18. Pensions and other employee obligations

(XLS:) Download

 

 

03/31/2011

 

03/31/2012

 

 

 

 

 

Provisions for severance payments

 

436.1

 

441.8

Provisions for pensions

 

289.8

 

307.8

Provisions for long-service bonuses

 

107.3

 

103.3

 

 

833.2

 

852.9

 

 

 

 

 

 

 

In millions of euros

(XLS:) Download

Provisions for severance payments

 

 

 

 

 

 

2010/11

 

2011/12

 

 

 

 

 

Present value of defined benefit obligation (DBO) as of April 1

 

424.6

 

436.1

 

 

 

 

 

Service costs for the period

 

11.6

 

9.8

Interest costs for the period

 

21.6

 

20.1

Changes in the scope of consolidated financial statements

 

0.0

 

0.0

Severance payments

 

–32.8

 

–32.0

Actuarial gains (–)/losses (+)

 

11.1

 

7.8

Present value of defined benefit obligation (DBO) as of March 31

 

436.1

 

441.8

 

 

 

 

 

 

 

In millions of euros

(XLS:) Download

 

 

03/31/2008

 

03/31/2009

 

03/31/2010

 

03/31/2011

 

03/31/2012

 

 

 

 

 

 

 

 

 

 

 

Present value of defined benefit obligation (DBO)

 

447.8

 

444.3

 

424.6

 

436.1

 

441.8

Actuarial gains (+)/losses (–) due to parameter changes in %

 

2.7%

 

3.5%

 

–2.4%

 

–2.7%

 

0.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

(XLS:) Download

Provisions for pensions

 

 

 

 

 

 

2010/11

 

2011/12

 

 

 

 

 

Present value of defined benefit obligation (DBO) as of April 1

 

671.2

 

713.4

 

 

 

 

 

Service costs for the period

 

8.4

 

9.6

Interest costs for the period

 

34.2

 

33.7

Changes in the scope of consolidated financial statements

 

0.0

 

0.0

Pension payments

 

–27.0

 

–30.0

Net exchange differences

 

3.7

 

4.8

Actuarial gains (–)/losses (+)

 

22.9

 

31.4

Present value of defined benefit obligation (DBO) as of March 31

 

713.4

 

762.9

 

 

 

 

 

Plan assets as of March 31

 

–423.6

 

–455.1

Provisions for pensions as of March 31

 

289.8

 

307.8

 

 

 

 

 

 

 

In millions of euros

As of March 31, 2012, the present value of the defined benefit obligations amounts to EUR 762.9 million (March 31, 2011: EUR 713.4 million), with EUR 529.5 million (March 31, 2011: EUR 480.3 million) thereof wholly or partly funded; EUR 233.4 million (March 31, 2011: EUR 233.1 million) are unfunded.

(XLS:) Download

 

 

2010/11

 

2011/12

 

 

 

 

 

Plan assets as of April 1

 

348.2

 

423.6

 

 

 

 

 

Expected return for the period

 

20.3

 

23.9

Actuarial gains (+)/losses (–)

 

11.2

 

8.7

Net exchange differences

 

1.2

 

3.7

Changes in the scope of consolidated financial statements

 

0.0

 

0.0

Employer contributions

 

59.4

 

15.2

Pension payments

 

–16.7

 

–20.0

Plan assets as of March 31

 

423.6

 

455.1

 

 

 

 

 

 

 

In millions of euros

(XLS:) Download

 

 

03/31/2008

 

03/31/2009

 

03/31/2010

 

03/31/2011

 

03/31/2012

 

 

 

 

 

 

 

 

 

 

 

Present value of defined benefit obligation (DBO)

 

616.8

 

595.4

 

671.2

 

713.4

 

762.9

Plan assets

 

–337.9

 

–297.0

 

–348.2

 

–423.6

 

–455.1

 

 

278.9

 

298.4

 

323.0

 

289.8

 

307.8

 

 

 

 

 

 

 

 

 

 

 

Actuarial gains (+)/losses (–) due to parameter changes in %

 

1.3%

 

7.4%

 

–7.3%

 

–4.3%

 

–1.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

The major categories of plan assets for the periods presented in the consolidated financial statements as of March 31, 2012, are as follows:

(XLS:) Download

 

 

2010/11

 

2011/12

 

 

 

 

 

Equity instruments

 

28.1%

 

28.7%

Debt instruments

 

49.1%

 

51.2%

Property

 

6.2%

 

4.6%

Other

 

16.6%

 

15.5%

 

 

100.0%

 

100.0%

The plan assets include own shares with a fair value of EUR 1.0 million (March 31, 2011: EUR 2.2 million).

The average expected return is determined by the portfolio structure of the plan assets, empirical data, as well as estimates of future investment returns. The calculation of the provisions for pensions was based on an expected interest rate of 6% on plan assets. The actual interest rate was 7.7%.

The amount recognized as an expense in the income statement for defined contribution plans is EUR 21.1 million (2010/11: EUR 20.5 million).

(XLS:) Download

Provisions for long-service bonuses

 

 

 

 

 

 

2010/11

 

2011/12

 

 

 

 

 

Present value of defined benefit obligation (DBO) as of April 1

 

105.5

 

107.3

 

 

 

 

 

Service costs for the period

 

5.2

 

5.4

Interest costs for the period

 

5.2

 

4.8

Changes in the scope of consolidated financial statements

 

0.0

 

0.0

Long-service bonus payments

 

–9.2

 

–8.1

Actuarial gains (–)/losses (+)

 

0.6

 

–6.1

Present value of defined benefit obligation (DBO) as of March 31

 

107.3

 

103.3

 

 

 

 

 

 

 

In millions of euros

(XLS:) Download

 

 

03/31/2008

 

03/31/2009

 

03/31/2010

 

03/31/2011

 

03/31/2012

 

 

 

 

 

 

 

 

 

 

 

Present value of defined benefit obligation (DBO)

 

112.6

 

111.9

 

105.5

 

107.3

 

103.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

Expenses/revenue relative to provisions for severance payments, pensions, and long-service bonuses recognized in the income statement are as follows:

(XLS:) Download

 

 

2010/11

 

2011/12

 

 

 

 

 

Service costs for the period

 

25.2

 

24.8

Interest costs for the period

 

61.0

 

58.6

Expected return on plan assets for the period

 

–20.3

 

–23.9

Expenses/revenue recognized in the income statement

 

65.9

 

59.5

 

 

 

 

 

 

 

In millions of euros

Interest costs for the period are recognized in the finance costs. The balance of the other two items is included in the functional areas of cost of sales, distribution costs, and administrative expenses and to a negligible extent in the functional area of other operating expenses.

to pagetop
  • Share price, end of period (euros) 25.22    EPS – Earnings/share (euros) 1.98    Dividend/share (euros) 0.80
  • Ad-Hoc NewsInvestor Relations
Close