Annual Report 2006 - Euromaint
Annual Report 2006 - Euromaint
Annual Report 2006 - Euromaint
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E u r o M a i n t A n n u a l R e p o r t 2 0 0 6<br />
Note 11 PaRTICIPaTIONS IN GROuP COMPaNIES<br />
No. of Percentage of Book value Book value<br />
Company name, SEK thousands Reg. no. Domicile participations equity and votes <strong>2006</strong>-12-31 2005-12-31<br />
EuroMaint AB 556084-8458 Stockholm<br />
– EuroMaint Rail AB 556032-2 18 Stockholm 1 0,000 100 156,761 156,761<br />
– EuroMaint Bemanning AB 556670-30 5 Stockholm 1,000 100 – –<br />
– Underhållsbolaget Pendeln AB 556673-4363 Stockholm 1,000 100 – –<br />
– EuroMaint Industry AB* 556232-0134 Stockholm 100,000 100 6,1 7 –<br />
– EuroMaint GmbH HRB 1034 8 B Berlin 1 100 233 –<br />
– EuroMaint SIA – Riga 15,000 100 1 5 –<br />
TOTaL 253,386 156,761<br />
*EuroMaint Industry AB was owned by EuroMaint Rail AB on 31 December 2005 and sold to EuroMaint AB in January <strong>2006</strong>.<br />
Note 12 LONG-TERM RECEIvaBLES<br />
SEK thousands Group Parent company<br />
<strong>2006</strong>-12-31 2005-12-31 <strong>2006</strong>-12-31 2005-12-31<br />
Pensions in accordance with IAS 1 21,086 23,183 0 0<br />
Miscellaneous 12 12 12 12<br />
Total 21,215 23,313 129 129<br />
Note 13 PENSION OBLIGaTIONS<br />
In accordance with IAS 1 , Employee Benefits, an actuary working on<br />
behalf of EuroMaint has calculated the Group’s pension provision and<br />
the amounts to be allocated for pensions for Group employees on an<br />
ongoing basis. Pension plans in EuroMaint comprise both defined<br />
benefit and premium-based plans. Premium-based pension promises<br />
comprise what are known as Alternative ITP plans, individual pension<br />
promises for senior personnel, as well as PA-03.<br />
Defined benefit pension obligations<br />
ITP and ITP-S pensions<br />
ITP and ITP-S are defined benefit pension plans containing retirement,<br />
family and disability/sickness pension. On full entitlement<br />
the employee receives a final retirement pension including a general<br />
pension of approximately 65% of the leaving salary. Salaried employees<br />
with ITP are insured with Alecta, while employees with ITP-S are<br />
insured with Skandia.<br />
According to a statement from the Swedish Financial Accounting<br />
Standards Council’s Emerging Issues Task Force, the ITP pension<br />
secured through an insurance policy with Alecta is a defined benefit<br />
plan encompassing several employers. The EuroMaint Group has not<br />
had access to such information for the <strong>2006</strong> financial year that would<br />
make it possible to enter this plan as a defined benefit plan, which is<br />
why it has been entered as a defined contribution plan.<br />
Pension in accordance with transition rules and occupational injury annuities<br />
Employees previously covered by the state pension plan PA- 1, former<br />
employees of the SJ Group, have the opportunity to choose early retirement<br />
in accordance with the transitional rules. Pension is paid from<br />
60 years at the earliest and the pension level depends on the salary<br />
and length of service.<br />
Occupational injury annuities are paid on a continuous basis until the<br />
death of the employee. EuroMaint has been responsible for costs for<br />
this life annuity since the beginning of 2001, before which the obligation<br />
was the responsibility of the Swedish State Railways public enterprise.<br />
KPA pension<br />
Defined benefit pensions and life annuities in accordance with state<br />
pension rules for former employees which were earned prior to 1 2<br />
have been redeemed in life assurance company KPA. A premium of<br />
SEK 125 million was paid for this in 1 . The National Government<br />
Employee Pensions Board is responsible for calculating benefits and<br />
also administering the paying-out of pensions whereby funds are<br />
continuously withdrawn from the insurance. The insurance terms specify<br />
how the cost is settled if pensions paid deviate from the benefit<br />
amount that formed the basis for the redeemed premium in 1 .<br />
This type of cost adjustment is usually handled by withdrawing funds<br />
from the surplus the Group has with KPA.<br />
The following defined benefit plans are recognised in the balance sheet:<br />
Pension provision/receivable (-/+) in balance sheet<br />
Plan 06-12-31 05-12-31<br />
ITP-S pension plan insured with Skandia<br />
Early retirement in accordance<br />
10,0 4 12,800<br />
with transition rules, non-funded -24,306 -23,1 1<br />
ITP in FPG/PRI, non-funded<br />
Occupational injury annuities,<br />
-5,522 -1,730<br />
non-funded -12,226 -13,527<br />
Redeemed pension obligations in KPA 10, 2 10,383<br />
-20,968 -15,265<br />
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