28. Employee benefits 2011 Present value of unfunded obligations 96 118 Present value of funded obligations 6,804 6,525 Total present value of obligations 6,900 6,643 Fair value of plan assets (5,860) (5,646) Present value of net obligations 1,040 997 Asset ceiling items 14 - Recognised liability for defined benefit obligations 1,054 997 Other long-term employee benefits 120 100 1,174 1,097 Comparatives have been adjusted due to the accounting policy change in employee benefits (see note 2e) Plan assets comprise: 2011 Equity securities 2,520 2,484 Government bonds 2,534 2,421 Properties and real estate 410 436 Other plan assets 396 305 5,860 5,646 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 2011 Defined benefit obligations as at 1 January 6,643 5,935 Changes in consolidation and reclassification - 286 Effect of movements in exchange rates 75 131 Benefits paid (307) (298) Employee contributions 24 19 Current service costs and interest on obligation 411 411 Past service costs (5) (9) Effect of any curtailment or settlement (35) (15) Actuarial (gains)/losses in other comprehensive income 94 183 Defined benefit obligations as at 31 December 6,900 6,643 Heineken N.V. Annual Report 2011 119

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2011 | | pagina 121