- 1 Consolidated income statement
- 3 Changes in equity
- 2 Consolidated balance sheet
- 4 Consolidated cash flow statement
- 5 Accounting policies
- 6 Subsidiaries
- 7 Acquisition of subsidiaries
- 8 Sales of subsidiaries
- 9 Segment information
- 10 Operating result
- 11 Financial result
- 12 Income taxes
- 13 Earnings per share
- 14 Paid and proposed dividends
- 15 Goodwill and other intangible assets
- 16 Property, plant and equipment
- 17 Goodwill impairment
- 18 Financial assets
- 19 Loans to investee companies
- 20 Inventories
- 21 Trade and other receivables
- 22 Cash and marketable securities
- 23 Outstanding capital and reserves
- 24 Pension liabilities
- 25 Provisions
- 26 Financial liabilities and trade payables
- 27 Related parties
- 28 Financial risk management
- 29 Share-based transactions
- 30 Fair value
- 31 Outstanding fund commitments
- 32 Auditor's report
- 33 Limited to statutory consolidation
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.
Pension liabilities rose by EUR 730, mainly due to the increase in the majority subsidiaries (EUR 693). Here again, the Gimv group bears no liability whatsoever for the pension obligations of these majority shareholdings.
| 2010-2011 | 2009-2010 | |
| Total pension assets-liabilities | 6 520 | 5 790 |
I. DEFINED BENEFIT PLANS |
||
1. Amounts recognised in the balance sheet |
4 370 | 4 035 |
1.1. Net funded defined benefit plan obligation (asset) |
5 222 | 4 558 |
1.1.1. Present value of funded or partially funded obligation |
16 407 | 14 965 |
1.1.2. Fair value of plan assets (-) |
-11 185 | -10 407 |
1.2. Present value of wholly unfunded obligation |
- | - |
1.3. Unrecognised actuarial gains (losses (-)) |
-852 | -523 |
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 | 4 370 | 4 035 |
| Liabilities | 7 851 | 7 183 |
| Assets | -3 481 | -3 148 |
2. Net expense recognised in income statement * |
1 107 | 682 |
2.1. Current service cost |
1 008 | 561 |
2.2. Interest cost |
204 | 248 |
2.3. Expected return on plan assets (-) |
-112 | -127 |
2.4. Expected return on reimbursement rights recognised as an asset (-) |
- | - |
2.5. Net actuarial (gain) loss recognised |
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) |
8 740 | 8 070 |
3.1. Defined benefit plan obligation, opening balance |
4 035 | 788 |
3.2. Contributions paid (-) |
-772 | -784 |
3.3. Expense recognised |
1 107 | 682 |
3.4. Charge recognised directly through equity |
- | - |
3.5. Increases through business combinations |
- | 3 298 |
3.6. Decreases through business divestitures (-) |
- | - |
3.7. Foreign currency exchange increase (decrease (-)) |
- | - |
3.8. Other increase (decrease (-)) |
- | 51 |
3.9. Defined benefit plan obligation, closing balance |
4 370 | 4 035 |
4. Principal actuarial assumptions |
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4.1. Discount rate |
4.20% | 4.20% |
4.2. Expected return on plan assets |
4.20% | 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 |
2 113 | 1 755 |
2. Amounts recognised in the income statement |
-287 | -3 090 |
*Recognised as personnel expenses