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Annual Statements

Financial reporting

Price winner 2012 in the category non-listed

Home Annual Statements Financial Statements 2012 Notes to the consolidated financial statements Notes to the consolidated balance sheet Employee benefits

34. Employee benefits

(in thousands of euros)

Post-employment benefits

Other long-term employee benefits

Termination benefits

Total

Carrying amount as at 31 December 2011

Present value of benefit obligation

34,167

10,229

1,981

46,377

Fair value of plan assets

10,475

-

-

10,475

23,692

10,229

1,981

35,902

Unrecognised actuarial gains and losses

- 2,610

-

- 65

- 2,675

Benefit liability in the balance sheet

21,082

10,229

1,916

33,227

Carrying amount as at 31 December 2012

Present value of benefit obligation

24,438

10,263

1,797

36,498

Fair value of plan assets

2,830

-

-

2,830

21,608

10,263

1,797

33,668

Unrecognised actuarial gains and losses

- 3,037

-

- 157

- 3,194

Benefit liability in the balance sheet

18,571

10,263

1,640

30,474

Post-employment benefits consist of pension plans, job-related early retirement benefits, payment of healthcare insurance costs for pensioners and supplementary disability benefits.

Other long-term employee benefits consist of long-service awards, long-term variable pay, paid sabbatical leave and disability benefit supplements.

Termination benefits consist of redundancy pay, special early retirement benefits and unemployment benefit supplements other than those included in the provision relating to the restructuring.

The defined-benefit pension plan which ABP administers on Schiphol Group’s behalf is recognised as a defined contribution scheme. See note 39 for further information on this plan.

The pension plans of a number of subsidiaries that qualify as defined-benefit plans are recognised as such. Movements in the value of the benefit obligations and plan assets and the unrecognised actuarial gains and losses on these plans in recent years were:

(in thousands of euros)

2012

2011

2010

2009

2008

Carrying amount as at 31 December

Present value of benefit obligation

3,026

11,964

10,780

18,904

15,440

Fair value of plan assets

2,830

10,475

9,253

14,645

12,036

196

1,489

1,527

4,259

3,404

Unrecognised actuarial gains and losses

- 196

- 1,527

- 1,615

- 3,139

- 1,729

Benefit liability in the balance sheet

-

- 38

- 88

1,120

1,675

The Schiphol Telematics pension plan has been administered by ABP since 2012. The various employee benefits gave rise to the following net benefit expense in the year:

(in thousands of euros)

Post-employment benefits

Other long-term employee benefits

Termination benefits

Total

Current service cost

1,163

1,519

1,666

4,348

Interest cost on benefit obligation

1,536

315

36

1,887

Net actuarial gain/loss recognised in the year

42

- 509

-

- 467

Expected return on plan assets

- 219

-

-

- 219

Other costs

-

- 21

- 6

- 27

Total net benefit expense in 2011

2,522

1,304

1,696

5,522

Current service cost

876

1,701

2,158

4,735

Interest cost on benefit obligation

1,418

300

28

1,746

Net actuarial gain/loss recognised in the year

33

- 150

-

- 117

Expected return on plan assets

- 180

-

-

- 180

Other costs

-

-

6

6

Total net benefit expense in 2012

2,147

1,851

2,192

6,190

No expense is expected for the defined-benefit pension plans under post-employment benefits for Schiphol Group in 2013. The actual expenses under these plans in 2012 amounted to EUR 0.6 million, as explained in note 5 on employee benefits.

The movements in employee benefit liabilities during the year were as follows:

(in thousands of euros)

Post-employment benefits

Other long-term employee benefits

Termination benefits

Total

Carrying amount as at 31 December 2010

22,477

10,558

2,490

35,525

Movements in 2011

Total net benefit expense for the year

2,522

1,304

1,696

5,522

Changes in the consolidation

- 3,150

- 1,598

- 1,123

- 5,871

Benefits paid during the year

- 923

-

- 174

- 1,097

Other movements

156

- 34

- 974

- 852

Total movements in the year

- 1,395

- 328

- 575

- 2,298

Carrying amount as at 31 December 2011

21,082

10,230

1,915

33,227

Movements in 2012

Total net benefit expense for the year

2,147

1,851

2,192

6,190

Benefits paid during the year

- 3,808

- 2,048

- 1,115

- 6,971

Payment of contributions

- 730

-

- 137

- 867

Changes in the consolidation

- 143

-

- 1,182

- 1,325

Other movements

23

197

-

220

Total movements in the year

- 2,511

-

- 242

- 2,753

Carrying amount as at 31 December 2012

18,571

10,230

1,673

30,474

The employee benefit liabilities have been calculated using the following actuarial assumptions and on management estimates:

31 December 2012

31 December 2011

Discount rate

3.25%

4.75%

Return on plan assets

3.25%

4.75%

Inflation

2.00%

2.00%

General pay increase

2.00%

2.00%

Life expectancy

Forecast table 2060 with adjustment factors geared to the company’s average salary level

Forecast table 2060 with adjustment factors geared to the company’s average salary level

Individual pay rises, depending on age

4.00% (to age 39), 3.00% (age 40-49), 2.00% (age 50-59), 2.00% (age 60-65)

4.00% (to age 39), 3.00% (age 40-49), 2.00% (age 50-59), 2.00% (age 60-65)

Age difference

Men 3 years older than female partners

Men 3 years older than female partners

Incapacity risk

UKV 2007-IV, based on inflow 2006 and 2007

UKV 2007-IV, based on inflow 2006 and 2007

Termination probability, depending on age

0.10% (age 60) to 4.20% (age 25)

0.10% (age 60) to 4.20% (age 25)

Continued service probability (job-related early retirement scheme)

100%

100%

See the contingent assets and liabilities note for further information on the obligations under the pension plan insured with ABP.