Philips 2014 Annual Report Download - page 154

Group nancial statements 12.9
154 Annual Report 2014
Dened-benet plans: Pensions
Movements in the net liabilities and assets for dened benet pension plans:
Philips Group
Dened-benet obligations in millions of EUR
2013 - 2014
2013 2014
Netherlands other total Netherlands other total
Balance as of January 1 14,433 9,021 23,454 14,294 7,911 22,205
Service cost 183 77 260 174 65 239
Interest cost 467 351 818 478 361 839
Employee contributions – 4 4 5 4 9
Actuarial (gains) / losses
- demographic assumptions 205 17 222 (80) 197 117
-nancial assumptions (214) (385) (599) 3,487 782 4,269
- experience adjustment (75) (32) (107) 23 25 48
(Negative) past service cost (1) (80) (81) (68) (1) (69)
Acquisitions – – – – 12 12
Divestments – (3) (3) – – –
Settlements – (279) (279) – (9) (9)
Benets paid (704) (462) (1,166) (699) (506) (1,205)
Exchange rate dierences – (318) (318) – 624 624
Miscellaneous – – – 2 – 2
Balance as of December 31 14,294 7,911 22,205 17,616 9,465 27,081
Present value of funded obligations at December 31 14,288 7,112 21,400 17,609 8,532 26,141
Present value of unfunded obligations at December 31 6 799 805 7 933 940
Philips Group
Plan assets in millions of EUR
2013 - 2014
2013 2014
Netherlands other total Netherlands other total
Balance as of January 1 15,203 7,588 22,791 14,843 6,728 21,571
Interest income on plan assets 496 317 813 508 330 838
Admin expenses paid (9) (5) (14) (9) (6) (15)
Return on plan assets excluding interest income (426) (338) (764) 2,534 674 3,208
Employee contributions – 4 4 5 4 9
Employer contributions 283 187 470 665 199 864
Divestments – (1) (1) – – –
Settlements – (311) (311) – (8) (8)
Benets paid (704) (407) (1,111) (699) (445) (1,144)
Exchange rate dierences – (306) (306) – 540 540
Balance as of December 31 14,843 6,728 21,571 17,847 8,016 25,863
Funded status 549 (1,183) (634) 231 (1,449) (1,218)
Unrecognized net assets (555) (428) (983) (238) (554) (792)
Net balance sheet position (6) (1,611) (1,617) (7) (2,003) (2,010)
The classication of the net balance is as follows:
Philips Group
Net balance of dened-benet pension plans in millions of EUR
2013 - 2014
2013 2014
Netherlands other total Netherlands other total
Prepaid pension costs under other non-current assets – 5 5 – 2 2
Accrued pension costs under other liabilities – (817) (817) – (1,072) (1,072)
Provision for pensions under provisions (6) (799) (805) (7) (926) (933)
Provision in assets held for sale – (7) (7)
Net balance of dened-benet plans (6) (1,611) (1,617) (7) (2,003) (2,010)