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financial statements 2011
43
24. Pension obligations
The Group uses several different plans to provide its staff with pension security. Pension plans are arranged in
accordance with local requirements and legislation. In Finland basic pension security is provided through the
TyEL (Employees’ Pension Act) system which is classified as a defined contribution plan. In addition, certain
supplementary pensions are provided by insurance companies.
Defined benefit plans are used in Sweden. The actuarial assumptions for defined benefit plans have been
calculated by external actuaries. The defined benefit plans used in Sweden do not involve work performance
based costs, and no funds have been allocated for the arrangement. The Alecta pension insurance company’s
pension plan is a defined benefit plan according to the IFRS, but because Alecta is unable to provide further
information, the plan is dealt with in the financial statements as a defined contribution plan. The Edita Group
does not have any other post-employment benefits in addition to its pension plans.
The Group has changed its accounting policy applied to financial statements in relation to the recognition
of actuarial gains and losses of defined benefit plans. Previously, actuarial gains and losses were recognized
according to the corridor method. According to the accounting policy applied to the new financial statements,
all actuarial gains and losses are immediately recognized through profit or loss and presented in the items of the
comprehensive income statement. The new accounting policy has been applied retrospectively to the previous
financial periods and the Group has adjusted the comparison data to comply with this accounting policy. This
change has had no significant effect on the Group’s financial position or indicators. More information on the
change and its effects have been provided in Note »Accounting Policies Applied to the Consolidated Financial
Statements - Employee Benefits«.
The following tables show the reconciliation of the net value of pension obligations and the composition of the
income statement expenses and the most important actuarial assumptions used in the calculations.
eur 1000
Defined benefit plan obligation in the statement of financial
position is defined as follows
2011
2010
Present value of funded obligations
2 668
2 364
Fair value of plan assets
0
0
Deficit (+)/Surplus (-)
2 668
2 364
Unrecognized actuarial gains (+) and losses (-)
0
0
Net obligation
2 668
2 364
Defined benefit plan pension cost recognized in the income
statement is defined as follows
2011
2010
Interest cost
91
92
Changes in present value of the obligation are as follows
2011
2010
Obligation at Jan. 1
2 364
1 860
Interest cost
94
92
Benefits paid from fund
-68
-55
Gains/losses from restricting the scope of the plan
-5
-3
Exchange rate differences
14
267
Unrecognized actuarial gains (+) and losses (-)
269
203
Present value of funded obligations
2 668
2 364