value of other financial assets and liabilities (excluding derivative instruments) is measured using generally accepted valuation techniques based on discounted cash flows and using variables such as prices seen in recent market transactions and broker quotes for similar instruments.
More specifically, for valuing certain investments in bond instruments in the absence of a regularly functioning market, i.e. a sufficient ongoing number of deals, a bid-offer spread and a reduced level of volatility, the determination of the fair value of these instruments is mainly based on quotations supplied by prime international brokers at the request of the Company, which are validated by comparing them with prices in the market, albeit for a modest number of deals, or prices observable for instruments with similar characteristics.
Liquidity risk
Liquidity risk is the risk that financial resources may not be available or may be available only at a monetary cost. The company’s long-term debt, which refers to the note issued in December 2004 for a nominal 300 million with maturity in 2024, was given a rating of BBB- by Standard & Poor’s. As things stand today the company believes that it will be able to fulfil its expected financial needs on the basis of its free cash flow and expected future cash inflows. The objective of liquidity risk management is not only that of guaranteeing sufficient available financial resources to cover short term commitments, but also to ensure where necessary a sufficient level of operating flexibility for the development programs within the Group.
In compliance with the requirements of accounting principle IFRS 7, the following charts give information regarding the various categories of financial assets and liabilities and the classes of risk of financial instruments.
CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES SHOWN IN THE BALANCE SHEET
FINANCIAL YEAR 2010
|
(in thousands of euro) |
|||||||||||||
|
|
Bal. Sheet items
|
Value in Bal. Sheet
|
Assets at FV through P&L designated as such on initial recognition |
Assets at FV through P&L classified as held for trading |
Loans & receivables
|
Investments held to maturity
|
Available for sale financial assets
|
Liabilities at FV through P&L designated as such on initial recognition |
Liabilities at FV through P&L classified as held for trading |
Liabilities at amortized cost
|
Fair value
|
Effect on income statement
|
Effect on equity
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other equity investments |
4.d |
132 |
-- |
-- |
-- |
-- |
132 |
-- |
-- |
-- |
132 |
22 |
-- |
|
Other receivables |
4.e |
101.211 |
-- |
-- |
101.211 |
-- |
-- |
-- |
-- |
-- |
101.211 |
2.915 |
-- |
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sundry receivables |
5.a |
12.361 |
-- |
-- |
12.361 |
-- |
-- |
-- |
-- |
-- |
12.361 |
-- |
-- |
|
Financial receivables |
5.b |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Securities |
5.c |
60.675 |
60.675 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
60.675 |
6.847 |
-- |
|
Available-for-sale financial assets |
5.c |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Cash and cash equivalents |
5.d |
171.615 |
-- |
-- |
171.615 |
-- |
-- |
-- |
-- |
-- |
171.615 |
758 |
-- |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds and notes |
7.a |
(297.404) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
(297.404) |
(252.061) |
(17.381) |
-- |
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
8.a |
(5.386) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
(5.386) |
(5.386) |
-- |
-- |
CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES SHOWN IN THE BALANCE SHEET
FINANCIAL YEAR 2009
|
(in thousands of euro) |
|||||||||||||
|
|
Bal. Sheet items
|
Value in Bal. Sheet
|
Assets at FV through P&L designated as such on initial recognition |
Assets at FV through P&L classified as held for trading |
Loans and receivables
|
Investments held to maturity
|
Available for sale assets
|
Liabilities at FV through P&L designated as such on initial recognition |
Liabilities at FV through P&L classified as held for trading |
Liabilities at amortized cost
|
Fair value
|
Effect on income statement
|
Effect on equity
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other equity investments |
4.d |
132 |
-- |
-- |
-- |
-- |
132 |
-- |
-- |
-- |
132 |
30 |
-- |
|
Other receivables |
4.e |
133.297 |
-- |
-- |
133.297 |
-- |
-- |
-- |
-- |
-- |
133.297 |
3.273 |
-- |
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sundry receivables |
5.a |
4.428 |
-- |
-- |
4.428 |
-- |
-- |
-- |
-- |
-- |
4.428 |
48 |
-- |
|
Financial receivables |
5.b |
1.418 |
1.418 |
|
|
|
|
|
|
|
1.418 |
3.487 |
1.085 |
|
Securities |
5.c |
101.584 |
101.584 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
101.584 |
5.667 |
-- |
|
Available-for-sale financial assets |
5.c |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Cash and cash equivalents |
5.d |
172.613 |
-- |
-- |
172.613 |
-- |
-- |
-- |
-- |
-- |
172.613 |
