Boskalis Annual Report 2020

122 122

The composition of plan assets is as follows:

31 DECEMBER 2020

2019

Equities

-

-

Bonds

70,175 70,175

78,807 78,807

Investments quoted in active markets

Cash (non-interest-bearing)

494

227 222 449

Other receivables and payables

3,932 4,426

Unquoted investments

74,601

79,256

TOTAL PLAN ASSETS

As at 31 December 2020 and 31 December 2019 the plan assets did not, directly, comprise any of the Group’s own financial instruments or any assets used by Group companies.

Pension funds periodically perform asset liability management studies to assess the matching of investment assets with the amount and duration of pension liabilities. Based on the outcome of these studies the nature, mix and duration of assets are regularly adjusted. The average duration of the obligations of the pension plans is about 28 years (2019: 28 years).

The table below presents the pension costs from defined benefit pension plans:

2019

2020

Total result defined benefit plans

9,550

3,733

Pension costs for defined benefit pension plans charged to the consolidated statement of profit or loss

- 1,728 7,822 - 1,852 5,970

- 728 3,005

Actuarial gains and losses and asset limitation recognized directly in equity

Income tax

- 1,330

ANNUAL REPORT 2020 – BOSKALIS FINANCIAL STATEMENTS 2020 A NUAL REPORT 2020 -- BOSKALIS FINANCIAL S AT MENTS 20 Effective return on plan assets Discount rate Expected future salary increases Expected future inflation

Actuarial gains and losses and asset limitation recognized directly in equity net of income tax

1,675

15,433

6,338

The pension charges for the main pension plans are predominantly in euros. As a consequence, the exchange rate exposure for pension charges in other currencies is considered not material.

The accumulated actuarial gains and losses and the balance of the limitation on net plan assets amount to:

2019

2020

Accumulated actuarial gains and losses as at 31 December Asset limitation on net plan assets as at 31 December

- 26,822

- 30,095

- 268

-

- 27,090

- 30,095

In 2021 the Group expects to contribute premiums of EUR 0.8 million (2020: EUR 1.6 million) to funded defined benefit plans and premiums of EUR 0.3 million (2020: EUR 0.3 million) to unfunded defined benefit plans.

The principal actuarial assumptions used for the calculations were:

2019

2020

1.20% 1.00% 1.70% 1.00% 1.00%

0.65% 1.00% 1.70% 1.00% 1.00%

Expected future pension increases for active participants Expected future pension increases for inactive participants