Annual Report 2010 - Falck

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Notes to the Group financial statements Group | Falck Annual Report 2010 79 Note DKK million 2010 2009 21 Equity, treasury shares and dividends (continued) Warrants In December 2010, the Group acquired the existing warrants from the Executive Management Board through a cash buy back at market value. See note 37. The warrant programme was subsequently cancelled in February 2011. Warrant programme Number of warrants at 1 January - - Buy back of own warrants 4,443,120 - Number of warrants at 31 December 4,443,120 - Dividend A dividend of DKK 0 million is proposed (2009: DKK 0 million). 22 Pension obligations The Group contributes to pension plans which cover employees in various companies of the Group. The pension plans are typically defined-contribution plans. The Group has defined-benefit plans in Norway and the Netherlands. The defined-benefit plan in Norway was changed to a defined-contribution plan in 2010, to the effect that the defined-benefit plan now only comprises already retired staff. The change of the pension plan resulted in the recognition of income of DKK 20 million in staff costs in the income statement. The Group has a defined-benefit plan in Sweden which is partially covered by an external pension company. It is not possible for the pension company to make an actuarial calculation of the pension obligation. As a result, the plan is accounted for as a defined-contribution plan. The defined-benefit plans result in unfunded pension obligations which are not insured in an independent insurance company. The consolidated balance sheet includes unfunded pension obligations based on actuarial calculations. Changes in actuarial gains and losses are recognised fully in equity. 2010 2009 DEFINED-BENEFIT PLANS Costs in current financial year 2 9 One-off effects of transition to defined-contribution plan (20) - Interest expenses related to pension obligations 1 3 Expected return on plan assets (1) (3) Recognised pension cost (18) 9 Breakdown of provision for the Group's obligations: Present value of pension obligations 24 75 Fair value of plan assets (26) (56) Total pension provisions (2) 19 Recognised in the balance sheet as follows: Pension assets 2 - Provision for pensions - 19 Total 2 19 The pension assets are included in other receivables.
80 Falck Annual Report 2010 | Group Notes to the Group financial statements Note DKK million 2010 2009 22 Pension obligations (continued) Breakdown of change in pension provisions: Pension provision at 1 January 75 72 Foreign exchange differences 4 14 Cost in respect of current financial year 2 9 Changes in actuarial estimates (37) (23) One-off effects of transition to defined-contribution plan (20) - Calculated interest 1 3 Paid out during the period (1) - Pension provisions at 31 December 24 75 Expected contributions for next year - 8 movements in fair value of plan assets Plan assets at 1 January 56 49 Foreign exchange differences 3 8 Expected return on plan assets 1 3 Employer's contributions to plan during the period 2 10 Changes in actuarial estimates (35) (13) Paid out during the period (1) (1) Total plan assets at 31 December 26 56 Actual return on plan assets (1) 1 Total actuarial gains recognised in the statement of comprehensive income 2 10 Total accumulated actuarial gains recognised in the statement of comprehensive income (7) (9) Breakdown of plan assets: Shares 4 3 Bonds 16 34 Property etc. 4 9 Other 2 10 Total plan assets 26 56 The defined-contribution plans are paid and recognised as incurred, and the Group has no obligations to the employees thereafter. The calculation of the obligation is based on the following assumptions: Norway Salary increases 4.0% 4.3% Expected return on plan assets 5.0% 5.6% Discount rate 3.6% 4.4% Netherlands Salary increases 3.8% 3.8% Expected return on plan assets 5.5% 5.5% Discount rate 5.5% 5.5% The return on plan assets has been set on the basis of market expectations of the rate of return. Breakdown of the Group's pension obligations for the current and the preceding four years: 2010 2009 2008 2007 2006 Actuarial pension obligations (24) (75) (72) (70) (58) Plan assets 26 56 49 53 54 (Under funding)/over funding 2 (19) (23) (17) (4) Experience-based change to obligations (1) (9) (2) (5) 0 Experience-based change to plan assets 0 (3) (3) 0 0
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Annual Report 2010 - Falck

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