Hornbach-Baumarkt-AG Group

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136 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Notes on the Consolidated Balance Sheet The actuarial gains and losses (before deferred taxes) recognized in equity developed as follows: 2012/2013 2011/2012 € 000s € 000s Gains and losses at beginning of period (3,116) (4,438) Gains and losses arising during period (4,267) 1,322 Gains and losses at end of period (7,383) (3,116) The calculation has been based on the following actuarial assumptions: 2.28.2013 2.29.2012 % % Discount interest rate 2.0 2.5 Expected long-term credit interest rate 1.8 2.5 Expected return on plan assets 1.9 2.1 Future salary increases 1.5 1.5 Future pension increases 0.0 0.0 The expected return on plan assets is calculated as the weighted average of the investment strategy and the expected returns per investment category. The historic development is as follows: 2012/2013 2011/2012 2010/2011 2009/2010 2008/2009 € 000s € 000s € 000s € 000s € 000s Present value of pension obligation 36,476 27,854 24,687 18,432 14,410 Fair value of plan assets (32,592) (27,920) 24,166 18,567 15,246 Yield on plan assets 940 902 463 222 355 Experience adjustments arising on plan assets (348) (281) 112 253 184 Experience adjustments arising on plan liabilities 704 (89) 301 769 1,713
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Notes on the Consolidated Balance Sheet 137 (24) Other non-current liabilities Other non-current liabilities mainly involve non-current provisions. These include personnel provisions, provisions for contractually assumed structural maintenance obligations, and a provision required by law for the storage of business documents. The rental agreements underlying the maintenance obligations have remaining terms of between 1 and 23 years. The provision for the storage of business documents chiefly relates to statutory storage periods of between 7 and 11 years. Non-current personnel provisions have been recognized mainly for part-time early retirement commitments and for the statutory reserve required in Austria to cover potential claims on the part of employees in the event of their leaving the company. The provisions for part-time early retirement mainly involve the part-time early retirement agreements concluded by HORNBACH-Baumarkt-AG in the 2005/2006 and 2006/2007 financial years. The work undertaken by part-time early retirees is performed within the framework of the so-called block model. Provisions amounting to € 1,810k (2011/2012: € 2,785k) have been recognized to cover the performance backlog up to the balance sheet date and for top-up payments. This provision is expected to be reversed upon the final employee thereby entitled reaching regular retirement age in the 2016/2017 financial year. Claims from an existing reinsurance policy have been netted with the existing obligations. The provisions have been calculated by an independent expert on the basis of the 2005 G mortality tables published by Heubeck- Richttafeln-GmbH and using a discount rate of 1.64% p.a. (2011/2012: 2.1% p.a.). Moreover, provisions of € 12k (2011/2012: € 24k) were recognized to cover part-time early retirement obligations in Austria. The development in provisions is presented in Note 27. This item also includes an accrual stated for the amounts paid by HORNBACH Immobilien AG as settlement for the disadvantages sustained by HORNBACH-Baumarkt-AG in connection with the termination of existing rental agreements and the conclusion of new rental agreements with increased rent and the assumption of maintenance expenses. The accrual item established for this purpose is being written back to earnings over the remaining term of the original rental agreements (18 years). (25) Trade payables and other liabilities 2.28.2013 2.29.2012 € 000s € 000s Trade payables and advance payments received for orders 198,253 188,752 Liabilities to affiliated companies 715 769 of which: to shareholders 289 217 Other liabilities 49,796 54,913 of which: other taxation 15,116 14,833 of which: social security contributions 2,650 2,688 248,764 244,434 As in the previous year, all trade payables and other liabilities have remaining terms of less than one year. Trade payables are secured by reservations of title to the customary extent.
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Hornbach-Baumarkt-AG Group Annual R
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Key Group, Financial and Operating
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COMPANY PROFILE 7 Germany. The net
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10 TO OUR SHAREHOLDERS TO OUR SHARE
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12 REPORT OF THE SUPERVISORY BOARD
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14 REPORT OF THE SUPERVISORY BOARD
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16 DIRECTORS & OFFICERS DIRECTORS &
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The timesavers Got the internal fit
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CORPORATE GOVERNANCE 21 of its Boar
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GROUP MANAGEMENT REPORT Macroeconom
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82 GROUP MANAGEMENT REPORT Outlook
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