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Employee benefits | 12 Months Ended
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Dec. 31, 2021
Employee Benefits [Abstract] |
Employee benefits | Employee benefits The Company operates defined benefit plans as well as defined contribution plans. i.Defined contribution plans The total expense relating to defined contribution plans for the year ended December 31, 2021 was €10.2 million (year ended December 31, 2020: €8.3 million, year ended December 31, 2019: €9.0 million) ii.Defined benefit plans The Company operates partially funded defined benefit pension plans in Germany and Austria, an unfunded defined benefit pension plan in Sweden and defined benefit indemnity arrangements in Italy and Austria. In addition, pension benefits in Switzerland are met via a contract with a collective foundation that offers a fully insured solution to provide a contribution-based cash balance retirement plan, which is classified as a defined benefit plan. In addition, an unfunded post-retirement medical plan is operated in Austria. In Germany and Italy, long term service awards are in operation and various other countries provide other employee benefits.
| December 31, 2021 |  | December 31, 2020
| €m |  | €m
Net employee benefit obligations-Germany | 149.3 |  |  | 181.2 |
Net employee benefit obligations-Sweden | 70.3 |  |  | 74.1 |
Net employee benefit obligations-Austria | 5.5 |  |  | 5.6 |
Net employee benefit obligations-Switzerland | 5.8 |  |  | 6.6 |
Net employee benefit obligations-Italy | 4.6 |  |  | 4.7 |
Net employee benefit obligations-total of other countries | 8.7 |  |  | 4.0 |
Total net employee benefit obligations | 244.2 |  |  | 276.2 |
The net obligation of €8.7 million (December 31, 2020: €4.0 million) in respect of other countries is the aggregate of a number of different types of minor schemes, each one not being considered individually material. The amount included in the Statement of Financial Position arising from the Company’s obligations in respect of its defined benefit retirement plans and other post-employment benefits is as follows:
| Defined benefit retirement plans |  | Post-employment medical benefits and other benefits |  | Total
December 31, 2021 | €m |  | €m |  | €m
Present value of unfunded employee benefit obligations | 77.5 |  |  | 11.1 |  |  | 88.6 |
Present value of funded employee benefit obligations | 264.0 |  |  | — |  |  | 264.0 |
Subtotal present value of employee benefit obligations | 341.5 |  |  | 11.1 |  |  | 352.6 |
Fair value of plan assets | (108.4) |  |  | — |  |  | (108.4) |
Recognized liability for net employee benefit obligations | 233.1 |  |  | 11.1 |  |  | 244.2 |
| Defined benefit retirement plans |  | Post-employment medical benefits and other benefits |  | Total
December 31, 2020 | €m |  | €m |  | €m
Present value of unfunded employee benefit obligations | 79.6 |  |  | 9.0 |  |  | 88.6 |
Present value of funded employee benefit obligations | 285.5 |  |  | — |  |  | 285.5 |
Subtotal present value of employee benefit obligations | 365.1 |  |  | 9.0 |  |  | 374.1 |
Fair value of plan assets | (97.9) |  |  | — |  |  | (97.9) |
Recognized liability for net employee benefit obligations | 267.2 |  |  | 9.0 |  |  | 276.2 |
Reconciliation from the opening balances to the closing balances for the net employee benefit obligation and its components, including the amounts recognized in the Consolidated Statement of Profit or Loss and the Consolidated Statement of Comprehensive Income:
