In € thousand |
31/12/2015 |
31/12/2014 |
Other provisions |
196,049 |
190,167 |
Defined benefit obligations |
600,394 |
611,670 |
Total |
796,442 |
801,837 |
Defined benefit obligations
In € thousand |
Defined benefit obligations for pensions |
Plan assets at fair value |
Net defined benefit obligations for pensions |
Defined benefit obligations for termination benefits |
Total defined benefit obligations |
As at 1 January 2015 |
503,899 |
–71,492 |
432,407 |
179,263 |
611,670 |
Current service costs |
18,026 |
0 |
18,026 |
7,164 |
25,189 |
Interest expense/income |
12,264 |
–1,829 |
10,436 |
3,697 |
14,133 |
Past service costs |
–47,782 |
0 |
–47,782 |
–13,398 |
–61,180 |
Components of defined benefit obligations recognised in the income statement |
–17,492 |
–1,829 |
–19,321 |
–2,537 |
–21,858 |
|
|
|
|
|
|
Return on plan assets recognised in other comprehensive income |
0 |
–409 |
–409 |
0 |
–409 |
Actuarial gains and losses that arise from changes in demographic assumptions |
0 |
0 |
0 |
147 |
147 |
Actuarial gains and losses that arise from changes in financial assumptions |
33,519 |
0 |
33,519 |
16,434 |
49,953 |
Actuarial gains and losses that arise from experience adjustments |
11,008 |
0 |
11,008 |
–2,701 |
8,307 |
Other comprehensive income |
44,527 |
–409 |
44,118 |
13,881 |
57,999 |
|
|
|
|
|
|
Changes from currency translation |
1 |
0 |
1 |
0 |
1 |
Payments |
–21,900 |
0 |
–21,900 |
–16,786 |
–38,687 |
Contribution to plan assets |
0 |
–6,261 |
–6,261 |
0 |
–6,261 |
Transfer in |
0 |
0 |
0 |
458 |
458 |
Transfer out |
–7,772 |
2,728 |
–5,044 |
–461 |
–5,505 |
Change in basis of consolidation |
620 |
17 |
637 |
1,940 |
2,577 |
As at 31 December 2015 |
501,883 |
–77,246 |
424,637 |
175,757 |
600,394 |
In € thousand |
Defined benefit obligations for pensions |
Plan assets at fair value |
Net defined benefit obligations for pensions |
Defined benefit obligations for termination benefits |
Total defined benefit obligations |
As at 1 January 2014 |
454,768 |
–62,816 |
391,952 |
194,805 |
586,757 |
Current service costs |
15,694 |
0 |
15,694 |
7,718 |
23,412 |
Interest expense/income |
12,928 |
–1,936 |
10,992 |
4,268 |
15,259 |
Past service costs |
4,737 |
0 |
4,737 |
0 |
4,737 |
Components of defined benefit obligations recognised in the income statement |
33,358 |
–1,936 |
31,422 |
11,986 |
43,409 |
|
|
|
|
|
|
Return on plan assets recognised in other comprehensive income |
0 |
–4,182 |
–4,182 |
0 |
–4,182 |
Actuarial gains and losses that arise from changes in demographic assumptions |
0 |
0 |
0 |
–3 |
–3 |
Actuarial gains and losses that arise from changes in financial assumptions |
42,467 |
0 |
42,467 |
6,514 |
48,981 |
Actuarial gains and losses that arise from experience adjustments |
–500 |
0 |
–500 |
1,746 |
1,246 |
Other comprehensive income |
41,967 |
–4,182 |
37,785 |
8,257 |
46,042 |
|
|
|
|
|
|
Changes from currency translation |
–5 |
0 |
–5 |
–5 |
–10 |
Payments |
–20,076 |
0 |
–20,076 |
–35,780 |
–55,856 |
Contribution to plan assets |
0 |
–7,971 |
–7,971 |
0 |
–7,971 |
Transfer out |
–6,113 |
5,413 |
–700 |
0 |
–701 |
Change in basis of consolidation |
0 |
0 |
0 |
0 |
0 |
As at 31 December 2014 |
503,899 |
–71,492 |
432,407 |
179,263 |
611,670 |
The provisions for social capital from the repositioning of UNIQA (2014: € 17,088 thousand) were released entirely in the financial year.
