5.10 Pension liabilities

The Züblin Group has a defined benefit plan according to IAS 19 in Switzerland. In the past twelve months, expenditures of kCHF 76 (previous year: kCHF 124) were recorded for the defined benefit plan.

Swiss pension schemes are governed by the Swiss Federal Law on Occupational Retirement, Survivors’ and Disability Pension Plans (BVG). The pension plan is financed by contributions from both employer and employees. The BVG requires pension schemes to be run as legally independent institutions. The pension scheme is headed by a board of trustees composed of an equal number of employer and employee representatives. It is responsible for determining and implementing the investment strategy.

The following amounts are based upon the “Project Unit Credit”-method:

The above amount is shown in the balance sheet under “Pension liabilities”.

Pension liabilities and assets changed as follows in the Züblin Group’s consolidated balance sheet:

Break down of pension expenses:

The weighted average duration of the defined benefit plans is 13.7 years (previous year: 14.7 years).

The remeasurement of the net pension obligation reported in other comprehensive income breaks down as follows:

The calculation of the Group’s pension liabilities is based on the following assumptions:

A sensitivity analysis was carried out using constant assumptions for the most important assumptions used to calculate the pension liabilities.

Asset allocation: 100% of the assets are managed and invested by a reinsurance company. Furthermore, the Company has insured a minimum return on its pension assets. Therefore, a detailed asset allocation is not presented.