389 |
-- |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds and notes |
7.a |
(296.169) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
(296.169) |
(228.991) |
(17.440) |
-- |
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade payables |
8.a |
(13.565) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
(13.565) |
(13.565) |
-- |
-- |
CLASSES OF RISK - FINANCIAL YEAR 2010
|
(in thousands of euro) |
||||||
|
|
Bal. Sheet items |
Value in Bal. Sheet |
Liquidity risk |
Int. rate risk |
Exch. rate risk |
Credit risk |
|
|
||||||
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
Other equity investments |
4.d |
132 |
-- |
-- |
-- |
132 |
|
Other receivables |
4.e |
101.211 |
-- |
-- |
-- |
101.211 |
|
CURRENT ASSETS |
|
|
|
|
|
|
|
Sundry receivables |
5.a |
12.361 |
-- |
-- |
-- |
12.361 |
|
Financial receivables |
5.b |
-- |
-- |
-- |
-- |
-- |
|
Securities |
5.c |
60.675 |
-- |
-- |
-- |
60.675 |
|
Available-for-sale financial assets |
5.c |
-- |
-- |
-- |
-- |
-- |
|
Cash and cash equivalents |
5.d |
171.615 |
-- |
171.615 |
-- |
-- |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
Bonds and notes |
7.a |
(297.404) |
(297.404) |
-- |
-- |
-- |
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
Trade payables |
8.a |
(5.386) |
(5.386) |
-- |
-- |
-- |
CLASSES OF RISK - FINANCIAL YEAR 2009
|
(in thousands of euro) |
||||||
|
|
Bal. Sheet items |
Value in Bal. Sheet |
Liquidity risk |
Int. rate risk |
Exch. rate risk |
Credit risk |
|
|
||||||
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
Other equity investments |
4.d |
132 |
-- |
-- |
-- |
132 |
|
Other receivables |
4.e |
133.297 |
-- |
-- |
-- |
133.297 |
|
CURRENT ASSETS |
|
|
|
|
|
|
|
Sundry receivables |
5.a |
4.428 |
-- |
-- |
-- |
4.428 |
|
Financial receivables |
5.b |
1.418 |
-- |
1.418 |
-- |
-- |
|
Securities |
5.c |
101.584 |
-- |
-- |
-- |
101.584 |
|
Available-for-sale financial assets |
5.c |
-- |
-- |
-- |
-- |
-- |
|
Cash and cash equivalents |
5.d |
172.613 |
-- |
172.613 |
-- |
-- |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
Bonds and notes |
7.a |
(296.169) |
(296.169) |
-- |
-- |
-- |
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
Trade payables |
8.a |
(13.565) |
(13.565) |
-- |
-- |
-- |
CREDIT RISK
|
(in thousands of euro) |
|||||||||||
|
Position at December 31 2010 |
Bal. Sheet |
Total |
Not yet |
Overdue by > |
0 - 30 days |
30 - 60 |
60 - 90 |
over 90 |
Amt. due |
Write-downs |
|
|
items |
receivable |
due |
|
|
|
|
|
settled |
|
||
|
Other receivables |
4.c |
|
|
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
Gross receivable |
|
101.211 |
101.211 |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
Provision for write-down |
|
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Sundry receivables |
5.a |
|
|
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
Gross receivable |
|
12.361 |
12.224 |
137 |
4 |
115 |
-- |
18 |
-- |
|
|
|
Provision for write-down |
|
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
Total |
|
113.572 |
113.435 |
137 |
4 |
115 |
-- |
18 |
-- |
-- |
|
|
(in thousands of euro) |
|||||||||||
|
Position at December 31 2009 |
Bal. Sheet |
Total |
Not yet |
Overdue by > |
0 - 30 days |
30 - 60 |
60 - 90 |
over 90 |
Amt. due |
Write-downs |
|
|
items |
receivable |
due |
|
|
|
|
|
settled |
|
||
|
Other receivables |
4.c |
133.297 |
133.297 |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
Gross receivable |
|
133.297 |
133.297 |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
Provision for write-down |
|
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Sundry receivables |
5.a |
4.428 |
4.422 |
6 |
6 |
-- |
-- |
-- |
-- |
|
|
|
Gross receivable |
|
4.428 |
4.422 |
6 |
6 |
-- |
-- |
-- |
-- |
|
|
|
Provision for write-down |
|
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
Total |
|
137.725 |
137.719 |
6 |
6 |
-- |
-- |
-- |
-- |
-- |
LIQUIDITY RISK - FINANCIAL YEAR 2010
|
(in thousands of euro) |
|||||||
|
|
<1 |
>1 <2 |
>2 <3 |
>3 <4 |
>4 <5 |
>5 |
Total |
|
|
year |
years |
years |
years |
years |
years |
|
|
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
Bonds and notes |
17.250 |
17.250 |
17.250 |
17.250 |
17.250 |
455.250 |
541.500 |
|
Trade payables |
5.386 |
-- |
-- |
-- |
-- |
-- |
5.386 |
|
TOTAL |
22.636 |
17.250 |
17.250 |
17.250 |
17.250 |
455.250 |
546.886 |
LIQUIDITY RISK - FINANCIAL YEAR 2009
|
(in thousands of euro) |
|||||||
|
|
<1 |
>1 <2 |
>2 <3 |
>3 <4 |
>4 <5 |
>5 |
Total |
|
|
year |
years |
years |
years |
years |
years |
|
|
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
Bonds and notes |
17.250 |
17.250 |
17.250 |
17.250 |
17.250 |
472.500 |
558.750 |
|
Trade payables |
13.565 |
-- |
-- |
-- |
-- |
-- |
13.565 |
|
TOTAL |
30.815 |
17.250 |
17.250 |
17.250 |
17.250 |
472.500 |
572.315 |
EMOLUMENTS PAID TO DIRECTORS, STATUTORY AUDITORS AND GENERAL MANAGERS
The chart below shows the information required by Article 78 of Consob Resolution no. 11971 of May 14 1999 and subsequent amendments and additions.
