Financial report  >  Financial statements Geberit AG

Notes to the Financial Statements

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

  2. 1.2 Significant investments

  3. 1.3 Share capital

  4. 1.4 Capital contribution reserves

  5. 1.5 Treasury shares

  6. 1.6 Remuneration, loans and shareholdings of members of the board of directors and of the group executive board

      A. Baehny
    Chairman
    R. Spoerry
    Vice Chairman
    H. Reuter S. Ruoff J. Song J. Tang-
    Jensen
    Total
      CHF CHF CHF CHF CHF CHF CHF
    2012              
    Remuneration of the Board of Directors
    Accrued remuneration1 - 40,000 1,666 3,333 82,500 97,500 224,999
    Shares2 - 286,810 233,087 213,520 0 0 733,417
    Expenses - 10,000 10,000 10,000 7,500 7,500 45,000
    Contributions to social insurance - 16,966 14,062 13,001 0 0 44,029
    Total - 3 353,776 258,815 239,854 90,000 105,000 1,047,445

                  CHF
    Remuneration to former members of the Board of Directors
    Accrued remuneration1             -310,001
    Shares2             661,476
    Contributions to social insurance             27,350
    Expenses             5,000
    Total             383,825

      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             -250,000
    Shares2             504,363
    Contributions to social insurance             14,849
    Expenses             6,666
    Withholding tax             15,002
    Total             290,880
    1 Directors fee booked, but not yet paid as 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 of the company with a par value of CHF 0.10 each, 2-year blocking period, valued at CHF 171.64 (PY CHF 176.20), made up of CHF 192.85 (PY CHF 197.95) market value at grant date less CHF 21.21 (PY CHF 21.75) tax benefit for blocking period. The number of shares allocated is calculated based on the remuneration divided by the net price of CHF 96.43 (CHF 192.85 less 50% discount) (PY CHF 138.57 [CHF 197.95 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.

        2012     2011
      A. Baehny
    CEO
    Total   A. Baehny
    CEO
    Total
      CHF CHF   CHF CHF
    Remuneration of the Group Executive Board          
    Cash/deposits          
    - Fixed salary 946,803 2,861,729   936,806 2,689,830
    - Variable salary1 -64,737 490,705   57,078 817,313
    Shares/options          
    - Shares (instead of variable salary)1,2 552,565 1,128,444   478,157 832,827
    - Call options MSOP A3 179,755 327,146   68,974 192,527
    - Call options MSOP B4 163,093 296,822   66,770 186,375
    - Call options MSPP5 107,271 219,068   120,489 209,861
    Non-cash benefits          
    - Private share of company vehicle6 9,660 37,512   9,340 36,015
    Expenditure on pensions          
    - Pension plans and social insurance9 352,076 956,121   255,853 729,322
    - Contribution health/accident insurance 2,390 13,030   2,546 13,173
    Total7 2.248.8768 6,330,577   1.996.0138 5,707,243
    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, the total variable salary corresponds to the sum of the two lines “Variable salary” and “Shares (instead of variable salary)”. The amount on 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 of the company with a par value of CHF 0.10 each, 3-year blocking period, valued at CHF 161.90 (PY CHF 166.20), made up of market value at grant date of CHF 192.85 (PY CHF 197.95) less CHF 30.95 (PY CHF 31.75) 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 196.15 (PY CHF 217.60); definitive acquisition of the option (“vesting”) dependent on various conditions, 2-yearblocking period, market value of CHF 26.97 (PY CHF 38.49) 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 205.50 (PY CHF 228.00); definitive acquisition of the option (“vesting”) dependent on various conditions, 4-yearblocking period, market value of CHF 24.47 (PY CHF 37.26) 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 192.85 (PY CHF 197.95); definitive acquisition of the option (“vesting”) dependent on various conditions, 2-yearblocking period, market value of CHF 31.43 (PY CHF 41.88) 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 compensation of A. Baehny as Chair of the Board of Directors is covered by his salary as CEO.
    9 Including one of the compensation in pension provision due to pension scheme modifications (reduction of pension conversion rate and the technical interest rate).
    The parameters taken into consideration in the option valuation model are set out in  Note 18 “Participation plans” of the consolidated financial statements.

      A. Baehny
    Chairman
    R. Spoerry
    Vice Chairman
    H. Reuter S. Ruoff J. Song J. Tang-
    Jensen
    Total
    2012              
    Shareholdings Board of Directors
    Shares see Group Executive Board 4,912 4,623 2,595 1 220 12,351
    Share of voting rights   < 0,1% < 0,1% < 0,1% < 0,1% < 0,1% < 0,1%

      Maturity Average
    exercise price
    in CHF
    A. Baehny
    CEO
    R. Iff
    CFO
    W. Christen-
    sen
    M. Reinhard K. Spachmann Total
    2012                
    Shareholdings Group Executive Board
    Shares     49,684 21,823 6,086 2,206 3,084 82,883
    Percentage voting rights shares     0.13% < 0,1% < 0,1% < 0,1% < 0,1% 0.21%
                     
    Call options1                
    End of blocking period:                
    Lapsed 2013-2015 178.37 4,232 3,983 715 1,784 555 11,269
    2013 2014-2016 179.05 8,137 4,691 2,242 3,578 1,708 20,356
    2014 2015-2017 198.53 11,742 4,220 1,891 3,560 2,619 24,032
    2015 2016 228.00 1,792 957 753 1,017 483 5,002
    2016 2017 205.50 6,665 1,417 1,176 1,542 1,330 12,130
    Total options     32,568 15,268 6,777 11,481 6,695 72,789
    Percentage potential share of voting rights options     < 0,1% < 0,1% < 0,1% < 0,1% < 0,1% 0.19%
    1 Purchase ratio 1 share for 1 option

      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
    2011                
    Shareholdings Group Executive Board
    Shares     43,721 20,000 8,706 3,001 370 75,798
    Percentage voting rights shares     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
    Percentage potential share of voting rights options     < 0,1% < 0,1% < 0,1% < 0,1% < 0,1% 0.16%
    1 Purchase ratio 1 share for 1 option

  7. 1.7 Significant shareholders

  8. 1.8 Risk management

  9. 2. Other Disclosures required by the law