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Post-employment benefits
 12 Months Ended
Mar. 31, 2022
Employee Benefits [Abstract]  
Post-employment benefits Employee benefits expenses
(EUR thousand)For the financial year ended March 31
Employee benefits expensesNote202220212020
Salaries and bonuses(72,488)(52,413)(105,436)
Social security charges(14,138)(11,502)(21,012)
Social costs(2,592)(1,003)(2,588)
Defined benefit plans29(1,560)(1,169)(1,199)
Other personnel expenses(1,427)(350)(1,651)
Total(92,205)(66,437)(131,886)
For the financial year ended March 31, 2022 salaries and bonuses increased as grants offsetting the salaries expenses in various jurisdictions ceased to be applicable, and bonus schemes were reimplemented due to the overall business recovery.
For further details regarding key management personnel remuneration, including pension obligations and other remuneration, please refer to Note 40.
Post-employment benefitsThe 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 are secured externally through a defined benefit plan and accounted for accordingly. For employees in Austria, Korea, Italy, Turkey and France, the commitment relates to a severance benefit paid at retirement as governed by local law.
For the financial year ended March 31, 2022, new retirement and severance benefit plans have been registered in Italy and Slovakia, governed by local law and in Japan and Spain, governed by individual employment contracts.
For employees in Australia, the commitment relates to a long service leave plan, as governed by local law.
(EUR thousand)As of March 31
202220212020
Balance sheet obligations for:
Pension benefits liability4,190 7,020 7,619 
Long service leave487 536 343 
Income statement (credit) charge for:
Pension benefits1,398 1,106 1,155 
Long service leave(46)199 76 
Other comprehensive (income)/loss:
Remeasurements of post employment benefit obligations(3,826)(52)2,162 
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 obligation202220212020
Defined benefit obligation as of April 117,149 16,939 12,822 
Current service cost2,152 721 1,202 
Interest expense73 99 166 
Contributions by employees1,807 1,473 838 
(Gain)/loss from change in demographic assumptions(350)— — 
(Gain)/loss from change in financial assumptions(2,342)(130)1,915 
Experience (gains)/loss(1,102)94 211 
Past service cost and gains and losses on settlements(373)— — 
Benefits paid(4,377)(1,369)(884)
Settlements(219)23 (2)
Exchange differences945 (701)671 
Defined benefit obligation as of March 3113,363 17,149 16,939 
(EUR thousand)For the financial year ended March 31
Changes in the fair value of plan assets202220212020
Opening balance fair value of plan assets10,130 9,320 7,760 
Interest income24 28 79 
Return on plan assets (excluding amounts included in net interest costs)32 16 (36)
Contributions by employer620 684 714 
Contributions by employees1,807 1,473 838 
Benefits paid(4,174)(981)(575)
Exchange differences734 (410)540 
Closing balance fair value of plan assets as of March 319,173 10,130 9,320 
(EUR thousand)For the financial year ended March 31
Amounts recognized in the income statement202220212020
Current service cost2,152 721 1,202 
Interest cost49 71 87 
Past service cost(373)— — 
Effect of any curtailments/settlements (+/-)(219)23 (3)
Unrealized FX impact(211)291 (131)
Total net periodic cost (income)1,398 1,106 1,155 
The expected charge to the income statement relating to post-employment plans for the financial year ending March 31, 2023 amounts to EUR1.0 (EUR1.3 for the financial year ended March 31, 2022, EUR1.5 for the financial year ended March 31, 2021).
Actuarial valuations of the Group’s benefit obligations were computed by the Group with assistance from external actuaries as of March 31, 2022, 2021 and 2020. These calculations were based on the following financial and demographic assumptions:
(%)
As of March 31, 2022
AustriaSwitzerlandFranceItalyKoreaTurkeyJapanSlovakiaSpain
Discount rate1.10 %1.10 %1.20 %1.00 %2.80 %22.50 %0.30 %1.40 %1.10 %
Inflation rate—1.00 %—1.50 %—————
Future salary increases3.00 %1.50 %2.00 %— 2.00 %19.00 %3.00 %8.40 %—
Future pension increases—————————
(%)
As of March 31, 2021
AustriaSwitzerlandFranceItalyKoreaTurkeyJapanSlovakiaSpain
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
AustriaSwitzerlandFranceItalyKoreaTurkeyJapanSlovakiaSpain
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—————————
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, 2022 and 2021, and BVG 2015 as of financial year ended March 31, 2020 for future and current retirees.
