26. Employee benefits
In millions of EUR
2006
2005
Present value of unfunded obligations
309
291
Present value of funded obligations
2,734
2,830
Total present value of obligations
3,043
3,121
Fair value of plan assets
(2,397)
(2,268)
Present value of net obligations
646
853
Less: Unrecognised actuarial losses
(78)
(285)
Recognised liability for defined benefit obligations
568
568
Other long-term employee benefits
97
96
665
664
Plan assets consist of the following:
In millions of EUR
2006
2005
Equity securities
968
937
Government bonds
955
867
Properties and real estate
199
177
0 her plan assets
275
287
2,397
2,268
Li bility for defined benefit obligations
H ineken makes contributions to a number of defined benefit plans that provide pension benefits for
ei ployees upon retirement in a number of countries being mainly: the Netherlands, Greece, Austria,
G rmany, Italy, France, Spain and Nigeria. In other countries the pension plans are defined contribution
p ns and/or similar arrangements for employees.
0 ler long-term employee benefits mainly relate to long-term bonus plans, termination benefits
a d jubilee benefits.
k vements in the liability for defined benefit obligations
In lillions of EUR
2006
2005
N t liability at 1 January
568
634
C anges in consolidation and reclassification
(1)
(29)
E ect of movements in exchange rates
(2)
5
B nefits paid
(97)
(138)
E oense recognised in the income statement
100
96
N t liability at 31 December
568
568
f vements in plan assets
lr lillions of EUR
2006
2005
F r value of plan assets at 1 January
2,268
2,250
E ect of movements in exchange rates
(3)
(1)
C ntributions paid into the plan
111
44
B nefits paid
(97)
(138)
E pected return on plan assets
118
113
F r value of plan assets at 31 December
2,397
2,268
Heineken N.V. A /"\Q
Annual Report 2006 .LVJO
