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Part 3 - Financial Statements
91
Retirement and other long term Personnel Benefits
in EUR ‘000’ Provisions for Provisions for other long TOTAL
pension plan retirement term benefits
lump sum
As of 1st January 2008 2 134 60 90 2 284
Additions 458 13 9 480
Reversals (3) - - (3)
Utilization (219) (6) (12) (237)
Entry / changes in consolidation scope 297 - - 297
Exchange difference (189) (1) (28) (218)
As of 31 December 2008 2 478 66 59 2 603
Additions 453 4 - 457
Reversals - - (36) (36)
Utilization (117) (7) (4) (128)
Entry / changes in consolidation scope - - - -
Exchange difference 35 - 7 42
As of 31 December 2009 2 849 63 26 2 938
Additions 737 10 4 751
Reversals - - - -
Utilization (305) (6) 1 (310)
Entry / changes in consolidation scope 121 - - 121
Exchange difference 114 - 5 119
Disposals (98) - - (98)
As of 31 December 2010 3 418 67 36 3 521
Of which defined benefit plan obligation 3 418 67 - 3 485
Retirement Obligations
The post-employment benefits are categorized as either
defined contribution plans or defined benefit plans.
The retirement plans based on defined contributions are
plans for which the organization pays determined
contributions to a separate entity in accordance with
the plan’s provisions. The Group has no obligation
beyond these contribution payments. The contributions
paid for these plans amounted respectively to EUR 988
thousand in 2010, EUR 847 thousand in 2009 and EUR
696 thousand in 2008. These plans are primarily
offered by Belgian, British and South African companies
within the Hamon Group.
The defined benefit plans require the accounting for the
obligations of the Company towards its employees in its
financial statements. These benefits are granted by
some Belgian, German, French, Indian, Indonesian and
Korean companies. The net obligations resulting from
these plans and their changes are subject to a yearly
actuarial review. The amounts accounted for in these
plans are for the three last years as well as a forecast
for the following year are:
in EUR ‘000’ 31/12/10 31/12/09 31/12/08
Service cost: employer 381 266 236
Interest cost 237 224 213
Expected return on plan asset (43) (40) (40)
Amortisation of actuarial net losses/(gains) 18 7 16
Past service cost recognised this year 154 - 42
Losses/(gains) on curtailments/settlements - - -
Net expense recognised - Defined benefit plans 747 457 467
The cost is recorded under ‘Cost of sales’, ‘General and
Administration’ costs and ‘Financial Expenses’. It has
significantly increased this year, mainly due to the past
service costs of EUR 154 thousand for the German and