annual Report 2009 - STRATEC Biomedical AG

Report of the board of Management
Report of the supervisory board
THE share
Corporate Governance
Group Management report
Consolidated financial statements
Service
Obligations developed as follows:
in v thousand 12.31.2009 12.31.2008
Current value of vested rights at beginning of financial year 333 315
Additions due to company acquisition 83 0
Current service cost 21 16
Interest expenses 24 17
Current value of vested rights expected at end of financial year 461 348
Actual value of vested rights at end of financial year 488 333
Actuarial loss (+) / gain (-) on current value of vested rights 27 -15
Actuarial loss (+) / gain (-) on plan assets -11 10
Cumulative actuarial losses (+) / gains (-) 16 -5
Amortization of actuarial losses (-) / gains (+) -16 5
Gross obligation recognized in balance sheet 488 333
Fair value of plan assets accounting for limit stipulated in IAS 19.58 (b) -383 -333
Net obligation recognized in balance sheet 105 0
Due to the limit on the capitalization of plan assets stipulated by IAS 19.58 (b), an amount of u 26 thousand was not
recognized as an asset (previous year: u 45 thousand).
Personnel and interest expenses totaling u 29 thousand were recognized under personnel expenses (social security
contributions, pension expenses and other benefits) in the statement of comprehensive income for the financial year
under report (previous year: u 22 thousand). The expenses (previous year: income) for the immediate amortization of
actuarial gains amounted to u -16 thousand (previous year: u 5 thousand).
The following income and expenses are expected for the 2010 financial year:
in v thousand
Current service cost 17
Interest expenses (5.4 %) 26
Expected income on plan assets (4.65 %) 19
Expected net pension expenses 24
The limit stipulated in IAS 19.58 (b) is expected to result in additional expenses of u 15 thousand for the 2010 financial
year. Furthermore, due to the retirement age being reached, payments of u 11 thousand are expected for the first time
from plan assets. The expected scope of benefit is nevertheless still subject to the option of the relevant pension obligation
being settled by way of lump sum capital settlement.
The following table shows the results of the calculation of obligations based on alternative scenarios (sensitivity analyses).
These have been based on the following economic assumptions:
• Assumed interest rate of 4.9 %
• Assumed interest rate of 5.9 %
• Adjustment in current pensions of 1.50 % per annum
• Adjustment in current pensions of 2.50 % per annum
• Assumed interest rate of 5.80 % and adjustment in current pensions of 2.0 % (budgeting assumptions for 2008)
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