|
|
03/31/2016 |
|
03/31/2017 |
|
|
|
|
|
Provisions for severance payments |
|
598.0 |
|
605.7 |
Provisions for pensions |
|
491.4 |
|
476.9 |
Provisions for long-service bonuses |
|
139.7 |
|
143.8 |
|
|
1,229.1 |
|
1,226.4 |
|
|
|
|
|
In millions of euros |
||||
Provisions for severance payments |
||||
|
|
2015/16 |
|
2016/17 |
|
|
|
|
|
Present value of defined benefit obligation (DBO) as of April 1 |
|
606.0 |
|
598.0 |
|
|
|
|
|
Service costs for the period |
|
14.6 |
|
12.9 |
Past service costs |
|
0.3 |
|
0.2 |
Interest costs for the period |
|
9.3 |
|
11.0 |
Gains (–)/losses (+) on plan settlement |
|
–0.6 |
|
0.0 |
Changes in the scope of consolidated financial statements |
|
26.1 |
|
0.0 |
Severance payments |
|
–27.8 |
|
–31.3 |
Actuarial gains (–)/losses (+) due to changes in financial assumptions |
|
–27.4 |
|
19.3 |
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
0.5 |
|
–4.4 |
Plan settlements |
|
–2.9 |
|
0.0 |
Other |
|
–0.1 |
|
0.0 |
Present value of defined benefit obligation (DBO) as of March 31 |
|
598.0 |
|
605.7 |
|
|
|
|
|
In millions of euros |
||||
Provisions for pensions |
||||||
|
|
Present value of DBO |
|
Plan assets |
|
Provisions for pensions |
|
|
|
|
|
|
|
As of April 1, 2015 |
|
905.5 |
|
–379.5 |
|
526.0 |
|
|
|
|
|
|
|
Service costs for the period |
|
10.3 |
|
0.0 |
|
10.3 |
Past service costs |
|
–0.5 |
|
0.0 |
|
–0.5 |
Net interest for the period |
|
15.3 |
|
–5.7 |
|
9.6 |
Return on plan assets (excluding amounts included in net interest) |
|
0.0 |
|
15.3 |
|
15.3 |
Gains (–)/losses (+) on plan settlement/curtailment |
|
–7.6 |
|
0.0 |
|
–7.6 |
Changes in the scope of consolidated financial statements |
|
5.8 |
|
–3.4 |
|
2.4 |
Pension payments |
|
–34.2 |
|
18.8 |
|
–15.4 |
Net exchange differences |
|
–8.7 |
|
5.8 |
|
–2.9 |
Employer contributions/repayments |
|
0.0 |
|
2.3 |
|
2.3 |
Contributions by plan participants |
|
0.0 |
|
–0.5 |
|
–0.5 |
Actuarial gains (–)/losses (+) due to changes in financial assumptions |
|
–46.2 |
|
0.0 |
|
–46.2 |
Actuarial gains (–)/losses (+) due to changes of demographic assumptions |
|
0.4 |
|
0.0 |
|
0.4 |
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
–1.7 |
|
0.0 |
|
–1.7 |
Plan settlements |
|
–64.2 |
|
64.2 |
|
0.0 |
Other |
|
–0.2 |
|
0.1 |
|
–0.1 |
As of March 31, 2016 |
|
774.0 |
|
–282.6 |
|
491.4 |
|
|
|
|
|
|
|
In millions of euros |
||||||
Provisions for pensions |
||||||
|
|
Present value of DBO |
|
Plan assets |
|
Provisions for pensions |
|
|
|
|
|
|
|
As of April 1, 2016 |
|
774.0 |
|
–282.6 |
|
491.4 |
|
|
|
|
|
|
|
Service costs for the period |
|
9.8 |
|
|
|
9.8 |
Past service costs |
|
–0.5 |
|
|
|
–0.5 |
Net interest for the period |
|
16.9 |
|
–6.1 |
|
10.8 |
Return on plan assets (excluding amounts included in net interest) |
|
|
|
–22.0 |
|
–22.0 |
Gains (–)/losses (+) on plan settlement/curtailment |
|
–8.0 |
|
|
|
–8.0 |
Changes in the scope of consolidated financial statements |
|
–0.1 |
|
|
|
–0.1 |
Pension payments |
|
–35.0 |
|
19.4 |
|
–15.6 |
Net exchange differences |
|
0.8 |
|
1.7 |
|
2.5 |
Employer contributions/repayments |
|
|
|
–15.3 |
|
–15.3 |
Contributions by plan participants |
|
|
|
–0.6 |
|
–0.6 |
Actuarial gains (–)/losses (+) due to changes in financial assumptions |
|
36.4 |
|
|
|
36.4 |
Actuarial gains (–)/losses (+) due to changes of demographic assumptions |
|
–4.2 |
|
|
|
–4.2 |
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
–5.5 |
|
|
|
–5.5 |
Plan settlements |
|
|
|
|
|
0.0 |
Other |
|
–0.9 |
|
–1.3 |
|
–2.2 |
As of March 31, 2017 |
|
783.7 |
|
–306.8 |
|
476.9 |
|
|
|
|
|
|
|
In millions of euros |
||||||
In the business year 2016/17, the obligation to active employees to make an additional payment to the national health care plan in their pension phase was eliminated at a Brazilian company. Provisions were therefore adjusted in line with the obligations to the remaining beneficiaries.