|
(in thousands of euro) |
|
|
|
|
|
|
|
|
|
Last name and first name |
Position |
Dates position held |
Expiry of mandate |
Emoluments for position in company preparing Financial Statements |
Non monetary benefits |
Bonuses and other incentives |
Other fees |
Notes |
|
DE BENEDETTI CARLO |
Honorary Chairman * |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
135 |
-- |
-- |
430 |
(1)(2)(3) (7) |
|
MICOSSI STEFANO |
Chairman |
1.1.10-31.12.10 |
Appr. F. Stat. 2010 |
220 |
-- |
-- |
-- |
(1)(2) |
|
DE BENEDETTI RODOLFO |
Chief Executive & General Manager |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
720 |
-- |
-- |
771 |
(1)(2)(7) (8) |
|
PIASER ALBERTO |
General Manager |
1.1.10-31-12-10 |
-- |
-- |
-- |
-- |
393 |
(7) (8) |
|
BRACCHI GIAMPIO |
Director |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
35 |
-- |
-- |
-- |
(1) (4) |
|
DEBENEDETTI FRANCO |
Director |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
20 |
-- |
-- |
-- |
(1) |
|
FERRERO PIERLUIGI |
Director |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
70 |
-- |
30 |
49 |
(1)(2)(6) (7) |
|
GERMANO GIOVANNI |
Director |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
50 |
-- |
-- |
20 |
(1)(3)(4) (7) |
|
GIRARD FRANCO |
Director |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
30 |
-- |
-- |
7 |
(1)(5) (7) |
|
MANCINELLI PAOLO |
Director |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
30 |
-- |
-- |
-- |
(1)(5) |
|
PARAVICINI CRESPI LUCA |
Director |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
35 |
-- |
-- |
40 |
(1)(4) (7) |
|
RECCHI CLAUDIO |
Director |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
20 |
-- |
-- |
-- |
(1) |
|
SEGRE MASSIMO |
Director |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
20 |
-- |
-- |
248 |
(1)(11) |
|
TABELLINI GUIDO |
Director |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
45 |
-- |
-- |
-- |
(1) (3) (5) |
|
ZANNI UMBERTO |
Director |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
35 |
-- |
-- |
-- |
(1) (3) |
|
MANZONETTO PIETRO |
Chairman of the Board of Statutory Auditors |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
60 |
-- |
-- |
-- |
|
|
NANI LUIGI |
Statutory Auditor |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
40 |
-- |
-- |
-- |
|
|
ZINGALES RICCARDO |
Statutory Auditor |
1.1.10-31-12-10 |
Appr. F. Stat. 2010 |
40 |
-- |
-- |
235 |
(10) |
* All fees are paid to Romed Sp.A.
1) Fees for the position include the fees of € 20,000 approved by the AGM.
2) Fees for the position include fees for special positions as per Art. 2389 parag. 3 approved by the Board in favour of:
De Benedetti Carlo € 100,000
Micossi Stefano € 200,000
De Benedetti Rodolfo € 700,000
Ferrero Pierluigi € 50,000
3) Fees for the position include fees for members of Compensation Committee approved by the Board of € 15,000.
4) Fees for the position include fees for members of Internal Control Committee approved by the Board of € 15,000.
5) Fees for the position include fees for members of Appointments Committee approved by the Board of € 10,000.
