Unilever 2011 Annual Report Download - page 81

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78
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP continued
4B. Pensions and similar obligations continued
Reconciliation of change in assets and liabilities
Movements in assets and liabilities during the year:
€ million
Assets
2011
€ million
Assets
2010
€ million
Assets
2009
€ million
Liabilities
2011
€ million
Liabilities
2010
€ million
Liabilities
2009
1 January 15,974 14,413 11,719 (18,044) (16,995) (15,101)
Acquisitions/disposals 11 3 – (16) (4) –
Current service cost –– – (252) (261) (228)
Employee contributions 15 13 12 –– –
Special termination benefits –– – (31) (22) (50)
Past service costs –– – 195 60 50
Settlements/curtailments –(162) (9) 146 168 29
Expected returns on plan assets 979 983 776 –– –
Interest on pension liabilities –– – (908) (963) (940)
Actuarial gain/(loss) (440) 677 1,277 (1,251) (519) (1,239)
Employer contributions 463 669 1,202 –– –
Benefit payments (1,130) (1,146) (1,204) 1,130 1,146 1,204
Reclassification of benefits(b) –19 – (9) (28) –
Currency retranslation 172 505 640 (207) (626) (720)
31 December 16,044 15,974 14,413 (19,247) (18,044) (16,995)
(b) Certain obligations have been reclassified as employee benefit obligations.
The actual return on plan assets during 2011 was €539 million being the sum of €979 million and €(440) million from the table above
(2010: €1,660 million).
Funded status of plans at the year end
€ million
2011
€ million
2010
€ million
2009
€ million
2008
€ million
2007
Total assets 16,044 15,974 14,413 11,719 17,253
Total pension liabilities (19,247) (18,044) (16,995) (15,101) (18,342)
Net liabilities (3,203) (2,070) (2,582) (3,382) (1,089)
Less unrecognised surplus –– – – –
Pension liabilities net of assets (3,203) (2,070) (2,582) (3,382) (1,089)
Cash flow
Group cash flow in respect of pensions and similar post-employment benefits comprises company contributions paid to funded plans
and benefits paid by the company in respect of unfunded plans, as set out in the following table (including the current estimate of
contributions for 2012):
€ million
2012E
€ million
2011
€ million
2010
€ million
2009
Company contributions to funded plans:
Defined Benefit (DB) 420 297 482 968
Defined Contribution (DC) 110 90 72 60
Benefits paid by the company in respect of unfunded plans:
Defined Benefit (DB) 170 166 187 234
Group cash flow in respect of pensions and similar benefits 700 553 741 1,262
Contributions to funded defined benefit plans are subject to periodic review, taking account oflocal legislation. 2009 contributions paid
to funded plans include around €370 million of future years’ contributions accelerated into 2009.
Unilever Annual Report and Accounts 2011
Financial statements