Financial Statements Geberit AG

Notes to the Financial Statements

  1. 1.1 Guarantees, assets pledged in favor of third parties

  2. 1.2 Convertible Bond

  3. 1.3 Significant investments

  4. 1.4 Share capital

  5. 1.5 Capital contribution reserves

  6. 1.6 Treasury shares

  7. 1.7 Captital increases

  8. 1.8 Remuneration, loans and shareholdings of members of the board of directors and of the group executive board

      A. Baehny
    Chairman    		 R. Spoerry Vice Chairman R. Hanslin R. Heber-
    lein    		 H. Reuter S. Ruoff Total
      CHF CHF CHF CHF CHF CHF CHF
    2011              
    Remuneration of the Board of Directors              
    Accrued remuneration1 - 43,334 -13,333 6,667 -26,666 1 10,003
    Shares2 - 152,413 146,422 162,633 198,578 152,413 812,459
    Expenses - 10,000 10,000 10,000 10,000 10,000 50,000
    Contributions to social insurance - 9,686 6,995 7,870 12,189 9,686 46,426
    Total - 3 215,433 150,084 187,170 194,101 172,100 918,888

     

      CHF
    Remuneration to former members of the Board of Directors  
    Accrued remuneration1 -243,334
    Shares2 504,363
    Contributions to social insurance 14,849
    Withholding tax 15,002
    Total 290,880

     

      G. F. Kelm Chairman H.Reuter Vice Chairman R.Hanslin R.Heber-
    lein    		 H. Hess S. Ruoff R.Spoerry Total
      CHF CHF CHF CHF CHF CHF CHF CHF
    2010                
    Remuneration of the Board of Directors                
    Accrued remuneration1   13,334 13,333     59,999 59,999 146,665
    Shares2 292,337 182,942 146,421 146,421 212,548 80,111 80,111 1,140,891
    Expenses 10,000 10,000 10,000 10,000 10,000 10,000 10,000 70,000
    Contributions to social insurance 14,569 10,993 6,854 6,854   5,123 5,123 49,516
    Total 316,906 217,269 176,608 163,275 222,548 155,233 155,233 1,407,072

     

      CHF
    1 Directors fee booked, but not yet paid as at December 31. Negative amounts result if the provision in the previous year was higher than the provision in the current year.
    2 Remuneration is in the form of registered shares in the company with a par value of CHF 0.10 each, 2-year blocking period, valued at CHF 176.20 (PY CHF 168.30), made up of CHF 197.95 (PY CHF 189.10) market value at grant date less CHF 21.75 (PY CHF 20.80) tax benefit for blocking period. The number of shares allocated is calculated on the base fee divided by the net price of CHF 138.57 (CHF 197.95 less 30% discount) (PY CHF 132.37 [CHF 189.10 less 30% discount]).
    3 The remuneration of A. Baehny as a Chairman of the Board is included in his total CEO compensation.
    The description of the program can be seen in → Note 18 “Participation plans” of the consolidated financial statements.    		  
    Remuneration to former members of the Board of Directors  
    Accrued remuneration1 -30,000
    Shares2 31,304
    Contributions to social insurance 1,858
    Withholding tax 10,597
    Total 13,759

     

      2011   2010
      A. Baehny
    CEO    		 Total   A. Baehny
    CEO    		 Total
      CHF CHF   CHF CHF
    1 The variable salary which consists of shares and cash is not paid out in the current business year but in the following year. Therefore, the figures disclosed in the table follow the accrual principle, which means that the figures disclosed represent the amount accrued and charged to the P&L in the current year for payment in the following year. In the table, this amount corresponds to the sum of the two lines “Variable salary” and “Shares (instead of variable salary)”. The amount of the line “Shares (instead of variable salary)” is based on the number of shares granted in the current business year (which is equal to the whole or a part of the variable salary accrued in the previous year). As the total of the two lines represent the costs for the current business year correctly, the line “Variable salary” can show a negative amount if the overall variable salary component has decreased compared to previous year.
    2 Registered shares in the company with a par value of CHF 0.10 each, 3-year blocking period, valued at CHF 166.20 (PY CHF 158.75), made up of market value at grant date of CHF 197.95 (PY CHF 189.10) less CHF 31.75 (PY CHF 30.35) tax benefit for blocking period.
    3 Call options A on registered shares of the company with a par value of CHF 0.10 each, issued within the scope of the Management Stock Option Program (MSOP); 1 option entitles to purchase 1 registered share at an exercise price of CHF 217.60 (PY CHF 197.20); definitive acquisition of the option (“vesting”) dependent on various conditions, 2-year blocking period, market value of CHF 38.49 (PY CHF 37.83) using the binomial method.
    4 Call options B on registered shares of the company with a par value of CHF 0.10 each, issued within the scope of the Management Stock Option Program (MSOP); 1 option entitles to purchase 1 registered share at an exercise price of CHF 228.00 (PY CHF 206.60); definitive acquisition of the option (“vesting”) dependent on various conditions, 4-year blocking period, market value of CHF 37.26 (PY CHF 35.17) using the binomial method.
    5 Call options on registered shares of the company with a par value of CHF 0.10 each, issued within the scope of the Management Share Participation Program (MSPP); 1 option entitles to purchase 1 registered share at an exercise price of CHF 197.95 (PY CHF 189.10); definitive acquisition of the option (“vesting”) dependent on various conditions, 2-year blocking period, market value of CHF 41.88 (PY CHF 38.55) using the binomial method.
    6 Valuation in accordance with the guidelines of the Swiss Federal Tax Administration FTA (0.8% of the purchase cost per month).
    7 Immaterial payments (below CHF 500) are not included in the total. Overall, these payments do not exceed CHF 2,000 per member of the Group Executive Board.
    8 The remuneration of A. Baehny as Chairman of the Board of Directors is included in his CEO compensation.
    The parameters taken into consideration in the option valuation model are set out in → Note 18 “Participation plans” of the consolidated financial statements.
    Remuneration of the Group Executive Board          
    Cash/deposits          
    - Fixed salary 936,806 2,689,830   836,810 2,629,930
    - Variable salary1 57,078 817,313   140,971 988,281
    Shares/options          
    - Shares (instead of variable salary)1.2 478,157 832,827   407,670 783,431
    - Call options MSOP A3 68,974 192,527   62,949 202,654
    - Call options MSOP B4 66,770 186,375   58,523 188,407
    - Call options MSPP5 120,489 209,861   98,996 190,243
    Non-cash benefits          
    - Private share of company vehicle6 9,340 36,015   9,180 38,534
    Expenditure on pensions          
    - Pension plans and social insurance 255,853 729,322   230,134 717,233
    - Contribution health/accident insurance 2,546 13,173   2,443 13,092
    Total7 1,996,0138 5,707,243   1,847,676 5,751,805

