XML 49 R36.htm IDEA: XBRL DOCUMENT v3.21.2
Post-employment benefits
 12 Months Ended
Mar. 31, 2021
Disclosure Of Employee Benefits [Abstract]  
Post-employment benefits Employee benefits expenses
(EUR thousand)For the financial year ended March 31
Employee benefits expensesNote202120202019
Salaries and bonuses(52,413)(105,436)(95,118)
Social security charges(11,502)(21,012)(20,398)
Social costs(1,003)(2,588)(2,448)
Defined benefit plans29(1,169)(1,199)(652)
Other personnel expenses(350)(1,651)(3,472)
Total(66,437)(131,886)(122,088)
For further detail regarding key management personnel remuneration, including pension obligations and other remuneration, please refer to Note 42.
Post-employment benefits
The Group offers its employees’ pension plans and other post-employment benefit plans. The specific features of these plans (benefit formulas, fund investment policy and fund assets held) vary depending on the applicable laws and regulations in each country where the employees work. The employee benefits are accounted for in accordance with the revised IAS 19.
Commitments regarding retirement pension and family pension for employees in Switzerland and Norway are secured externally through a defined benefit plan and accounted for accordingly. For employees in Austria, Korea, Italy, Turkey and France the commitment relates a severance benefit paid at retirement, as governed by local law. For employees in Australia the commitment regards long service leave plans, as governed by local law.
(EUR thousand)As of March 31
202120202019
Balance sheet obligations for:
Pension benefits liability7,020 7,619 5,062 
Long service leave536 343 — 
Income statement (credit) charge for:
Pension benefits1,106 1,155 (341)
Long service leave199 76 — 
Other comprehensive income:
Remeasurements of post employment benefit obligations(52)2,162 (428)
The table below reconciles the net obligation in respect of the Group’s pension plans and other post-employment benefit plans with the amounts recognized in the consolidated financial statements.
(EUR thousand)For the financial year ended March 31
Changes in the present value of defined benefit obligation202120202019
Defined benefit obligation as of April 116,939 12,822 12,620 
Current service cost721 1,202 1,224 
Interest expense99 166 128 
Contributions by employees1,473 838 1,101 
(Gain)/loss from change in demographic assumptions— — 43 
(Gain)/loss from change in financial assumptions(130)1,915 (439)
Experience (gains)/loss94 211 (44)
Benefits paid(1,369)(884)(1,036)
Settlements23 (3)(1,206)
Exchange differences(701)671 431 
Defined benefit obligation as of March 3117,149 16,939 12,822 
(EUR thousand)For the financial year ended March 31
Changes in the fair value of plan assets202120202019
Opening balance fair value of plan assets9,320 7,760 7,213 
Acquisition of subsidiary
Interest income28 79 53 
Return on plan assets (excluding amounts included in net interest expense)16 (36)(12)
Contributions by employer684 714 717 
Contributions by employees1,473 838 1,101 
Benefits paid(981)(575)(919)
Settlements— — (668)
Exchange differences(410)540 275 
Closing balance fair value of plan assets as of March 3110,130 9,320 7,760 
(EUR thousand)For the financial year ended March 31
Amounts recognized in the income statement202120202019
Current service cost721 1,202 1,224 
Interest cost71 87 75 
Administrative cost— — (667)
Effect of any curtailments/settlements (+/-)23 (3)(1,206)
Unrealized FX impact291 (131)233 
Total net periodic cost (income)1,106 1,155 (341)
The expected charge to the income statement relating to post-employment plans for the financial year ending March 31, 2022 amounts to EUR1.3 million (EUR1.5 million for the financial year ended March 31, 2021, EUR1.2 million for the financial year ended March 31, 2020).
Actuarial valuations of the Group’s benefit obligations were computed by the Group with assistance from external actuaries as of March 31, 2021, 2020 and 2019. These calculations were based on the following financial and demographic assumptions:
(%)
As of March 31, 2021
AustriaSwitzerlandFranceItalyKoreaTurkey
Discount rate0.40 %0.20 %0.40 %0.30 %2.00 %12.50 %
Inflation rate—1.00 %—1.50 %——
Future salary increases3.00 %1.50 %2.00 %— 2.00 %15.00 %
Future pension increases——————
(%)
As of March 31, 2020
AustriaSwitzerlandFranceItalyKoreaTurkey
Discount rate0.90 %0.30 %0.90 %0.80 %2.00 %12.00 %
Inflation rate—1.00 %—1.50 %——
Future salary increases3.00 %1.50 %2.00 %— 2.00 %15.00 %
Future pension increases——————
(%)
As of March 31, 2019
AustriaSwitzerlandFranceItalyKoreaTurkey
Discount rate1.75 %0.90 %1.75 %1.60 %2.30 %16.00 %
Inflation rate—1.00 %0.00%1.50 %0.00%0.00%
Future salary increases3.00 %1.50 %2.00%0.00 %2.00 %15.00 %
Future pension increases——————
Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published statistics and experience in each territory. Mortality assumptions for the Group´s most significant country, Switzerland, are based on the mortality table BVG 2020 as of financial years ended March 31, 2021, and BVG 2015 as of financial years ended March 31, 2020 and 2019 for future and current retirees.
