2012 Annual Report - Italcementi Group

2012 Annual Report
Presentation 4
General information 14
Annual Report Consolidated Annual Report Directors’ report 146
Sustainability disclosure Italcementi S.p.A. Annual Report Separate financial statements 241
Extraordinary session 351
Stock options
The company has set up stock option plans for directors and managers who have particular roles in the Group.
Stock options refer to ordinary shares; the features of the plans are described in the Directors’ report in the
sections on Corporate Governance and Stock option plans. The exercise of options is on a 1:1 basis.
The terms and conditions of Italcementi S.p.A. stock option plans at December 31, 2012 were as follows:
Grant date
No. options
granted
Exercise period
Options
exercised
Options
cancelled
Unexercised
options
Subscription price
per share
March 17, 2005 1,053,600 3.17.2008 - 3.16.2015 6,475 28,900 1,018,225 €
13.387
March 7, 2006 631,403 3.7.2009 - 3.6.2016 4,187 50,325 576,891 €
16.890
March 7, 2007 1,020,200 3.7.2010 - 3.6.2017 - 49,525 970,675 €
23.049
March 26, 2008 623,300 3.26.2011 - 3.25.2018 - - 623,300 €
12.804
June 4, 2008 1,564,750 6.4.2011 - 6.3.2018 - - 1,564,750 €
13.355
Total 4,893,253 10,662 128,750 4,753,841
The grant date is the date of the Board of Directors’ meeting that approved the stock option plan.
The average residual life of unexercised options is approximately 2 years and 1 month.
The number and average exercise price of options in the periods in question are set out below:
2012 2011
number of options
average subscription
price
average subscription
number of options
price
Unexercised options at start of year 4,794,966 € 15.637 5,230,216 € 15.447
Cancelled during the period * ( 435,250)
Unexercised options at end of year 4,794,966 € - 4,794,966 € 15.637
Vested options at end of year 4,794,966
* in 2011 a lower grant on the plan on 4 June 2008
The average ordinary share price in financial year 2012 was 4.37 euro (5.9 euro in 2011).
The option exercise price at December 31, 2012 was between 12.804 euro and 23.049 euro.
Only options granted after November 7, 2002 that had not vested at December 31, 2003 were measured and
recognized at the date of transition to the IFRS.
The amortization of the vesting period for Italcementi S.p.A. stock option plans ended during 2011, therefore in
2012 no cost was recorded:
(in thousands of euro)
Grant date
No. options
granted
Employee expense
Vesting period 2012 2011
March 7, 2007 796,443 3 years - -
June 20, 2007 701,250 3 years - -
March 26, 2008 520,840 3 years - 105
June 4, 2008 620,750 3 years - ( 611)
Total 2,639,283 - ( 506)
289
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