|
|
|
03/31/2013 |
|
03/31/2014 |
|
|
|
|
|
|
|
Provisions for severance payments |
|
494.6 |
|
510.5 |
|
Provisions for pensions |
|
394.5 |
|
400.0 |
|
Provisions for long-service bonuses |
|
115.6 |
|
118.4 |
|
|
|
1,004.7 |
|
1,028.9 |
|
|
|
|
|
|
|
|
|
In millions of euros |
||
|
Provisions for severance payments |
|
|
|
|
|
|
|
2012/13 |
|
2013/14 |
|
|
|
|
|
|
|
Present value of defined benefit obligation (DBO) as of April 1 |
|
441.8 |
|
494.6 |
|
|
|
|
|
|
|
Service costs for the period |
|
10.0 |
|
11.4 |
|
Interest costs for the period |
|
20.5 |
|
16.9 |
|
Changes in the scope of consolidated financial statements |
|
0.0 |
|
1.6 |
|
Severance payments |
|
–29.1 |
|
–29.3 |
|
Actuarial gains (–)/losses (+) due to changes in financial assumptions |
|
50.5 |
|
13.7 |
|
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
0.9 |
|
2.8 |
|
Other |
|
0.0 |
|
–1.2 |
|
Present value of defined benefit obligation (DBO) as of March 31 |
|
494.6 |
|
510.5 |
|
|
|
|
|
|
|
|
|
In millions of euros |
||
|
Provisions for pensions |
|
|
|
|
|
|
|
|
|
Present value of DBO |
|
Plan Assets |
|
Provisions for Pensions |
|
|
|
|
|
|
|
|
|
As of April 1, 2012 |
|
762.9 |
|
–455.1 |
|
307.8 |
|
|
|
|
|
|
|
|
|
Service costs for the period |
|
8.9 |
|
0.0 |
|
8.9 |
|
Net interest for the period |
|
34.8 |
|
–21.1 |
|
13.7 |
|
Return on plan assets (excluding amounts included in net interest) |
|
0.0 |
|
–18.8 |
|
–18.8 |
|
Gains (–)/Losses (+) on plan settlement/curtailment |
|
–28.3 |
|
0.0 |
|
–28.3 |
|
Changes in the scope of the consolidated financial statements |
|
5.2 |
|
–2.0 |
|
3.2 |
|
Pension payments |
|
–31.2 |
|
20.9 |
|
–10.3 |
|
Net exchange differences |
|
2.4 |
|
0.2 |
|
2.6 |
|
Employer contributions/repayments |
|
0.0 |
|
–21.1 |
|
–21.1 |
|
Contributions by plan participants |
|
0.0 |
|
–0.2 |
|
–0.2 |
|
Actuarial gains (–)/losses (+) due to changes in financial assumptions |
|
135.0 |
|
0.0 |
|
135.0 |
|
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
2.0 |
|
0.0 |
|
2.0 |
|
As of March 31, 2013 |
|
891.7 |
|
–497.2 |
|
394.5 |
|
|
|
|
|
|
|
|
|
As of April 1, 2013 |
|
891.7 |
|
–497.2 |
|
394.5 |
|
|
|
|
|
|
|
|
|
Service costs for the period |
|
10.2 |
|
0.0 |
|
10.2 |
|
Net interest for the period |
|
27.8 |
|
–15.2 |
|
12.6 |
|
Return on plan assets (excluding amounts included in net interest) |
|
0.0 |
|
–16.0 |
|
–16.0 |
|
Gains (–)/Losses (+) on plan settlement/curtailment |
|
–21.5 |
|
0.0 |
|
–21.5 |
|
Changes in the scope of the consolidated financial statements |
|
0.0 |
|
0.0 |
|
0.0 |
|
Pension payments |
|
–41.0 |
|
25.9 |
|
–15.1 |
|
Net exchange differences |
|
–5.7 |
|
1.7 |
|
–4.0 |
|
Employer contributions/repayments |
|
0.0 |
|
3.0 |
|
3.0 |
|
Contributions by plan participants |
|
0.0 |
|
–1.6 |
|
–1.6 |
|
Actuarial gains (–)/losses (+) due to changes in financial assumptions |
|
36.6 |
|
0.0 |
|
36.6 |
|
Actuarial gains (–)/losses (+) due to changes of demographic assumptions |
|
1.3 |
|
0.0 |
|
1.3 |
|
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
–0.9 |
|
0.0 |
|
–0.9 |
|
Plan settlements |
|
–80.3 |
|
80.3 |
|
0.0 |
|
Other |
|
0.9 |
|
0.0 |
|
0.9 |
|
As of March 31, 2014 |
|
819.1 |
|
–419.1 |
|
400.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of euros |
||
Since January 1, 2013, all future pension entitlements for some Dutch companies are being funded by the industry-wide pension fund (PME). In the business year 2012/13, this resulted in a plan curtailment of the defined benefit plan.