Amendments were made to the works agreements for the pension fund scheme in the 2015 financial year. They resulted in a positive effect on the retrospective service cost amounting to € 50,565 thousand.
The plan assets for the defined benefit obligations are comprised as follows:
|
31/12/2015 |
31/12/2014 |
||
|
Listed |
Not listed |
Listed |
Not listed |
Bonds - euro |
28.8% |
0.0% |
35.1% |
0.1% |
Bonds - euro high yield |
4.4% |
2.3% |
2.7% |
0.6% |
Corporate bonds - euro |
19.6% |
2.2% |
16.1% |
1.7% |
Equities - euro |
7.4% |
0.0% |
7.4% |
0.0% |
Equities - non-euro |
5.9% |
0.0% |
6.9% |
0.0% |
Equities - emerging markets |
0.3% |
0.0% |
3.5% |
0.1% |
Alternative investment instruments |
1.3% |
0.0% |
0.9% |
0.0% |
Land and buildings |
0.0% |
1.6% |
0.0% |
0.0% |
Cash |
0.0% |
10.1% |
0.0% |
6.4% |
HTM bonds / term deposits |
16.1% |
0.0% |
16.4% |
2.2% |
Total |
83.8% |
16.2% |
89.1% |
10.9% |
The measurement of the defined benefit obligations is based on the following actuarial calculation parameters:
Calculation factors applied |
2015 |
2014 |
Figures in percent |
|
|
Discount rate |
|
|
Termination benefits |
1.3 |
2.5 |
Pensions |
2.0 |
2.5 |
Valorisation of remuneration |
3.0 |
3.0 |
Valorisation of pensions |
2.0 |
2.0 |
Employee turnover rate |
dependent on years of service |
dependent on years of service |
Calculation principles |
AVÖ 2008 P - Pagler & Pagler / Angestellte |
AVÖ 2008 P - Pagler & Pagler / Angestellte |
Weighted average duration in years |
Pensions |
Termination benefits |
31/12/2015 |
13.8 |
8.4 |
31/12/2014 |
19.4 |
8.4 |
Investment risk
The cash value of the defined benefit obligations is calculated using a discount rate which is determined based on the returns from high-quality corporate bonds. There will be a deficit if the changes in the plan assets fall below these returns. The plans for the different benefit obligations include a diversified mix of securities. These primarily include annuities, corporate bonds, equities and other equity instruments, etc. By reducing the duration of the plans, the Group intends to reduce the investment risk by continuously adjusting the portfolio of assets to the requirements of the defined benefit plans.
Interest rate change risk
A fall in the return on corporate bonds results in an increase in the cash value of the defined benefit obligations. However, this effect is absorbed in part by the increase in the plan assets or by higher income from the plan assets.
Life expectancy
The cash value of the benefit obligations from pensions is heavily dependent inter alia on the life expectancy of the beneficiaries. An increase in the life expectancy of the beneficiaries results in an increase in the defined benefit obligations.
Salary risk
The cash value of the defined benefit obligations is ascertained based on the future salaries of the beneficiaries. In this respect, any salary increases result in an increase in the defined benefit obligations. The majority of the assets from the plan assets are not indexed to any rates of inflation or salary increase.
