Investor Relations Presentation
Pensions: "patient" long-term financial debt with gradual amortization
[Group, € mn]
Accrued pension and similar obligations
Accrued pension liability Germany
Accruals related to partial retirement agreements
Development at unchanged discount rate (schematic)
Accrued pension liability outside GER
Other accrued pension-related obligation
German discount rate
5,474
5,812
5,728
149 206 33
120
195 26
5,705
119 186 29
5,691
126 179 33
5,474
111 150 30
5,573
5,507
5,490
5,479
5,294
5,424
5,387
5,371
5,353
5,183
3.7
3.8
3.7
3.7
4.2
нн
Q4 21/22
Q1 22/23
Q2 22/23
Q3 22/23
Q4 22/23
Decrease in accrued pensions
⚫ are mainly driven by ongoing increases in discount rates in
Germany (>95% of accrued pensions in Germany)
.
are counter-effected by high inflation and respective
pension increases (Germany) in Sep-23 accounts
⚫ do not change payouts to pensioners
•
•
do not trigger funding situation in Germany;
and not necessarily funding changes outside Germany
are recognized directly in equity via OCI
83 thyssenkrupp AG | Investor Relations | December 2023
22/23 23/24
100-200 p.a.
amortization
by payments
to pensioners
露出
24/25 25/26 26/27 27/28
IFRS requires determination of pension discount rate
based on AA-rated corporate bonds
• >95% of accrued pensions in Germany; thereof >60%
owed to existing pensioners (average age ~78 years)View entire presentation