PDF (7.3 MB) - GILDEMEISTER Interim Report 3rd Quarter 2012

Consolidated Financial Statements of gildemeister Aktiengesellschaft: Notes to the Consolidated Financial Statements 157The release of provisions and value adjustments involves a number of provisions andvalue adjustments which were set up in previous years and have not been fully used.A breakdown of the dissolution of provisions can be found on page 180 of the notesto the consolidated financial statements.Income from changes in exchange rates can be seen in relation to exchange rate andcurrency losses in other operating expenses and is offset against these.Income from the refund of expenses and on-debiting mainly include income from theon-debiting of advertising charges in customer journals of € 3,090 k (previous year:€ 1,969 k) and refunds of charges from the German Unemployment Office for part-timeretirement agreements of € 187 k (previous year: € 532 k). Income from licenses grantedin the previous year resulted from the granting of licenses for specific rights of use.Other income includes € 431 k (previous year: € 648 k) of accrued earnings fromsale-and-lease back transactions that are classified as financial lease arrangements wheregildemeister is the lessee and € 276 k (previous year: € 301 k) income from sublettingarrangements where gildemeister is the lessor.9 cost of materialsThe purchased services relate predominantly to expense for external production.10 personnel costsFor financial year 2010, the total remuneration of the Executive Board amounted to€ 4,638 k (previous year: € 3,533 k); of which direct remuneration of Executive Boardmembers accounted for € 4,027 k (previous year: € 2,988 k), the fixed remunerationaccounted for € 1,821 k (previous year: € 1,673 k), the sti for € 1,295 k (previous year:€ 400 k) and the lti for € 0 k (previous year € 0 k), as the ebit margin set for the tranchewas not achieved in the allocation year 2010. Some € 800 k was awarded as paymentfor services rendered for 2010. Benefits in kind accounted for € 111 k (previous year:€ 115 k). In addition, an amount of € 611 k (previous year: € 565 k) was spent on pensioncommitments. Former members of the Executive Board and their surviving dependantsreceived € 618 k (previous year: € 604 k). Pension provisions for former members of theExecutive Board and their surviving dependants amounted to € 8,635 k (previous year:€ 7,063 k).The remuneration structure for the Executive Board and the Supervisory Board isexplained in the Management Report on page 71 et seq. An individual and detailedpresentation of the Executive Board remuneration in the financial year is set out in theCorporate Governance Report page 70 et seq.Advances and loans to officers were not granted nor was any liability assumedin favour of officers. Nor did the companies of the gildemeister group pay anyremuneration to officers for services personally rendered, in particular consulting andintroduction services.In the financial year 2010 pension plan expenses in the group, including employer’scontributions to the statutory pension insurance, amounted to € 20,479 k (previous year:€ 23,467 k). This includes the employers’ contributions to the statutory pension insuranceamounting to € 17,473 k (previous year: € 19,129 k).consolidated financialstatements