24 Pension liabilities

Pension commitments at Gimv group consist, for a portion of employees, of a defined benefit plan whereby the beneficiaries are entitled, at pension date, to an amount that is set in relation to their final salary. For another portion of employees there is a defined contribution plan.

The pension commitments fell by EUR 1 071, at the majority shareholdings by EUR 369.

Here again, the Gimv group bears no liability whatsoever for the pension obligations of these majority shareholdings.

	2011-2012	2010-2011

Total pension assets-liabilities	5 449	6 520
I. DEFINED BENEFIT PLANS
1. Amounts recognised in the balance sheet	4 597	4 370
1.1. Net funded defined benefit plan obligation (asset)	3 905	5 222
1.1.1. Present value of funded or partially funded obligation	15 078	16 407
1.1.2. Fair value of plan assets (-)	-11 172	-11 185
1.2. Present value of wholly unfunded obligation	-	-
1.3. Unrecognised actuarial gains (losses (-))	692	-852
1.4. Unrecognised past service cost	-	-
1.5. Fair value of any right to reimbursement recognised as an asset (-)	-	-
1.6. Other components	-	-
Defined benefit plan obligation (asset), total	4 597	4 370
Liabilities	7 954	7 851
Assets	-3 356	-3 481

2. Net expense recognised in income statement *	1 006	1 107
2.1. Current service cost	889	1 008
2.2. Interest cost	216	204
2.3. Expected return on plan assets (-)	-119	-112
2.4. Expected return on reimbursement rights recognised as an asset (-)	-	-
2.5. Net actuarial (gain) loss recognised	21	7
2.6. Past service cost	-	-
2.7. Loss (gain) on curtailments and settlements	-	-

Actual return on plan assets	-	-
Actual return on reimbursement rights recognised as an asset	-	-

3. Movements in defined benefit plan obligation (asset)	9 195	8 740
3.1. Defined benefit plan obligation, opening balance	4 370	4 035
3.2. Contributions paid (-)	-779	-772
3.3. Expense recognised	1 006	1 107
3.4. Charge recognised directly through equity	-	-
3.5. Increases through business combinations	-	-
3.6. Decreases through business divestitures (-)	-	-
3.7. Foreign currency exchange increase (decrease (-))	-	-
3.8. Other increase (decrease (-))	-	-
3.9. Defined benefit plan obligation, closing balance	4 597	4 370

4. Principal actuarial assumptions
4.1. Discount rate	3.90%	4.20%
4.2. Expected return on plan assets	3.90%	4.20%
4.3. Expected rate of salary increase	5.00%	5.00%
4.4. Future defined benefit increase	-	-
4.5. Expected rate of return on reimbursement rights recognised as an asset	-	-
4.6. Medical cost trend rate	-	-

II. DEFINED CONTRIBUTION PLANS
1. Amounts recognised in the balance sheet	852	2 113
2. Amounts recognised in the income statement	440	-287

*Recognised as personnel expenses

▶▶back to "23 Outstanding capital and reserves"
▶▶next to "25 Provisions"