7. Summary of share and option plans 2016
This section has been audited as part of the Financial Notes to the Consolidated Statements of Geberit Group.
In 2016 employees, management and the 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 17 of the consolidated financial statements (participation plans). 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 CHF |
|
|---|---|---|---|---|
| Employee share purchase plan 2016 (ESPP) | 2018 | 2,234 | 18,661 | 235.14 |
| Management share purchase plan 2016 (MSPP) | 2019 | 91 | 8,600 | 361.75 |
| Directors programme 2016 (DSPP) | 2020 | 6 | 3,616 | 361.75 |
| Total | 30,877 |
The 30,877 shares required for these plans were taken from the stock of treasury shares.
In 2016 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 2016 (MSPP) | 2017–2020 | 2023 | 91 | 8,600 | 361.75 |
| Option plan 2016 (MSOP) | 2019–2021 | 2026 | 88 | 122,619 | 361.75 |
| Total | 131,219 |
The fair value of the options granted in 2016 amounted to CHF 26.81 (MSPP) and CHF 31.42 (MSOP Group Executive Board) 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 price* |
Expected Ø volatility |
Expected Ø dividend yield |
Contractual period |
Risk free Ø interest rate |
|
|---|---|---|---|---|---|
| CHF | % | % | Years | % | |
| Management share purchase plan 2016 (MSPP) | 361.75 | 17.06 | 2.33 | 7 | -0.61 |
| Option plan 2016 (MSOP) | 361.75 | 17.43 | 2.33 | 10 | -0.42 |
| * The exercise price corresponds to the average price of Geberit shares for the period from 8. – 21.3.2016. | |||||
Costs resulting from participation plans amounted to CHF 2.6 million in 2016 (prior year CHF 3.0 million); those for option plans totalled CHF 2.9 million (prior year CHF 3.0 million).