| Present value of defined benefit obligation |  | Fair value of plan assets |  | Net defined benefit obligation
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
| €m |  | €m |  | €m |  | €m |  | €m |  | €m
Balance at January 1 | 374.1 |  |  | 323.9 |  |  | (97.9) |  |  | (86.4) |  |  | 276.2 |  |  | 237.5 |
Included in the Consolidated Statement of Profit or Loss |  |  |  |  |  |  |  |  |  |  |
Current service cost | 7.9 |  |  | 6.6 |  |  | — |  |  | — |  |  | 7.9 |  |  | 6.6 |
Interest cost (income) | 2.2 |  |  | 3.7 |  |  | (0.5) |  |  | (1.0) |  |  | 1.7 |  |  | 2.7 |
| 10.1 |  |  | 10.3 |  |  | (0.5) |  |  | (1.0) |  |  | 9.6 |  |  | 9.3 |
Included in the Consolidated Statement of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |
Actuarial (gain) loss arising from: |  |  |  |  |  |  |  |  |  |  |
–demographic assumptions | (1.5) |  |  | — |  |  | — |  |  | — |  |  | (1.5) |  |  | — |
–financial assumptions | (26.8) |  |  | 29.1 |  |  | — |  |  | — |  |  | (26.8) |  |  | 29.1 |
–experience adjustment | 1.8 |  |  | (0.8) |  |  | — |  |  | — |  |  | 1.8 |  |  | (0.8) |
Return on plan assets, excluding interest income | — |  |  | — |  |  | (9.6) |  |  | (0.4) |  |  | (9.6) |  |  | (0.4) |
Exchange adjustments | (0.3) |  |  | 2.8 |  |  | (0.6) |  |  | — |  |  | (0.9) |  |  | 2.8 |
| (26.8) |  |  | 31.1 |  |  | (10.2) |  |  | (0.4) |  |  | (37.0) |  |  | 30.7 |
Other |  |  |  |  |  |  |  |  |  |  |
Acquired through business combinations | 3.5 |  |  | 18.4 |  |  | — |  |  | (11.8) |  |  | 3.5 |  |  | 6.6 |
Contributions by employer | — |  |  | — |  |  | (1.2) |  |  | (0.5) |  |  | (1.2) |  |  | (0.5) |
Contributions by members | 0.8 |  |  | 0.4 |  |  | (0.8) |  |  | (0.5) |  |  | — |  |  | (0.1) |
Benefits paid | (9.1) |  |  | (10.0) |  |  | 2.2 |  |  | 2.7 |  |  | (6.9) |  |  | (7.3) |
| (4.8) |  |  | 8.8 |  |  | 0.2 |  |  | (10.1) |  |  | (4.6) |  |  | (1.3) |
Balance at December 31 | 352.6 |  |  | 374.1 |  |  | (108.4) |  |  | (97.9) |  |  | 244.2 |  |  | 276.2 |
Current service cost is allocated between cost of sales and other operating expenses. Interest on net employee benefit obligation is disclosed in net financing costs. The cumulative amount of actuarial losses recognized is as follows:
|  | Year ended December 31, 2021 |  | Year ended December 31, 2020
|  | €m |  | €m
Cumulative amount of actuarial losses recognized in Consolidated Statement of Comprehensive Income |  | 40.5 |  |  | 77.5 |
The fair value of plan assets, all at quoted prices are as follows:
|  | December 31, 2021 |  | December 31, 2020
|  | €m |  | €m
Equities |  | 32.7 |  |  | 24.5 |
Debt instruments |  | 42.7 |  |  | 44.1 |
Property |  | 20.3 |  |  | 17.1 |
Other |  | 12.7 |  |  | 12.2 |
Total |  | 108.4 |  |  | 97.9 |
The following are the principal actuarial assumptions at the reporting date for the defined benefit retirement plans in Germany, Sweden, Austria, Switzerland and Italy. The remaining employee benefit plans are not considered to be material, individually and in aggregate, and therefore we do not provide disclosure of the individual actuarial assumptions for those plans:
| Defined benefit retirement plans
December 31, 2021 | Germany |  | Sweden |  | Austria |  | Switzerland |  | Italy
Discount rate | 1.10 | % |  | 1.80 | % |  | 0.90 | % |  | 0.10 | % |  | 0.35 | %
Inflation rate | 2.00 | % |  | 2.20 | % |  | 2.00 | % |  | 1.00 | % |  | 1.50 | %
Rate of increase in salaries | 2.80 | % |  | 3.20 | % |  | 2.00 | % |  | 1.50 | % |  | 2.63 | %
