Annual Report 2006 (pdf) - EuroMaint Rail

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Note 11 Participations in Group companies
No. of Percentage of Book value Book value
Company name, SEK thousands Reg. no. Domicile participations equity and votes 2006-12-31 2005-12-31
EuroMaint AB 556084-8458 Stockholm
– EuroMaint Rail AB 556032-2918 Stockholm 190,000 100 156,761 156,761
– EuroMaint Bemanning AB 556670-3095 Stockholm 1,000 100 – –
– Underhållsbolaget Pendeln AB 556673-4363 Stockholm 1,000 100 – –
– EuroMaint Industry AB* 556232-0134 Stockholm 100,000 100 96,197 –
– EuroMaint GmbH HRB 103498 B Berlin 1 100 233 –
– EuroMaint SIA – Riga 15,000 100 195 –
TOTAL 253,386 156,761
*EuroMaint Industry AB was owned by EuroMaint Rail AB on 31 December 2005 and sold to EuroMaint AB in January 2006.
Note 12 Long-term receivables
SEK thousands Group Parent company
2006-12-31 2005-12-31 2006-12-31 2005-12-31
Pensions in accordance with IAS 19 21,086 23,183 0 0
Miscellaneous 129 129 129 129
Total 21,215 23,313 129 129
Note 13 Pension obligations
In accordance with IAS 19, Employee Benefits, an actuary working on
behalf of EuroMaint has calculated the Group’s pension provision and
the amounts to be allocated for pensions for Group employees on an
ongoing basis. Pension plans in EuroMaint comprise both defined
benefit and premium-based plans. Premium-based pension promises
comprise what are known as Alternative ITP plans, individual pension
promises for senior personnel, as well as PA-03.
Defined benefit pension obligations
ITP and ITP-S pensions
ITP and ITP-S are defined benefit pension plans containing retirement,
family and disability/sickness pension. On full entitlement
the employee receives a final retirement pension including a general
pension of approximately 65% of the leaving salary. Salaried employees
with ITP are insured with Alecta, while employees with ITP-S are
insured with Skandia.
According to a statement from the Swedish Financial Accounting
Standards Council’s Emerging Issues Task Force, the ITP pension
secured through an insurance policy with Alecta is a defined benefit
plan encompassing several employers. The EuroMaint Group has not
had access to such information for the 2006 financial year that would
make it possible to enter this plan as a defined benefit plan, which is
why it has been entered as a defined contribution plan.
Pension in accordance with transition rules and occupational injury annuities
Employees previously covered by the state pension plan PA-91, former
employees of the SJ Group, have the opportunity to choose early retirement
in accordance with the transitional rules. Pension is paid from
60 years at the earliest and the pension level depends on the salary
and length of service.
Occupational injury annuities are paid on a continuous basis until the
death of the employee. EuroMaint has been responsible for costs for
this life annuity since the beginning of 2001, before which the obligation
was the responsibility of the Swedish State Railways public enterprise.
KPA pension
Defined benefit pensions and life annuities in accordance with state
pension rules for former employees which were earned prior to 1992
have been redeemed in life assurance company KPA. A premium of
SEK 125 million was paid for this in 1999. The National Government
Employee Pensions Board is responsible for calculating benefits and
also administering the paying-out of pensions whereby funds are
continuously withdrawn from the insurance. The insurance terms specify
how the cost is settled if pensions paid deviate from the benefit
amount that formed the basis for the redeemed premium in 1999.
This type of cost adjustment is usually handled by withdrawing funds
from the surplus the Group has with KPA.
The following defined benefit plans are recognised in the balance sheet:
Pension provision/receivable (-/+) in balance sheet
Plan 06-12-31 05-12-31
ITP-S pension plan insured with Skandia 10,094 12,800
Early retirement in accordance
with transition rules, non-funded -24,306 -23,191
ITP in FPG/PRI, non-funded -5,522 -1,730
Occupational injury annuities,
non-funded -12,226 -13,527
Redeemed pension obligations in KPA 10,992 10,383
-20,968 -15,265
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