|
|
03/31/2018 |
|
03/31/2019 |
|
|
|
|
|
Provisions for severance payments |
|
588.8 |
|
603.8 |
Provisions for pensions |
|
439.9 |
|
513.6 |
Provisions for long-service bonuses |
|
143.0 |
|
159.5 |
|
|
1,171.7 |
|
1,276.9 |
|
|
|
|
|
In millions of euros |
||||
Provisions for severance payments |
||||
|
|
2017/18 |
|
2018/19 |
|
|
|
|
|
Present value of the defined benefit obligations (DBO) |
|
605.7 |
|
588.8 |
|
|
|
|
|
Service costs for the period |
|
12.8 |
|
12.0 |
Past service costs |
|
0.0 |
|
0.3 |
Interest costs for the period |
|
9.3 |
|
10.1 |
Gains (–)/losses (+) on plan settlements |
|
0.0 |
|
0.0 |
Changes in the scope of Consolidated Financial Statements |
|
0.0 |
|
0.0 |
Severance payments |
|
–33.7 |
|
–37.6 |
Actuarial gains (–)/losses (+) due to changes in financial assumptions |
|
–12.5 |
|
18.9 |
Actuarial gains (–)/losses (+) due to changes in demographic assumptions |
|
0.0 |
|
7.1 |
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
7.2 |
|
4.2 |
Plan settlements |
|
0.0 |
|
0.0 |
Other |
|
0.0 |
|
0.0 |
Present value of the defined benefit obligations (DBO) |
|
588.8 |
|
603.8 |
|
|
|
|
|
In millions of euros |
||||
EUR 12.8 million (2017/18: EUR 9.7 million) in expenses were recognized in the income statement for defined contribution severance payments to external employee pension funds.
Provisions for pensions |
||||||
|
|
Present value |
|
Plan assets |
|
Provisions for pensions |
|
|
|
|
|
|
|
As of April 1, 2017 |
|
783.7 |
|
–306.8 |
|
476.9 |
|
|
|
|
|
|
|
Service costs for the period |
|
9.7 |
|
|
|
9.7 |
Past service costs |
|
–2.8 |
|
|
|
–2.8 |
Net interest for the period |
|
14.7 |
|
–5.6 |
|
9.1 |
Return on plan assets (excluding amounts included in net interest) |
|
|
|
–8.3 |
|
–8.3 |
Gains (–)/losses (+) on plan settlements/curtailments |
|
–1.4 |
|
|
|
–1.4 |
Changes in the scope of Consolidated Financial Statements |
|
0.0 |
|
|
|
0.0 |
Pension payments |
|
–33.5 |
|
18.6 |
|
–14.9 |
Net exchange differences |
|
–12.1 |
|
4.9 |
|
–7.2 |
Employer contributions/repayments |
|
|
|
–1.9 |
|
–1.9 |
Employee contributions |
|
|
|
–1.7 |
|
–1.7 |
Actuarial gains (–)/losses (+) due to changes in financial assumptions |
|
–16.4 |
|
|
|
–16.4 |
Actuarial gains (–)/losses (+) due to changes in demographic assumptions |
|
0.0 |
|
|
|
0.0 |
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
–1.4 |
|
|
|
–1.4 |
Plan settlements |
|
–0.1 |
|
|
|
–0.1 |
Other |
|
3.1 |
|
–2.8 |
|
0.3 |
As of March 31, 2018 |
|
743.5 |
|
–303.6 |
|
439.9 |
|
|
|
|
|
|
|
In millions of euros |
||||||
Provisions for pensions |
||||||
|
|
Present value |
|
Plan assets |
|
Provisions for pensions |
|
|
|
|
|
|
|
As of April 1, 2018 |
|
743.5 |
|
–303.6 |
|
439.9 |
|
|
|
|
|
|
|
Service costs for the period |
|
9.5 |
|
|
|
9.5 |
Past service costs |
|
–0.9 |
|
|
|
–0.9 |
Net interest for the period |
|
15.1 |
|
–6.0 |
|
9.1 |
Return on plan assets (excluding amounts included in net interest) |
|
|
|
5.9 |
|
5.9 |
Gains (–)/losses (+) on plan settlements/curtailments |
|
0.0 |
|
|
|
0.0 |
Changes in the scope of Consolidated Financial Statements |
|
0.0 |
|
|
|
0.0 |
Pension payments |
|
–32.8 |
|
17.8 |
|
–15.0 |
Net exchange differences |
|
2.5 |
|
–2.9 |
|
–0.4 |
Employer contributions/repayments |
|
|
|
–2.0 |
|
–2.0 |
Employee contributions |
|
|
|
–1.4 |
|
–1.4 |
Actuarial gains (–)/losses (+) due to changes in financial assumptions |
|
33.6 |
|
|
|
33.6 |
Actuarial gains (–)/losses (+) due to changes in demographic assumptions |
|
32.4 |
|
|
|
32.4 |
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
3.0 |
|
|
|
3.0 |
Plan settlements |
|
0.0 |
|
|
|
0.0 |
Other |
|
–2.9 |
|
2.8 |
|
–0.1 |
As of March 31, 2019 |
|
803.0 |
|
–289.4 |
|
513.6 |
|
|
|
|
|
|
|
In millions of euros |
||||||
