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The table below presents the pension costs from defined benefit pension plans, including the costs of plans
that were settled in 2016 and which are included in these consolidated financial statements.
2016
2015
Total result defined benefit plans
28,787
- 2,277
Settlement and curtailment gains on PGB and Dutch pension funds recognized in the consolidated
statement of profit or loss
13,260
-
Pension costs for defined benefit pension plans charged to the consolidated statement of profit or
loss
- 37,527
- 43,277
Actuarial gains and losses and asset limitation recognized directly in equity
4,520
- 45,554
Income tax
- 1,080
6,772
Actuarial gains and losses and asset limitation recognized directly in equity net of income tax
3,440
- 38,782
Effective return on plan assets
50,513
26,822
The pension charges for the main pension plans are predominantly in euros. As a consequence, the
exchange rate exposure for pension charges in other currencies is considered not material.
The accumulated actuarial gains and losses and the balance of the limitation on net plan assets amount to:
2016
2015
Accumulated actuarial gains and losses as at 31 December
- 8,733
- 64,101
Asset limits on net plan assets as at 31 December
- 11,145
- 11,913
- 19,878
- 76,014
In 2017 the Group expects to contribute premiums of EUR 2.9 million (2016: EUR 34.1 million) to funded
defined benefit plans and premiums of EUR 0.3 million (2016: EUR 0.4 million) to unfunded defined benefit
plans.
The principal actuarial assumptions used for the calculations were:
2016
2015
Discount rate
2.27%
2.39%
Expected future salary increases
0.75%
0.75%
Expected future inflation
1.80%
1.80%
Expected future pension increases for active participants
0.73%
0.75%
Expected future pension increases for inactive participants
0.06%
0.30%
Sensitivity to changes in the applied assumptions can be summarized as follows:
Assumptions as at 31 December 2016
Increase of 0.25%
Decrease of 0.25%
Effect on defined benefit obligation
Change in discount rate
- 9,332
10,427
Change in expected future salary increases
3,734
- 3,573
Change in pension increase for active participants
1,851
- 1,655
Change in pension increase for inactive participants
4,332
- 2,177
Effect on pension expenses attributed to the service year
Change in discount rate
-
-
Change in expected future salary increases
-
-
Change in pension increase for active participants
-
-
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ANNUAL REPORT 2016 – BOSKALIS