Page 78 - KELAG Annual Report 2017
P. 78

DEVELOPMENT OF PLAN ASSETS
            Plan assets at fair value as of 1/1                    47.0       50.3
            Return on plan assets                                   0.8        1.1
            Plan payments                                          -3.8       -3.7
            Remeasurement of net liability from defined benefit plans
            (remeasurements)                                        0.9       -0.7
            PLAN ASSETS AT FAIR VALUE AS OF 31/12                 44.9        47.0










                                             No                        No
                                   Active   active          Active   active
                                  market   market   Total   market   market   Total
            Bonds – euro            35.0     0.0     35.0    27.6     0.0     27.6
            Bonds – euro emerging
            markets                 10.2     0.0     10.2     0.0     0.0      0.0
            Corporate bonds – euro   15.0    0.0     15.0    19.8     0.0     19.8
            Shares – euro           20.0     0.0     20.0    18.9     0.0     18.9
            Shares – non-euro       10.2     0.0     10.2     9.1     0.0      9.1
            Real estate             0.0      0.9     0.9      0.0     0.0      0.0
            Alternative investment   0.0     0.8     0.8      0.0     0.4      0.4
            instruments
            Time deposits/cash      7.9      0.0     7.9     24.1     0.0     24.1
            TOTAL                  98.3      1.7   100.0     99.6     0.4    100.0



           There are market price listings in active markets for all equity securities and government bonds.

           KELAG  has  outsourced  the  investment  policy  and  investment  management  as  well  as
           responsibility for the investments to Valida Pension AG. The objective of the investment policy is
           to secure a return, stability, profitability and sustainability for the long term. Valida Pension AG is
           a  wholly  owned  subsidiary  of Valida  Holding  AG.  KELAG  discusses  and  consults  with Valida
           Pension AG at regular intervals regarding the general investment strategy. The investment and
           risk management at Valida Pension AG is geared towards compliance with the laws governing
           pension  funds  and  the  related  regulatory  requirements  of  the  financial  market  supervisory
           authorities.
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