Plan assets were invested in the following assets:
|
|
|
|
|
|
Sept. 30, 2009 |
Sept. 30, 2008 |
|
Shares |
3.9% |
22.8% |
|
Debt instruments |
46.4% |
32.6% |
|
Real estate |
8.5% |
8.8% |
|
Short-term financial investments |
41.2% |
35.8% |
Plan assets do not contain any own financial instruments nor real estate currently used by the Company.
|
Change in Plan Assets. |
|
€k |
|
|
Sept. 30, 2009 |
Sept. 30, 2008 |
|
Fair value of plan assets as of October 1 |
174,841 |
180,429 |
|
Expected return on plan assets |
7,442 |
10,418 |
|
Actuarial gains/losses (–) |
–1,315 |
–16,447 |
|
Member contributions |
817 |
766 |
|
Employer contributions |
1,578 |
2,301 |
|
Pension payments |
–1,071 |
–1,710 |
|
Transfers |
476 |
0 |
|
Exchange rate differences |
–927 |
–916 |
|
Fair value of plan assets as of September 30 |
181,841 |
174,841 |
The expected return on plan assets is determined based on a weighted average of 4.3% (2007/2008: 5.8%) and shown within the functional cost headings. The expected return on plan assets is derived from returns generated in the past and long-term expected returns of assets included in the plan asset. The actual result on plan assets was €6,127k (2007/2008: –€6,029k).
For fiscal 2009/2010, employer contributions to plan assets in the amount of €1,594k are expected.
|
Pension Expenses. |
|
€k |
|
|
2008/2009 |
2007/2008 |
|
Current service cost |
6,664 |
7,173 |
|
Interest cost |
9,369 |
8,102 |
|
Expected return on plan assets |
–7,442 |
–10,418 |
|
Actuarial gains (–)/losses |
–783 |
4,435 |
|
Returns from plan alterations |
–1,176 |
–37 |
|
Pension expenses |
6,632 |
9,255 |
The experience adjustments developed as follows:
|
|
|
|
€k |
|
|
2008/2009 |
2007/2008 |
2006/2007 |
|
Pension obligations |
2,586 |
–908 |
2,410 |
|
Plan assets |
–1,315 |
–16,447 |
–1,312 |
|
Total |
1,271 |
–17,355 |
1,098 |
The personnel expenses of the fiscal year include expenses for defined contribution plans in the amount of €27,719k (2007/2008: €26,731k). Included are expenses of subsidiaries in Belgium, the Netherlands and Sweden for so-called multi-employer plans. According to IAS 19, these plans have to be basically treated as defined benefit plans. Since the required information of the plans is not available, the plans are treated as defined contribution plans.
