|
|
|
03/31/2014 |
|
03/31/2015 |
|
|
|
|
|
|
|
Provisions for severance payments |
|
499.9 |
|
606.0 |
|
Provisions for pensions |
|
399.3 |
|
510.8 |
|
Provisions for long-service bonuses |
|
116.1 |
|
135.3 |
|
|
|
1,015.3 |
|
1,252.1 |
|
|
|
|
|
|
|
|
|
|
|
In millions of euros |
|
Provisions for severance payments |
|
|
|
|
|
|
|
2013/14 |
|
2014/15 |
|
|
|
|
|
|
|
Present value of defined benefit obligation (DBO) as of April 1 |
|
484.4 |
|
499.9 |
|
|
|
|
|
|
|
Service costs for the period |
|
11.1 |
|
10.7 |
|
Interest costs for the period |
|
16.6 |
|
16.5 |
|
Changes in the scope of consolidated financial statements |
|
1.6 |
|
0.1 |
|
Severance payments |
|
–28.9 |
|
–25.6 |
|
Actuarial gains (–)/losses (+) due to changes in financial assumptions |
|
13.7 |
|
106.8 |
|
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
2.6 |
|
–2.7 |
|
Other |
|
–1.2 |
|
0.3 |
|
Present value of defined benefit obligation (DBO) as of March 31 |
|
499.9 |
|
606.0 |
|
|
|
|
|
|
|
|
|
|
|
In millions of euros |
|
Provisions for pensions |
|
|
|
|
|
|
|
|
|
Present value of DBO |
|
Plan Assets |
|
Provisions for Pensions |
|
|
|
|
|
|
|
|
|
As of April 1, 2014 |
|
816.9 |
|
–417.6 |
|
399.3 |
|
|
|
|
|
|
|
|
|
Service costs for the period |
|
8.7 |
|
0.0 |
|
8.7 |
|
Past service costs |
|
0.3 |
|
0.0 |
|
0.3 |
|
Net interest for the period |
|
24.6 |
|
–12.2 |
|
12.4 |
|
Return on plan assets (excluding amounts included in net interest) |
|
0.0 |
|
–40.3 |
|
–40.3 |
|
Gains (–)/Losses (+) on plan settlement/curtailment |
|
–23.8 |
|
0.0 |
|
–23.8 |
|
Changes in the scope of the consolidated financial statements |
|
–62.4 |
|
54.1 |
|
–8.3 |
|
Pension payments |
|
–38.1 |
|
23.2 |
|
–14.9 |
|
Net exchange differences |
|
11.3 |
|
–10.7 |
|
0.6 |
|
Employer contributions/repayments |
|
0.0 |
|
–5.6 |
|
–5.6 |
|
Contributions by plan participants |
|
0.0 |
|
–1.6 |
|
–1.6 |
|
Actuarial gains (–)/losses (+) due to changes in financial assumptions |
|
189.3 |
|
0.0 |
|
189.3 |
|
Actuarial gains (–)/losses (+) due to changes of demographic assumptions |
|
–2.7 |
|
0.0 |
|
–2.7 |
|
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
–3.3 |
|
0.0 |
|
–3.3 |
|
Plan settlements |
|
–31.4 |
|
31.1 |
|
–0.3 |
|
Other |
|
0.9 |
|
0.1 |
|
1.0 |
|
As of March 31, 2015 |
|
890.3 |
|
–379.5 |
|
510.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of euros |
|
Provisions for pensions |
|
|
|
|
|
|
|
|
|
Present value of DBO |
|
Plan Assets |
|
Provisions for Pensions |
|
|
|
|
|
|
|
|
|
As of April 1, 2013 |
|
889.5 |
|
–495.7 |
|
393.8 |
|
|
|
|
|
|
|
|
|
Service costs for the period |
|
10.2 |
|
0.0 |
|
10.2 |
|
Net interest for the period |
|
27.7 |
|
–15.2 |
|
12.5 |
|
Return on plan assets (excluding amounts included in net interest) |
|
0.0 |
|
–15.9 |
|
–15.9 |
|
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 |
|
–40.9 |
|
25.8 |
|
–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 |
|
816.9 |
|
–417.6 |
|
399.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of euros |
In business years 2012/13 and 2013/14, a number of Dutch companies converted the majority of their defined benefit pension plans into defined contribution plans. In the business year 2014/15, existing pension obligations for previous employees were outsourced to the industry-wide pension fund (PME).
