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