Arla Foods Consolidated Annual Report 2021
108
Arla Foods Consolidated Annual Report 2021 / Consolidated Financial Statements / Notes
Funding
4.7 PENSION LIABILITIES
Contents
III
Table 4.7.b Development in pension liabilities
(EURM)
Present value of liabilities at 1 January
Current service cost
Interest cost
2021
2020
Table 4.7.c Development in fair value of plan assets
(EURM)
2021
2020
1,745
1,708
Fair value of plan assets at 1 January
1,538
1,475
5
4
Interest income
21
28
23
30
Actuarial gains and losses from changes in financial assumptions (OCI)
Actuarial gains and losses from changes in demographic assumptions (OCI)
Benefits paid
-44
153
Return on plan assets, excluding amounts included in net interest
on the net defined benefit liability
-47
141
-17
Contributions to plans
17
26
-74
-63
Benefits paid
60
-53
Foreign currency translation adjustment
102
-70
Foreign currency translation adjustments
112
-79
Present value of pension liabilities at 31 December
1,757
1,745
Fair value of plan assets at 31 December
1,581
1,538
Actual return on plan assets:
Calculated interest income
21
28
88
Maturity of pension liabilities, at 31 December 2021
(EURM)
Maturity of pension liabilities, at 31 December 2020
(EURM)
Return excluding calculated interest
Actual return
-47
141
-26
169
The group expects to contribute EUR 13 million to the plan assets in 2022 and EUR 48 million in 2023-2026.
600
600
500
400
500
400
Table 4.7.d Specification of plan assets
(EURM)
Liability hedge portfolio
2021
%
2020
%
289
18
485
32
300
300
200
200
100
100
Annuity policies
Debt vehicles
Bonds
Equity instruments
Properties
Infrastructure
Other assets
321
20
440
28
434
28
168
11
208
14
52
3
116
8
134
8
126
8
74
5
69
4
103
7
100
7
0
0
Fair value of plan assets at 31 December
1,581
100
1,538
100
0-1Y 1-5Y 5-10Y 10-20Y 20-30Y 30-40Y >40Y
0-1Y 1-5Y 5-10Y 10-20Y 20-30Y 30-40Y >40Y
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