Urenco Annual Report 2022

Financial statements Notes to the Consolidated Financial Statements continued For the year ended 31 December 2022 32. Retirement benefit obligations continued Sensitivity analysis continued (Increase)/decrease in retirement benefit obligations €m Discount rate Effect of increase in discount rate by +0.25% at 31 December 2022 9.5 Effect of decrease in discount rate by -0.25% at 31 December 2022 (10.1) Inflation rate Effect of increase in inflation rate by +0.25% at 31 December 2022 (7.9) Effect of decrease in inflation rate by -0.25% at 31 December 2022 7.1 Amounts recognised in income in respect of these defined benefit schemes are as follows: Year ended 31/12/22 €m Year ended 31/12/21 €m Current service cost (1.7) (1.9) Net interest income/(expense) on defined benefit pension scheme 0.6 (0.1) Past service gain - 3.1 (1.1) 1.1 The net interest income/(expense) has been included in the consolidated income statement within finance income or finance costs. The amount charged to the income in respect of defined contribution pension schemes was €16.9 million (2021: €15.5 million). The actual return on scheme assets was a loss of €146.1 million (2021: gain €38.5 million). Amounts recognised in the statement of comprehensive income in respect of these defined benefit schemes are as follows: Year ended 31/12/22 €m Year ended 31/12/21 €m Actuarial gains 2.4 68.0 Exchange loss (3.2) (0.3) (0.8) 67.7 The amount included in the statement of financial position arising from the Group's obligations in respect of its defined benefit schemes is as follows: Movement in present value of defined benefit obligation 2022 €m 2021 €m Total Funded schemes Unfunded schemes Total Funded schemes Unfunded schemes As at 1 January (474.4) (443.6) (30.8) (489.0) (454.9) (34.1) Current service cost (1.7) (1.1) (0.6) (1.9) (1.2) (0.7) Past service gain/(loss) - - - 3.1 3.2 (0.1) Interest cost (8.1) (7.7) (0.4) (7.6) (7.4) (0.2) Actuarial gains 157.2 150.6 6.6 37.0 33.6 3.4 Benefits paid to members 14.3 13.3 1.0 13.2 12.3 0.9 Foreign exchange 17.1 17.1 - (29.2) (29.2) - As at 31 December (295.6) (271.4) (24.2) (474.4) (443.6) (30.8) The average duration of the defined benefit obligation at 31 December 2022 is 13.9 years (2021: 18.0 years). Movements in the fair value of plan assets 2022 €m 2021 €m As at 1 January 494.7 432.2 Interest income 8.7 7.5 Actuarial (losses)/gains (154.8) 31.0 Contributions by employer 6.6 7.4 Benefits paid to members (13.3) (12.3) Foreign exchange (20.3) 28.9 As at 31 December 321.6 494.7 159 Urenco Annual report and accounts 2022 Financial statements 03