30/09/2018
EUR 1,000

 

30/09/2017
EUR 1,000

Provisions for pensions

 

106,567.0

 

102,979.6

Provisions for severance payments

 

86,958.2

 

84,927.0

Provisions for anniversary bonuses

 

20,004.9

 

17,990.8

Provisions for stepped pension and early retirement benefits

 

33,904.2

 

44,789.4

Other provisions

 

31,486.1

 

30,160.4

 

 

278,920.4

 

280,847.2

For the most part, the provisions for pensions, severance payments and anniversary bonuses have a term that is more than five years. The provision for stepped pension and early retirement benefits will lead to payment outflows within the next five fiscal years, for the most part.

The following assumptions were made in calculating the personnel provisions:

 

 

2017/2018
%

 

2016/2017
%

Discount rate

 

1.8

 

1.9

Salary trend

 

3.0

 

3.0

Pension trend

 

2.0

 

2.0

Expected return on plan assets

 

1.8

 

1.9

Biometric calculations were based on the AVÖ 2018 P (previous year: AVÖ 2008 P) calculation principles for pension funds from the Actuarial Association of Austria. The statutory retirement age was used as a basis.

A fluctuation ranging from 0% to 11.69% (previous year: 0% to 11.87%) is assumed, staggered according to length of service with the company.

25.1.Provisions for Pensions and Similar Provisions

Company agreements and commitments under individual contracts have incurred an obligation to pay pensions upon retirement to certain staff members who joined the company prior to 30 September 1996 and have accepted neither full nor partial compensation of their claims to direct payments. Beyond that, there is an obligation to pay pensions to certain staff members who retired before 1 July 1998.

For this group of people, a pension provision has been created in line with IAS 19 (Employee Benefits) using the projected unit credit method of actuarial valuation.

The Group has an obligation to make additional contributions for defined retirement benefit plan obligations that were transferred to the Group’s pension fund.

 

 

2017/2018
EUR 1,000

 

2016/2017
EUR 1,000

Present value of retirement benefit obligations (DBO) as of 01/10

 

118,634.7

 

136,132.2

+ Current service costs

 

527.6

 

703.9

+ Interest expense

 

2,147.8

 

1,623.4

- Pension payments

 

-7,351.1

 

-7,523.2

(-)/+ Revaluation – actuarial (gains)/losses:

 

 

 

 

Due to experience-based adjustments

 

-2,212.9

 

-2,693.5

Due to changes in demographic assumptions

 

7,533.0

 

5.2

Due to changes in financial assumptions

 

2,395.3

 

-9,613.3

Present value of retirement benefit obligations (DBO) as of 30/09

 

121,674.4

 

118,634.7

- Fair value of fund assets

 

-15,107.4

 

-15,655.1

Recognised pension provisions as of 30/09

 

106,567.0

 

102,979.6

Changes in Fund Assets

 

 

2017/2018
EUR 1,000

 

2016/2017
EUR 1,000

Plan assets as of 01/10

 

15,655.1

 

15,498.4

+/(-) Interest income (expense) of plan assets

 

276.6

 

203.4

+ Contributions to fund

 

 

59.4

- Payments from fund

 

-1,474.0

 

-868.4

+/(-) Asset gain/(loss)

 

649.7

 

762.3

Plan assets as of 30/09

 

15,107.4

 

15,655.1

Actual return on plan assets amounts to EUR 586.4 thousand (previous year: EUR 691.6 thousand).

The fund assets break down as follows:

 

 

30/09/2018
%

 

30/09/2017
%

Shares

 

38.8

 

35.4

Bonds

 

42.1

 

41.9

Money market

 

12.1

 

14.8

Other investments

 

7.0

 

7.9

Total

 

100.0

 

100.0

 

 

2017/2018
EUR 1,000

 

2016/2017
EUR 1,000

Service costs

 

527.6

 

703.9

Net interest expenses

 

1,871.2

 

1,420.0

Pension expense (recognised in profit or loss for the period)

 

2,398.8

 

2,123.9

Revaluations of retirement benefit obligations

 

7,065.7

 

-13,063.9

Pension expense (recognised in other comprehensive income)

 

9,464.5

 

-10,940.0

The present value of the defined retirement benefit plan obligations is distributed over the individual groups of employees entitled to pension benefits as follows:

 

 

30/09/2018
%

 

30/09/2017
%

Active

 

17.3

 

19.7

Vested

 

3.2

 

0.0

Retired

 

79.5

 

80.3

 

 

100.0

 

100.0

As of 30 September 2018, the weighted average remaining term of the defined benefit plan obligations was 12.7 years (previous year: 12.5 years).

Pension payments for the 2018/2019 fiscal year are expected to amount to EUR 7,157.4 thousand.

An increase or decrease in the material actuarial assumptions would have the following effects on the present value of the pension obligations:

Sensitivity Analyses

 

 

30/09/2018
EUR 1,000

 

30/09/2017
EUR 1,000

Remaining life expectancy

 

 

 

 

Increase by 1 year

 

6,954.9

 

6,902.5

Decrease by 1 year

 

-7,286.4

 

-7,213.7

Discount rate

 

 

 

 

Increase by 0.5%

 

-7,130.1

 

-6,595.3

Decrease by 0.5%

 

7,918.3

 

6,820.1

Future pension increase

 

 

 

 

Increase by 0.5%

 

7,246.8

 

6,944.0

Decrease by 0.5%

 

-6,633.0

 

-6,360.0

25.2.Provisions for Severance Payments

Based on obligations according to Austrian law and collective bargaining agreements, severance payments were paid to employees who took up service by 31 December 2002. Benefits due at the time of retirement or severance are calculated on the basis of the last salary, as well as the number of years of employment.