The conversion of pension obligations from defined benefit pension plans to defined contribution plans for a number of Dutch companies, which was initiated in 2013, was completed in the business year 2015/16.
The major categories of plan assets for the periods presented in the consolidated financial statements as of March 31, 2017, are as follows:
2015/16 |
|
|
|
|
|
|
Category |
|
Assets with quoted market price in an active market |
|
Assets without quoted market price in an active market |
|
Total assets |
|
|
|
|
|
|
|
Debt instruments |
|
48.6% |
|
0.0% |
|
48.6% |
Equity instruments |
|
25.7% |
|
0.0% |
|
25.7% |
Property |
|
0.7% |
|
2.3% |
|
3.0% |
Cash and cash equivalents |
|
7.1% |
|
0.1% |
|
7.2% |
Insurance |
|
0.0% |
|
9.9% |
|
9.9% |
Other assets |
|
5.6% |
|
0.0% |
|
5.6% |
Total |
|
87.7% |
|
12.3% |
|
100.0% |
2016/17 |
|
|
|
|
|
|
Category |
|
Assets with quoted market price in an active market |
|
Assets without quoted market price in an active market |
|
Total assets |
|
|
|
|
|
|
|
Debt instruments |
|
43.8% |
|
0.0% |
|
43.8% |
Equity instruments |
|
30.7% |
|
0.0% |
|
30.7% |
Property |
|
0.0% |
|
2.2% |
|
2.2% |
Cash and cash equivalents |
|
5.7% |
|
0.1% |
|
5.8% |
Insurance |
|
0.0% |
|
9.0% |
|
9.0% |
Other assets |
|
8.4% |
|
0.1% |
|
8.5% |
Total |
|
88.6% |
|
11.4% |
|
100.0% |
The plan assets include own shares with a fair value of EUR 1.0 million (March 31, 2016: EUR 0.9 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 (average) interest rate of 2.2% on plan assets. The actual interest rate was 9.9%.
The amount recognized as an expense in the income statement for defined contribution plans is EUR 29.6 million (2015/16: EUR 26.9 million).
The sensitivity analysis of the key actuarial assumptions used to determine defined benefit obligations is depicted below:
Sensitivities |
||||||||||||
|
|
Interest rate |
|
Salary/wage increases |
|
Pension increases |
||||||
|
|
+1.0% |
|
–1.0% |
|
+0.5% |
|
–0.5% |
|
+0.25% |
|
–0.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pensions |
|
–13.3% |
|
+16.9% |
|
+0.8% |
|
–0.8% |
|
+3.1% |
|
–3.0% |
Severance |
|
–10.1% |
|
+12.0% |
|
+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 2017/18, the expected contributions to the defined benefit plans amount to EUR 2.5 million.
The interest-weighted, average duration for pension plans is 15.1 years and 11.1 years for severance payments.
Provisions for long-service bonuses |
||||
|
|
2015/16 |
|
2016/17 |
|
|
|
|
|
Present value of long-service bonus obligations (DBO) as of April 1 |
|
135.3 |
|
139.7 |
|
|
|
|
|
Service costs for the period |
|
8.8 |
|
8.8 |
Interest costs for the period |
|
2.0 |
|
2.5 |
Changes in the scope of consolidated financial statements |
|
5.8 |
|
0.0 |
Long-service bonus payments |
|
–9.0 |
|
–9.0 |
Actuarial gains (–)/losses (+) due to changes in assumptions |
|
–6.6 |
|
5.0 |
Actuarial gains (–)/losses (+) due to experience-based adjustments |
|
3.6 |
|
–1.7 |
Other |
|
–0.2 |
|
–1.5 |
Present value of long-service bonus obligations (DBO) as of March 31 |
|
139.7 |
|
143.8 |
|
|
|
|
|
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:
|
|
2015/16 |
|
2016/17 |
|
|
|
|
|
Service costs for the period |
|
33.5 |
|
31.2 |
Net interest for the period |
|
20.9 |
|
24.3 |
Gains (–)/losses (+) on plan settlement/curtailment |
|
–8.2 |
|
–8.0 |
Actuarial gains (–)/losses (+) from long-service bonus obligations |
|
–3.0 |
|
3.3 |
Expenses/revenue recognized in the income statement |
|
43.2 |
|
50.8 |
|
|
|
|
|
In millions of euros |
||||
Net interest for the period is recognized in finance costs.