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if the beneficiaries are then still employed by an Autoneum company. Immediate vesting occurs in case
of death or retirement of the beneficiary. In case of employment termination, shares not yet vested
lapse without compensation. Exceptions are possible at the discretion of the Nomination and Compen-
sation Committee. The first vesting date was in spring 2015. Employee expenses resulting from
share-based compensation in course of the LTI are recognized over the vesting period. 4 109 shares
(2015: 3 783 shares) valued at CHF 224.50 (2015: CHF 213.60) were granted in 2016, and expenses
of CHF 0.8 million (2015: CHF 0.6 million) were recognized in wages and salaries.
Members of the Board of Directors receive part of their remuneration in Autoneum shares.
2 848 shares (2015: 3 311 shares) valued at CHF 198.04 (2015: CHF 182.84) were granted in 2016,
and expenses of CHF 0.6 million (2015: CHF 0.6 million) were recognized in wages and salaries.
Members of the Group Executive Board receive part of their remuneration in Autoneum
shares. 5 801 shares (2015: 6 423 shares) valued at a weighted average share price of CHF 266.30
(2015: CHF 191.60) were granted in 2016, and expenses of CHF 1.5 million (2015: CHF 1.2 million)
were recognized in wages and salaries.
6 Other expenses
CHF million
2016
2015
Energy, maintenance and repairs
156.6
148.8
Marketing and distribution costs
55.7
63.0
Operating leasing expenses
37.9
32.6
Audit and consulting expenses
22.5
20.9
IT and office expenses
20.1
16.9
Insurance and other charges
13.9
16.3
Settlement with the German Federal Cartel Office
–
31.5
Miscellaneous expenses
45.8
36.5
Total
352.6
366.6
7 Other income
CHF million
2016
2015
Gain from disposal of subsidiary or business
33.2
–
Gain from disposal of tangible assets
2.9
–
Rental income
1.1
0.8
Miscellaneous income
14.6
14.7
Total
51.8
15.5
Miscellaneous income contains mainly income generated with by-products arising during the
manufacturing process.
87
Autoneum
Financial Report 2016
Consolidated Financial Statements