Rate of increase for pensions in payment | 1%-2% |  | 2.20 | % |  | — |  |  | — |  |  | — |
| Defined benefit retirement plans
December 31, 2020 | Germany |  | Sweden |  | Austria |  | Switzerland |  | Italy
Discount rate | 0.55 | % |  | 1.05 | % |  | 1.00 | % |  | 0.15 | % |  | 0.33 | %
Inflation rate | 2.00 | % |  | 1.50 | % |  | 2.00 | % |  | 0.20 | % |  | 1.00 | %
Rate of increase in salaries | 2.80 | % |  | 2.50 | % |  | 2.00 | % |  | 0%-2.50% |  | 2.63 | %
Rate of increase for pensions in payment | 1%-2% |  | 1.50 | % |  | — |  |  | — |  |  | — |
In valuing the liabilities of the pension fund at December 31, 2021 and December 31, 2020, mortality assumptions have been made as indicated below. The assumptions relating to longevity underlying the pension liabilities at the financial year end date are based on standard actuarial mortality tables and include an allowance for future improvements in longevity. The assumptions are based on the following mortality tables: •Germany: Richttafeln 2018 G •Sweden: DUS 14 •Austria: AVÖ 2018 - P •Switzerland: BVG 2020 GT (2020: BVG 2015 GT) •Italy: RG48 These references are to the specific standard rates of mortality that are published and widely used in each country for the use of actuarial assessment of pension liabilities and take account of local current and future average life expectancy.
December 31, 2021 (years) |  | Germany |  | Sweden |  | Austria |  | Switzerland |  | Italy
Retiring at the end of the year: |  |  |  |  |  |  |  |  |  |
Male |  | 21 |  | 22 |  | 23 |  | 22 |  | 21
Female |  | 24 |  | 24 |  | 26 |  | 24 |  | 22
December 31, 2020 (years) |  | Germany |  | Sweden |  | Austria |  | Switzerland |  | Italy
Retiring at the end of the year: |  |  |  |  |  |  |  |  |  |
Male |  | 21 |  | 22 |  | 23 |  | 21 |  | 21
Female |  | 24 |  | 24 |  | 26 |  | 24 |  | 22
The history of experience adjustments from inception of the Company for the employee benefit plans is as follows:
|  | December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
|  | €m |  | €m |  | €m
Present value of defined benefit obligations |  | 341.5 |  |  | 365.1 |  |  | 314.9 |
Fair value of plan assets |  | (108.4) |  |  | (97.9) |  |  | (86.4) |
Recognized liability in the scheme |  | 233.1 |  |  | 267.2 |  |  | 228.5 |
Experience losses/(gains) on plan liabilities |  | 1.8 |  |  | (0.8) |  |  | 0.2 |
Experience gains on plan assets |  | (9.6) |  |  | (0.4) |  |  | (5.1) |
Net defined benefit obligation - sensitivity analysis The effect of a 1 percentage point movement in the most significant assumptions for the year ended December 31, 2021 is as follows:
| Increase |  | Decrease
| €m |  | €m
Discount rate | (54.6) |  |  | 71.9 |
Inflation rate | 47.4 |  |  | (38.7) |
Rate of increase in salaries | 15.2 |  |  | (11.5) |
Rate of increase for pensions in payment | 47.6 |  |  | (37.0) |
There are no deficit elimination plans for any of the defined benefit plans. Expected contributions and payments to post-employment benefit plans for the period ending December 31, 2021 are €6.7 million. The weighted average duration of the defined benefit obligations is 18.9 years.

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- Definition The entire disclosure for employee benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2021-01-01 -Section Scope -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS19_g2-7_TI -URIDate 2021-03-24 + Details
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