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     4    		 R. Spoerry
    Vice Chairman    		 H. Reuter F. Ehrat J. Song J. Tang-
    Jensen    		 Total
      CHF CHF CHF CHF CHF CHF CHF
    2013              
    Remuneration of the Board of Directors
    Accrued remuneration 1 - 320,000 222,500 150,000 170,000 200,000 1,062,500
    Expenses - 15,000 15,000 11,250 15,000 15,000 71,250
    Contributions to social insurance - 15,071 10,714 7,438 6,066 9,701 48,990
    Total - 350,071 248,214 168,688 191,066 224,701 1,182,740

                  CHF
    Remuneration of former members of the Board of Directors
    Accrued remuneration 50,000
    Expenses             3,750
    Contributions to social insurance 2,469
    Total             56,219

      A. Baehny
    Chairman     4    		 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
    Remuneration              
    - Fixed remuneration - 210,000 140,000 130,000 82,500 97,500 660,000
    - Variable remuneration - 140,043 93,384 86,684 54,843 64,846 439,800
    Total remuneration 2 - 350,043 233,384 216,684 137,343 162,346 1,099,800
    thereof drawn in shares in 2013 3   333,621 222,183 206,230 103,346 122,305 987,685
                   
    Expenses - 10,000 10,000 10,000 7,500 7,500 45,000
    Contributions to social insurance - 16,422 11,201 10,454 6,799 7,893 52,769
    Total - 376,465 254,585 237,138 151,642 177,739 1,197,569

    1 Directors fee booked, but not yet paid as at December 31. Payment will be made in the first quarter of 2014 in the form of restricted shares. The blocking period is 4 years.
    2 The total remuneration for 2012 was calculated based on the fixed fee and the share discount of 40% granted under the Employee Share Plan 2013 in March 2013. The size of the Employee Share Plan discount is based on the performance of the previous year. For 2013, the compensation regulations of the board have been changed. From 2013, the compensation for the Board of Directors no longer includes a variable component.
    3 The remuneration is paid out in the form of registered shares in the company with a par value of CHF 0.10 each, 4-year blocking period, valued at fair value at grant date of CHF 231.20. The part not paid in shares is used for the payment of social charges and for Swiss withholding taxes for non Swiss board members.
    4 The remuneration of A. Baehny as Chairman of the Board is compensated with his total CEO remuneration.

        2013     2012
      A. Baehny
    CEO    10    		 Total   A. Baehny
    CEO    		 Total
      CHF CHF   CHF CHF
    Remuneration of the Group Executive Board
    Salary          
    - Fixed salary 946,803 2,861,729   946,803 2,861,729
    - Variable salary 1 831,086 2,507,682   596,580 1,792,510
    thereof in shares in 2013 2       596,496 1,028,378
    Shares/options          
    - Call options MSOP 2012 A 3 0 0   179,755 327,146
    - Call options MSOP 2012 B 4 0 0   163,093 296,822
    - Call options MSOP 2013 5 548,526 1,110,585   0 0
    - Call options MSPP 62,797 6 108,264 6   107,271 7 219,068 7
    Non-cash benefits          
    - Private share of company vehicle 8 9,660 38,792   9,660 37,512
    Expenditure on pensions          
    - Pension plans and social insurance 196,283 752,034   352,076 11 956,121 11
    - Contribution health/accident insurance 2,262 12,390   2,390 13,030
    Total 9 2,597,417 7,391,476   2,357,628 6,503,938

    1 The amounts to be paid respectively the amounts effectively paid are shown. The payment of the variable salary occurs ​​in the following year. The member of the Group Executive Board are free to choose between a payment in shares or in cash.
    2 Registered shares of the company with a par value of CHF 0.10 each, 3-year blocking period, valued at fair market value at grant date of CHF 231.20 (PY CHF 192.85).
    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; definitive acquisition of the option (“vesting”) dependent on various conditions, 2-year blocking period, market value of CHF 26.97 determined 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; definitive acquisition of the option (“vesting”) dependent on various conditions, 4-year blocking period, market value of CHF 24.47 determined 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 Stock Option Programm (MSOP); 1 option entitles to purchase 1 registered share at an exercise price of CHF 231.20; definitive acquisition of the option (“vesting”) dependent on various conditions, 2-4-year blocking period (3 tranches at 33.3%), market value of CHF 24.34 determined using the binomial method. Effective January 1 2013, the MSOP program has been amended by implementing a performance-based vesting criteria (→ Note 18 Participation plans of the consolidated financial statements),
    6 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) related to the payout of the variable salary for the year 2012 and 2011 respectively; 1 option entitles to purchase 1 registered share at an exercise price of CHF 231.20; definitive acquisition of the option (“vesting”) dependent on various conditions, 1-4-year blocking period (4 tranches at 25%), market value of CHF 24.34 determined using the binomial method.
    7 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; definitive acquisition of the option (“vesting”) dependent on various conditions, 2-year blocking period, market value of CHF 31.43 determined using the binomial method.
    8 Valuation in accordance with the guidelines of the Swiss Federal Tax Administration FTA (0.8% of the purchase cost per month).
    9 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.
    10 The remuneration of A. Baehny as Chairman of the Board of Directors is compensated with his total CEO remuneration.
    11 Including one-off compensation in pension provision due to pension scheme modifications (reduction of pension conversion 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 F. Ehrat J. Song J. Tang-
    Jensen    		 Total
    2013              
    Shareholdings Board of Directors
    Shares see Group
    Executive Board    		 6,355 5,584 200 448 749 13,336
    Percentage voting rights shares   < 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
    2013                
    Shareholdings Group Executive Board
    Shares     45,201 20,000 1,489 1,940 3,084 71,714
    Percentage voting rights shares     0.12% < 0.1% < 0.1% < 0.1% < 0.1% 0.19%
                     
    Call options 1
    Vesting period:
    Vested 2014–2016 217.60 1,792 957 0 1,017 1,038 4,804
    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
    2014–2017 2020 231.20 25,116 7,356 4,968 7,016 5,620 50,076
    Total options     47,107 14,907 8,788 14,152 11,090 96,044
    Percentage potential share of voting rights options     0.12% < 0.1% < 0.1% < 0.1% < 0.1% 0.25%

    1 Purchase ratio 1 share for 1 option

      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
    Percentage voting rights shares   < 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 options 1
    Vesting period:
    Vested 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

    As at the balance sheet date there were no outstanding loans or credits between the company and the members of the Board of Directors or the member of the Group Executive Board.

  7. 1.7 Significant shareholders

  8. 1.8 Risk management

  9. 1.9 Additional information

  10. 2. Other Disclosures required by the law