2012 Half year financial report

Employee costs are broken down as follows:

In thousands of Euros 1st half of 2012 1st half of 2011 Change
Salaries and wages 91,730 101,111 (9,381)
Social security contributions 22,905 26,562 (3,657)
Post-employment benefits 4,187 4,331 (144)
Other costs 671 599 72
Total 119,493 132,603 (13,110)

As already indicated, published data relative to the half-year period of the previous year have been restated to make them uniform with current data.
As regards employee costs €/000 385 were recorded, relative to stock option costs, as required by international accounting standards, as well as charges connected with the mobility plans for the Pontedera, Noale and Martorelles production sites.

Savings are due to a decrease in average staff numbers in EMEA and America and to the policy encouraging early retirement adopted the previous year, which led to more senior staff members leaving the company between the end of 2011 and the first quarter of 2012, replaced by younger employees.

Below is a breakdown of the headcount by actual number and average number:


Average number
Level 1st half of 2012 1st half of 2011  Change
Senior Management 95 102 (7)
Middle Management 572 492 80
White collars 2,180 2,086 94
Manual labour 5,406 4,990 416
Total 8,253 7,670 583

Number as of
Level
30 June 2012
  31 December 2011
Change
Senior Management
95 97 (2)
Middle Management
576 515 61
White collars
2,198 2,127 71
Manual labour
5,480 4,880 600
Total 8,349 7,619 730

The increase in employee numbers is mainly attributable to the Indian and Vietnamese subsidiaries.
Average employee numbers were affected by seasonal workers in the summer (on fixed-term employment contracts).
In fact the Group uses fixed-term employment contracts to handle typical peaks in demand in the summer months.