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on the basis of both defined contribution and
defined benefit.
Pension liabilities arising from defined
benefit plans are calculated annually by inde-
pendent actuaries using the projected unit
credit method. The discount rate used for the
calculation is based on interest rates of
high-quality corporate bonds that are denomi-
nated in the currency in which the benefits
will be paid, and that have terms to maturity
approximating to the terms of the related
pension obligation. Remeasurement gains or
losses are recognized in other comprehensive
income. Pension costs relating to services
rendered in the reporting period are recognized
in the income statement as current service
costs. Pension costs relating to services ren-
dered in previous periods as a result of new or
amended pension benefits are recognized in
the income statement as past service costs. The
net interest expenses or income on the net
defined benefit liability or asset for the period is
determined by applying the discount rate used
to measure the defined benefit obligation at the
beginning of the period to the then net defined
benefit liability or asset, taking into account any
changes in the net defined benefit liability
(asset) during the period as a result of contribu-
tions and benefit payments. The net interest
expenses or income is recognized in financial
expenses or income. The fair value of plan
assets is deducted from the defined benefit obli-
gations. Any asset resulting from this calcula-
tion is only capitalized up to an amount not
exceeding benefits from future contribution re-
ductions or refunds.
In the case of defined contribution plans,
the contributions are recognized as expense
in the period in which they incurred.
Share-based payments
Share-based payments to members of the Board
of Directors, the Executive Board and senior
management are measured at fair value at the
grant date, and recognized in the income
statement over the vesting period. For share-
based payments that are settled with equity
instruments a corresponding increase in equity
is recognized.
Revenue recognition
Sales resulting from business activities are
disclosed as revenue. Autoneum recognizes
revenue when the significant risks and rewards
of ownership of the goods were transferred
to the customer. Revenues arising from services
are recorded based on the stage of completion
of the services. Credits, discounts and rebates are
already deducted from net sales.
Financing costs
Borrowing costs that are directly attributable
to the acquisition, construction or production
of a qualified asset are capitalized as a part
of the acquisition costs of the qualified asset.
All other financing costs are recognized directly
in the income statement.
71
Autoneum
Financial Report 2015
Consolidated financial statements