annual report - Royal Haskoning

explanatory notes
financial review
Pension provision
Royal Haskoning has a number of pension schemes, including defined benefit pension schemes. A defined benefit pension
scheme is understood to mean a scheme whereby the actuarial risk, including the investment risk, lies with operating
companies of Royal Haskoning.
The pension provision included in the balance sheet is the present value of the pension entitlements in respect of the
defined benefit pension scheme with a deduction for the actual value of the fund investments. This allows for the actuarial
profits and losses that have not been incorporated in the accounts and pension costs related to elapsed years of service
that have not yet been included. The pension provision is actuarially calculated each year by independent actuaries.
The present value of the commitment is the present value of the estimated future cash flows. This is calculated using
interest rates that apply to high quality corporate bonds with a term approximately equal to the term of the related pension
commitments.
Actuarial profits and losses resulting from changes in actuarial assumptions that are more than 10 percent greater than the
higher of the pension entitlements and the actual value of the fund investments at the beginning of the financial year are
charged or credited to the profit and loss account for a period equal to the expected average future years of service of the
employees concerned.
Provisions for other employee benefits
The Group has included commitments to pay long service bonuses and sickness pay in the employment conditions. An
actuarially calculated provision is included for the entitlements attributable to elapsed years of service.
Provision for tax
The deferred tax liabilities relate to the liabilities arising out of the differences between the valuation of assets and
liabilities for reporting purposes and their tax-related valuation as well as any tax exemptions and risks of foreign projects
(permanent establishments). Deferred tax assets are stated if it is reasonable to assume that they will be realised in due
course. The tax assets are valued at the nominal value based on the applicable tax rate, or on the rates applicable in future
years, to the extent that these have already been laid down in law.
Other assets and liabilities
These are valued at nominal value.
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