Based on these regulations according to labour law and collective bargaining agreements, a provision is created which is calculated according to the projected unit credit method.

 

 

2017/2018
EUR 1,000

 

2016/2017
EUR 1,000

Present value of severence payment obligations (DBO) as of 01/10

 

84,927.0

 

90,464.4

+ Current service costs

 

3,141.8

 

3,455.8

+/(-) Net result from past service costs

 

-145.2

 

277.8

+ Interest expense

 

1,560.3

 

1,085.6

- Severance payments

 

-2,254.9

 

-3,805.4

(-)/+ Revaluation – actuarial (gains)/losses:

 

 

 

 

Due to experience-based adjustments

 

-534.2

 

-591.6

Due to changes in demographic assumptions

 

-617.0

 

-20.9

Due to changes in financial assumptions

 

880.4

 

-5,938.7

Present value of severance payment obligations (DBO) as of 30/09 =
recognised severance provisions as of 30/09

 

86,958.2

 

84,927.0

 

 

2017/2018
EUR 1,000

 

2016/2017
EUR 1,000

Service costs

 

2,996.6

 

3,733.6

Net interest expenses

 

1,560.3

 

1,085.6

Severance expenses (recognised in profit or loss for the period)

 

4,556.9

 

4,819.2

Revaluations of the severance benefit obligation

 

-270.8

 

-6,551.2

Severance expenses (recognised in other comprehensive income)

 

4,286.1

 

-1,732.0

As of 30 September 2018, the weighted average remaining term of the defined benefit plan obligations amounted to 9.7 years (previous year: 9.8 years).

Severance payments for the 2017/2018 fiscal year are expected to amount to EUR 4,616.5 thousand.

An increase or decrease in the significant actuarial assumptions would have the following effects on the present value of the severance payment obligations:

Sensitivity Analyses

 

 

30/09/2018
EUR 1,000

 

30/09/2017
EUR 1,000

Discount rate

 

 

 

 

Increase by 0.5%

 

-4,021.30

 

-3,942.10

Decrease by 0.5%

 

4,347.40

 

4,262.70

Future salary increase

 

 

 

 

Increase by 0.5%

 

4,342.10

 

4,263.40

Decrease by 0.5%

 

-3,428.30

 

-3,982.80

For employment relationships in Austria commencing on or after 1 January 2003, the employer is liable to remit 1.53% of the gross salary to an employee pension fund. This form of severance payment is recognised as a contribution-oriented plan according to IAS 19 (Employee Benefits).

25.3.Provisions for Anniversary Bonuses

Based on collective bargaining agreements, a provision for anniversary bonuses is created which is calculated according to the projected unit credit method.

 

 

2017/2018
EUR 1,000

 

2016/2017
EUR 1,000

Present value of anniversary bonus obligations (DBO) as of 01/10

 

17,990.8

 

18,956.3

+ Current service costs

 

1,655.8

 

1,151.2

+ Interest expense

 

332.1

 

222.3

- Anniversary bonus payments

 

-1,250.1

 

-1,077.0

(-)/+ Revaluation – actuarial (gains)/losses

 

1,276.3

 

-1,262.0

Present value of anniversary bonus obligations (DBO) as of 30/09 =
recognised provisions for anniversary bonuses as of 30/09

 

20,004.9

 

17,990.8

 

 

2017/2018
EUR 1,000

 

2016/2017
EUR 1,000

Service costs

 

1,655.8

 

1,151.2

Net interest expenses

 

332.1

 

222.3

Revaluations

 

1,276.3

 

-1,262.0

Expenses for anniversary bonuses (recognised in profit or loss for the period)

 

3,264.2

 

111.5

25.4.Provisions for Stepped Pension and Early Retirement Benefits

A stepped pension (early retirement model) has been agreed upon with certain employees. This is a transitional payment for the period between the early termination of the employment relationship and the time when a claim to legal pension benefits is reached. The transitional payments for this period correspond to a previously determined percentage of the previous salary.

For the resulting obligations, a provision is created according to IAS 19 (Employee Benefits).

 

 

2017/2018
EUR 1,000

 

2016/2017
EUR 1,000

Present value of early retirement benefit obligations (DBO) as of 01/10

 

44,789.4

 

53,114.6

+ Interest expense

 

729.8

 

557.9

+ Allocation due to new obligations

 

1,902.0

 

5,753.6

- Early retirement benefit payments

 

-11,232.3

 

-11,745.6

-/(+) Income/(losses) from settlements

 

-374.2

 

- Payments in relation to settlements

 

-179.9

 

(-)/+ Revaluation – actuarial (gains)/losses

 

-1,730.6

 

-2,891.1

Present value of early retirement benefit obligations (DBO) as of 30/09 =
recognised early retirement benefit provisions as of 30/09

 

33,904.2

 

44,789.4

 

 

2017/2018
EUR 1,000

 

2016/2017
EUR 1,000

Service costs

 

1,902.0

 

5,753.6

Net interest expenses

 

729.8

 

557.9

Revaluations

 

-1,730.6

 

-2,891.1

Expenses for stepped pension and early retirement benefits (recognised in profit or loss for the period)

 

901.2

 

3,420.4

25.5.Other Non-Current Provisions

 

 

2017/2018
EUR 1,000

 

2016/2017
EUR 1,000

Carrying amount as of 01/10

 

30,160.4

 

28,318.9

Change in scope of consolidation

 

15.9

 

Use

 

-995.0

 

-921.2

Reversal

 

-134.2

 

-128.7

Allocation

 

2,438.2

 

2,884.6

Currency translation differences

 

0.8

 

6.8

 

 

31,486.1

 

30,160.4

This item predominantly contains provisions for landfills.