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Balance as of 04/01/2012 |
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Changes in the scope of consolidated financial statements |
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Net exchange differences |
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Use |
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Reversal |
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Transfer |
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Addition |
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Balance as of 03/31/2013 |
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Non-current provisions |
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Other personnel expenses |
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60.0 |
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0.0 |
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0.0 |
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–9.1 |
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–1.1 |
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0.0 |
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10.7 |
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60.5 |
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Warranties and other risks |
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2.7 |
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0.0 |
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0.0 |
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–0.3 |
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–0.2 |
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0.2 |
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0.4 |
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2.8 |
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Other non-current provisions |
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68.6 |
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0.1 |
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–0.2 |
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–4.3 |
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–6.5 |
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–16.7 |
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9.5 |
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50.5 |
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131.3 |
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0.1 |
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–0.2 |
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–13.7 |
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–7.8 |
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–16.5 |
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20.6 |
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113.8 |
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Current provisions |
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Unused vacation entitlements |
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110.7 |
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0.5 |
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0.4 |
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–65.3 |
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0.0 |
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0.0 |
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71.9 |
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118.2 |
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Other personnel expenses |
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140.7 |
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0.1 |
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–0.1 |
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–128.3 |
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–11.6 |
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0.0 |
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153.4 |
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154.2 |
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Warranties and other risks |
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50.2 |
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0.1 |
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0.0 |
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–16.3 |
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–11.1 |
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0.1 |
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15.4 |
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38.4 |
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Onerous contracts |
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43.2 |
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0.0 |
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0.0 |
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–100.9 |
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–10.3 |
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0.0 |
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102.4 |
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34.4 |
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Other current provisions |
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286.3 |
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1.2 |
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0.3 |
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–107.7 |
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–14.9 |
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16.4 |
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85.4 |
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267.0 |
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631.1 |
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1.9 |
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0.6 |
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–418.5 |
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–47.9 |
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16.5 |
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428.5 |
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612.2 |
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762.4 |
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2.0 |
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0.4 |
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–432.2 |
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–55.7 |
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0.0 |
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449.1 |
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726.0 |
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In millions of euros | ||
The provisions for personnel expenses mainly include bonuses. Provisions for warranties and other risks as well as onerous contracts apply to current operating activities. The other provisions mainly consist of provisions for commissions, litigation, legal, and consulting fees, and environmental protection obligations.
The amount recognized as a provision for warranties and other risks is calculated as the most reliable estimated value of the amount that would be required to settle these obligations at the reporting date. The statistical measure is the expected value, which is based on the probability of occurrence of an event according to past experience.
Provisions for onerous contracts are recognized when the earnings expected to be derived by the Group from contracts are lower than the unavoidable cost of meeting its obligations under these contracts. Before recognizing a separate provision for onerous contracts, the Group recognizes an impairment loss on the assets associated with such contracts.
The provisions recognized in the 2011/12 annual financial statements in the total amount of EUR 205.0 million for the antitrust proceedings and the closure of TSTG Schienen Technik GmbH & Co KG were adjusted to EUR 204.4 million to reflect the current estimate and are regarded as sufficient.
The provision for the EU antitrust fine of voestalpine Austria Draht GmbH from the previous year amounting to EUR 17.1 million (with the exception of the provision for interest) has been continued unchanged. Legal action was taken against the fine before the European General Court.
In the proceeding to review the cash settlement for the minority shareholders of BÖHLER-UDDEHOLM Aktiengesellschaft, on November 24, 2011, a settlement was reached. Approval of the settlement by the appropriate court was issued in early May 2012. Provisions amounting to EUR 36.9 million were recognized as of March 31, 2012, for payments to the former minority shareholders (base amount and interest) as well as for court and attorney’s fees. This provision was fully utilized in business year 2012/13.
