11. Capital issued and reserves attributable to owners of the parent

Details are as follows:

€ million
9/30/2015
12/31/2014
Change
Share capital
246.2 246.2 0.0
Reserves
8,902.9 8,092.9 810.0
Treasury stock
(344.1) (344.1) 0.0
Total 8,805.0 7,995.0 810.0

Details of changes during the period are as follows:

€ million
 
Balance at December 31, 2014 7,995.0
Fair value adjustments on investments and other financial assets:
 
 - PartnerRe 32.6
 - Allied World Assurance Company Holdings 23.0
 - The Black Ant Value Fund  (7.5)
 - Other financial assets
23.9
   
Reclassification of fair value to income statement:
 
 - Allied World Assurance Company Holdings (60.4)
 - The Black Ant Value Fund  (6.1)
 - Other financial assets
(9.9)
   
Measurement of derivative financial instruments of EXOR and companies in the Holdings System
7.4
   
Dividends paid by EXOR
(77.8)
Attributable other net changes recorded in equity, shown by EXOR, its subsidiaries and the investments consolidated and accounted for using the equity method:  
 - Exchange differences on translating foreign operations
174.3
 - Other
99.5
   
Profit attributable to owners of the parent
611.0
Net change during the period 810.0
Balance at September 30, 2015 8,805.0

EXOR stock option plans

The change during the first nine months of 2015 is as follows:

  2008-2019 Plan   2012-2021 Stock Option Plan   2015-2018 Plan
  Stock Option   Company Performance Stock Grant   Stock Grant
Balance at December 31, 2014 6,112,000   1,377,600 166,666   0
Options awarded and forfeited     (344,400) 1,500 (a) 28,032
Balance at September 30, 2015 6,112,000 (b) 1,033,200 168,166   28,032
Cost referring to the first nine months of  2015 (€ million):            
 - personnel costs 0.4   0.3 0.5   -
 - compensation to the Chairman and Chief Executive Officer 0.9   0.2 -   -
 - compensation to directors -   - -   0.1
Total 1.3   0.5 0.5   0.1
Cost referring to  the third quarter of 2015 (€ million):            
 - personnel costs 0.1   0.1 0.2   -
 - compensation to the Chairman and Chief Executive Officer 0.3   0.1 -   -
 - compensation to directors -   - -   -
Total 0.4   0.2 0.2   -
Cost referring to the first nine months of  2014 (€ million):            
 - personnel costs 0.5   0.3 0.4   -
 - compensation to the Chairman and Chief Executive Officer 0.9   0.3 -   -
Total 1.4   0.6 0.4   -
Cost referring to  the third quarter of 2014 (€ million):            
 - personnel costs 0.1   0.1 0.1   -
 - compensation to the Chairman and Chief Executive Officer 0.3   0.1 -   -
Total 0.4   0.2 0.1   -
(a) Of which 4,500 options awarded and 3,000 options forfeited. (b) Corresponding to 1,619,680 shares.

The reduction in the number of “Company Performance” options is the result of not having reached the specific performance targets linked to the change in EXOR’s NAV, which was lower than the change in the MSCI World Index in Euro in 2014.

2015-2018 Stock Option Plan

During the first nine months of 2015 the directors of EXOR were awarded 28,032 options under the new Incentive Plan approved by the shareholders’ meeting on May 29, 2015. The purpose of the Incentive Plan is to align the compensation of the directors with the strategic objectives of the company, as an alternative to the cash compensation established by the shareholders’ meeting. The Plan provides for free shares to be awarded for a total maximum number of 70,000 EXOR shares to the directors who decide to join the Plan, subject to the continuation of their appointment as company director up to the vesting date in 2018. The Plan will be serviced exclusively by treasury stock without the issue of new shares, and, therefore, will have no dilutive effect.

Commercial Register No.64236277 Legal notes | Credits