This section has been audited as part of the Financial Notes to the Consolidated Statements of Geberit Group.
In 2014 employees, management and members of the Board of Directors participated in three different share plans. The plans are described for the management and the Board of Directors in this Remuneration Report and for the employees in Note 18 of the consolidated financial statements. Under the three different share plans, the following numbers of shares were allocated.
| End of blocking period |
Number of participants |
Number of shares issued |
Issuing price CHF1 |
|
|---|---|---|---|---|
| Employee share purchase plan 2014 (ESPP) | 2016 | 1,845 | 20,687 | 155.07 |
| Management share purchase plan 2014 (MSPP) | 2017 | 70 | 13,320 | 281.95 |
| Directors program 2014 (DSPP) | 2018 | 6 | 3,505 | 281.95 |
| Total | 37,512 | |||
| 1 ESPP: The issuing price is the average closing price during the subscription period (4.–17.3.2014) with a discount of 45% based on the company’s performance in 2014, per plan rules. MSPP and DSPP: Issuing price corresponds to the average closing price of the share during the 10 trading days prior to the grant date. |
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The 37,512 shares required for these plans were taken from the stock of treasury shares.
In 2014 Geberit management participated in two different option plans (MSPP and MSOP). The plans are described in this Remuneration Report. Under the two different option plans, the following numbers of options were allocated.
| End of vesting period |
Maturity | Number of participants |
Number of options allocated |
Exercise price CHF |
|
|---|---|---|---|---|---|
| Management share purchase plan 2014 (MSPP) | 2015–2018 | 2021 | 70 | 13,320 | 281.95 |
| Option plan 2014 (MSOP) / Group Executive Board | 2016–2018 | 2021 | 5 | 64,647 | 281.95 |
| Option plan 2014 (MSOP) / Other management | 2015–2018 | 2021 | 64 | 62,428 | 281.95 |
| Total | 140,395 |
The fair value of the options grant in 2014 amounted to CHF 23.65 at the respective grant date. The fair value was determined using the binomial model for “American Style Call Options”.
The calculation model was based on the following parameters:
| Exercise price1 |
Expected volatility |
Expected Ø dividend yield |
Contractual period |
Risk free interest rate |
|
|---|---|---|---|---|---|
| CHF | % | % | Years | % | |
| Management share purchase plan 2014 (MSPP) | 281.95 | 13.500 | 3.80 | 7 | 0.868 |
| Option plan 2014 (MSOP) | 281.95 | 13.500 | 3.80 | 7 | 0.868 |
1 The exercise price corresponds to the average price of Geberit shares for the period from 4.–17.3.2014.
Costs resulting from participation plans amounted to CHF 2.9 million in 2014 (prior year 2.6 million), those for option plans totaled 2.5 million (prior year 2.6 million).