THE NATURE OF OUR BUSINESS – STABLE GROWTH - Symrise
THE NATURE OF OUR BUSINESS – STABLE GROWTH - Symrise
THE NATURE OF OUR BUSINESS – STABLE GROWTH - Symrise
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The present value of the vested rights has developed as follows:<br />
T€<br />
Projected benefit obligation at January 1<br />
Currency translation differences<br />
Current service cost<br />
Interest expense<br />
Gains deriving from plan change<br />
Additions of a new scheme<br />
Actuary gains<br />
Benefits paid by the plan<br />
Anwartschaftsbarwert am 31. Dezember<br />
2007<br />
219,383<br />
-3,644<br />
11,974<br />
9,862<br />
-707<br />
3,106<br />
-28,640<br />
-10,766<br />
200,568<br />
The pension expenses are recognized under the following line<br />
items in the income statement:<br />
T€<br />
Cost of sales<br />
Selling and marketing expenses<br />
Research and development expenses<br />
Administration expenses<br />
Total<br />
2007<br />
4,409<br />
3,461<br />
1,813<br />
741<br />
10,424<br />
The fair value of the plan assets developed as follows:<br />
T€<br />
Fair value of plan assets at January 1<br />
Contributions paid into the plan<br />
Benefits paid by the plan<br />
Expected return on plan assets<br />
Actuary losses (-)/gains (+)<br />
Additions of a new scheme<br />
Currency translation differences<br />
Fair value of plan assets at December 31<br />
2007<br />
18,681<br />
2,563<br />
-2,218<br />
1,189<br />
-217<br />
2,454<br />
-1,839<br />
20,613<br />
2008<br />
200,568<br />
1,700<br />
8,221<br />
10,713<br />
-146<br />
0<br />
-6,644<br />
-10,429<br />
203,983<br />
2008<br />
2,622<br />
1,494<br />
1,415<br />
973<br />
6,504<br />
2008<br />
20,613<br />
2,338<br />
-1,408<br />
1,215<br />
-4,771<br />
0<br />
1,606<br />
19,593<br />
The experience adjustments to plan assets in the US in 2008 amounted to € -3.9<br />
million (2007: T€ -50). In Japan, the experience adjustments to plan assets in 2008<br />
amounted to € -1.0 million (2007: T€ -168). Compensating impacts resulted from<br />
experience adjustments to plan assets in Switzerland and India.<br />
The fair values of the main groups of plan assets amount to:<br />
T€<br />
Debt securities<br />
Equity instruments<br />
Plan USA<br />
2007<br />
7,070<br />
7,175<br />
Plan Japan<br />
2007<br />
1,460<br />
1,783<br />
Plan USA<br />
2008<br />
6,865<br />
5,527<br />
Plan Japan<br />
2008<br />
1,764<br />
1,303<br />
The actuarial assumptions and valuations are based on the following<br />
parameters that differ from country to country, due to variations<br />
in their economic situations:<br />
%<br />
Discount rate<br />
Germany<br />
USA<br />
Other countries vary from<br />
Projected return on plan assets<br />
Germany<br />
USA<br />
Other countries (Japan only)<br />
Salary increases<br />
Germany<br />
USA<br />
Other countries vary from<br />
Pension increase<br />
Germany<br />
Medical cost trend rate USA<br />
Parameter<br />
2007<br />
5.35<br />
6.50<br />
2.00 to 6.00<br />
n.a.<br />
7.00<br />
2.10<br />
1.90<br />
4.25<br />
1.50 to 5.00<br />
1.90<br />
9.00<br />
Parameter<br />
2008<br />
6.20<br />
6.00<br />
1.50 to 6.05<br />
n.a.<br />
7.00<br />
3.00 to 7.50<br />
2.50<br />
4.25<br />
1.50 to 8.00<br />
2.25<br />
9.00<br />
A 1% change in the assumption made for cost trends for healthcare<br />
benefits would have the following effect:<br />
Increase<br />
T€<br />
2007<br />
Effect on defined benefit<br />
obligation<br />
361<br />
Effect on service cost 39<br />
Decrease<br />
2007<br />
324<br />
35<br />
Increase<br />
2008<br />
384<br />
40<br />
Decrease<br />
2008<br />
344<br />
36<br />
134 Annual Report 2008 <strong>Symrise</strong> AG
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