Changes in Underlying Parameters

Changes in the underlying parameters relate primarily to currency exchange rates and the interest rates used to calculate pension obligations.

The exchange rates for major currencies against the euro varied as follows:

Exchange Rates for Major Currencies

 

 

 

Closing rate

 

Average rate

€1

 

 

Dec. 31, 2015

March 31, 2015

March 31, 2016

 

Q1 2015

Q1 2016

BRL

Brazil

 

4.31

3.50

4.12

 

3.21

4.30

CAD

Canada

 

1.51

1.37

1.47

 

1.40

1.51

CHF

Switzerland

 

1.08

1.05

1.09

 

1.07

1.10

CNY

China

 

7.06

6.67

7.36

 

7.04

7.22

GBP

United Kingdom

 

0.73

0.73

0.79

 

0.74

0.77

JPY

Japan

 

131.07

128.95

127.90

 

134.42

127.02

MXN

Mexico

 

18.91

16.51

19.59

 

16.86

19.85

RUB

Russia

 

80.67

62.44

76.31

 

70.80

82.15

USD

United States

 

1.09

1.08

1.14

 

1.13

1.10

The most important interest rates used to calculate the present value of pension obligations are given below:

Discount Rate for Pension Obligations

 

 

Dec. 31, 2015

 

March 31, 2016

 

 

%

 

%

Germany

 

2.40

 

1.70

United Kingdom

 

3.80

 

3.45

United States

 

4.00

 

3.50