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Annual Statements

Home Annual Statements Financial Statements 2013 Notes to the consolidated financial statements Notes to the consolidated balance sheet Employee benefits

32. Employee benefits

(in thousands of euros)

Post-employment benefits

Other long-term employee benefits

Termination benefits

Total

Carrying amount as at 31 December 2012

Present value of benefit obligation

24,438

10,263

1,798

36,499

Fair value of plan assets

2,830

-

-

2,830

Benefit liability in the balance sheet

21,608

10,263

1,798

33,669

Carrying amount as at 31 December 2013

Present value of benefit obligation

23,211

12,188

3,051

38,450

Fair value of plan assets

2,976

-

-

2,976

Benefit Liability in the balance sheet

20,235

12,188

3,051

35,474

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 37 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)

2013

2012

2011

2010

2009

Carrying amount as at 31 December

Present value of benefit obligation

3,256

3,026

11,964

10,780

18,904

Fair value of plan assets

2,976

2,830

10,475

9,253

14,645

280

196

1,489

1,527

4,259

Unrecognised actuarial gains and losses

-

-

- 1,527

- 1,615

- 3,139

Liability in the balance sheet

280

196

- 38

- 88

1,120

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

876

1,701

2,105

4,682

Interest cost on benefit obligation

1,418

300

28

1,746

Net actuarial gain/loss recognised in the year

-

-

-

-

Expected return on plan assets

- 88

-

-

- 88

Other costs

-

- 150

-

- 150

Total expense in 2012 recognised in P&L

2,206

1,851

2,133

6,190

Actuarial gains and losses recognised in other comprehensive income

1,985

-

15

2,000

Total net benefit expense in 2012

4,191

1,851

2,148

8,190

Current service cost

758

3,417

4,033

8,208

Interest cost on benefit obligation

622

210

-

832

Other costs

19

-

-

19

Total expense in 2013 recognised in P&L

1,399

3,627

4,033

9,059

Actuarial gains and losses recognised in other comprehensive income

605

- 125

-

480

Total net benefit expense in 2013

2,004

3,502

4,033

9,539

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 2013 amounted to 0.1 million euros, 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 2011

22,243

10,229

1,915

34,387

Movements in 2012

Total net benefit expense for the year

4,191

1,851

2,148

8,190

Benefits paid during the year

- 3,808

- 2,048

- 1,116

- 6,972

Payment of contributions

- 730

-

- 137

- 867

Changes in the consolidation

- 288

-

- 1,020

- 1,308

Other movements

-

231

8

239

Total movements in the year

- 635

34

- 117

- 718

Carrying amount as at 31 December 2012

21,608

10,263

1,798

33,669

Movements in 2013

Total net benefit expense for the year

2,004

3,502

4,033

9,539

Benefits paid during the year

- 3,236

- 1,308

- 2,773

- 7,317

Payment of contributions

- 141

- 284

-

- 425

Changes in the consolidation

- 70

- 214

- 123

- 407

Other movements

70

229

116

415

Total movements in the year

- 1,373

1,925

1,253

1,805

Carrying amount as at 31 December 2013

20,235

12,188

3,051

35,474

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

31 December 2013

31 December 2012

Discount rate

3.00%

3.25%

Return on plan assets

3.00%

3.25%

Inflation

2.00%

2.00%

General pay increase

2.00%

2.00%

Life expectancy

Forecast table 2062 with adjustment factors geared to the company’s average salary level

Forecast table 2062 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 2010, based on inflow 2006 to 2011

UKV 2010, based on inflow 2006 to 2009

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.

Change in discount rate

change in inflation

change in survival rate

year longer

year shorter

Discount rate

3.00%

3.25%

2.75%

3.00%

3.00%

3.00%

3.00%

Inflation

2.00%

2.00%

2.00%

2.25%

1.75%

2.00%

2.00%

Job-related early retirement scheme Schiphol Group

19,243

18,772

19,739

19,464

19,039

19,216

19,265

Long-service

6,716

6,601

6,835

6,837

6,598

6,700

6,730

Redundancy pay

414

412

416

416

412

414

415

Total

26,373

25,785

26,990

26,717

26,049

26,330

26,410

Employed

Retired

Total

Job-related early retirement scheme Schiphol Group

11,010

8,233

19,243

Long-service

6,716

-

6,716

Redundancy pay

-

414

414

Total

17,726

8,647

26,373