6) Bonuses and other incentives approved by the Board of Directors.
7) Other fees include fees for positions held in other companies of the Group.
8) Other fees include employee salary.
9) Other fees include fees for professional services in the company preparing these financial statements and in companies directly and indirectly controlled by the same.
10) Other fees include fees for the position of Statutory Auditor in other companies of the Group.
11) Other fees include fees for professional services in the company preparing these financial statements and in companies directly or indirectly controlled by the same.
Stock Option Plans
As required by Consob Resolution no. 11971 of May 14 1999 and subsequent amendments and additions, it should be stated that CIR has set up stock option plans for employees of the Group.
At December 31 2010 stock option plans issued as from the year 2000 were still valid for a total of 43,660,300 options, as can be seen from the chart in note 23 of the Notes to the Consolidated Financial Statements.
With reference to the plans issued in the last three years, it should be said that:
-
On
April 29 2008 the Shareholders Meeting voted to assign to the Chief Executive
Officer and executives of the Company options, each of which will give the
right to receive a gross sum equal to the difference between the market value of
the share in the vesting period and the market value of the share at time the
option was assigned, according to terms and conditions set out in the
Regulations of “Incentive Plan (phantom stock options)
These options were assigned in 2 equal tranches for a total of 6,250,000 options.
The Regulations also stipulate that the essential condition for exercise of the options is that the assignee must be permanently employed by the Company as of the date of exercise of the options, except in cases of retirement, permanent invalidity or death.
The subscription price was set at € 1.6806 per share for the first tranche options and at € 1.0718 per share for the second tranche options.
The first tranche options can be exercised by each beneficiary as from September 30 2008, every three months, up to the final maturity of September 30 2018, while the second tranche options can be exercised by each beneficiary from March 31 2010, every three months, until the final maturity of March 31 2019.
-
On
April 30 2009 the Shareholders Meeting voted to assign options to the Chief
Executive Officer, executives of the Company, of the parent company and of the
subsidiaries for the subscription of shares according to the terms and
conditions set out in the Regulations of “Extraordinary Stock Option Plan
-
On
April 30 2009 the Shareholders Meeting voted to assign to the Chief Executive
Officer and executives of the Company, of its parent company and of its
subsidiaries options for the subscription of shares according to the terms and
conditions set out in the Regulations of “Stock Option Plan
-
On April 30 2010 the
Shareholders Meeting voted to assign to the Chief Executive Officer and
executives of the Company, of its parent company and of its subsidiaries
options for the subscription of shares according to the terms and conditions
set out in the Regulations of “Stock Option Plan
The following chart shows information regarding stock options assigned to Directors and General Managers.
STOCK OPTIONS ASSIGNED TO DIRECTORS AND GENERAL MANAGERS
|
|
|
Options held at start of |
Options assigned during |
Options exercised during |
Options |
Options held at end of |
||||||||
|
the year |
the year |
the year |
expired in the year |
the year |
||||||||||
|
Last name and first name |
Position held |
No. of options |
Average strike price |
Average maturity |