(Retirement age)
As of March 31, 2022
AustriaSwitzerlandFranceItalyKoreaTurkeyJapanSlovakiaSpain
Retirement age:
- Male6265646760Individual65Individual67
- Female6264626760Individual65Individual67
(Retirement age)
As of March 31, 2021
AustriaSwitzerlandFranceItalyKoreaTurkeyJapanSlovakiaSpain
Retirement age:
- Male6265646760Individual---
- Female6264626760Individual---
(Retirement age)
As of March 31, 2020
AustriaSwitzerlandFranceItalyKoreaTurkeyJapanSlovakiaSpain
Retirement age:
- Male6265646760Individual---
- Female6264626760Individual---
Maturity profile of the post-employment benefit planAustriaSwitzerlandFranceItalyKoreaTurkeyJapanSlovakiaSpain
Duration in years 11.4917.0215.789.6411.878.968.6723.2811.67
Expected contributions as of March 31, 2022 in EUR thousands— 629 — — — — — — — 
Maturity profile of the post-employment benefit planAustriaSwitzerlandFranceItalyKoreaTurkeyJapanSlovakiaSpain
Duration in years12.1020.5016.409.8012.1013.30— — — 
Expected contributions as of March 31, 2021 in EUR thousands— 694 — — — — — — — 
Maturity profile of the post-employment benefit planAustriaSwitzerlandFranceItalyKoreaTurkeyJapanSlovakiaSpain
Duration in years13.5020.9016.4010.2012.9013.20— — — 
Expected contributions as of March 31, 2020 in EUR thousands— 725 — — — — — — — 
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
202220212020
Plan assets are comprised as follows:Value%Value%Value%
Insurance contracts9,173 100.0 %10,130 100.0 %9,320 100.0 %
Total9,173 100 %10,130 100 %9,320 100 %
The pension plans in Switzerland are the only funded plans in the Group.
(EUR thousand)As of March 31
Position of the post-employment benefit plan202220212020
Present value of defined benefit obligation13,362 17,149 16,939 
Fair value of plan assets(9,172)(10,130)(9,320)
Deficit in the plan4,190 7,019 7,619 
Experience adjustments on defined benefit obligation1,102 (94)(211)
The employer contributions to post-employment benefit plans are as of March 31, 2022 EUR0.6 million (EUR0.7 million as of March 31, 2021, EUR0.7 million as of March 31, 2020).
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, 2022
Sensitivity analysisAustriaSwitzerlandFranceItalyKoreaTurkeyJapanSlovakiaSpain
Discount rate - decrease by 0.5%
+5.9 %+8.9 %+8.2 %+5.0 %+6.0 %+3.8 %+4.4 %+12.2 %+6.0 %
Discount rate - increase by 0.5%
-5.5 %-7.8 %-7.4 %-4.6 %-5.5 %-3.5 %-4.2 %-10.8 %-5.6 %
Salary growth rate - decrease by 0.5%
-5.4 %-0.9 %-7.4 %-4.4 %-5.5 %-3.6 %-4.1 %-10.2 %-5.6 %
Salary growth rate - increase by 0.5%
+5.7 %+0.9 %+8.1 %+4.7 %+5.9 %+3.8 %+4.30 +11.40 +6.00 
Actuarial basis (mortality) (10.0)%
—+1.1 %— — — — ———
Actuarial basis (mortality) 10.0%
—-1.1 %———————
(%)
As of March 31, 2021
Sensitivity analysisAustriaSwitzerlandFranceItalyKoreaTurkeyJapanSlovakiaSpain
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 analysisAustriaSwitzerlandFranceItalyKoreaTurkeyJapanSlovakiaSpain
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 %———————

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 EUR2.6 million as of March 31, 2022 (EUR2.5 million as of March 31, 2021, EUR2.0 million as of March 31, 2020) are presented under “Other non-current financial 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).