25. Non-current provisions

 

 

30.09.2021
EUR 1,000

 

30.09.2020
EUR 1,000

Provisions for pensions

 

113,863.5

 

117,048.8

Provisions for severance payments

 

95,855.4

 

95,623.6

Provisions for anniversary bonuses

 

22,982.4

 

22,448.2

Provisions for stepped pension and early retirement benefits

 

13,680.0

 

21,572.2

Other provisions

 

47,429.6

 

33,777.4

 

 

293,810.9

 

290,470.2

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:

 

 

2020/2021
%

 

2019/2020
%

Discount rate

 

0.8

 

1.0

Salary trend

 

2.9

 

2.9

Pension trend

 

2.0

 

2.0

Expected return on plan assets

 

0.8

 

1.0

Biometric calculations were based on the AVÖ 2018 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 0.0% to 12.12% (previous year: 0.00% to 12.02%) 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 obligations that were transferred to the Group’s pension fund.

 

 

2020/2021
EUR 1,000

 

2019/2020
EUR 1,000

Present value of retirement benefit obligations (DBO)
as of 01.10.

 

130,659.1

 

137,567.4

+ Current service costs

 

498.9

 

640.3

+ Interest expense

 

1,250.5

 

1,213.2

- Retirement benefits payments

 

-7,217.8

 

-7,285.8

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

 

 

 

 

Due to experience adjustments

 

-572.7

 

-249.8

Due to changes in demographic assumptions

 

1.0

 

-6.3

Due to changes in financial assumptions

 

3,207.1

 

-1,219.9

Present value of retirement benefit obligations (DBO)
as of 30.09.

 

127,826.1

 

130,659.1

- Fair value of fund assets

 

-13,962.6

 

-13,610.3

Recognised pension provisions as of 30.09.

 

113,863.5

 

117,048.8

Changes in fund assets

 

 

2020/2021
EUR 1,000

 

2019/2020
EUR 1,000

Plan assets as of 01.10.

 

13,610.3

 

14,258.8

+/(-) Interest income/(expenses) for plan assets

 

122.7

 

129.9

+ Contributions to fund

 

182.1

 

- Payments from fund

 

-1,145.4

 

-1,131.4

+/(-) Asset gain/(loss)

 

1,192.9

 

353.0

Plan assets as of 30.09.

 

13,962.6

 

13,610.3

The actual income from the plan assets amounts to EUR 1,008.8 thousand (previous year: EUR -76.8 thousand).

The composition of the fund's assets presents as follows:

 

 

30.09.2021
%

 

30.09.2020
%

Shares

 

39.3

 

35.1

Bonds

 

39.9

 

44.7

Money market

 

7.5

 

4.9

Other investments

 

13.3

 

15.3

Total

 

100.0

 

100.0

 

 

2020/2021
EUR 1,000

 

2019/2020
EUR 1,000

Current service costs

 

498.9

 

640.3

Net interest expense

 

1,127.8

 

1,083.3

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

 

1,626.7

 

1,723.6

Remeasurement of retirement benefit obligations

 

1,442.5

 

-1,829.0

Retirement benefits expense (recognised in other comprehensive income)

 

3,069.2

 

-105.4

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

 

 

30.09.2021
%

 

30.09.2020
%

Active

 

16.5

 

19.2

Vested

 

1.3

 

1.5

Retired

 

82.2

 

79.3

 

 

100.0

 

100.0

As of 30 September 2021, the weighted average remaining term of the defined benefit obligations was 12.0 years (previous year: 11.0 years).

Pension payments for the 2021/2022 fiscal year are expected to amount to EUR 7,224.3 thousand.

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

Sensitivity analyses

 

 

30.09.2021
EUR 1,000

 

30.09.2020
EUR 1,000

Remaining life expectancy

 

 

 

 

Change by +1 year

 

9,272.0

 

9,399.9

Change by -1 year

 

-9,760.3

 

-9,917.9

Discount rate

 

 

 

 

Change by +0.5%

 

-7,709.2

 

-7,865.5

Change by -0.5%

 

8,617.8

 

8,790.2

Future pension increase

 

 

 

 

Change by +0.5%

 

8,134.8

 

8,309.7

Change by -0.5%

 

-7,409.3

 

-7,570.7

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.

 

 

2020/2021
EUR 1,000

 

2019/2020
EUR 1,000

Present value of severance payment obligations (DBO)
as of 01.10.

