Amadeus IT Holding, S.A. and Subsidiaries - Investor relations at ...

AMADEUS IT HOLDING, S.A. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEARS ENDED
DECEMBER 31, 2011, AND 2010
(EXPRESSED IN THOUSANDS OF EUROS - KEUR)
At December 31, 2011, the weighted average asset allocation per pension plan and
by asset category is as follows:
Asset category
France
Pension Plan
France Ret.
Indemnity Norway U.K. U.S.A
Equity Securities - 10% - 11% 36%
Debt Securities - 79% - 89% 64%
Real Estate
Money market
- 8% - - -
instruments
- - - - -
Insurance contracts 100% - 100% - -
Other - 3% - - -
Total 100% 100% 100% 100% 100%
At December 31, 2010, the weighted average asset allocation per pension plan and
by asset category, was as follows:
Asset category
France
Pension Plan
France Ret.
Indemnity Norway U.K. U.S.A
Equity Securities - 20% 9% 14% 49%
Debt Securities - 67% 44% 86% 51%
Real Estate
Money market
- 13% 16% - -
instruments
- - - - -
Insurance contracts 100% - - - -
Other - - 31% - -
Total 100% 100% 100% 100% 100%
The expected rate of return on plan assets for the year was determined based on the
asset allocation per asset category. The assets relate mainly to the defined benefit
plans in place in the U.S.A, U.K and France Group companies. The expected rate of
return on plan assets in the U.S.A was 7% and it was determined based on a
financial model which considers the weighted average return of a long-term portfolio
by taking into account inflation, volatility, portfolio balancing and diversification as
well as active investment management. For U.K. plan assets, the expected rate of
return was 4.1% and it is invested 77% in indexed linked gilts, 9% in corporate bonds
and 14% in equity. The expected return on plan assets for the plan in France was
3.5%, as the Amadeus pension plan is invested in an insurance contract which is
mainly invested 100% in fixed income.
The major actuarial assumptions applied in the preparation of the statement of
financial position can be summed up as follows:
50