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Annual Report 2008 - AMG Advanced Metallurgical Group NV

Annual Report 2008 - AMG Advanced Metallurgical Group NV

The best estimate of

The best estimate of contributions to be paid to the primary plan for the year ending December 31, 2009 is $863. In the additional pension plan, only payment for expenses to run the plan, together with the Pension Protection Fund levy, are expected to be made in 2009. ALD plans ALD has defined benefit plans that cover employees in Germany. The benefits are based on years of service and average compensation. Actuarial assumptions Principal actuarial assumptions at the reporting date are presented below. 2008 2007 % per annum % per annum Expected return on plan assets at January 1 3.75 3.75 Inflation N/A N/A Salary increases 2.00 2.00 Rate of discount at December 31 5.70 5.50 Pension payments increases 2.00 2.00 Assumptions regarding future mortality are based on published statistics and mortality tables (“Richttafeln 2005 G”). The best estimate of contributions to be paid to the plans for the year ending December 31, 2009 is approximately $947. GFE plans GfE has two defined benefit plans that cover all of the employees who were considered plan participants prior to 2005. Each plan has been closed to new participants – one was closed in 1992 and the other was closed in 2005. The plan benefits are funded by insurance contracts which are managed by Swiss Life Group. Benefits are paid by the insurance contracts and are based on years of service and average compensation. Upon obtaining controlling interest of FNE, GfE also acquired FNE’s defined benefit plan that covers two former managing directors of FNE only. The plan benefits are funded by insurance contracts. Benefits are paid by the insurance contracts and are based on individual agreements with the managing directors. Actuarial assumptions Principal actuarial assumptions at the reporting date are presented below. 2008 2007 % per annum % per annum Inflation 2.25 2.00 Salary increases 3.00 3.00 Rate of discount at December 31 6.00 5.50-5.60 Pension payments increases 2.00 2.00 Assumptions regarding future mortality are based on published statistics and mortality tables (“Richttafeln 2005 G” and “Heuback 2005G”). GfE plan assets consist of insurance contracts, and the expected long-term rates of return are 5.00% for all periods. The best estimate of contributions to be paid to GfE’s plans for the year ending December 31, 2009 is approximately $2,437. Sudamin Plans The French office and operations of Sudamin have defined benefit pension plans which cover all employees. Sudamin funds the pension plans through an external insurance company but there are no plan assets. Benefits under the plans are based on the beginning of service for all employees; however, employees must be employed by Sudamin at retirement in order to obtain any benefits as vesting is only upon retirement. Benefits are paid by the external insurance company. Actuarial assumptions Principal actuarial assumptions at the reporting date are presented below. 2008 2007 % per annum % per annum Inflation nil nil Salary increases 2.50 2.50 Rate of discount at December 31 4.00 4.20 The discount rate used is based on the yields of AA rated euro zone corporate bonds + 10 years. Assumptions regarding future mortality are based on published statistics and mortality tables (“2002-2004 INSEE”). No contributions to Sudamin plans are expected for the year ending December 31, 2009. Graphit Kropfmühl (GK) plans Graphit Kropfmühl has two defined benefit plans that cover all of the employees in Germany. The plan benefits are not funded. Benefits are paid by the insurance contracts and are based on years of service and average compensation. Actuarial assumptions Principal actuarial assumptions at the reporting date are presented below. 2008 % per annum Inflation 2.00 Salary increases 3.00 Rate of discount at December 31 6.00 Pension payment increases 2.00 122 Notes to the Consolidated Financial Statements

Assumptions regarding future mortality are based on published statistics and mortality tables ( “Heuback 2005G”). The best estimate of contributions to be paid to GK’s plans for the year ending December 31, 2009 is approximately $561. Presented below are employee benefits disclosures for plans aggregated by geographical location into the US and European groups. North American plans European plans 2008 2007 2008 2007 Present value of unfunded obligations 21,670 19,838 864 881 Present value of funded obligations 67,195 82,084 145,776 178,108 Total present value of obligations 88,865 101,922 146,640 178,989 Fair value of plan assets (47,245) (67,347) (77,433) (126,497) Unamortized past service costs (21) (31) – – Unrecognized actuarial (gains) and losses (14,167) (9,442) 3,950 24,676 Recognized liability for defined benefit obligations 27,432 25,102 73,157 77,168 Total employee benefits 27,432 25,102 73,157 77,168 Movement in employee benefits North American plans European plans 2008 2007 2008 2007 Recognized liability for defined benefit obligations at January 1 25,102 21,212 77,168 72,941 Expense recognized in profit and loss (see below) 10,278 6,464 (6,921) 3,162 Curtailment impact recognized in profit and loss 822 – – (4) Amortization of vested past service cost – – – – Benefits paid directly by the employer – – (4,088) (2,425) Defined benefit obligation from GK acquisition – – 12,439 – Employer contributions (4,730) (5,417) (1,284) (3,333) Effect of movements in foreign exchange rates (4,040) 2,843 (4,157) 6,827 Net liability for defined benefit obligations at December 31 27,432 25,102 73,157 77,168 Asset for defined benefit obligations at December 31 – – 2,587 539 Liability for defined benefit obligations at December 31 27,432 25,102 75,744 77,707 Plan assets consist of the following: North American plans European plans 2008 2007 2008 2007 Equity securities 22,498 37,297 16,970 84,430 Debt securities 24,147 24,619 55,176 37,084 Cash 300 5,431 122 216 Other 300 – 5,165 4,767 47,245 67,347 77,433 126,497 Movement in present value of defined benefit obligations North American plans European plans 2008 2007 2008 2007 Present value of defined benefit obligations at January 1 101,922 88,319 178,989 186,267 Benefits paid directly by the employer or from the plan assets (5,137) (5,860) (13,005) (9,335) Contributions from plan participants 341 363 – – Past service cost – – – (500) Current service costs and interest (see below) 10,722 8,568 12,819 11,553 Curtailment impact recognized in profit and loss (see below) 822 – – (4) Defined benefit obligation from GK acquisition – – 12,439 Plan amendments (127) 2,176 (133) 484 Unrecognized actuarial (gains) and losses (5,745) (3,090) (40,664) (16,122) Effect of movements in foreign exchange rates (13,933) 11,446 (3,805) 6,646 Present value of defined benefit obligations at December 31 88,865 101,922 146,640 178,989 Notes to the Consolidated Financial Statements 123

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