Henkel Annual Report 2011 - Henkel AG & Co. KGaA Annual Report ...
Henkel Annual Report 2011 - Henkel AG & Co. KGaA Annual Report ...
Henkel Annual Report 2011 - Henkel AG & Co. KGaA Annual Report ...
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124 <strong>Co</strong>nsolidated financial statements<br />
Notes to the consolidated statement of financial position<br />
<strong>Henkel</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong><br />
At December 31, <strong>2011</strong>, other assets making up the plan assets<br />
included the present value of a non-current receivable of<br />
47 million euros (previous year: 42 million euros) relating to<br />
claims pertaining to a hereditary building lease assigned by<br />
<strong>Henkel</strong> <strong>AG</strong> & <strong>Co</strong>. <strong>KGaA</strong> to <strong>Henkel</strong> Trust e.V. Also shown here is<br />
a claim of 132 million euros (previous year: 135 million euros)<br />
against BASF Personal Care & Nutrition GmbH (formerly<br />
<strong>Co</strong>gnis) for indemnification of pension obligations.<br />
Future pension payments<br />
in million euros Germany USA Rest of world Total<br />
2012 155 108 30 293<br />
2013 140 88 30 258<br />
2014 137 87 32 256<br />
2015 131 87 34 252<br />
2016 128 87 34 249<br />
Effect of discount rate changes on the present<br />
value of pension obligations<br />
in million euros Germany USA<br />
Present value of obligations 2,269 1,169<br />
Increase of 0.5 percentage points –130 –54<br />
Decrease of 0.5 percentage points 138 60<br />
Effects of a trend change in medical costs<br />
In <strong>2011</strong>, <strong>Henkel</strong> <strong>AG</strong> & <strong>Co</strong>. <strong>KGaA</strong> received or claimed indemnification<br />
out of the assets held by <strong>Henkel</strong> Trust e.V. with<br />
respect to benefits paid to pensioners in the amount of<br />
117 million euros.<br />
Payments into pension funds in fiscal 2012 are expected<br />
to total 52 million euros.<br />
In the next five financial years, the payments expected to<br />
come out of pension funds are as follows:<br />
December 31, 2010 December 31, <strong>2011</strong><br />
Service cost Interest Present value of Service cost Interest Present value of<br />
in million euros<br />
Increase in medical costs<br />
expense obligations<br />
expense obligations<br />
of 1 percentage point<br />
Decrease in medical costs<br />
–<br />
–<br />
8 – – 8<br />
of 1 percentage point –<br />
–<br />
– 7<br />
–<br />
–<br />
–7<br />
Multi-year summary<br />
in million euros 2007 1 2008 1 2009 1 2010 <strong>2011</strong><br />
Present value of obligations 3,118 3,248 3,684 4,003 4,284<br />
of which: post-retirement health care obligations 189 212 199 191 196<br />
Fair value of plan assets 2,461 2,445 2,840 3,387 3,303<br />
of which: for post-retirement health care obligations 4 8 7 7 6<br />
Overfunding/underfunding of obligations – 657 – 803 – 844 – 616 – 981<br />
Experience adjustments on pension obligations – 14 5 25 9 5<br />
Experience adjustments on plan assets – 125 – 499 53 214 –150<br />
1 The figures for 2007 to 2009 have not been adjusted as described in detail on pages 108 and 109.
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