The major categories of plan assets for the periods presented in the consolidated financial statements as of March 31, 2015, are as follows:
|
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% |
|
2014/15 |
|
|
|
|
|
|
|
Category |
|
Assets with quoted market price in an active market |
|
Assets without quoted market price in an active market |
|
Assets Total |
|
|
|
|
|
|
|
|
|
Debt instruments |
|
53.3% |
|
0.1% |
|
53.4% |
|
Equity instruments |
|
27.0% |
|
0.0% |
|
27.0% |
|
Property |
|
1.4% |
|
1.3% |
|
2.7% |
|
Cash and cash equivalents |
|
4.0% |
|
0.1% |
|
4.1% |
|
Insurance |
|
0.0% |
|
3.8% |
|
3.8% |
|
Other assets |
|
4.7% |
|
4.3% |
|
9.0% |
|
Total |
|
90.4% |
|
9.6% |
|
100.0% |
The plan assets include own shares with a fair value of EUR 1.4 million (March 31, 2014: EUR 1.3 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 1.5% on plan assets. The actual interest rate was 11.9%.
The amount recognized as an expense in the income statement for defined contribution plans is EUR 30.4 million (2013/14: EUR 27.0 million).
The sensitivity analysis of the key actuarial assumptions used to determine defined benefit obligations is depicted below:
|
Sensitivities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
Salary/ |
|
Pension increases |
||||||
|
|
|
+1.0% |
|
–1.0% |
|
+0.5% |
|
–0.5% |
|
+0.25% |
|
–0.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pensions |
|
–13.8% |
|
+17.5% |
|
+0.8% |
|
–0.8% |
|
+3.2% |
|
–3.1% |
|
Severance |
|
–10.8% |
|
+12.9% |
|
+6.0% |
|
–5.6% |
|
|
|
|
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 2015/16, the expected contributions to the defined benefit plans amount to EUR 2.5 million.
The interest-weighted, average duration for pension plans is 15.9 years and 12.0 years for severance payments.
|
Provisions for long-service bonuses |
|
|
|
|
|
|
|
2013/14 |
|
2014/15 |
|
|
|
|
|
|
|
Present value of long-service bonus obligations (DBO) as of April 1 |
|
113.4 |
|
116.1 |
|
|
|
|
|
|
|
Service costs for the period |
|
6.2 |
|
6.2 |
|
Interest costs for the period |
|
3.7 |
|
3.7 |
|
Changes in the scope of consolidated financial statements |
|
0.5 |
|
–1.0 |
|
Long-service bonus payments |
|
–9.5 |
|
–11.5 |
|
Actuarial gains (–)/losses (+) due to changes in assumptions |
|
2.7 |
|
22.8 |
|
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
0.0 |
|
–1.4 |
|
Other |
|
–0.9 |
|
0.4 |
|
Present value of long-service bonus obligations (DBO) as of March 31 |
|
116.1 |
|
135.3 |
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
2013/14 |
|
2014/15 |
|
|
|
|
|
|
|
Service costs for the period |
|
27.5 |
|
25.9 |
|
Net interest for the period |
|
32.8 |
|
32.6 |
|
Gains (–)/Losses (+) on plan settlement/curtailment |
|
–21.5 |
|
–23.8 |
|
Expenses/revenue recognized in the income statement |
|
38.8 |
|
34.7 |
|
|
|
|
|
|
|
|
|
|
|
In millions of euros |
Net interest for the period is recognized in the finance costs.
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