ANNUAL REPORT 2007 | 2008 - Gimv
ANNUAL REPORT 2007 | 2008 - Gimv
ANNUAL REPORT 2007 | 2008 - Gimv
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26. PENSION LIABILITIES (IN EUR 000) - CONTINUED<br />
<strong>2007</strong>-<strong>2008</strong> 2006-<strong>2007</strong><br />
2. Net expense recognised in income statement * 177 2 177<br />
2.1. Current service cost 559 753<br />
2.2. Interest cost 315 392<br />
2.3. Expected return on plan assets (-) -215 -318<br />
2.4. Expected return on reimbursement rights recognised as an asset (-) - -83<br />
2.5. Net actuarial (gain) loss recognised -482 1 346<br />
2.6. Past service cost - -<br />
2.7. Loss (gain) on curtailments and settlements - 87<br />
Actual return on plan assets 157 176<br />
Actual return on reimbursement rights recognised as an asset - -<br />
3. Movements in defi ned benefi t plan obligation (asset) 4 506 5 880<br />
3.1. Defi ned benefi t plan obligation, opening balance 2 940 13 647<br />
3.2. Contributions paid (-) -623 -689<br />
3.3. Expense recognised 177 2 177<br />
3.4. Charge recognised directly through equity -<br />
3.5. Increases through business combinations - 241<br />
3.6. Decreases through business divestitures (-) -241 -12 436<br />
3.7. Foreign currency exchange increase (decrease (-)) -<br />
3.8. Other increase (decrease (-)) -<br />
3.9. Defi ned benefi t plan obligation, closing balance 2 253 2 940<br />
4. Principal actuarial assumptions<br />
4.1. Discount rate 4.50% 4.00%<br />
4.2. Expected return on plan assets 4.20% 4.75%<br />
4.3. Expected rate of salary increase<br />
4.4. Future defi ned benefi t increase<br />
4.5. Expected rate of return on reimbursement rights recognised as an asset<br />
4.6. Medical cost trend rate<br />
5.00% 5.00%<br />
II. DEFINED CONTRIBUTION PLANS -<br />
1. Amounts recognised in the balance sheet 1 757 826<br />
2. Amounts recognised in the income statement 66 72<br />
* Recognised as personnel expenses<br />
Pension commitments at the <strong>Gimv</strong> group consist mainly of a<br />
plan at <strong>Gimv</strong> NV for employees and executives in which the<br />
benefi ciaries are entitled, at pension date, to an amount that is<br />
set in relation to their fi nal salary.<br />
The EUR 244 rise in pension liabilities is due to a EUR 446<br />
reversal of the pensions provision for the <strong>Gimv</strong> group and the<br />
changes in pension liabilities of the buy-out companies in an<br />
amount of EUR 690. The <strong>Gimv</strong> group therefore bears no liability<br />
whatsoever for the pension liabilities of the buy-outs.<br />
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