Annual Report 2008 Sustainable design & engineering - Grontmij

Notes to the consolidated financial statements
Changes in the present value of plan assets
In thousands of euros
2008 2007
Balance as at 1 January 545,600 549,725
Acquired through business combinations 1,117 -
Benefits paid -16,284 -14,800
Employers’ contributions 17,039 14,600
Employees’ contributions 4,020 3,800
Expected return on plan assets 29,053 28,718
Actuarial losses -62,512 -36,443
Currency differences -191 -
-27,758 -4,125
Fair value of plan assets as at 31 December 517,842 545,600
Actual return on plan assets in 2008: € -33,459,000 (2007: € -7,725,000).
Expense recognised in profit or loss
In thousands of euros
2008 2007
Current service cost 11,098 16,454
Interest cost 26,831 23,991
Amortisation of actuarial gains and losses -382 -
Expected return on plan assets -29,053 -28,718
Expenses related to defined benefit plans 8,494 11,727
Expenses related to defined contribution plans 15,578 15,342
Total pension expenses (all recognised in employee expenses) 24,072 27,069
All pension expenses are included in the consolidated income statement under the line Employee expenses.
Expected contributions for 2009 amount to approximately € 20.8 million (including employees’ contributions).
Principal actuarial assumptions
In %
2008 2007
Discount rate as at 31 December 5.40% 5.40%
Expected return on plan assets 5.75% 5.30%
Future salary increases 2.00% 2.00%
Future pension increases 1.65% 2.00%
The increase of the expected return in plan assets follows a change in the asset mix.
GRONTMIJ | ANNUAL REPORT 2008 101