(Retirement age)
As of March 31, 2021
AustriaSwitzerlandFranceItalyKoreaTurkey
Retirement age:
- Male6265646760Individual
- Female6264626760Individual
(Retirement age)
As of March 31, 2020
AustriaSwitzerlandFranceItalyKoreaTurkey
Retirement age:
- Male6265646760Individual
- Female6264626760Individual
(Retirement age)
As of March 31, 2019
AustriaSwitzerlandFranceItalyKoreaTurkey
Retirement age:
- Male6265646760Individual
- Female6264626760Individual
Maturity profile of the post-employment benefit planAustriaSwitzerlandFranceItalyKoreaTurkey
Duration in years 12.1020.5016.409.8012.1013.30
Expected contributions as of March 31, 2021 in EUR thousands— 694 — — — — 
Maturity profile of the post-employment benefit planAustriaSwitzerlandFranceItalyKoreaTurkey
Duration in years13.5020.9016.4010.2012.9013.20
Expected contributions as of March 31, 2020 in EUR thousands— 725 — — — — 
Maturity profile of the post-employment benefit planAustriaSwitzerlandFranceItalyKoreaTurkey
Duration in years13.8019.9016.409.5013.2010.50
Expected contributions as of March 31, 2019 in EUR thousands— 699 — — — — 
The table below shows the fair value of plan assets relating to the Group’s pension and other post-employment plans, split by asset category:
(EUR thousands)As of March 31
202120202019
Plan assets are comprised as follows:Value%Value%Value%
Equity instruments— 0.0 %— 0.0 %62 0.7 %
Debt instruments— 0.0 %— 0.0 %116 1.4 %
Euroland bonds— 0.0 %— 0.0 %61 0.7 %
Hold to maturity bonds— 0.0 %— 0.0 %149 1.8 %
Property— 0.0 %— 0.0 %44 0.5 %
Other assets— 0.0 %— 0.0 %54 0.6 %
Alternative investments— 0.0 %— 0.0 %— 0.0 %
Insurance contracts10,130 100.0 %9,320 100.0 %7,843 94.3 %
Total10,130 100 %9,320 100 %8,329 100 %
The pension plans in Switzerland are the only funded plans in the Group.
The tables below summarizes the percentage change in the Net defined benefit obligation as of March 31, as a result of sensitizing each of the metrics (discount rate, salary growth rate, and actuarial basis (mortality)) on a country-level:
(%)
As of March 31, 2021
Sensitivity analysisAustriaSwitzerlandFranceItalyKoreaTurkey
Discount rate - decrease by 0.5%
+6.2 %+11.0 %+8.6 %+5.1 %+6.2 %+6.2 %
Discount rate - increase by 0.5%
(5.8 %)(9.4 %)(7.8 %)(4.7 %)(5.7 %)(5.7 %)
Salary growth rate - decrease by 0.5%
(5.7 %)(1.1 %)(7.7 %)(4.4 %)(5.6 %)(5.5 %)
Salary growth rate - increase by 0.5%
+6.0 %+1.2 %+8.4 %+4.7 %+6.0 %+6.0 %
Actuarial basis (mortality) (10.0)%
—+1.7 %— — — — 
Actuarial basis (mortality) 10.0%
—(1.6 %)————
(%)
As of March 31, 2020
Sensitivity analysisAustriaSwitzerlandFranceItalyKoreaTurkey
Discount rate - decrease by 0.5%
+6.9 %+11.2 %+8.6 %+5.3 %+6.6 %+6.1 %
Discount rate - increase by 0.5%
-6.4 %-9.6 %-7.7 %-4.8 %-6.1 %-5.6 %
Salary growth rate - decrease by 0.5%
-6.3 %-1.4 %-7.7 %-4.6 %-6.0 %-5.5 %
Salary growth rate - increase by 0.5%
+6.7 %+1.4 %+8.4 %+5.0 %+6.5 %+5.9 %
Actuarial basis (mortality) (10.0)%
—+1.6 %————
Actuarial basis (mortality) 10.0%
—-1.5 %————
(%)
As of March 31, 2019
Sensitivity analysisAustriaSwitzerlandFranceItalyKoreaTurkey
Discount rate - decrease by 0.5%
+7.2 %+10.6 %+8.5 %+4.9 %+6.8 %+4.7 %
Discount rate - increase by 0.5%
-6.7 %-9.1 %-7.7 %-4.5 %-6.2 %-4.4 %
Salary growth rate - decrease by 0.5%
-6.6 %-1.4 %-7.7 %-4.3 %-6.1 %-4.4 %
Salary growth rate - increase by 0.5%
+7.1 %+1.5 %+8.4 %+4.6 %+6.6 %+4.7 %
Actuarial basis (mortality) (10.0)%
—+1.4 %————
Actuarial basis (mortality) 10.0%
—-1.2 %————
The employer contributions to post-employment benefit plans are as of March 31, 2021 EUR0.7 million (EUR0.7 million as of March 31, 2020, EUR0.7 million as of March 31, 2019).
(EUR thousand)As of March 31
Position of the post-employment benefit plan202120202019
Present value of defined benefit obligation17,149 16,939 12,822 
Fair value of plan assets(10,130)(9,320)(7,760)
Deficit in the plan7,019 7,619 5,062 
Experience adjustments on defined benefit obligation(94)(211)44 
Commitments regarding retirement pension and family pension for employees in Sweden are secured through an insurance policy with Alecta. This is a defined benefit plan that includes several employers. The pension plan according to the supplementary pensions for salaried employees, ITP (industrins tilläggspension) which is secured by insurance policies with Alecta, is reported as a defined contribution plan. Please note that the related liabilities and assets amounting to EUR2.5 million as of March 31, 2021 (EUR2.0 million as of March 31, 2020, EUR2.1 million as of March 31, 2019) are presented under “Other long-term liabilities” (Note 27) and “Other non-current receivables” (Note 17), respectively.
Other pension provisions are related to pension plans for senior management. The plans have been treated as defined contribution plans. Commitments regarding endowment insurances were secured through three insurance policies with Danica, Skandia and SEB. Please note that the receivables related to these insurance policies are presented under “Other non-current receivables” (Note 17).
As of March 31, 2019, the DBN defined benefit pension plan in Norway was terminated, meaning the Group bears no further risk associated to the plan.