Page 91 - Loomis Annual Report 2017

Loomis Annual Report 2017
Notes – Group 87
respectively.
Earnings for 2016 include amortization of acquisition-related
intangible assets of SEK –62 million which is included in Pro- duction expenses, and acquisition-related costs totaling SEK –56 million which is included in Production expenses of SEK –43 million and Selling and administrative expenses of SEK
–13 million respectively. Earnings for 2016 also include an item affecting comparability of SEK 81 million relating to a reported capital gain from the divestment of the general cargo opera- tions. This item affecting comparability is included in Production expenses in 2016.
Total personnel costs: Board of Directors, Presidents and other employees
SEK m
Europe
USA International Total
Salaries
7,354
Social security contributions
1,749
(of which pensions)
2016
(121) (48) (27) (196)
2017
2016
2017
2016
2017
3,885
3,541
219
3,738 3,356 260
1,162
581
51
1,089 598 63
(130)
(54)
(21)
7,645
1,794
(205)
2017
16,824
404
17,228
–12,622
4,606
–2,615
1,991
13
–122
1,882
–454
1,428
SEK m
Revenue, continuing operations Revenue, acquisitions
Total revenue
Production expenses
Gross income
Selling and administrative expenses
Operating income (EBIT)
Financial income Financial expenses Income before taxes Income tax
Net income for the year
2016
16,485 315 16,800
–12,517
4,283
–2,430
1,852
12 –129 1,735 –477 1,258
2016
12,435 9,100 439 21,974
See Note 30 for further information on the Group’s pensions and other long-term employee bene ts.
Remuneration for the President, Board of Directors and Group Management
The Chairman of the Board and board members receive a fee as determined by the Annual General Meeting. Decisions on guidelines for salaries and other remuneration for the President/ CEO and other members of Group Management are made by the Annual General Meeting based on proposals from the Board of Directors.
Principles of remuneration for the Board of Directors
Remuneration for Loomis’ current Board of Directors was adopted at the Annual General Meeting on May 4, 2017. The board members were appointed for the period until the 2018 Annual General Meeting. The fees outlined on page 89 repre- sent remuneration expensed during the nancial year. For infor- mation on fees and how they are distributed among the board members, see the table on page 89. The President does not receive any board fees.
Principles of remuneration adopted at the Annual General Meeting for the President/CEO and other members of Group Management
The principles of remuneration described below for Group Man- agement were adopted at the Annual General Meeting on May 4, 2017. The guidelines apply to agreements entered into after the AGM decision and to any changes in existing agreements after this date. The Board has the right to deviate from the guidelines if there are particular grounds for doing so in an individual case.
Remuneration for the President/CEO and other members of Group Management consists of a xed salary, variable remuner- ation, pension and insurance bene ts and a company car. Vari- able remuneration is based on performance in relation to targets within the individual area of responsibility, determined individually for each executive. Variable remuneration for the President/CEO is within the framework of the Company’s Annual Incentive Plan (AIP), maximized at 60 percent of xed salary. For other members of Group Management it is maximized at 80 percent of xed sal- ary. Variable remuneration within the framework of the Compa- ny’s Long-Term Incentive Plan (LTIP) is maximized at 40 percent of xed annual salary for the President and 50 percent of xed annual salary for other members of Group Management.
Pension rights for members of Group Management apply from the age of 65 and, where the executives are not cov-
ered by pension bene ts according to a collective agreement (ITP-plan), pension is in the form of a de ned contribution plan equivalent to maximum 30 percent of the xed annual salary. For members of Group Management who are not covered by collective agreements (ITP-plan), variable remuneration is not pensionable. Members of Group Management who reside out- side Sweden may be offered pension solutions that are compet- itive in the country where the individuals reside.
If notice of termination is given by the Company the notice period for members of Group Management is a maximum of 12 months with the right to severance pay after the end of the
NOTE 11
Personnel
Average number of full-time equivalent employees by gender
Women
Men
Total
Number
Europe
USA International Total
6,712
15,262
2017
3,252
19
4
81
2016
1
2
2017
6,660
299
13 1 2
2016
Im 2017, the number of board members and Presidents for all legal entities within the Group was 56 (51), of which 5 (3) were women..
Personnel costs: Board of Directors and Presidents
SEK m
Europe
USA International Total
Salaries
104
Social security contributions
16
(of which pensions)
(5)
(of which bonuses)
2016
(23) (12) (1) (36)
(of which pensions)
2016
(117) (48) (26) (191)
(0)
(1)
2017
3,844
3,777 2,829 106
8,675
8,658 6,271 333
12,519
9,912
380
7,177
15,634
22,811
2017
2016
2017
2016
2017
2016
2017
94
76 23 5
16
(4)
(4) (0) (1)
(23)
(9)
(0)
117
Also see Note 41 regarding the Parent Company.
Personnel costs: Other employees
18
(5)
(32)
SEK m
Europe
USA International Total
Salaries
7,251
Social security contributions
1,734
2017
3,522
215
2016
2017
581
49
2016
2017
3,791
3,662 3,333 256
1,146
1,075 598 61
(126)
(54)
(20)
7,528
1,776
(200)