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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE BAl ANCE ShEET Italy In Italy, employees receive payments upon termination of their employment relationship, irrespective of the reasons for termination. A pension reform law that took effect on 1 January 2007 is designed to promote company and individual retirement provisions. Companies with more than 50 employees are required to transfer employee entitlements incurred after the enforcement date to the newly established state fund. % Eurozone Germany 31/12/2010 31/12/2009 → p. 188 Belgium There are both retirement pensions as well as capital commitments whose size depends on the length of service and income. In addition, benefits are paid to employees aged 58 and older who become unemployed. The above pension commitments are valued on the basis of actuarial calculations in accordance with IAS 19 using the legal, economic and tax circumstances of each country. The following average assumptions are used in the actuarial calculation: Netherlands United Kingdom Eurozone Germany Netherlands United Kingdom Actuarial interest rate 5.03 4.95 5.60 5.50 5.40 5.40 5.40 5.75 Inflation rate 1.81 1.75 2.00 3.75 2.00 2.00 2.00 3.80 Pension trend 1.71 1.76 1.60 3.55 1.93 2.00 1.60 3.60 Income trend 2.40 2.35 2.50 4.50 2.12 2.00 2.50 4.55 Expected return from plan assets 4.59 4.08 5.50 6.10 4.87 4.48 5.50 6.50 The employee turnover rate is determined separately for each business, taking age/length of service into account. The average employee turnover rate in Germany is 3.90 percent (previous year: 3.00 percent). The actuarial calculations are based on country-specific mortality tables. Calculations for the German Group companies are based on the 2005 G tables from Prof. dr Klaus heubeck, which have been modified by new data from the German state pension insurance. The previously used method was further developed for the determination of the calculatory interest rate as of 31 december 2010. Based on the previously used method, the calculatory interest rate would have been 5.20 percent. The effect of conversion from 5.20 percent to 4.95 percent resulted in an increase in actuarial losses of €39 million. As a result, amortisation of actuarial losses for 2011 will increase by €4 million.
METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → NOTES : NOTES TO ThE BAl ANCE ShEET The present value of plan assets by asset category can be broken down as follows: % 31/12/2010 31/12/2009 fixed-interest securities 49 61 Shares, funds 18 18 Real Estate 17 13 Other assets 16 8 100 100 The expected average rate of interest is 3.9 percent (previous year: 4.2 percent) for fixed-interest securities, 7.9 percent (previous year: 7.8 percent) for shares and funds and 5.8 percent (previous year: 6.2 percent) for real estate. The respective rate of interest takes into account country-specific factors and is based on factors such as the expected long-term interest rates and dividend payouts as well as the expected capital growth of the investment portfolio. Plan assets include properties used by METRO GROuP in the amount of €137 million (previous year: €103 million). The actual gain from plan assets amounted to €80 million (previous year: €55 million) in the financial year 2010. The financing status that results from the balance of the plan assets’ net present value and fair value developed as follows over the past five years: € million 31/12/ 2010 31/12/ 2009 31/12/ 2008 31/12/ 2007 31/12/ 2006 Net present value 2,026 1,944 1,827 1,861 2,034 Plan assets –936 –870 –845 –936 –907 financing status 1,090 1,074 982 925 1,127 Experience-based adjustment of plan liabilities Experience-based adjust- –13 2 –3 –1 –14 ment of plan assets 38 13 –82 –10 10 In the financial year 2011, payments to external pension providers are expected to amount to €48 million. → p. 189 Changes in the net present value of defined benefit obligations (dBO) and plan assets of external pension providers are shown in the chart below: € million Net present value (DBO) 2010 2009 At 1 January 1,944 1,827 Interest expenses 101 102 Service cost 41 31 Past service cost –7 0 Curtailment/compensation –8 –1 Plan costs 0 –1 Pension payments –126 –128 Actuarial gains (-)/losses (+) 66 105 Change in consolidation group 0 2 Currency effects 15 7 At 31 December 2,026 1,944 Changes in plan assets At 1 January 870 845 Expected income on plan assets 41 42 Plan costs –1 –1 Pension payments –74 –74 Employer contributions 34 31 Contributions from plan participants 13 7 Actuarial gains (+)/losses (-) 38 13 Currency effects 15 7 At 31 December 936 870 Financing status Net present value (dBO), not fund-financed Net present value (dBO), wholly or partly 744 721 fund-financed 1,282 1,223 Subtotal 2,026 1,944 Market value of plan assets –936 –870 At 31 december Actuarial gains (+)/losses (-) not yet 1,090 1,074 considered –244 –243 Past service cost Account not shown as an asset –6 –7 due to definition of IAS 19.58 (b) Recognised reimbursement claims pursuant 0 0 to IAS 19.104A Commitments measured based on local 0 0 criteria 2 2 Recognised assets pursuant to IAS 19.58 Provisions for company pensions 95 76 as of 31 December 937 902
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