     

      A. Baehny
    Chairman    		 R. Spoerry Vice Chairman R. Hanslin R. Heber-
    lein    		 H. Reuter S. Ruoff Total
    2011              
    Shareholdings Board of Directors              
    Shares see Group Executive Board 2,241 363,151 91,880 3,265 1,351 461,888
    Share of voting rights   < 0.1% 0.91% 0.23% < 0.1% < 0.1% 1.16%

     

      Maturity Average
    exercise
    price
    in CHF
    		 A. Baehny CEO R. Iff
    CFO    		 W. Christen-
    sen    		 M. Reinhard K. Spachmann Total
    1 Purchase ratio 1 share for 1 option  
    2011                
    Shareholdings Group Executive Board                
    Shares     43,721 20,000 8,706 3,001 370 75,798
    Share of voting rights     0.11% < 0.1% < 0.1% < 0.1% < 0.1% 0.19%
                     
    Call options1                
    End of blocking period:                
    Lapsed 2012–2014 163.95 6,320 1,660 2,285 2,730 3,295 16,290
    2012 2013–2015 178.37 6,782 3,983 1,370 3,314 1,545 16,994
    2013 2014–2016 179.05 8,137 4,691 2,242 3,578 1,708 20,356
    2014 2015 206.60 1,664 980 715 1,018 555 4,932
    2015 2016 228.00 1,792 957 753 1,017 483 5,002
    Total options     24,695 12,271 7,365 11,657 7,586 63,574
    Potential share of voting rights     < 0.1% < 0.1% < 0.1% < 0.1% < 0.1% 0.16%

     

      Maturity Average
    exercise
    price
    in CHF
    		 G. F. Kelm Chairman H. Reuter Vice Chairman R. Hanslin R. Heber-
    lein    		 H. Hess S. Ruoff R. Spoerry Total
    1 Purchase ratio 1 share for 1 option
    2010                    
    Shareholdings Board of Directors                    
    Shares     661,936 2,138 368,270 88,957 7,027 486 1,376 1,130,190
    Share of voting rights     1.61% < 0.1% 0.89% 0.22% < 0.1% < 0.1% < 0.1% 2.74%
                         
    Call options1                    
    End of blocking period:                    
    Lapsed 2011 120.77     5,250         5,250
    Total options         5,250         5,250
    Potential share of voting rights         < 0.1%         < 0.1%

     

      Maturity Average
    exercise
    price
    in CHF
    		 A. Baehny
    CEO    		 R. Iff
    CFO    		 W. Christen-
    sen    		 M. Reinhard Total
    1 Purchase ratio 1 share for 1 option
    2010              
    Shareholdings Group Executive Board              
    Shares     29,467 20,000 6,617 4,051 60,135
    Share of voting rights     < 0.1% < 0.1% < 0.1% < 0.1% 0.15%
                   
    Call options1              
    End of blocking period:              
    Lapsed 2011–2013 164.03 15,915 5,639 1,140 1,870 24,564
    2011 2012–2014 144.67 10,892 3,906 3,234 4,776 22,808
    2012 2013–2015 178.37 6,782 3,983 1,370 3,314 15,449
    2013 2014 121.60 3,468 2,040 1,489 2,121 9,118
    2014 2015 206.60 1,664 980 715 1,018 4,377
    Total options     38,721 16,548 7,948 13,099 76,316
    Potential share of voting rights     < 0.1% < 0.1% < 0.1% < 0.1% 0.19%

     

  9. 1.9 Significant shareholders

  10. 1.10 Risk management

  11. 2. Other Disclosures required by the law