- 1 Consolidated income statement
- 3 Changes in equity
- 2 Consolidated balance sheet
- 4 Consolidated cash flow statement
- 5 Accounting policies
- 6 Subsidiaries
- 7 Acquisition of subsidiaries
- 8 Sales of subsidiaries
- 9 Segment information
- 10 Operating result
- 11 Financial result
- 12 Income taxes
- 13 Earnings per share
- 14 Paid and proposed dividends
- 15 Goodwill and other intangible assets
- 16 Property, plant and equipment
- 17 Goodwill impairment
- 18 Financial assets
- 19 Loans to investee companies
- 20 Inventories
- 21 Trade and other receivables
- 22 Cash and marketable securities
- 23 Outstanding capital and reserves
- 24 Pension liabilities
- 25 Provisions
- 26 Financial liabilities and trade payables
- 27 Related parties
- 28 Financial risk management
- 29 Share-based transactions
- 30 Fair value
- 31 Outstanding fund commitments
- 32 Auditor's report
- 33 Limited to statutory consolidation
25 Provisions
Provisions rose by EUR 715. In the limited consolidation the provisions increased by EUR 1 170. First, the value of the employee options in the co-investment companies (recognised according to IFRS 2) rose by EUR 3 015 and second, the out-of-court settlement by Gimv of a dispute regarding liability was paid, enabling the remaining provision to be reduced by EUR 1 635.
The provisions of the majority shareholdings fell by EUR 455.
All options granted in the co-investment companies fall within the scope of IFRS 2 and qualify as 'cash-settled share-based option plans'.
The financial impact on Gimv of the co-investment companies is totally dependent on the evolution of the value of the shareholdings held by these companies. On 31 March 2011 the total provision and therefore also the total value of the resulting IFRS 2 liability amounted to EUR 7 123 in respect of the not yet exercised options. This provision is calculated on the assumption that the employees concerned remain with the company until the end of the vesting scheme and is based on the valuation of the financial assets in question at the end of the financial year. During 2010-2011 this provision evolved from EUR 4 109 at 31 March 2010 to EUR 7 123 at 31 March 2011.
The A and B options allocated on the 2004 co-investment company run for 5 and 8 years respectively, the 2007 ones for 4 and 8 and the 2010 ones for 4 and 8 years.
| Year 2010-2011 | |||||||
| Technical warranty | Provisions for litigations | Restructuring provision | Environmental risk | Post-employment benefits | Provisions / others | Statutory consolidation | |
1. Opening balance |
2 123 | 1 813 | 4 500 | 461 | 12 585 | 1 241 | 22 722 |
1.1. Non-current provisions |
2 123 | 1 813 | 4 500 | 461 | 12 585 | 1 241 | 22 722 |
1.2. Current provisions |
- | - | - | - | - | - | - |
2. Additional provisions made |
34 | 455 | - | - | 3 015 | 1 735 | 5 239 |
3. Provisions utilised (-) |
-7 | -9 | -347 | -6 | -816 | -1 | -1 186 |
4. Provisions: unused amounts reversed |
-237 | -1 785 | -585 | - | - | -124 | -2 731 |
5. Changes in consolidation scope |
- | - | - | - | - | - | - |
6. Translation differences increase (decrease (-)) |
- | - | - | - | - | - | - |
7. Effect of changes due to discounting |
- | - | - | - | - | - | - |
8. Other increase (decrease (-)) |
- | - | -636 | - | 29 | - | -607 |
9. Closing balance |
1 913 | 474 | 2 932 | 455 | 14 813 | 2 851 | 23 437 |
9.1. Non - current provisions |
1 913 | 474 | - | - | 14 813 | 2 851 | 23 437 |
9.2. Current provisions |
- | - | - | - | - | - | - |