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18. Pensions and other employee obligations

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03/31/2012

 

03/31/2013

 

 

 

 

 

Provisions for severance payments

 

441.8

 

494.6

Provisions for pensions

 

307.8

 

394.5

Provisions for long-service bonuses

 

103.3

 

115.6

 

 

852.9

 

1,004.7

 

 

 

 

 

 

 

In millions of euros

Provisions for severance payments

 

 

 

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2011/12

 

2012/13

 

 

 

 

 

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

 

436.1

 

441.8

 

 

 

 

 

Service costs for the period

 

9.8

 

10.0

Interest costs for the period

 

20.1

 

20.5

Changes in the scope of consolidated financial statements

 

0.0

 

0.0

Severance payments

 

–32.0

 

–29.1

Actuarial gains (–)/losses (+)

 

7.8

 

51.4

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

 

441.8

 

494.6

 

 

 

 

 

 

 

In millions of euros

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03/31/2009

 

03/31/2010

 

03/31/2011

 

03/31/2012

 

03/31/2013

 

 

 

 

 

 

 

 

 

 

 

Present value of defined benefit obligation (DBO)

 

444.3

 

424.6

 

436.1

 

441.8

 

494.6

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

 

3.5%

 

–2.4%

 

–2.7%

 

0.0%

 

–11.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

Provisions for pensions

 

 

 

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2011/12

 

2012/13

 

 

 

 

 

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

 

713.4

 

762.9

 

 

 

 

 

Service costs for the period

 

9.6

 

8.9

Interest costs for the period

 

33.7

 

34.8

Termination benefits, curtailment, settlement

 

–2.2

 

–28.3

Changes in the scope of consolidated financial statements

 

0.0

 

5.2

Pension payments

 

–27.8

 

–31.2

Net exchange differences

 

4.8

 

2.4

Actuarial gains (–)/losses (+)

 

31.4

 

137.0

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

 

762.9

 

891.7

 

 

 

 

 

Plan assets as of March 31

 

–455.1

 

–497.2

Provisions for pensions as of March 31

 

307.8

 

394.5

 

 

 

 

 

 

 

In millions of euros

As of March 31, 2013, the present value of the defined benefit obligations amounts to EUR 891.7 million (March 31, 2012: EUR 762.9 million), with EUR 624.2 million (March 31, 2012: EUR 529.5 million) thereof wholly or partly funded; EUR 267.5 million (March 31, 2012: EUR 233.4 million) are unfunded.

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2011/12

 

2012/13

 

 

 

 

 

Plan assets as of April 1

 

423.6

 

455.1

 

 

 

 

 

Expected return for the period

 

23.9

 

21.1

Actuarial gains (+)/losses (–)

 

8.7

 

18.8

Net exchange differences

 

3.7

 

–0.2

Changes in the scope of consolidated financial statements

 

0.0

 

2.0

Employer contributions

 

15.2

 

21.3

Pension payments

 

–20.0

 

–20.9

Plan assets as of March 31

 

455.1

 

497.2

 

 

 

 

 

 

 

In millions of euros

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03/31/2009

 

03/31/2010

 

03/31/2011

 

03/31/2012

 

03/31/2013

 

 

 

 

 

 

 

 

 

 

 

Present value of defined benefit obligation (DBO)

 

595.4

 

671.2

 

713.4

 

762.9

 

891.7

Plan assets

 

–297.0

 

–348.2

 

–423.6

 

–455.1

 

–497.2

 

 

298.4

 

323.0

 

289.8

 

307.8

 

394.5

 

 

 

 

 

 

 

 

 

 

 

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

 

7.4%

 

–7.3%

 

–4.3%

 

–1.9%

 

–17.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

The major categories of plan assets for the periods presented in the consolidated financial statements as of March 31, 2013, are as follows:

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2011/12

 

2012/13

 

 

 

 

 

Equity instruments

 

28.7%

 

27.7%

Debt instruments

 

51.2%

 

52.1%

Property

 

4.6%

 

4.3%

Other

 

15.5%

 

15.9%

 

 

100.0%

 

100.0%

The plan assets include own shares with a fair value of EUR 1.1 million (March 31, 2012: EUR 1.0 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 4.75% on plan assets. The actual interest rate was 8.8%.

The amount recognized as an expense in the income statement for defined contribution plans is EUR 22.9 million (2011/12: EUR 21.1 million).

Provisions for long-service bonuses

 

 

 

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2011/12

 

2012/13

 

 

 

 

 

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

 

107.3

 

103.3

 

 

 

 

 

Service costs for the period

 

5.4

 

5.4

Interest costs for the period

 

4.8

 

4.7

Changes in the scope of consolidated financial statements

 

0.0

 

0.0

Long-service bonus payments

 

–8.1

 

–7.0

Actuarial gains (–)/losses (+)

 

–6.1

 

9.2

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

 

103.3

 

115.6

 

 

 

 

 

 

 

In millions of euros

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03/31/2009

 

03/31/2010

 

03/31/2011

 

03/31/2012

 

03/31/2013

 

 

 

 

 

 

 

 

 

 

 

Present value of defined benefit obligation (DBO)

 

111.9

 

105.5

 

107.3

 

103.3

 

115.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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:

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2011/12

 

2012/13

 

 

 

 

 

Service costs for the period

 

24.8

 

24.3

Interest costs for the period

 

58.6

 

60.0

Expected return on plan assets for the period

 

–23.9

 

–21.1

Expenses/revenue recognized in the income statement

 

59.5

 

63.2

 

 

 

 

 

 

 

In millions of euros

Interest costs for the period are recognized in the finance costs.

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