Annual Report 2008 – Financial Section - Quilvest

Notes to the Consolidated Financial Statements (continued)
17) Employee benefit obligations
The defined benefit plans relate to pension schemes in place in the subsidiaries Quilvest France, Quilvest Banque Privée and
Quilvest Switzerland.
17.1) Liability for defined benefit obligations (in $ ‘000) 2008 2007
Present value of unfunded obligations 541 468
Present value of funded obligations 24,989 20,385
Fair value of plan assets (23,037) (19,156)
Net unrecognised actuarial gains (2,718) (1,434)
Unrecognized assets because of the limit in paragraph 58(b) IAS 19 766 205
Net liability in balance sheet 541 468
17.2) Changes in the net liability recognized in the balance sheet (in $ ‘000) 2008 2007
Net liability at opening balance 468 586
Net expenses recognized in the income statement 2,561 1,684
Contributions (2,470) (1,850)
Currency differences (18) 48
Net liability at closing balance 541 468
17.3) Detail of expenses recognized in the income statement (in $ ‘000) 2008 2007
Current service cost 1,524 833
Interest on obligation 709 498
Expected return on plan assets (594) (431)
Past service cost 386 590
Losses on curtailments and settlements 536 194
Expenses in Income Statement 2,561 1,684
17.4) Other disclosures for defined benefit plans (in $ ‘000) 2008 2007
Actual return on plan assets (610) (187)
17.5) Principal actuarial assumptions at the balance sheet date 2008 2007
Discount rate at December 31 3.25 to 3.5% 3.25%
Expected return on plan assets at December 31 2.75 to 3.5% 2.75 to 4%
Future salary increase 2 to 3.5% 2 to 3.5%
Future pension increase 0.5% 0.5%
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