 

95,623.6

 

99,111.2

+ Current service costs

 

3,092.3

 

3,460.8

+/(-) (Gain)/loss on DBP due to termination benefit

 

 

-578.2

+ Interest expense

 

915.1

 

884.0

- Severance payments

 

-5,927.4

 

-5,521.6

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

 

 

 

 

Due to experience adjustments

 

505.3

 

-45.6

Due to changes in demographic assumptions

 

-40.5

 

-7.5

Due to changes in financial assumptions

 

1,687.0

 

-1,679.5

Present value of severance payment obligations (DBO)
as of 30.09. = reported provision for severance payment obligations as of 30.09.

 

95,855.4

 

95,623.6

 

 

2020/2021
EUR 1,000

 

2019/2020
EUR 1,000

Current service costs

 

3,092.3

 

2,882.6

Net interest expense

 

915.1

 

884.0

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

 

4,007.4

 

3,766.6

Remeasurement of the severance benefit obligation

 

2,151.8

 

-1,732.6

Severance expenses (recognised in other comprehensive income)

 

6,159.2

 

2,034.0

As of 30 September 2021, the weighted average remaining term of the defined benefit obligations was 8.2 years (previous year: 8.5 years).

Severance payments for the 2021/2022 fiscal year are expected to amount to EUR 9,310.1 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

 

 

30.09.2021
EUR 1,000

 

30.09.2020
EUR 1,000

Discount rate

 

 

 

 

Change by +0.5%

 

-4,067.0

 

-4,184.2

Change by -0.5%

 

-4,377.7

 

-4,531.1

Future salary increase

 

 

 

 

Change by +0.5%

 

4,332.4

 

4,490.6

Change by -0.5%

 

-4,057.1

 

-4,198.5

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 defined contribution plans 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.

 

 

2020/2021
EUR 1,000

 

2019/2020
EUR 1,000

Present value of anniversary bonus obligation (DBO) as of 01.10.

 

22,448.2

 

23,592.6

+ Current service costs

 

1,323.9

 

1,332.7

+ Interest expense

 

223.1

 

210.2

Anniversary bonus payments

 

-1,677.5

 

-1,794.5

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

 

664.7

 

-892.8

Present value of anniversary bonus obligation (DBO)
as of 30.09. = reported provisions for anniversary bonuses
as of 30.09.

 

22,982.4

 

22,448.2

 

 

2020/2021
EUR 1,000

 

2019/2020
EUR 1,000

Current service costs

 

1,323.9

 

1,332.7

Net interest expense

 

223.1

 

210.2

Remeasurement

 

664.7

 

-892.8

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

 

2,211.7

 

650.1

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).

 

 

2020/2021
EUR 1,000

 

2019/2020
EUR 1,000

Present value of early retirement obligations (DBO) as of 01.10.

 

21,572.2

 

30,020.5

+ Interest expense

 

173.9

 

224.5

+ Past service costs

 

573.5

 

2,312.5

- Early retirement payments

 

-7,358.5

 

-8,996.9

-/(+) Gain/(loss) after severance payments

 

 

-218.4

- Severance payments

 

 

-88.8

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

 

-1,281.1

 

-1,681.2

Present value of early retirement obligations (DBO)
as of 30.09. = reported provisions for early retirement obligations
as of 30.09.

 

13,680.0

 

21,572.2

 

 

2020/2021
EUR 1,000

 

2019/2020
EUR 1,000

Past service costs

 

573.5

 

2,312.5

Net interest expense

 

173.9

 

224.5

Remeasurement

 

-1,281.1

 

-1,681.2

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

 

-533.7

 

855.8

25.5. Other non-current provisions

 

 

2020/2021
EUR 1,000

 

2019/2020
EUR 1,000

Carrying amount as of 01.10.

 

33,777.4

 

32,060.2

Use

 

-63.6

 

-538.3

Reversal

 

-137.3

 

-16.3

Allocation

 

13,818.0

 

2,293.6

Translation differences

 

35.1

 

-21.8

 

 

47,429.6

 

33,777.4

This item predominantly contains provisions for landfills.

In view of new legal requirements related to the use of gas turbines for congestion management, future revenues of the 7Fields gas storage facility are expected to be lower. From today's perspective, it is not possible to run the gas storage facility in a way that costs are covered. A provision in the amount of EUR 6.7 million (30 September 2020: EUR 0.0 million) was formed for contractual obligations up to the 2049/2050 fiscal year not covered by revenue; a discount rate of 0.1% was applied.

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