Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Employee Benefits Expense

v3.22.1
Employee Benefits Expense
12 Months Ended
Dec. 31, 2021
Classes of employee benefits expense [abstract]  
Employee Benefits Expense

13. Employee benefits expense

Employee benefits expense are detailed as follows:

 

 

 

For the years ended December 31,

 

(EUR thousand)

 

2021

 

 

2020

 

 

2019

 

Included in Cost of sales:

 

 

 

 

 

 

 

 

 

Wages and salaries

 

 

134,619

 

 

 

123,773

 

 

 

112,687

 

Social security costs

 

 

25,610

 

 

 

22,720

 

 

 

19,815

 

Pension costs

 

 

4,917

 

 

 

4,260

 

 

 

3,965

 

Included in Selling and Marketing expenses:

 

 

 

 

 

 

 

 

 

Wages and salaries

 

 

12,716

 

 

 

11,522

 

 

 

11,033

 

Social security costs

 

 

1,531

 

 

 

1,278

 

 

 

1,422

 

Pension costs

 

 

403

 

 

 

363

 

 

 

349

 

Included in General and Administrative expenses:

 

 

 

 

 

 

 

 

 

Wages and salaries

 

 

26,106

 

 

 

17,313

 

 

 

14,907

 

Social security costs

 

 

3,589

 

 

 

2,900

 

 

 

2,795

 

Pension costs

 

 

545

 

 

 

545

 

 

 

374

 

Cash settled awards

 

 

(10,831

)

 

 

2,394

 

 

 

1,284

 

Stock grant plan

 

 

1,740

 

 

 

 

 

 

 

Included in Research and Development expenses:

 

 

 

 

 

 

 

 

 

Wages and salaries

 

 

9,089

 

 

 

6,327

 

 

 

4,184

 

Social security costs

 

 

1,270

 

 

 

857

 

 

 

645

 

Pension costs

 

 

331

 

 

 

232

 

 

 

194

 

Total employee benefits expense

 

 

211,635

 

 

 

194,484

 

 

 

173,654

 

 

For the year ended December 31, 2021 personnel costs amount to EUR 211,635 thousand (respectively EUR 194,484 thousand in 2020 and EUR 173,654 thousand in 2019) including non-recurring accrual reversal of EUR (9,884) thousand related to cash settled awards under incentive plans 2012-2021 and 2018-2022 (early terminated in favor of the new stock grant plan 2021-2027). For the years ended December 31, 2020 and 2019 the expenses related to cash settled awards amounted to EUR 2,394 thousand and EUR 1,284 thousand respectively. In the consolidated statement of profit or loss, cash settled awards expenses as well as the stock grant expenses, are mainly included into the General and Administrative line item.

For the year ended December 31, 2021 personnel costs increase by EUR 17,151 thousand compared to the year ended December 31, 2020 and are mainly included in Cost of Sales as a consequence of the new hires to support business growth. Personnel costs increase also in Research and Development due to the significant increase in total number of headcounts and related seniority and geographical allocation of new hires needed to support the new organizational structure of the area. The increase in personnel costs included in General and Administrative expenses is mainly due to the non-recurring out of cycle bonus to personnel amounting to EUR 6,526 thousand which partially off-set the above mentioned cash settled award release.

For the year ended December 31, 2020 personnel costs increase by EUR 20,830 thousand compared to the year ended December 31, 2019 and are mainly included in Cost of Sales as a consequence of the higher production hours. Personnel costs increase also in Research and Development due to the new hires. The increase in personnel costs included in General and Administrative expenses is mainly due to the new managerial positions and the accrued costs for incentive plans.

The average size of the Group's workforce during the year is as follows:

 

 

 

For the years ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Executives

 

 

51

 

 

 

42

 

 

 

37

 

Managers

 

 

126

 

 

 

113

 

 

 

124

 

Employees

 

 

4,284

 

 

 

3,889

 

 

 

3,664

 

Total Workforce

 

 

4,461

 

 

 

4,044

 

 

 

3,825