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Balance as of 04/01/2010 |
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Changes in the scope of consolidated financial statements |
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Net exchange differences |
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Use |
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Reversal |
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Addition |
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Balance |
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Non-current provisions |
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Other personnel expenses |
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18.9 |
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0.0 |
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0.0 |
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–4.0 |
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–0.1 |
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9.4 |
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24.2 |
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Warranties |
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11.5 |
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0.0 |
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0.1 |
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–3.5 |
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–1.4 |
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0.0 |
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6.7 |
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Other non-current provisions |
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27.0 |
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0.0 |
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0.0 |
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–2.8 |
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–0.1 |
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28.3 |
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52.4 |
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57.4 |
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0.0 |
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0.1 |
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–10.3 |
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–1.6 |
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37.7 |
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83.3 |
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Current provisions |
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Vacations |
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90.1 |
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0.0 |
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1.0 |
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–51.4 |
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–0.1 |
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61.1 |
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100.7 |
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Other personnel expenses |
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107.7 |
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–0.1 |
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0.3 |
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–108.3 |
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–2.7 |
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139.4 |
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136.3 |
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Warranties |
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54.1 |
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0.0 |
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0.0 |
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–9.3 |
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–17.4 |
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26.7 |
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54.1 |
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Onerous contracts |
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40.0 |
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0.0 |
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0.0 |
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–34.1 |
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–3.8 |
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17.9 |
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20.0 |
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Other current provisions |
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90.1 |
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–0.1 |
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0.1 |
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–57.1 |
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–12.1 |
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70.1 |
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91.0 |
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382.0 |
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–0.2 |
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1.4 |
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–260.2 |
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–36.1 |
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315.2 |
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402.1 |
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439.4 |
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–0.2 |
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1.5 |
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–270.5 |
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–37.7 |
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352.9 |
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485.4 |
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In millions of euros | ||
The provisions for personnel expenses mainly include bonuses. Provisions for warranties as well as onerous contracts apply to current operating activities. The other provisions mainly consist of provisions for commissions, litigation, legal and consulting fees, and environmental protection obligations.
The amount recognized as a provision for warranties is calculated as the most reliable estimated value of the amount that would be required to settle these obligations at the reporting date. The statistical measure is the expected value, which is based on the probability of occurrence of an event according to past experience.
Provisions for onerous contracts are recognized when the earnings expected to be derived by the Group from contracts are lower than the unavoidable cost of meeting its obligations under these contracts. Before recognizing a separate provision for onerous contracts, the Group recognizes an impairment loss on the assets associated with such contracts.
The other non-current provisions include a provision amounting to EUR 17.1 million for an antitrust fine. In June 2010, the European Commission imposed a fine amounting to EUR 22.0 million on voestalpine Austria Draht GmbH (Railway Systems Division) and on voestalpine AG with joint and several liability due to a violation of EU antitrust law. voestalpine AG and voestalpine Austria Draht GmbH have taken legal action against the decision before the European General Court.