No. of options |
Average strike price |
Average maturity |
No. of options |
Average strike price |
Average market price |
No. of options |
No. of options |
Average strike price |
Average maturity |
|
|
(years) |
(years) |
(years) |
|||||||||||
|
DE BENEDETTI RODOLFO |
CEO & GM |
|
|
|
|
|
|
|||||||
|
Stock Option Plan 7/3/2000 |
|
1.500.000 |
3,70 |
|
|
|
|
1.500.000 |
-- |
|||||
|
Stock Option Plan 30/1/2001 |
|
1.000.000 |
2,62 |
|
|
|
|
|
1.000.000 |
2,62 |
||||
|
Stock Option Plan 5/9/2003 |
|
112.500 |
1,13 |
|
|
|
|
|
112.500 |
1,13 |
||||
|
Stock Option Plan 12/3/2004 |
|
275.000 |
1,60 |
|
|
|
|
|
275.000 |
1,60 |
||||
|
Stock Option Plan 6/9/2004 |
|
1.250.000 |
1,56 |
|
|
|
|
|
1.250.000 |
1,56 |
||||
|
Stock Option Plan 11/1/2005 |
|
10.000.000 |
2,15 |
|
|
|
|
10.000.000 |
-- |
|||||
|
Stock Option Plan 11/3/2005 |
|
1.350.000 |
2,34 |
|
|
|
|
|
1.350.000 |
2,34 |
||||
|
Stock Option Plan 6/9/2005 |
|
1.250.000 |
2,49 |
|
|
|
|
|
1.250.000 |
2,49 |
||||
|
Stock Option Plan 2006 1st tranche |
|
1.250.000 |
2,50 |
|
|
|
|
|
1.250.000 |
2,50 |
||||
|
Stock Option Plan 2006 2nd tranche |
|
1.250.000 |
2,47 |
|
|
|
|
|
1.250.000 |
2,47 |
||||
|
Extraordinary Stock Option Plano 2009 1st tranche (*) |
|
1.750.000 |
3,0877 |
|
|
|
|
1.750.000 |
3,0877 |
|||||
|
Extraordinary Stock Option Plan 2009 2nd tranche (*) |
|
1.750.000 |
2,7344 |
|
|
|
|
1.750.000 |
2,7344 |
|||||
|
Extraordinary Stock Option Plan 2009 3rd tranche (*) |
|
1.750.000 |
1,6806 |
|
|
|
|
1.750.000 |
1,6806 |
|||||
|
Extraordinary Stock Option Plan 2009 4th tranche (*) |
|
1.750.000 |
1,0718 |
|
|
|
|
1.750.000 |
1,0718 |
|||||
|
Stock Option Plan 2009 1st tranche |
|
1.750.000 |
0,9907 |
|
|
|
|
1.750.000 |
0,9907 |
|||||
|
Stock Option Plan 2009 2nd tranche |
|
1.750.000 |
1,5449 |
|
|
|
|
1.750.000 |
1,5449 |
|||||
|
Stock Option Plan 2010 1st tranche |
|
|
1.750.000 |
1,6208 |
|
|
|
1.750.000 |
1,6208 |
|||||
|
Stock Option Plan 2010 2nd tranche |
|
|
|
|
1.750.000 |
1,4982 |
9,96 |
|
|
|
|
1.750.000 |
1,4982 |
|
|
TOTAL |
|
29.737.500 |
2,156 |
6,08 |
3.500.000 |
1,5595 |
|
|
|
|
11.500.000 |
21.737.500 |
1,9562 |
6,38 |
|
PIASER ALBERTO |
G.M. |
|
|
|
|
|
|
|||||||
|
Stock Option Plan 12/3/2004 |
|
12.000 |
1,60 |
|
|
|
|
|
12.000 |
1,60 |
||||
|
Stock Option Plan 6/9/2004 |
|
48.000 |
1,56 |
|
|
|
|
|
48.000 |
1,56 |
||||
|
Stock Option Plan 11/3/2005 |
|
400.000 |
2,34 |
|
|
|
|
|
400.000 |
2,34 |
||||
|
Stock Option Plan 6/9/2005 |
|
300.000 |
2,49 |
|
|
|
|
|
300.000 |
2,49 |
||||
|
Stock Option Plan 2006 1st tranche |
|
300.000 |
2,50 |
|
|
|
|
|
300.000 |
2,50 |
||||
|
Stock Option Plan 2006 2nd tranche |
|
300.000 |
2,47 |
|
|
|
|
|
300.000 |
2,47 |
||||
|
Extraordinary Stock Option Plan 2009 1st tranche (*) |
|
420.000 |
3,0877 |
|
|
|
|
420.000 |
3,0877 |
|||||
|
Extraordinary Stock Option Plan 2009 2nd tranche (*) |
|
420.000 |
2,7344 |
|
|
|
|
420.000 |
2,7344 |
|||||
|
Extraordinary Stock Option Plan 2009 3rd tranche (*) |
|
420.000 |
1,6806 |
|
|
|
|
420.000 |
1,6806 |
|||||
|
Extraordinary Stock Option Plan 2009 4th tranche (*) |
|
294.000 |
1,0718 |
|
|
|
|
294.000 |
1,0718 |
|||||
|
Stock Option Plan 2009 1st tranche |
|
344.400 |
0,9907 |
|
|
|
|
344.400 |
0,9907 |
|||||
|
Stock Option Plan 2009 2nd tranche |
|
420.000 |
1,5449 |
|
|
|
|
420.000 |
1,5449 |
|||||
|
Stock Option Plan 2010 1st tranche |
|
|
|
420.000 |
1,6208 |
|
|
|
420.000 |
1,6208 |
||||
|
Stock Option Plan 2010 2nd tranche |
|
|
|
|
420.000 |
1,4982 |
9,96 |
|
|
|
|
420.000 |
1,4982 |
|
|
TOTAL |
|
3.678.400 |
2,0999 |
7,52 |
840.000 |
1,5595 |
|
|
|
|
|
4.518.400 |
1,9950 |
7,01 |
(*) Plans resulting from the transformation of Phantom Stock Option Plans
STOCK OPTION ASSEGNATE AGLI AMMINISTRATORI