PDF (10.9MB) - ThyssenKrupp AG

More documents

Recommendations

Info

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 <strong>ThyssenKrupp</strong> debt securities, equity securities or real estate.
Page 1:
Annual Report 2010/2011 At the cent
Page 4 and 5:
Our mission statement We are Thysse
Page 6 and 7:
Our capabilities Material We combin
Page 8 and 9:
Making tomorrow possible Our engine
Page 10 and 11:
Letter to shareholders Dr.-Ing. Hei
Page 12 and 13:
Letter to shareholders To assist ou
Page 14 and 15:
Contents Our mission statement C2 F
Page 17 and 18:
To our shareholders To our sharehol
Page 19 and 20:
Solutions for many sectors In the f
Page 21 and 22:
To our shareholders 1.1 To our shar
Page 23 and 24:
To our shareholders Edwin Eichler a
Page 25 and 26:
To our shareholders Wilhelm Segerat
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
To our shareholders 1.4 1.4 To To o
Page 47 and 48:
Page 49 and 50:
Management report on the Group Mana
Page 51 and 52:
Lightening the load The challenge o
Page 53 and 54:
Management report on the Group 2.1
Page 55 and 56:
IPO: Sale of a company to investors
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Management report on the Group 2.5/
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120: Management report on the Group 2.7
Page 129 and 130: Consolidated fi nancial statements
Page 131 and 132: Using space better The challenge of
Page 133 and 134: 3.1 Consolidated financial statemen
Page 135 and 136: Consolidated financial statements 3
Page 137 and 138: Consolidated financial statements 3
Page 169: 3.6 Consolidated financial statemen
Page 177 and 178: Consolidated financial statements A
Page 179 and 180: Guarantees include contingent liabi
Page 181 and 182: 22 Financial instruments Consolidat
Page 183 and 184: Interest rate swaps and cross curre
Page 187 and 188: Consolidated financial statements T
Page 193 and 194: million € For the fiscal year end
Page 195 and 196: The reconciliations of sales, incom
Page 207 and 208: Fully consolidated group companies
Page 221 and 222:
Fully consolidated group companies
Page 223 and 224:
Equity-stated companies (*=Joint Ve
Page 225 and 226:
Other associated affiliates (*=Join
Page 227 and 228:
Auditors’ Auditor’ report Repor
Page 229 and 230:
Additional information How have Thy
Page 231 and 232:
Making things more effi ciently The
Page 233 and 234:
4.1 Additional information Multi-ye
Page 235 and 236:
4.2 Additional information Other di
Page 237 and 238:
4.3 Additional information Other di
Page 239 and 240:
4.5 Additional information Index 4.
Page 241 and 242:
4.6 Additional information List of
Page 243 and 244:
4.8 Additional information Contact
show all

PDF (10.9MB) - ThyssenKrupp AG

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?