pdf (2.5 MB) - METRO Group
pdf (2.5 MB) - METRO Group
pdf (2.5 MB) - METRO Group
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<strong>METRO</strong> GROUP : ANNUAL REPORT 2010 : BUSINESS<br />
→ NOTES : NOTES TO ThE BAl ANCE ShEET<br />
The present value of plan assets by asset category can be<br />
broken down as follows:<br />
% 31/12/2010 31/12/2009<br />
fixed-interest securities 49 61<br />
Shares, funds 18 18<br />
Real Estate 17 13<br />
Other assets 16 8<br />
100 100<br />
The expected average rate of interest is 3.9 percent (previous<br />
year: 4.2 percent) for fixed-interest securities, 7.9 percent<br />
(previous year: 7.8 percent) for shares and funds and<br />
5.8 percent (previous year: 6.2 percent) for real estate. The<br />
respective rate of interest takes into account country-specific<br />
factors and is based on factors such as the expected<br />
long-term interest rates and dividend payouts as well as the<br />
expected capital growth of the investment portfolio.<br />
Plan assets include properties used by <strong>METRO</strong> GROuP in<br />
the amount of €137 million (previous year: €103 million).<br />
The actual gain from plan assets amounted to €80 million<br />
(previous year: €55 million) in the financial year 2010.<br />
The financing status that results from the balance of the<br />
plan assets’ net present value and fair value developed as<br />
follows over the past five years:<br />
€ million<br />
31/12/<br />
2010<br />
31/12/<br />
2009<br />
31/12/<br />
2008<br />
31/12/<br />
2007<br />
31/12/<br />
2006<br />
Net present value 2,026 1,944 1,827 1,861 2,034<br />
Plan assets –936 –870 –845 –936 –907<br />
financing status 1,090 1,074 982 925 1,127<br />
Experience-based adjustment<br />
of plan liabilities<br />
Experience-based adjust-<br />
–13 2 –3 –1 –14<br />
ment of plan assets 38 13 –82 –10 10<br />
In the financial year 2011, payments to external pension providers<br />
are expected to amount to €48 million.<br />
→ p. 189<br />
Changes in the net present value of defined benefit obligations<br />
(dBO) and plan assets of external pension providers<br />
are shown in the chart below:<br />
€ million<br />
Net present value (DBO)<br />
2010 2009<br />
At 1 January 1,944 1,827<br />
Interest expenses 101 102<br />
Service cost 41 31<br />
Past service cost –7 0<br />
Curtailment/compensation –8 –1<br />
Plan costs 0 –1<br />
Pension payments –126 –128<br />
Actuarial gains (-)/losses (+) 66 105<br />
Change in consolidation group 0 2<br />
Currency effects 15 7<br />
At 31 December 2,026 1,944<br />
Changes in plan assets<br />
At 1 January 870 845<br />
Expected income on plan assets 41 42<br />
Plan costs –1 –1<br />
Pension payments –74 –74<br />
Employer contributions 34 31<br />
Contributions from plan participants 13 7<br />
Actuarial gains (+)/losses (-) 38 13<br />
Currency effects 15 7<br />
At 31 December 936 870<br />
Financing status<br />
Net present value (dBO), not fund-financed<br />
Net present value (dBO), wholly or partly<br />
744 721<br />
fund-financed 1,282 1,223<br />
Subtotal 2,026 1,944<br />
Market value of plan assets –936 –870<br />
At 31 december<br />
Actuarial gains (+)/losses (-) not yet<br />
1,090 1,074<br />
considered –244 –243<br />
Past service cost<br />
Account not shown as an asset<br />
–6 –7<br />
due to definition of IAS 19.58 (b)<br />
Recognised reimbursement claims pursuant<br />
0 0<br />
to IAS 19.104A<br />
Commitments measured based on local<br />
0 0<br />
criteria 2 2<br />
Recognised assets pursuant to IAS 19.58<br />
Provisions for company pensions<br />
95 76<br />
as of 31 December 937 902