28. Employee benefits
Present value of unfunded obligations
Present value of funded obligations
Total present value of obligations
Fair value of plan assets
Present value of net obligations
Asset ceiling items
Recognised liability for defined benefit obligations
Other long-term employee benefits
Comparatives have been adjusted due to the accounting policy change in employee benefits (see note 2e)
Plan assets comprise:
Properties and real estate
Other plan assets
The primary goal of the H EINEKEN pension funds is to monitor the mix of debt and equity securities in its investment portfolio based on market
expectations. Material investments within the portfolio are managed on an individual basis.
Liability for defined benefit obligations
EIEINEKEN makes contributions to a number of defined benefit plans that provide pension benefits for employees upon retirement in a number of
countries being mainly the Netherlands and the UK (83 per cent of the total DBO). Other countries with a defined benefit plan are: Ireland. Greece.
Austria. Italy. France. Spain. Mexico. Belgium. Switzerland. Portugal and Nigeria. In other countries the pension plans are defined contribution plans
and/or similar arrangements for employees.
In the UK the defined benefit scheme for employees (actives) was closed in 2011 and was replaced by a defined contribution scheme. The remaining
defined benefit schemes in the UK are now closed for new entrants.
Other long-term employee benefits mainly relate to long-term bonus plans, termination benefits, medical plans and jubilee benefits.
Movements in the present value of the defined benefit obligations
Defined benefit obligations as at 1 January
Changes in consolidation and reclassification
Effect of movements in exchange rates
Current service costs and interest on obligation
Past service costs
Effect of any curtailment or settlement
Actuarial (gains)/losses in other comprehensive income
Defined benefit obligations as at 31 December
Heineken N.V. Annual Report 2011