The major plan asset categories for the periods presented in the Consolidated Financial Statements as of March 31, 2019, are as follows:
2017/18 |
|
|
|
|
|
|
Category |
|
Assets with a quoted market price in an active market |
|
Assets without a quoted market price in an active market |
|
Total assets |
|
|
|
|
|
|
|
Debt instruments |
|
48.4% |
|
0.3% |
|
48.7% |
Equity instruments |
|
30.0% |
|
0.0% |
|
30.0% |
Property |
|
0.0% |
|
2.4% |
|
2.4% |
Cash and cash equivalents |
|
5.3% |
|
0.1% |
|
5.4% |
Insurance contracts |
|
0.0% |
|
8.6% |
|
8.6% |
Other assets |
|
4.8% |
|
0.1% |
|
4.9% |
Total |
|
88.5% |
|
11.5% |
|
100.0% |
2018/19 |
|
|
|
|
|
|
Category |
|
Assets with a quoted market price in an active market |
|
Assets without a quoted market price in an active market |
|
Total assets |
|
|
|
|
|
|
|
Debt instruments |
|
42.9% |
|
1.4% |
|
44.3% |
Equity instruments |
|
29.2% |
|
0.0% |
|
29.2% |
Property |
|
0.0% |
|
3.0% |
|
3.0% |
Cash and cash equivalents |
|
5.6% |
|
0.1% |
|
5.7% |
Insurance contracts |
|
0.0% |
|
9.6% |
|
9.6% |
Other assets |
|
8.2% |
|
0.0% |
|
8.2% |
Total |
|
85.9% |
|
14.1% |
|
100.0% |
The plan assets include treasury shares with a fair value of EUR 0.9 million (March 31, 2018: EUR 1.8 million).
The average expected return is determined by the portfolio structure of the plan assets, empirical data, and estimates of future returns. The calculation of the provisions for pensions was based on an expected (average) interest rate of 2.0% on plan assets. The actual interest rate was 0.0%.
EUR 37.4 million (2017/18: EUR 28.6 million) in expenses were recognized in the income statement for defined contribution plans.
The sensitivity analysis of the key actuarial assumptions used to determine defined benefit obligations affects the DBO as follows:
Sensitivities |
||||||||||||
|
|
Interest rate |
|
Salary/wage increases |
|
Pension increases |
||||||
|
|
1.00% |
|
–1.0% |
|
0.5% |
|
–0.5% |
|
0.25% |
|
–0.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pensions |
|
–13.3% |
|
+16.8% |
|
+0.8% |
|
–0.7% |
|
+2.9% |
|
–2.8% |
Severance payments |
|
–9.9% |
|
+11.8% |
|
+5.5% |
|
–5.1% |
|
|
|
|
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 instead by way of comprehensive analyses subject to variation of the parameters.
For the business year 2019/20, the expected contributions to the defined benefit plans are EUR 1.9 million.
The average, interest-weighted term of pension plans is 14.8 years, and 11.0 years for severance payments.
Provisions for long-service bonuses |
||||
|
|
2017/18 |
|
2018/19 |
|
|
|
|
|
Present value of the long-service bonus obligations |
|
143.8 |
|
143.0 |
|
|
|
|
|
Service costs for the period |
|
9.4 |
|
9.3 |
Interest costs for the period |
|
2.2 |
|
2.5 |
Changes in the scope of Consolidated Financial Statements |
|
0.0 |
|
0.0 |
Long-service bonus payments |
|
–7.9 |
|
–10.3 |
Actuarial gains (–)/losses (+) due to changes in assumptions |
|
–3.4 |
|
13.7 |
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
–0.7 |
|
0.9 |
Other |
|
–0.4 |
|
0.4 |
Present value of the long-service bonus obligations |
|
143.0 |
|
159.5 |
|
|
|
|
|
In millions of euros |
||||
Expenses/revenue associated with provisions for severance payments, pensions, and long-service bonuses recognized in the income statement are categorized as follows:
|
|
2017/18 |
|
2018/19 |
|
|
|
|
|
Service costs for the period and past service costs |
|
29.1 |
|
30.2 |
Net interest for the period |
|
20.6 |
|
21.7 |
Gains (–)/losses (+) on plan settlements/curtailments |
|
–1.4 |
|
0.0 |
Actuarial gains (–)/losses (+) from long-service bonus obligations |
|
–4.1 |
|
14.6 |
Expenses/revenue recognized in the income statement |
|
44.2 |
|
66.5 |
|
|
|
|
|
In millions of euros |
||||
Net interest for the period is recognized in finance costs.
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