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5
Consolidated financial statements at December 31, 2007
Dec. 31, 2007 Dec. 31, 2006
o/w US plans o/w US plans
1. Reconciliation of balance sheet items
Pension assets 32.0
26.2
25.3
25.1
Provisions for pensions and other post-employment benefit (597.0)
(84.6)
(642.1)
(55.3)
Net Asset/(Liability) recognized in the balance sheet (565.0)
(58.4)
(616.8)
(30.2)
Dec. 31, 2007 Dec. 31, 2006
o/w US plans o/w US plans
2. Components of net cost recognized
in the statement of income
Service cost 53.8
17.8
54.2
18.1
Interest cost (impact of discounting) 99.3
50.4
93.4
52.0
Expected return on plan assets (105.7)
(75.1)
(104.1)
(75.0)
Past service cost 0.6
0.4
0.3
0.4
Curtailments and settlements (1.1) - 0.5 -
Net cost recognized in the statement of income 46.9
(6.5)
44.3
(4.5)
15.2 - Provisions for pensions and termination benefit obligations
Annual changes in obligations, the market value of plan assets and the corresponding assets and provisions recognized
in the consolidated financial statements can be analyzed as follows:
Pensions
Of which
Other
Of which
Provisions
and termination
US plans
post-employment
US plans
for pensions
benefits and long-term and other post-
benefits employment
Dec. 31, 2005 600.0
52.2
593.4
498.1
1,193.5
Net cost recognized
in the statement of income 44.3
(4.5)
26.4
23.3
70.7
Benefits paid (32.4)
-
(27.2)
(25.6)
(59.6)
Plan participants' contributions (19.6)
(5.1)
- - (19.6)
Actuarial items recognized in equity (6.0)
(7.8)
(23.7)
-
(29.7)
Translation adjustment 7.5
(4.7)
(52.7)
(47.3)
(45.2)
Changes in the scope of consolidation 27.9
-
(0.7) - 27.2
Other changes (4.9)
0.1
1.4
(3.1)
(3.6)
Dec. 31, 2006* 616.8
30.2
516.9
445.4
1,133.7
Net cost recognized
in the statement of income 46.9
(6.5)
23.4
19.8
70.3
Benefits paid (42.4) - (25.8)
(22.4)
(68.2)
Plan participants' contributions (26.1)
(1.1)
- - (26.1)
Actuarial items recognized in equity** (27.2)
41.4
(76.9)
(60.0)
(104.1)
Translation adjustment (8.0)
(5.5)
(39.2)
(39.0)
(47.2)
Changes in the scope of consolidation 12.6 - - - 12.6
Other changes (7.6)
(0.1)
0.8
(1.3)
(6.8)
Dec. 31, 2007* 565.0
58.4
399.2
342.5
964.2
* Including
25.3 million and
32.1 million in pension assets recognized under "Other financial assets" in 2006 and 2007, respectively.
** Including
9.4 million of asset ceiling in 2007.
15.1 - Changes in provisions for pensions
and other post-employment benefit obligations
Changes in provisions for pensions and other post-employment benefit obligations (net of assets) were as follows:
131