Siemens 2015 Annual Report Download - page 101

Consolidated Financial Statements 
SHARE MATCHING PROGRAM AND
ITS UNDERLYING PLANS
In fiscal , Siemens issued a new tranche under each of the
plans of the Share Matching Program.
Share Matching Plan
Under the Share Matching Plan senior managers may invest a
specified part of their variable compensation in Siemens
shares (investment shares). The shares are purchased at the
market price at a predetermined date in the second quarter.
Plan participants receive the right to one Siemens share with-
out payment of consideration (matching share) for every three
investment shares continuously held over a period of about
three years (vesting period) provided the plan participant has
been continuously employed by Siemens until the end of the
vesting period.
Monthly Investment Plan
Under the Monthly Investment Plan employees other than se-
nior managers may invest a specified part of their compensa-
tion in Siemens shares on a monthly basis over a period of
twelve months. Shares are purchased at market price at a pre-
determined date once a month. If the Managing Board decides
that shares acquired under the Monthly Investment Plan are
transferred to the Share Matching Plan, plan participants will
receive the right to matching shares under the same conditions
applying to the Share Matching Plan described above. The
Managing Board decided that shares acquired under the
tranches issued in fiscal  and  are transferred to the
Share Matching Plan as of February  and February ,
respectively.
Base Share Program
Under the Base Share Program employees of Siemens AG and
participating domestic Siemens companies may invest a fixed
amount of their compensation in Siemens shares, sponsored
by Siemens with a tax beneficial allowance. The shares are
bought at market price at a predetermined date in the second
quarter and grant the right to receive matching shares under
the same conditions applying to the Share Matching Plan de-
scribed above. The fair value of the Base Share Program equals
the amount of the tax beneficial allowance sponsored by
Siemens and totaled €  million and €  million in fiscal 
and , respectively.
Resulting Matching Shares
The fair value of matching shares granted in fiscal  and
 amounting to € . and € . per share was deter-
mined as the market price of Siemens shares less the present
value of expected dividends taking into account non-vesting
conditions.
Fiscal year
2015 2014
Outstanding, beginning of period 1,750,176 1,733,497
Granted 610,771 609,758
Vested and fulfilled (548,947) (437,989)
Forfeited (85,056) (92,035)
Settled (71,164) (63,055)
Outstanding, end of period 1,655,780 1,750,176
JUBILEE SHARE PROGRAM
For their 
th
and 
th
service anniversary eligible employees
receive jubilee shares. There were . million and . million
entitlements to jubilee shares outstanding as of September ,
 and , respectively.
NOTE 26 Personnel costs
Fiscal year
(in millions of €) 2015 2014
Wages and salaries 22,611 19,931
Statutory social welfare contributions
and expenses for optional support 3,404 3,190
Expenses relating to post-employment
benefits 1,163 1,040
27,177 24,161
Severance charges amount to €  million in fiscal .
Item Expenses relating to post-employment benefits includes
service costs for the period. Personnel costs for continuing
and discontinued operations amount to € , million and
€ , million, respectively, in fiscal  and , respec-
tively. Employees were engaged in (averages; part time em-
ployees are included proportionally):
Continuing
operations
Continuing
and discontinued
operations
Fiscal year Fiscal year
(in thousands) 2015 2014 2015 2014
Manufacturing and services 212 208 214 220
Sales and marketing 67 67 68 71
Research and development 32 31 33 34
Administration
and general services 34 33 35 34
345 339 349 359