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NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021 (continued)
31 Pension Obligations (continued)
2021
€m
2020
€m
Changes in present value of defined benefit obligations
At 1 January
Acquired through business combination (Note 22)
Current service cost
Other expenses
Interest cost
Benefits paid
Settlement
Actuarial (gains)/losses
Effect of movement in exchange rates
311.2
3.0
0.7
0.8
4.0
(11.9)
(0.1)
(16.6)
19.7
96.1
193.3
1.1
0.2
3.5
(10.3)
(0.6)
37.4
(9.5)
At 31 December
310.8
311.2
2021
€m
2020
€m
Changes in present value of scheme assets during year
At 1 January
Acquired through business combination (Note 22)
Interest on scheme assets
Employer contributions
Benefits paid
Other expenses
Actual return less interest
Effect of movement in exchange rates
265.3
3.8
0.1
(10.2)
(0.6)
4.9
19.5
81.0
182.8
3.4
0.4
(9.1)
(0.4)
17.5
(10.3)
At 31 December
282.8
265.3
The weighted average duration of the defined benefit obligation at 31 December 2021 was 16.7 years (2020: 17.5 years).
32 Related Party Transactions
The principal related party relationships requiring disclosure under IAS 24 Related Party Disclosures relate to (i) transactions between
group companies, (ii) compensation of key management personnel and (iii) goods and services purchased from Directors.
(i) Transactions between subsidiaries are carried out on an arm’s length basis.
The Company received €120.0m dividends from subsidiaries (2020: €75.0m), and there was a net increase in the intercompany balance
of €19.5m (2020: 93.8m increase).
Transactions with the Group’s non-wholly owned subsidiaries primarily comprise trading sales and capital funding, carried out on an arm’s
length basis. These transactions are not considered to be material.
(ii) For the purposes of the disclosure requirements of IAS 24 Related Party Disclosures, the term “key management personnel” (i.e. those
persons having the authority and responsibility for planning, directing and controlling the activities of the Company), comprise the board
of directors (executive and non-executive directors) who manage the business and affairs of the Company. As identified in the Report of
the Remuneration Committee, the directors, other than the non-executive directors, serve as executive officers of the Group.
Key management personnel compensation is set out in Note 6.
Mr Eugene Murtagh received dividends of €10.9m during the year from the Group (2020: €nil). Following his retirement as Chairman and
non-executive director on 30 April 2021, Mr Eugene Murtagh is no longer considered a related party. Dividends of €0.7m were paid to
other key management personnel (2020: €nil). €Nil (2020: €nil) was outstanding at year end.
(iii) The Group purchased legal services in the sum of €160,373 (2020: €145,541) from McCann FitzGerald, a firm in which Mr John Cronin
was a partner. €3,049 (2020: €74,076) was outstanding at year end. John Cronin retired as a partner of McCann FitzGerald in March 2021.
Kingspan Group plc Annual Report & Financial Statements 2021
Financial Statements
