(EUR 000) 31.12.2011 31.12.2010
Wages and salaries 234,834 241,827
Costs for stock grant plans 816 3,810
Pension and social security 50,342 50,141
Severance pay provision costs 223 128
Costs related to other defined-benefit plans 527 469
Costs related to other defined-contribution plans 4,066 4,047
Recovery of personnel costs (681) (393)
Employee disputes 25 271
Restructuring costs 2,339 2,346
Other costs 4,069 4,581
Total personnel costs 296,560 307,227

The headcount at 31 December 2011 came to 4,100 resources with a decrease of 117 units compared with the 4,217 units reported at the end of the previous year; this item is broken down as follows:

Signalling: 3,081employees

Transportation Solutions: 600employees

Other activities (Staff):419employees

 

The average size of the Group headcount employed in 2011 was equal to 4,125 resources against 4,299 resources reported in 2010, with a reduction of 174 units.
“Personnel costs” (inclusive of restructuring costs) for the year 2011 totalled EUR 296,560 thousand compared with EUR 307,227 thousand in 2010.
The net decrease of EUR 10,667 thousand (-3.5%) is due to the reduction of the average headcount partially mitigated by the fluctuation in the exchange rates of the American Dollar and the Australian Dollar.
The stock grant cost is recognised in the year when the services are rendered, therefore it relates to shares attached to objectives for the year 2011 to be delivered in December 2012 after these objectives are achieved (EUR 816 thousand).
This cost is determined on the basis of the estimated number of shares to be granted and the fair value at the date of approval by the Remuneration Committee (EUR 10.264 per share for the 2010-2012 plan, unitary value fixed at the date of approval of the plan by the Remuneration Committee and re-fixed after the free share capital increase of 4 July 2011; EUR 9.284 thousand per share for the 2011 plan, unitary value fixed at the date of approval of the plan by the Remuneration Committee and re-fixed after the free share capital increase of 4 July 2011).

Severance pay provision costs and costs relating to other defined-benefit plans relate to the “service cost” only, since, as a result of the adoption of the equity method, interest costs are now classified under “finance costs”.
As shown in the table relating to the personnel costs, we should report that the restructuring costs recorded at 31 December 2011 refer to the existing reorganisation plan of the subsidiaries Ansaldo STS USA, Ansaldo STS Ireland, Ansaldo STS UK and Ansaldo STS France.

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
Paid-in Share Capital EUR 70,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company