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