PDF (7.3 MB) - GILDEMEISTER Interim Report 3rd Quarter 2012

176Consolidated Financial Statements of gildemeister Aktiengesellschaft: Notes to the Consolidated Financial StatementsEmployee pension schemes are based as a rule either on contribution-oriented orperformance-oriented benefit systems.In the case of contribution-oriented pension plans (“defined contribution plans”)the respective company does not assume any further obligations which go beyond thepayment of contributions into an earmarked reserve fund. In financial year 2010, therelated expenses amounted to € 3,006 k (previous year: € 4,338 k).In the case of benefit-oriented pension plans, it is the company's obligation to paythe promised benefits to active and former employees (“defined benefit plans”), wherebya distinction is made between pension plans that are financed through reserves and thosethat are financed through a fund.In the gildemeister group, pension commitments are financed through transfer toprovisions.The amount of the pension obligation (present value of future pension commitmentsor “defined benefit obligation”) was calculated on the basis of actuarial methods byestimating the relevant factors impacting the pension commitment. Along with theassumptions on life expectancy, the following premises for the parameters to be appliedto the actuarial calculations in the reports were defined:GermanyOther countries2010 2009 2010 2009% % % %Interest rate 4.60 5.20 2.25 – 2.75 2.25 – 3.25Salary trend 0.00 0.00 1.00 – 3.00 1.00 – 3.00Pension trend 2.00 2.00 0.00 0.00consolidated financialstatementsThe pension development includes expected future increases in salary that areassessed annually and are subject to, amongst other things, inflation and the duration ofemployment at the company. Since the pension commitments that were entered into atthe national subsidiaries are not subject to future increases in salary, salary developmentwas not taken into account when determining the relating company pension provisions.Due to increases or reductions in the present value of defined-benefit obligations,actuarial gains or losses may arise, which may result, amongst others, from changes inthe calculation parameters or changes in the risk development assessment relating tothe pension commitments.