AT&S World

Consolidated Financial Statements as of 31 March 2011
92
(at 31 March 2010: TEUR 10,016) attributable to minimum lease
payments from the operating lease for no longer used building
spaces in Leoben-Hinterberg, which have already been included
in the balance sheet as other provisions. Reference is made to
Note 18 “Other provisions”.
The payments recognised as expense for non-cancellable lease
and rental expenses are as follows:
Financial year
(in EUR 1,000) 2010/11 2009/10
Leasing and rental expenses 3,171 3,359
17. Provisions for employee benefits
The provisions for employee benefits relate to pension, termination
and other employee benefits.
Defined Contribution Plans
The majority of the Group’s employees in Austria and part of its
employees in India are covered by defined contribution plans
that have been transferred to a pension fund. For employees
in Austria, the pension plans are supplemented by a death and
endowment insurance. Employer contributions are determined
on the basis of a certain percentage of current salary and the
Company’s profit for the year. Contributions under these plans
amounted to TEUR 496 in the financial year 2010/11 and to
TEUR 147 in the financial year 2009/10.
Defined Benefit Plans
The Group operates non-contributory defined benefit plans for
individual members of the management board and other executive
employees. The board members’ and other executive employees’
plans are funded and unfunded.
Retirement benefits of board members and executive employees
are based on their salaries and years of service.
Funded termination benefits
The employees in India are entitled to termination benefits upon
retirement or, under certain circumstances, upon leaving the
company, the amount of which depends on years of service and
compensation level. The termination benefits range between half
of a monthly salary per year of service and a fixed maximum.
The obligations are covered by a life insurance.
Unfunded termination benefits
Employees in Austria, South Korea and China are entitled to receive
termination benefits, which are based upon years of service
and compensation levels and are generally payable upon
retirement and, under certain circumstances, upon leaving the
company. In Austria the termination benefits range from 2 to 12
months of final monthly salary depending on years of service,
in South Korea and China a fixed amount is paid depending also
on years of service.
For employees who joined on or after 1 January 2003, regular
contributions are paid to a staff provision fund (“Mitarbeitervorsorgekasse”)
without any further obligations on part of the
Group. The contributions amounted to TEUR 254 for the financial
year 2010/11 and to TEUR 239 for the financial year 2009/10.
Other benefit obligations
The employees of the companies in Austria and in China are
entitled to anniversary bonuses for long-term service, in Austria
the eligibility to and amount of which are stipulated in the Collective
Agreement.