1.3 Personnel expenses

 

 

 

 

 

 

 

 

CHF million

 

 

Financial year ended 30.06.2019

%

 

Financial year ended 30.06.2018

%

Personnel expenses

 

 

1,055.1

100.0

 

1,045.6

100.0

Salaries and wages

 

 

847.0

80.2

 

847.0

80.9

Social security expenses

 

 

166.4

15.8

 

166.9

16.0

Share-based payments

 

 

9.1

0.9

 

9.1

0.9

Pension cost (see note 2.5)

 

 

25.7

2.4

 

19.8

1.9

Employment termination expenses

 

 

5.9

0.6

 

2.1

0.2

Other benefits

 

 

1.0

0.1

 

0.7

0.1

Employees at balance sheet date

 

 

15,829

 

 

15,801

 

Average number of full-time equivalent employees

 

 

15,811

 

 

16,433

 

Average number of employees per segment

 

 

15,811

100.0

 

16,433

100.0

Access Solutions AMER

 

 

2,875

18.2

 

3,078

18.7

Access Solutions APAC

 

 

3,326

21.0

 

3,836

23.3

Access Solutions DACH

 

 

3,481

22.0

 

3,506

21.3

Access Solutions EMEA

 

 

3,408

21.6

 

3,378

20.6

Key & Wall Solutions

 

 

2,296

14.5

 

2,139

13.0

Other

 

 

66

0.4

 

178

1.1

Corporate

 

 

359

2.3

 

318

2.0

Average number of employees per geographical region

 

 

15,811

100.0

 

16,433

100.0

Switzerland

 

 

804

5.1

 

802

4.9

Germany

 

 

3,022

19.1

 

3,084

18.8

Rest of EMEA

 

 

3,615

22.9

 

3,567

21.7

Americas

 

 

3,975

25.1

 

4,011

24.4

Asia Pacific

 

 

4,395

27.8

 

4,969

30.2

Share-based payments

The Compensation Committee nominates individual Executive Committee (EC) members and other members of Senior Management for long-term incentive awards. The long-term incentive award is split into two components: two-thirds are granted in the form of restricted shares of dormakaba subject to a three-year blocking period. This component of the award is designed to provide participants an ownership interest in the long-term value creation of the company by making them shareholders. The remaining third of the award is granted in the form of performance share units of dormakaba subject to a three-year performance-based vesting period. This component of the award is designed to reward participants for the future performance of the earnings per share (EPS) and, since the 2018/19 financial year, the relative Total Shareholder Return (TSR) of the company over the three-year performance period. The vesting level may range from 0% to a maximum of 200% of the original number of units granted (maximum of two shares for each performance share unit originally granted).

The fair value of the restricted shares corresponds to the value of the closing price of the dormakaba Holding AG share on the SIX Swiss Exchange as at the business day prior to the date of the allocation.

The fair value of the performance share units as at the grant date comprises adjustments for lost dividends during the vesting periods and the TSR performance condition. The expenses for the performance share units are allocated on a straight-line basis over the vesting period.

The restricted shares allocated to the members of the Board of Directors (BoD) are also blocked for three years.

Further information about the allocation of treasury shares is disclosed in the note on share capital and treasury shares (3.2), and further details about long-term incentive stock award plans are outlined in the Compensation Report.

Accounting principles

The fair value of the employee services received in exchange for shares is measured at the fair value of the shares as at the grant date and recognized as an expense with a corresponding entry in equity. Expenses for shares that vest immediately are recognized accordingly. Shares that are subject to future services are recognized over the vesting period.

 
 

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