(26) Other provisions
The development of other provisions in the year under review is shown in the following table:
The development of other provisions in the previous year is shown in the following table:
Obligations for outstanding invoices recognized as other current provisions in the past are now recognized as trade accounts payable in accordance with IAS 37. For reasons of comparability, €30,846 thousand in prior-year amounts were reclassified to trade accounts payable.
Provisions for personnel relate to provisions for vacation entitlements, partial retirement agreements, anniversary obligations and other deferred personnel costs.
As of the balance sheet date, obligations from partial retirement agreements amounted to €18,272 thousand (prior year: €17,402 thousand), which were netted out against €7,403 thousand in securities (prior year: €7,255 thousand). These securities are exclusively held to secure benefits due to employees within the scope of partial retirement agreements in the long term and are classified as plan assets under IAS 19. These securities are money market fund shares which, however, are not freely available at present due to the role they play as back-up for these agreements. All partial retirement agreements are fully covered at present.
Additions to provisions for personnel include €1,780 thousand in interest accretions (prior year: €1,576 thousand). €35,622 thousand (prior year: €39,071 thousand) of the provisions for personnel have a remaining maturity of more than one year.
The Group recognizes provisions for product warranties based on past experience when products are sold or when new warranty measures are initiated. These provisions relate to the assessment of the extent to which warranty obligations must be met in the future and to the cost involved. Provisions for warranty obligations contain the expected expense of statutory and contractual warranty claims as well as the expected expense of voluntary concessions and recall actions. Additions to warranty obligations cover the product-related warranty expenses for fiscal 2008 for material handling equipment sold in the year under review.
Provisions for onerous contracts primarily relate to the provision for risks from residual value warranties issued within the scope of the financial services business above all to leasing companies. Impending losses from cancellations of contracts and other contractual risks are also recognized. €6,705 thousand (prior year: €5,842 thousand) of the provisions for onerous contracts have a remaining maturity of more than one year.
Other provisions include provisions for customer bonuses, lawsuits, environmental risks and other obligations.