Merck 2010 Annual Report Download - page 185
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The fair value of the plan assets can be allocated to the individual asset categories as follows.
Weighted average values are used here.
in %
Dec. 31,
2010
Dec. 31,
2009
Debt instruments 41.6 43.3
Equity instruments 34.1 34.1
Real estate 14.4 12.0
Other assets 9.9 10.6
On average, the expected rate of return on debt instruments is 3.4%, on equity instruments 7.0%
and on real estate 5.2%. The respective rates of return take into account country- specific conditions
and are based, among other things, on interest and dividend income expected over the long term as
well increases in the value of the investment portfolio after the deduction of directly allocable taxes
and expenses.
Over the past five years, the funded status, composed of the present value of the defined benefit
obligations and the fair value of the plan assets, has changed as follows:
EUR million as of Dec. 31 2010 2009 2008 2007 2006
Present value of the defined
benefit obligations 2,355.8 1,877.7 1,585.9 1,665.9 1,607.2
Fair value of the plan assets –793.3 –582.6 –462.6 –520.5 –346.2
Funded status 1,562.5 1,295.1 1,123.3 1,145.4 1,261.0
We expect that the direct payments to beneficiaries will amount to around EUR 83 million in 2011
(2010: EUR 72 million).
In 2011, employer contributions to plan assets will probably amount to around EUR 41 million
(2010: EUR 24 million).
The cost of ongoing contributions in 2010 for defined contribution plans that are financed exclusively
by external funds and for which the companies of the Merck Group are only obliged to pay the
contributions amounted to EUR 16.7 million in 2010 (2009: EUR 8.6 million). In addition, employer
contributions of EUR 49.9 million (2009: EUR 48.3 million) were transferred to the German statu-
tory pension insurance system and EUR 19.6 million (2009: EUR 8.2 million) to statutory pension
insurance systems abroad.
Company 181Management Report Corporate governance Consolidated Financial Statements
Notes
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