Annual Report 2008 English [PDF, 2.69 MB] - Tessenderlo Group

financial report 2008
The amounts recognised in the balance sheet are as follows:
2008 2007 2006 2005 2004
Present value of wholly funded obligations 78.9 83.7 93.2 77.8 50.3
Present value of partially funded obligations 71.2 75.4 76.2 92.3 94.4
Present value of wholly unfunded obligations 18.0 18.9 17.3 19.4 18.2
Total present value of obligations 168.1 178.0 186.7 189.5 162.9
Fair value of plan assets 147.3 161.7 167.6 159.1 135.8
Deficit 20.8 16.3 19.1 30.4 27.1
Unrecognised actuarial gains (losses) -10.0 3.1 -2.5 -13.0 -3.1
Net liability 10.8 19.4 16.6 17.4 24.0
Unrecognised in % of funded obligations 5.95% -1,74% 1,34% 6,86% 1,90%
Unrecognised in % of plan assets 6.79% -1.92% 1.49% 8.17% 2.28%
Amounts in the balance sheet:
Liabilities 25.3 29.6 29.4 29.7 28.7
Assets (note 16) 14.5 10.2 12.8 12.4 4.7
Net liability 10.8 19.4 16.6 17.3 24.0
148
The amounts recognised in the income statement are as follows:
2008 2007
Current service cost 6.0 5.8
Interest cost 9.0 9.1
Expected return on plan assets -9.5 -9.5
Past service cost (benefit) -0.4 4.0
Total, included in ‘payroll and related benefits’ (note 6) 5.1 9.4
The past service cost in 2007 was mainly related to a plan settlement in a US subsidiary, a plan
curtailment in the Italian subsidiaries and a change in French law concerning employee benefits.
These items are presented under non-recurring items.
The net periodic pension cost is included in the following line items of the income statement:
2008 2007
Cost of sales 3.0 3.5
Distribution expenses 0.1 0.1
Sales and marketing expenses 0.7 1.0
Administrative expenses 1.3 0.8
Other operating income/(expenses) - -
Non-recurring items, net - 4.0
Total 5.1 9.4