PARTE IV – ENSUEÑO CAPÍTULO
RASTREAR EL CUERPO DE ENSUEÑO
in EUR k 2011 2010
Cost of raw materials, consumables and supplies and of merchandise 385,058 352,295 Cost of purchased services 6,105 6,436
391,163 358,731
Cost of materials primarily comprises expenditure for raw materials, energy, packaging, external production and cost of consumables and supplies.
(18) personnel Expenses
in EUR k 2011 2010
Wages and salaries 278,802 263,857 Social security and other benefit costs 63,982 62,745
Pension costs 4,879 4,342
347,663 330,944
The social security contributions contain expenses for defined contribution plans within the meaning of IAS 19 in the form of contributions to the German statutory pension insurance scheme of EUR 10.8m (prior year: EUR 10.5m).
(19) Gerresheimer Stock appreciation Rights (phantom Stocks)
A share-based remuneration system and appreciation rights (phantom stocks) were introduced for the first time in the financial year 2007 with a view to promote motivation and strengthen management loyalty to the Company.
To qualify, participants must have an employment relationship with Gerresheimer AG or one of its group entities on the date of share allocation of the phantom stocks. The phantom stocks granted are subject to a vesting period which runs from the issue date to the end of the 30th stock exchange trading day follow- ing the Annual General Meeting after the issue date. These stocks can then be converted into income by October 31 of the year after the next Annual General Meeting after the issue date takes place, assuming that the exercise target has been reached. The level of remuneration will depend on the development of the Gerresheimer share price. The plan stipulates that when the exercise target is reached, the Company has the option to issue Gerresheimer shares; however, payment is expected in cash.
The exercise target is reached when the target price of the allocated phantom stocks exceeds the initial price by at least 8 %. Share prices are compared using the non-weighted arithmetic mean of the closing prices recorded in the Xetra system of trading of the frankfurt Stock Exchange during the last 30 trading days prior to the date of exercise. however, the maximum amount payable to subscribers for all stock appreciation rights is limited to 25 % of the initial price multiplied by the number of stock appreciation rights.
A recognized option pricing model (binomial model) is used to determine the fair value of the phantom stocks. The volatility of the target value was set at 30 % p.a. and the employee turnover rate at 3 %. The return on German government bonds was taken as the risk-free interest rate (0.20 % p.a.).
Management Tranche 4 Tranche 5
Grant date
August 5, 2010/
June 11, 2007 August 4, 2011 Term of tranche October 31, 2012 October 31, 2013 End of the vesting period May 31, 2011 June 7, 2012 Issue price (in EUR) 25.00 32.48 Target price (in EUR) 27.00 35.08 Number of stock appreciation rights issued 242,000 233,500 Exercise threshold (in %) 8 8 fair value (in EUR k) 25 444 Maximum pay-out amount (in EUR k) 38 1,831
In addition to the tranches described above, the members of the Management Board were granted additional tranches for the years 2012 – 2016. After a waiting period of four years, a Management Board member is entitled to demand payment within an ensuing period of approximately sixteen months (exercise period) amounting to the appreciation in the value of Gerresheimer stock between the issue date and the exercise date (maturity date) assessed on the basis of the stock-exchange price. A condition for payment is that a value appreciation of at least 12 % or a higher percentage value appreciation than the MDAX occurs over the maturity period and that membership of the Management Board exists for at least one full year during the maturity period. The amount of the remuneration claim is capped for each tranche at an amount equivalent to 25 % of the stock exchange price of the stock when the stock appreciation rights were granted.
for determining the fair value of the appreciation rights granted to the Board Members the option pricing model described above was used based on the above assumptions.
Members of the Management Board Tranche 4 Tranche 5 Grant date february 9, 2010 february 9, 2010 Term of tranche October 31, 2015 October 31, 2016 End of the vesting period May 31, 2014 June 7, 2015 Issue price (in EUR) 25.00 32.48 Target price (in EUR) 28.00 36.38 Number of stock appreciation rights issued 310,000 270,000 Exercise threshold (in %) 12 12 fair value (in EUR k) 925 628 Maximum pay-out amount (in EUR k) 1,938 2,192
Based on the above assumptions, the fair value of the 2012 – 2016 tranches (tranches 6 to 10) is EUR 1,625k at the balance sheet date.
The phantom stocks developed as follows:
Management and members of the Management Board Tranche 3 Tranche 4 Tranche 5 As at November 30, 2008 0 0 0
Allocation 710,500 0 0
Exercise 0 0 0
Expired during the period 7,000 0 0
as at november 30, 2009 703,500 0 0
Allocation 6,000 552,000 0
Exercise 687,500 0 0
Expired during the period 5,000 2,000 0
as at november 30, 2010 17,000 550,000 0
Allocation 0 0 503,500
Exercise 12,000 228,000 0
Expired during the period 5,000 6,000 8,000
as at november 30, 2011 0 316,000 495,500
In the reporting period 228,000 stock appreciations rights of tranche 4 were exercised. The payment amounted to EUR 1,425k. Tranches 2 and 3 had expired as of the balance sheet date.
The provision for the phantom stock program amounted to EUR 1,129k as of the balance sheet date (prior year: EUR 775k). The expenses amounted to EUR 747k for the financial year 2011 (prior year: EUR 1,768k).
(20) Employees
Number (annual average) 2011 2010
Wage earners 7,623 7,180
Salaried employees 2,146 2,040
9,769 9,220
Trainees 247 260
number of employees and trainees 10,016 9,480
Tubular Glass 3,682 3,629
Plastic Systems 2,905 2,470
Moulded Glass 2,157 2,192
Life Science Research 1,179 1,099
head office 93 90
Employees by division 10,016 9,480
Germany 3,213 3,164
Europe (excluding Germany) 2,012 2,008