Merck 2010 Annual Report Download - page 184
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The actual gain on plan assets amounted to EUR 61.0 million (2009: EUR 63.8 million). Apart from
the interest component stemming from interest expense on the pension obligations and the expected
return on the plan assets, which are disclosed in the financial result, the relevant expense of defined
benefit and defined contribution plans is distributed across the individual functional areas.
During the reporting period the present value of the benefit obligations changed as follows:
EUR million
benefit
obligations
funded by
provisions
funded ben-
efit obliga-
tions 2010
benefit
obligations
funded by
provisions
funded ben-
efit obliga-
tions 2009
Present value of all defined obligations
on January 1 1,260.2 617.5 1,877.7 1,051.5 534.4 1,585.9
Currency translation differences 2.8 71.2 74.0 2.6 11.4 14.0
Current service cost 35.4 34.1 69.5 27.3 30.8 58.1
Interest cost on pension obligations 66.3 33.3 99.6 64.6 28.5 93.1
Other effects recognized in income 0.1 0.1 0.2 0.7 –11.5 –10.8
Actuarial gains/losses 160.5 37.2 197.7 172.2 44.2 216.4
Pension payments in the reporting period –56.6 –37.9 –94.5 –57.1 –29.7 –86.8
Transfers/Changes in scope of consolidation/
Other changes –1.0 132.6 131.6 –1.6 9.4 7.8
Present value of all defined obligations
on December 31 1,467.7 888.1 2,355.8 1,260.2 617.5 1,877.7
The fair value of the plan asset of all funds changed as follows in the reporting period:
EUR million 2010 2009
Fair value of the plan assets on January 1 582.6 462.6
Currency translation differences 68.1 10.4
Expcected return on plan assets 34.1 25.6
Other effects recognized in income 0.1 –
Actuarial losses/gains 26.9 38.2
Employer contributions 36.4 64.1
Employee contributions 12.5 10.8
Pension payments in the reporting period –37.1 –27.8
Transfers/Changes in scope of consolidation/Other changes 69.7 –1.3
Fair value of the plan assets on December 31 793.3 582.6
In 2010, actuarial gains (+) and losses (–) as well as the effects of limiting defined benefit assets in
accordance with IAS 19.58 amounting to EUR –170.7 million (2009: EUR –178.1 million) were taken
to equity, together with other effects totaling EUR –4.8 million (2009: EUR 14.5 million). Moreover,
EUR –0.2 million (2009: EUR –0.5 million) was transferred to retained earnings. As of Decem-
ber 31, 2010, for the aforementioned reasons, a total of EUR –472.9 million (2009: EUR –297.2 mil-
lion) was taken to equity for the benefit obligations presented here.
180 Merck Annual Report 2010