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3.6 Consolidated financial statements Notes Notes to to the the consolidated financial financial statements Changes in defined benefit obligations and plan assets The reconciliation of the changes in the defined benefit obligations and the fair value of plan assets are as follows: million € Change in defined benefit obligations (DBO): Sept. 30, 2010 Sept. 30, 2011 Germany Outside Germany Germany DBO at beginning of fiscal year 5,712 2,042 6,308 2,356 Service cost 69 31 90 35 Interest cost 287 111 249 102 Participant contributions 0 9 0 10 Past service cost 2 13 0 1 Actuarial (gains)/losses 672 164 (539) (15) Acquisitions/(divestitures) (16) (34) (40) (4) Curtailments and settlements 0 (1) 0 (273) Currency differences 0 158 0 40 Benefit payments (418) (151) (415) (151) Others 0 14 0 0 DBO at end of fiscal year 6,308 2,356 5,653 2,101 Change in plan assets: Fair value of plan assets at beginning of fiscal year 179 1,513 213 1,840 Expected return on plan assets 13 106 13 111 Actuarial gains/(losses) (6) 66 (18) (71) Acquisitions/(divestitures) (4) 0 (4) (3) Employer contributions 31 140 0 130 Participant contributions 0 9 0 10 Settlements 0 0 0 (318) Currency differences 0 123 0 33 Benefit payments 0 (130) (12) (138) Others 0 13 0 0 Fair value of plan assets at end of fiscal year 213 1,840 192 1,594 As of the balance sheet date, defined benefit obligations related to plans that are wholly unfunded amount to €5,351 million (2010: €6,023 million) and defined benefit obligations that relate to plans that are wholly or partly funded amount to €2,403 million (2010: €2,641 million). Actual return which amounts to €35 million (2010: €179 million) is calculated as the total of expected return on plan assets and actuarial gains and losses, respectively. Funded status and net amount recognized The following represents the funded status of these plans resulting from the difference of defined benefit obligations and fair value of plan assets including a reconciliation to the net amount recognized: million € Sept. 30, 2010 Sept. 30, 2011 Germany Outside Germany Germany 166 Outside Germany Outside Germany Funded status at end of fiscal year Unrecognized past (6,095) (516) (5,461) (507) service cost Not recognized as an asset due to asset 0 5 0 4 ceiling 0 (62) 0 (37) Net amount recognized (6,095) (573) (5,461) (540) Amounts recognized in the consolidated balance sheets consist of: Other non-financial assets Accrued pension 0 1 0 6 liability (6,095) (574) (5,461) (546) Net amount recognized (6,095) (573) (5,461) (540)
3.6 Consolidated financial statements Notes to the consolidated financial statements Net periodic pension cost The net periodic pension cost for the defined benefit plans were as follows: million € Consolidated financial statements 166 | 167 Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Outside Outside Germany Germany Germany Germany Service cost 69 31 90 35 Interest cost 287 111 249 102 Expected return on plan assets (13) (106) (13) (111) Past service cost 2 7 0 1 Settlement and curtailment loss/(gain) 0 (1) 0 45 Net periodic pension cost 345 42 326 72 The above presented net periodic pension cost for defined benefit plans in the amount of €326 million (2009/2010: €345 million) in Germany and of €72 million (2009/2010: €42 million) outside Germany include €17 million (2009/2010: €17 million) and €1 million (2009/2010: €2 million), respectively, attributable to discontinued operations. These costs are presented in income/(loss) from discontinued operations in the consolidated statement of income. Assumptions The assumptions for discount rates and the rates of compensation increase on which the calculation of the obligations are based were derived in accordance with standard principles and established for The Group applied the following weighted average assumptions to determine benefit obligations: % each country as a function of their respective economic conditions. Discount rates are generally determined based on market yields of high quality corporate bonds in the respective countries with terms corresponding to the estimated terms of the post-employment benefit obligations. The expected return on plan assets is determined based on detailed studies conducted by the plans’ third party investment and actuarial advisors. The studies take into consideration the long-term historical returns and the future estimates of long-term investment returns based on the target asset allocation. Sept. 30, 2010 Sept. 30, 2011 Outside Germany Germany Outside Germany Germany Weighted-average assumptions: Discount rate 4.10 4.47 5.00 4.41 Expected return on plan assets 6.00 6.73 6.00 6.07 Rate of compensation increase 2.50 1.86 2.50 2.16 Plan assets In the Group, the majority of reported plan assets associated with the funded pension plans are located in the USA, Great Britain and to a lesser extent in Germany and some other European countries. The Group invests in diversified portfolios consisting of an array of asset classes that attempt to maximize returns while minimizing volatility. The asset classes include national and international stocks, fixed income government and non-government securities and real estate. Plan assets do not include any direct investments in ThyssenKrupp debt securities, equity securities or real estate.
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Annual Report 2010/2011 At the cent
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