7. Summary of share and option plans 2017
This section has been audited by the external auditor as part of the Financial Notes to the Consolidated Statements of the Geberit Group.
In 2017, 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, a total of 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 2017 (ESPP) | 2019 | 2,785 | 19,783 | 239.77 |
| Management share purchase plan 2017 (MSPP) | 2020 | 110 | 14,204 | 435.95 |
| Directors programme 2017 | 2021 | 7 | 3,145 | 435.95 |
| Total | 37,132 |
The 37,132 shares required for these plans were taken from the stock of treasury shares.
In 2017, 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, a total of 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 2017 (MSPP) | 2018–2021 | 2024 | 110 | 14,204 | 435.95 |
| Option plan 2017 (MSOP) | 2020–2022 | 2027 | 93 | 109,590 | 435.95 |
| Total | 123,794 |
The fair value of the options granted in 2017 amounted to CHF 34.72 (MSPP) and CHF 39.87 (MSOP) 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 2017 (MSPP) | 435.95 | 16.95 | 2.28 | 7 | -0.33 |
| Option plan 2017 (MSOP) | 435.95 | 16.88 | 2.28 | 10 | -0.10 |
* The exercise price corresponds to the average price of Geberit shares for the period from 07.–20.03.2017. |
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Costs resulting from participation plans amounted to CHF 4.3 million in 2017 (previous year CHF 2.6 million); those for option plans totalled CHF 3.2 million (previous year CHF 2.9 million).