Annual Report 2008 Sustainable design & engineering - Grontmij

Notes to the consolidated financial statements
Composition of plan assets
In %
2008 2007
Equity securities 30.0% 35.0%
Fixed income and other investments 70.0% 65.0%
Total 100.0% 100.0%
The plan assets do not include Grontmij shares.
Experience adjustments arising on liabilities in 2008 amount to € 1,574,000, in 2007 amount to € -4,377,000 and in 2006 amount to € 3,086,000.
Experience adjustments arising on plan assets in 2008 amount to € -61,962,000, in 2007 amount to € 36,343,000 and in 2006 amount to
€ 3,321,000. Experience adjustments do not include gains and losses due to changes in the discount rate.
20. Share-based payments
As of August 2008, the Group offers all employees of Grontmij N.V. and its wholly-owned (direct and indirect) subsidiaries on a permanent
employment contract the opportunity to acquire participations in Stichting Employee Share Purchase Plan (‘Stichting ESPP’), against which
Stichting ESPP acquires and holds depositary receipts for shares Grontmij. Eligible employees will be granted one participation free of charge for
every four participations acquired after holding on to these participations for three years, provided they are still employed by the Group at that
time. In the start-up phase, a number of 1,972 participations have been subscribed to, resulting in a liability for the Group as per 31 December
2008 to acquire 492 depositary receipts for shares Grontmij through Stichting ESPP. Given the current non-materiality of the relating liability, it
has not been measured and recognized in the balance sheet as at 31 December 2008.
The members of the Executive Board receive a value-dependent variable remuneration which is based on the relative change in the value of the
share price. Reference is made to note 33.
21. Loans and borrowings
This part of the notes contains information on the terms and conditions of the Group’s interest bearing loans and other financial liabilities, valued
at amortised cost.
In thousands of euros
31 December 2008 31 December 2007
Non-current liabilities
Bank loans 48,647 48,507
Secured bank loans 4,412 13,023
Unsecured other loans 129 2,600
Financial lease liabilities 174 560
53,362 64,690
Current liabilities
Bank loans 23,236 20,500
Secured bank loans 3,325 -
Unsecured other loans - 133
Financial lease liabilities 386 865
26,947 21,498
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GRONTMIJ | ANNUAL REPORT 2008