The sensitivity of the defined benefit obligations on changes in the weighted actuarial calculation parameters is:
Sensitivity analysis 2015 |
Pensions |
Termination benefits |
figures in percent |
|
|
Average remaining life expectancy |
|
|
Change in DBO (+ 1 year) |
3.2 |
|
Change in DBO (-1 year) |
–3.4 |
|
Discount rate |
|
|
Change in DBO (+ 1%) |
–11.9 |
–7.1 |
Change in DBO (-1%) |
14.8 |
9.0 |
Future salary increase rate |
|
|
Change in DBO (+ 0.75%) |
1.6 |
5.9 |
Change in DBO (-0.75%) |
–1.5 |
–6.0 |
Future pension increase rate |
|
|
Change in DBO (+ 0.25%) |
3.0 |
|
Change in DBO (-0.25%) |
–2.9 |
|
Sensitivity analysis 2014 |
Pensions |
Termination benefits |
figures in percent |
|
|
Average remaining life expectancy |
|
|
Change in DBO (+ 1 year) |
3.9 |
|
Change in DBO (-1 year) |
–4.1 |
|
Discount rate |
|
|
Change in DBO (+ 1%) |
–16.1 |
–8.0 |
Change in DBO (-1%) |
21.7 |
9.1 |
Future salary increase rate |
|
|
Change in DBO (+ 0.75%) |
1.7 |
6.6 |
Change in DBO (-0.75%) |
–1.6 |
–6.1 |
Future pension increase rate |
|
|
Change in DBO (+ 0.25%) |
3.4 |
|
Change in DBO (-0.25%) |
–3.2 |
|
Under the defined contribution company pension scheme, the employer pays the fixed amounts into company pension funds. The employer has satisfied their obligation by making these contributions.
In € thousand |
31/12/2015 |
31/12/2014 |
Contributions to company pension funds |
2,048 |
2,293 |
Other provisions
In € thousand |
Provisions for jubilee benefits |
Customer services and marketing provision |
Provision for legal and consulting expenses |
Provision for premium adjustment of insurance contracts |
Provision for portfolio maintenance commission |
Miscellaneous other provisions |
Total |
As at 1 January 2014 |
15,343 |
73,675 |
8,853 |
9,354 |
2,667 |
96,541 |
206,433 |
Additions |
265 |
69,026 |
1,522 |
3,489 |
705 |
61,460 |
136,467 |
Reversal of unused provisions |
–674 |
–3,539 |
–562 |
0 |
0 |
–18,690 |
–23,465 |
Addition due to unwinding of the discount |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Change in basis of consolidation |
0 |
100 |
0 |
0 |
0 |
–322 |
–222 |
Reclassifications |
0 |
0 |
–1,111 |
0 |
0 |
1,228 |
117 |
Recognised in profit/(loss) for the year |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Use in current year |
–50 |
–63,336 |
–747 |
–4,922 |
–173 |
–59,537 |
–128,766 |
Foreign exchange differences |
0 |
–163 |
–7 |
–10 |
–25 |
–192 |
–397 |
As at 31 December 2014 |
14,884 |
75,763 |
7,948 |
7,911 |
3,174 |
80,487 |
190,167 |
As at 1 January 2015 |
14,884 |
75,763 |
7,948 |
7,911 |
3,174 |
80,487 |
190,167 |
Additions |
1,414 |
73,879 |
2,504 |
2,768 |
1,792 |
61,708 |
144,065 |
Reversal of unused provisions |
–917 |
–3,137 |
–2,099 |
–3 |
0 |
–19,860 |
–26,017 |
Addition due to unwinding of the discount |
321 |
0 |
0 |
0 |
0 |
0 |
321 |
Change in basis of consolidation |
0 |
0 |
–1 |
0 |
0 |
1,691 |
1,690 |
Reclassifications |
0 |
2 |
0 |
0 |
0 |
–2 |
0 |
Recognised in profit/(loss) for the year |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Use in current year |
–10 |
–71,219 |
–2,932 |
–4,853 |
–1,023 |
–34,171 |
–114,208 |
Foreign exchange differences |
0 |
–10 |
0 |
7 |
57 |
–23 |
30 |
As at 31 December 2015 |
15,692 |
75,279 |
5,420 |
5,829 |
4,000 |
89,830 |
196,049 |
Other provisions include a provision of € 10,000 thousand (2014: € 10,000 thousand) for liability in connection with the sale of Mannheimer AG Holding.
