Annual Report 2006 ISS Global A/S

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1 January – 31 December. Amounts in DKK millions 26. Pensions and similar obligations (continued) Actuarial calculations and valuations are performed annually for all major defined benefit plans. The actuarial assumptions vary from country to country due to local conditions. The range of actuarial assumptions used is as follows: 2006 2005 Discount rates at 31 December 1) 2.9-6.5% 2.7-5.0% Expected return on plan assets at 31 December 2.5-6.6% 3.0-6.5% Future salary increases 1.6-4.1% 2.0-4.0% Future pension increases 0.3-2.9% 0.3-2.8% The amounts recognised in the income statement are as follows: Current service costs 134 Interest on obligation 99 Expected return on plan assets (83) Recognised past service costs, net (0) Gains on curtailments and settlements, net (99) Recognised in the income statement as staff costs 51 Actual return on plan assets 70 The amounts recognised in the balance sheet are as follows: Present value of funded obligations 2,879 Fair value of plan assets (2,606) Funded obligations, net 273 Present value of unfunded obligations 567 Unrecognised past service costs 1 Accumulated effect of asset ceiling 3 Net liability 844 Changes in the net liability recognised in the balance sheet are as follows: Net liability at 1 January before reclassifications 801 Reclassifications 26 Net liabilities at 1 January after reclassifications 827 Foreign exchange adjustments 2 Additions from acquired companies, net 163 Net expenses recognised in the income statement 51 Contributions (156) Actuarial (gains)/losses recognised through equity, net (46) Asset ceiling 3 Net liability for defined benefit plans at 31 December 844 Other long-term employee benefits 41 Pensions and similar obligations at 31 December 885 1) Based on high quality corporate bonds or government bonds. 96 99 (78) 0 (57) 60 107 1,827 (1,441) Continues _____________________________________________________________________________________________________________ ANNUAL REPORT 2006 / Consolidated Financial Statements 84 386 413 2 - 801 680 - 680 2 48 60 (213) 224 - 801 32 833
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1 January – 31 December. Amounts in DKK millions 26. Pensions and similar obligations (continued) 2006 Accumulated net actuarial (gains)/losses in the statement of total recognised income and expense Actuarial losses recognised, net 218 Changes in the obligations (funded and unfunded) Opening present value of obligation 2,240 Reclassifications 27 Foreign exchange adjustments (8) Additions from acquired companies 1,155 Interest on obligation 99 Current service costs 134 Benefits paid (89) Employee contributions 54 Actuarial (gains)/losses (59) Recognised past service costs (0) Liabilities extinguished on settlements and curtailments (107) Closing present value of obligations 3,446 Changes in fair value of plan assets are as follows: Opening fair value of plan assets 1,441 Reclassifications 1 Foreign exchange adjustments (10) Expected return on plan assets 83 Actuarial gains/(losses) (13) Assets distributed on settlements (8) Contributions 169 Additions from acquired companies 992 Benefits paid (49) Fair value of plan assets 2,606 The major categories of plan assets as a percentage of total plan assets are as follows: 2005 264 2,330 - 22 69 99 96 (141) 47 253 0 (535) 2,240 1,652 - 18 78 29 (478) 233 21 (112) Bonds 53% 53% Equities 26% 33% Property 11% 6% Cash 4% 5% Other 6% 3% The pension net liability for current and previous years is shown below: Closing present value of obligations 3,446 Fair value of plan assets (2,606) Unrecognised past service costs 1 Asset ceiling 3 Actuarial (gains)/losses obligations (59) Actuarial gains/(losses) plan assets (13) ISS Global expects to contribute DKK 176 million to its defined benefit plans in 2007. 1,441 100% 100% 2006 2005 2004 844 2,240 (1,441) 2 - 801 253 29 2,330 (1,652) 2 - _____________________________________________________________________________________________________________ ANNUAL REPORT 2006 / Consolidated Financial Statements 85 680 (6) (46)
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ISS Global A/S Bredgade 30 DK - 126
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Key Figures Amounts in DKK millions
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growth. Furthermore, the effect of
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In 2006, ISS Global continued the p
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to costs related to a turnaround pl
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structure, ISS established an Opera
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Strategy ISS Global is a fully owne
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Geography ISS intends to increasing
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Openness and transparency In additi
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tors. The controllers perform follo
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Risk Factors ISS Global is a fully
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tual obligations could harm ISS’s
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If ISS fails to manage growth and i
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ISS may incur substantial liabiliti
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thus reduce or prevent dividend pay
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Independent Auditor’s Report To t
Page 33 and 34: Organic growth ISS Global uses esti
Page 35 and 36: 2006 primarily related to redundanc
Page 37 and 38: Tempo as well as a number of smalle
Page 39 and 40: including non-interest-bearing debt
Page 41 and 42: CONSOLIDATED CASH FLOW STATEMENT 1
Page 43 and 44: CONSOLIDATED STATEMENT OF TOTAL REC
Page 45 and 46: NOTES TO THE CONSOLIDATED FINANCIAL
Page 83: NOTES TO THE CONSOLIDATED FINANCIAL
Page 103 and 104: CASH FLOW STATEMENT OF THE PARENT C
Page 105 and 106: STATEMENT OF TOTAL RECOGNISED INCOM
Page 107 and 108: NOTES TO THE FINANCIAL STATEMENTS O
Page 123: Definitions EBITDA = Operating prof
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Annual Report 2006 ISS Global A/S

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