ANNUAL REPORT 2011 - Kuehne + Nagel

94
Consolidated Financial Statements 2011 _ _ _ _ _ _ Other Notes
Principal weighted actuarial assumptions at the balance sheet date
2011 2010
Per cent Funded Unfunded Total Funded Unfunded Total
plans plans plans plans
Discount rate 3.6 4.8 4.3 3.8 4.8 4.7
Expected rate of return on plan assets 4.5 – 4.5 4.5 – 4.5
Future salary increases 0.9 2.0 1.5 1.1 2.0 1.9
Future pension increases 1.8 0.3 0.8 1.7 0.3 1.2
Historical information
2011 2010
CHF million Funded Unfunded Total Funded Unfunded Total
plans plans plans plans
Present value of the defined
benefit plan obligations 161 218 379 126 220 346
Fair value of plan assets 118 – 118 98 – 98
Surplus/(deficit) in the plan
Experience adjustment arising
–43 –218 –261 –28 –220 –248
on plan liabilites
Experience adjustment arising
– –2 –2 –2 14 12
on plan assets –1 – –1 2 – 2
2009 2008 2007
CHF million Funded Unfunded Total Funded Unfunded Total Funded Unfunded Total
plans plans plans plans plans plans
Present value of the defined
benefit plan obligations 122 240 362 104 227 331 110 236 346
Fair value of plan assets 89 – 89 87 – 87 94 – 94
Surplus/(deficit) in the plan
Experience adjustment arising
–33 –240 –273 –17 –227 –244 –16 –236 –252
on plan liabilites
Experience adjustment arising
– –1 –1 1 2 3 4 –2 2
on plan assets –1 – –1 –12 – –12 3 – 3
37 Employee Share Purchase and Option Plan
In 2001 the Company implemented an employee share purchase
and option plan. This plan allows Group employees to acquire
shares of the Company. The employees can buy shares at a
reduced price compared to the actual share price at a cut-off
date. The price of the shares offered is 90 – 96.5 per cent of the
share price corresponding to the average closing price of one
share at the SIX Swiss Exchange during the months April to June.
There are no vesting conditions. The shares are restricted for a
period of three years before being released to the employees.
For each share purchased under this plan, the Company grants
two options to the participants. Each option entitles the participant
to purchase one share of the Company at a specified price.