Annual Reports - RTÃ

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RADIO TELEFÍS ÉIREANN Notes (continued) forming part of the group financial statements 19 Pension arrangements (continued) The fair value of the assets in the scheme, the present value of the liabilities in the scheme and the expected rate of return at the balance sheet date were: 2007 2006 2005 Long Long term Long term rate Fair rate of Fair term rate Fair of return Value return Value of return Value expected €’000 expected €’000 expected €’000 Equities 7.30% 552,621 6.75% 794,133 6.75% 709,266 Bonds 4.30% 253,374 3.75% 117,371 3.25% 121,206 Property 5.30% 92,416 4.75% 85,792 4.75% 82,125 Other 4.00% 98,319 2.00% 39,764 2.00% 27,037 Total fair value of assets 996,730 1,037,060 939,634 Actuarial value of the liability (979,195) (1,023,188) (936,381) Accounting surplus in RTÉ Superannuation Scheme 17,535 13,872 3,253 Net pension asset recognised 17,535 13,872 3,253 The pension asset that can be recognised under IAS 19 is limited to the future benefit that RTÉ can expect to obtain from the surplus in the RTÉ Superannuation Scheme and by the decision of the Minister for Communications, Energy and Natural Resources. Movement in present value of defined benefit obligations 2007 2006 €’000 €’000 Defined benefit obligations at 1 January 1,023,188 936,381 Current service cost (see below) 10,107 10,005 Past service cost 688 152 Member contributions 3,320 3,210 Benefits paid by the plan (32,569) (29,849) Interest cost 45,914 41,126 Actuarial (gains)/losses recognised in equity (see below) (71,453) 62,163 Defined benefit obligations at 31 December 979,195 1,023,188 Movement in present value of plan assets 2007 2006 €’000 €’000 Fair value of plan assets at 1 January 1,037,060 939,634 Authority contributions 4,586 4,179 Member contributions 3,320 3,210 Benefits paid by the plan (32,569) (29,849) Expected return on plan assets 62,098 55,611 Actuarial (losses)/gains recognised in equity (77,765) 64,275 Fair value of plan assets at 31 December 996,730 1,037,060 Expense recognised in group income statement 2007 2006 €’000 €’000 Charged to operating costs Current service costs 10,107 10,005 Past service costs 688 152 10,795 10,157 Credited to net finance income Expected return on pension scheme assets 62,098 55,611 Interest on pension scheme liabilities (45,914) (41,126) 16,184 14,485 Actual return on plan assets (15,667) 119,886 70
ANNUAL REPORT & GROUP FINANCIAL STATEMENTS 2007 19 Pension arrangements (continued) Actuarial gains and losses recognised directly in equity 2007 2006 €’000 €’000 Cumulative amount at 1 January 2,112 - Actual return less expected return on pension scheme assets (77,765) 64,275 Experience gains and losses arising on the scheme liabilities (2,967) (30,907) Changes in assumptions underlying the present value of the scheme liabilities 74,420 (31,256) Cumulative amount at 31 December (4,200) 2,112 The employer contribution rate to the RTÉ Superannuation Scheme for the year ended 31 December 2007 was 8% of employee members’ pensionable earnings (2006: 8%). History of actuarial gains and losses 2007 2006 2005 2004 2003 €’000 €’000 €’000 €’000 €’000 Difference between expected and actual return on assets (77,765) 64,275 111,199 14,912 26,291 Expressed as a percentage of scheme assets (7.8%) 6.2% 11.8% 1.9% 3.5% Experience loss arising on scheme liabilities (2,967) (30,907) (15,139) (3,977) 8,388 Expressed as a percentage of scheme liabilities (0.3%) (3.0%) (1.6%) (0.5%) 1.2% Effect of changes in actuarial assumptions 74,420 (31,256) (103,200) (71,163) 8,627 Expressed as a percentage of scheme liabilities 7.6% (3.1%) (11%) (9.0%) 1.3% Total actuarial gains and losses (6,312) 2,112 (7,140) (60,228) 43,306 Expressed as a percentage of scheme liabilities (0.6%) 0.2% (0.8%) (7.6%) 6.3% 20 Deferred tax Group Recognised deferred tax assets and liabilities Assets (Liabilities) Net Net 2007 2006 2007 2006 €’000 €’000 €’000 €’000 Property, plant and equipment - - (1,902) (2,828) Pension surplus - - (2,192) (1,734) Trade payables (including accrued pension) 857 219 - - Inventories - - (6,508) (6,508) Other - - (620) (620) Net tax assets/(liabilities) 857 219 (11,222) (11,690) Unrecognised deferred tax assets The Group had corporation tax losses forward of €1.88bn at 31 December 2006, however given the uncertainty over the availability of these losses, a deferred tax asset has not been recognised (refer to Note 7). 71
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