(25) Sundry provisions
|N128||SUNDRY PROVISIONS IN THE AMOUNT OF ANTICIPATED USE|
|FIGURES IN EUR MILLION|
in return for
|Book value as at 1.1.2012||87||75||67||26||32||67||114||204||672|
|Change in scope of consolidation||—||—||3||1||—||10||—||10||24|
|Change in fair value of plan assets||—||—||—||—||–1||—||—||—||–1|
|Exchange rate fluctuations||—||—||—||—||—||—||2||1||3|
|Book value as at 31.12.2012||71||68||88||34||60||78||153||211||763|
|Change in scope of consolidation||—||—||—||—||—||—||—||—||—|
|Change in fair value of plan assets||—||—||—||—||–5||—||—||—||–5|
|Exchange rate fluctuations||—||—||–2||—||—||–2||–2||–2||–8|
|Book value as at 31.12.2013||73||48||93||26||46||83||99||220||688|
|1) Adjusted on the basis of IAS 8. Cf. “Accounting policies” section of the Notes, subsection “Changes in accounting policies and accounting errors”|
Provisions for restructuring mainly relate to four items:
- Restructuring measures to implement the redirection of the Retail Germany division: The objective of the redirection is modernisation of the organisational and operational structure and a clear improvement in competitiveness through cost savings and increased efficiency.. Implementation of the measures is expected to be finalised in 2016. The provision mainly contains personnel expenses for severance pay. In the year under review, no amounts were allocated to this provision. Compounding amounted to EUR 2 million and EUR 17 million was utilised. As at the balance sheet date, the provision amounted to EUR 55 (60) million.
- Restructuring measures in the Corporate Operations segment: The restructuring launched in the year under review aims at a change in the operating organisation that is intended to serve permanent quality improvement and cost-optimised, efficient provision of services. The project is scheduled to be completed by 2016. A restructuring provision was created for this purpose in the amount of EUR 8 million.
- Restructuring measures in connection with the integration of the Polish insurer Towarzystwo Ubezpieczeń na Życie WARTA S.A., Warsaw, in the Retail International segment: In connection with the merging of the WARTA companies with our existing Polish insurers, processes and IT are to be centralised and made uniform. Restructuring measures were started in 2012 and are expected to be largely completed in 2014. In the reporting period, no amounts were allocated to this provision and EUR 5 million was utilised. As at the balance sheet date, it amounted to EUR 5 (10) million.
- In the Non-Life Reinsurance segment, a restructuring provision in the amount of EUR 4 million was created during the year under review for measures concerning a reorganisation of the management of an affiliate in Great Britain.
Sundry provisions cover a variety of items that cannot be assigned to the aforementioned categories. They relate to, inter alia, outstanding contributions to the employers’ liability insurance association, surcharges for non-employment of disabled persons, impending losses and interest components.
|N129||DURATIONS OF SUNDRY PROVISIONS|
|FIGURES IN EUR MILLION|
|One year or
|Longer than one
year, up to five
|Assumption of third-party pension obligations in return for payment 1)||—||—||68||—||68|
|Bonuses and incentives||83||5||—||—||88|
|Anniversary bonuses 1)||—||—||34||—||34|
|Early retirement/partial retirement 1), 2)||—||60||—||—||60|
|Other personnel expenses||53||20||1||4||78|
|Assumption of third-party pension obligations in return for payment 1)||—||—||48||—||48|
|Bonuses and incentives||83||10||—||—||93|
|Anniversary bonuses 1)||—||—||26||—||26|
|Early retirement/partial retirement 1)||—||46||—||—||46|
|Other personnel expenses||53||29||1||—||83|
|1) Weighted average
2) Adjusted on the basis of IAS 8. Cf. “Accounting policies” section of the Notes, subsection “Changes in accounting policies and accounting errors”