Unilever 2007 Annual Report Download - page 109

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Unilever Annual Report and Accounts 2007 107
Financial statements continued
Notes to the consolidated accounts Unilever Group
20 Pensions and similar obligations (continued)
Reconciliation of change in assets and liabilities
Movements in assets and liabilities during the year:
€ million € million € million € million € million € million
Assets Assets Assets Liabilities Liabilities Liabilities
2007 2006 2005 2007 2006 2005
1 January 17 278 16 006 13 419 (20 358) (21 446) (18 773)
Acquisitions/disposals (3) (63) (3) 5123 18
Current service cost –––(329) (384) (367)
Employee contributions 12 14 19 –––
Special termination benefits –––(59) (54) (79)
Past service costs(b)–––35 293 (13)
Settlements/curtailments (4) (17) (10) 76 76 105
Expected returns on plan assets 1 171 1 021 931 –––
Interest on pension liabilities –––(1 013) (982) (986)
Actuarial gain/(loss) (236) 533 1 592 1 049 525 (1 679)
Employer contributions 1 158 1 091 836 –––
Benefit payments (1 247) (1 267) (1 247) 1 247 1 267 1 247
Reclassification of benefits(c) (7) 38 39 7(32) (140)
Currency retranslation (869) (78) 430 998 256 (779)
31 December 17 253 17 278 16 006 (18 342) (20 358) (21 446)
(b) The reduction in liabilities in 2006 includes the €266 million reported on the face of the income statement.
(c) Certain obligations have been reclassified as employee benefit obligations.
Funded status of plans at the year end
€ million € million € million € million
2007 2006 2005 2004
Total assets 17 253 17 278 16 006 13 419
Total pension liabilities (18 342) (20 358) (21 446) (18 773)
Net liabilities (1 089) (3 080) (5 440) (5 354)
Less unrecognised surplus –– (141) (100)
Pension liabilities net of assets (1 089) (3 080) (5 581) (5 454)
History of experience gains and losses
€ million € million € million € million
2007 2006 2005 2004
Actual return less expected return on plan assets (236) 533 1 592 369
As % of plan assets at beginning of year (1.4)% 3.3% 11.9% 2.9%
Experience gains/(losses) on plan liabilities 103 51 27 (47)
As % of present value of plan liabilities at beginning of year 0.5% 0.2% 0.1% (0.3)%
Changes in actuarial assumptions underlying the present value of the
pension benefit and other benefit plan liabilities 946 474 (1 706) (1 047)
As % of present value of plan liabilities at beginning of year 4.6% 2.2% (9.1)% (5.9)%
Total actuarial gain/(loss) 813 1 058 (87) (725)
As % of present value of plan liabilities at beginning of year 4.0% 4.9% (0.5)% (4.1)%