Financial Reporting - Rexel

The change in the present value of the obligation in respect of defined benefit plans is as follows:
Defined benefit obligations
(in millions of euros) 2011 2010
At the beginning of the period ……………………………" " 1,133.2 1,040.3
Service cost ……….……………………………………………" " 14.2 16.2
Interest cost ……………………………………………………" " 55.2 54.7
Benefit payments ………………………………………………" " (53.2) (51.1)
Employee contributions ………………………………………" " 4.0 3.5
Actuarial (gain) loss ……………………………………………" " 19.8 14.2
Change in consolidation scope ………………………………" " 15.6 (1.8)
Translation differencies ………………………………………" " 18.5 59.6
Curtailment /settlement and other ……………………………" " (1.3) (2.4)
At the end of the period ……………………………………" " 1,206.0 1,133.2
The change in the fair value of the defined benefit plan assets breaks down as follows:
Plan assets
(in millions of euros) 2011 2010
At the beginning of the period ……………………………" " 920.7 845.7
Employer contributions ……….………………………………" " 34.3 28.9
Employee contributions ……….………………………………" " 4.0 3.5
Return on plan assets …………………………………………" " 29.0 47.3
Benefit payments ………………………………………………" " (53.2) (51.1)
Change in consolidation scope ………………………………" " 12.0 -
Translation differencies ………………………………………" " 13.8 46.4
At the end of the period ……………………………………" " 960.6 920.7
The reconciliation of the liability recognized on the balance sheet with the present value of the obligation in
respect of defined benefit plans is as follows:
(in millions of euros) 2011 2010 2009 2008 2007
Defined benefit obligations ……….………………….. " " 1,206.0 1,133.2 1,040.3 924.1 461.6
of which Funded schemes ……………………………… " " 1,096.2 1,030.5 951.1 842.1 370.6
of which Unfunded schemes …………………………… " " 109.8 102.7 89.2 82.0 91.0
Fair value of plan assets ……….………………………………" " (960.6) (920.7) (845.7) (728.7) (353.1)
Funded status ………………………………………………" " 245.4 212.5 194.6 195.4 108.5
Unrecognized actuarial gains and losses ………………… " " (123.5) (80.9) (62.2) (61.9) 14.4
Effect of the asset ceiling………….…………………………." " - - - - 2.7
Recognized net liability for defined benefit
obligations ……………………………………………… " "
121.9 131.6 132.4 133.5 125.6
of which "Employee benefits" …………………………. " " 166.2 174.6 173.8 175.4 125.6
of which "Other financial assets" (1) …………………… " " (44.3) (42.8) (41.4) (41.9) -
" "
(1)
Of the €44.3 million surplus of the defined benefit plan assets over liabilities, €43.4 million relates to the Hagemeyer postemployment
scheme in The Netherlands which is subject to minimum funding rules. Pursuant to the plan, the company is
entitled to contribution holidays when the funding ratio is beyond 175%, and a refund of 80% of the surplus when the ratio is
above 225% or upon termination of the plan for the amount of the surplus. As a result, no asset ceiling was recognized at
December 31, 2011 or at December 31, 2010.
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