Unilever 2006 Annual Report Download - page 109
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106 Unilever Annual Report and Accounts 2006
Financial Statements (continued)
20 Pensions and similar obligations (continued)
Income statement
The charge to the income statement comprises:
€million €million € million
2006 2005 2004
Charged to operating profit:
Defined benefit pension and other benefit plans
Current service cost (369) (349) (327)
Employee contributions 13 18 31
Special termination benefits (56) (73) (133)
Past service cost 293 (12) (11)
Settlements/curtailments 48 95 60
Defined contribution plans (61) (63) (65)
Total operating cost (132) (384) (445)
Charged to other finance income/(cost):
Interest on retirement benefits (977) (984) (972)
Expected return on assets 1018 931 918
Total other finance income/(cost) 41 (53) (54)
Net impact on the income statement (before tax) (91) (437) (499)
Cash flow
Group cash flow in respect of pensions and similar benefits comprises company contributions paid to funded plans and benefits paid by the
company in respect of unfunded plans. In 2006, the benefits paid in respect of unfunded plans amounted to €333 million (2005: €328 million;
2004: €324 million). Company contributions to funded defined benefit plans are subject to periodic review, taking account of local legislation.
In 2006, contributions to funded defined benefit plans amounted to €758 million (2005: €508 million; 2004: €462 million). Contributions to
defined contribution plans including 401k plans amounted to €61 million (2005: €63 million; 2004: €65 million). In 2005, a €15 million refund
of assets was received out of unrecognised surplus from Finland. Total contributions by the Group to funded plans, net of refunds, are currently
expected to be €371 million in 2007 (2006 Actual: €758 million). Benefit payments by the Group in respect of unfunded plans are currently
expected to be about €341 million in 2007 (2006 Actual: €333 million).
Statement of recognised income and expense
Amounts recognised in the statement of recognised income and expense:
€million €million €million € million
Cumulative
since
1January
2006 2005 2004 2004
Actual returnless expected return on pension and other benefit plan assets 533 1592 369 2494
Experience gains/(losses) arising on pension plan and other benefit plan liabilities 51 27 (47) 31
Changes in assumptions underlying the present value of the pension and other benefit
plan liabilities 474 (1 706) (1 047) (2 279)
Actuarial gain/(loss) 1058 (87) (725) 246
Change in unrecognised surplus 142 (41) 2 103
Refund of unrecognised assets –15 – 15
Net actuarial gain/(loss) recognised in statement of recognised income and expense (before tax) 1200 (113) (723) 364
Notes to the consolidated accounts Unilever Group