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Financial review 2009<br />
Expenses recognized in the income statement<br />
The composition was as follows:<br />
EUR’000<br />
2009 2008<br />
note<br />
Current service costs 2,280 2,018<br />
Interest on benefit obligations 2,595 2,509<br />
Expected return on plan assets (1,521) (1,743)<br />
Amortization of past service cost including §58A 11 0<br />
Effect of §58(b) limit (396) 137<br />
Recognized actuarial losses / (gains) including §58A 339 (707)<br />
Pension costs of <strong>de</strong>fined benefit schemes 3,308 2,214<br />
Pension contributions to <strong>de</strong>fined contribution schemes 1,003 2,368<br />
Total pension costs 5.3 4,311 4,582<br />
The pensions costs are recognized in the employee benefits expense.<br />
The actual return on plan assets was EUR 3,086,000 positive (2008: EUR 2,141,000 negative).<br />
Actuarial assumptions<br />
Principal actuarial assumptions at the reporting date (expressed as weighted averages):<br />
%<br />
2009 2008<br />
Discount rate as at 31 December 5.3 5.7<br />
Expected return on plan assets as at January 1 4.2 4.2<br />
Future salary increases 3.0 2.0<br />
Future pension increases 2.1 2.0<br />
The assumptions regarding future mortality are based on published statistics and mortality tables.<br />
Historical information<br />
The composition as at December 31 was as follows:<br />
EUR’000<br />
2009 2008 2007 2006<br />
Present value of <strong>de</strong>fined benefit obligations 55,268 45,062 47,521 42,536<br />
Fair value of plan assets (38,969) (32,699) (35,521) (27,774)<br />
Deficit in the plan 16,299 12,363 12,000 14,762<br />
Experience gains / (losses) arising on plan liabilities (1%) 9%<br />
Experience adjustments arising on plan assets 4% (12%)
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