In the current business year, a settlement of the defined benefit plan was implemented for the same group of Group companies with regard to all already vested rights of all active participants. These pension entitlements were transferred to an industry-wide pension fund (PME) and thus to a defined contribution plan. The decision in this regard took effect as of May 15, 2013, and the transfer was completed as of the effective date of July 1, 2013.
The major categories of plan assets for the periods presented in the consolidated financial statements as of March 31, 2014, are as follows:
|
2012/13 |
|
|
|
|
|
|
|
Category |
|
Assets with quoted market price in an active market |
|
Assets without quoted market price in an active market |
|
Assets Total |
|
|
|
|
|
|
|
|
|
Debt instruments |
|
49.2% |
|
2.9% |
|
52.1% |
|
Equity instruments |
|
27.0% |
|
0.7% |
|
27.7% |
|
Property |
|
2.3% |
|
2.0% |
|
4.3% |
|
Cash and cash equivalents |
|
3.7% |
|
0.1% |
|
3.8% |
|
Insurance |
|
0.0% |
|
2.3% |
|
2.3% |
|
Other assets |
|
2.8% |
|
7.0% |
|
9.8% |
|
Total |
|
85.0% |
|
15.0% |
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of euros |
||
|
2013/14 |
|
|
|
|
|
|
|
Category |
|
Assets with quoted market price in an active market |
|
Assets without quoted market price in an active market |
|
Assets Total |
|
|
|
|
|
|
|
|
|
Debt instruments |
|
46.9% |
|
0.4% |
|
47.3% |
|
Equity instruments |
|
24.7% |
|
0.8% |
|
25.5% |
|
Property |
|
1.7% |
|
1.3% |
|
3.0% |
|
Cash and cash equivalents |
|
4.5% |
|
0.1% |
|
4.6% |
|
Insurance |
|
0.0% |
|
2.7% |
|
2.7% |
|
Other assets |
|
4.8% |
|
12.1% |
|
16.9% |
|
Total |
|
82.6% |
|
17.4% |
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of euros |
||
The plan assets include own shares with a fair value of EUR 1.3 million (March 31, 2013: EUR 1.1 million).
The average expected return is determined by the portfolio structure of the plan assets, empirical data, and estimates of future investment returns. The calculation of the provisions for pensions was based on an expected interest rate of 3.25% on plan assets. The actual interest rate was 6.3%.
The amount recognized as an expense in the income statement for defined contribution plans is EUR 27.0 million (2012/13: EUR 22.9 million).
The sensitivity analysis of the key actuarial assumptions used to determine defined benefit obligations is depicted below:
|
|
|
Interest rate |
|
Salary/ |
|
Pension increases |
||||||
|
|
|
+1.0% |
|
–1.0% |
|
+0.5% |
|
–0.5% |
|
+0.25% |
|
–0.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pensions |
|
–12.7% |
|
+16.0% |
|
+0.7% |
|
–0.6% |
|
+2.7% |
|
–2.6% |
|
Severance |
|
–10.0% |
|
+11.8% |
|
+5.6% |
|
–5.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group-wide figures were determined for the effects associated with the interest rate, wage and salary increases, and pension increases. The sensitivities are not determined by way of estimates or approximations, but by way of comprehensive analyses, which vary the parameters.
For the business year 2014/15, the expected contributions to the defined contribution plans amount to EUR 14.0 million.
The interest-weighted, average duration for pension plans is 14.8 years and 11.2 years for severance payments.
|
Provisions for long-service bonuses |
|
|
|
|
|
|
|
2012/13 |
|
2013/14 |
|
|
|
|
|
|
|
Present value of defined benefit obligation (DBO) as of April 1 |
|
103.3 |
|
115.6 |
|
|
|
|
|
|
|
Service costs for the period |
|
5.4 |
|
6.3 |
|
Interest costs for the period |
|
4.7 |
|
3.8 |
|
Changes in the scope of consolidated financial statements |
|
0.0 |
|
0.5 |
|
Long-service bonus payments |
|
–7.0 |
|
–9.6 |
|
Actuarial gains (–)/losses (+) due to changes in financial assumptions |
|
9.7 |
|
2.7 |
|
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
–0.5 |
|
0.0 |
|
Other |
|
0.0 |
|
–0.9 |
|
Present value of defined benefit obligation (DBO) as of March 31 |
|
115.6 |
|
118.4 |
|
|
|
|
|
|
|
|
|
In millions of euros |
||
Expenses/revenue relative to provisions for severance payments, pensions, and long-service bonuses recognized in the income statement are categorized as follows:
|
|
|
2012/13 |
|
2013/14 |
|
|
|
|
|
|
|
Service costs for the period |
|
24.3 |
|
27.9 |
|
Net interest for the period |
|
38.9 |
|
33.3 |
|
Gains (–)/Losses (+) on plan settlement/curtailment |
|
–28.3 |
|
–21.5 |
|
Expenses/revenue recognized in the income statement |
|
34.9 |
|
39.7 |
|
|
|
|
|
|
|
|
|
In millions of euros |
||
Net interest for the period is recognized in the finance costs.
