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Financial Statements
is calculated, as at the balance sheet date (31 December 2011), based on an independent actuarial study performed by
Hewitt. The net charge to the income statement of €372,496 is reflected under the personnel expenses.
The results of any valuation depend upon the assumptions employed. Thus, as at 31/12/2011:
• If the discount rate used were 1,0% higher, then the DBO would be lower by about €0.85 m
• If the discount rate used were 1,0% lower, then the DBO would be higher by about €1.08 m
The results of the actuarial review of the provision for employee retirement benefits as computed by the actuary are shown below:
Actuarial study analysis 2011 2010
Principal actuarial assumptions at 31/12/2011
Discount rate 5.06% 5.07%
Range of compensation increase over the concession period 0.8-4.0% 2.0-4.0%
Average working life
19.18 19.87
Present value of obligations
Unrecognised actuarial net gain 6,048,633 5,883,048
Unrecognized past service cost 2,934,646 2,795,556
(814,737) (882,558)
Net liability in the balance sheet
Components of income statement charge 8,168,542 7,796,046
Service cost 480,279 568,635
Interest cost 278,793 293,235
Amortization of unrecognised net gain/(loss) (111,085) (56,357)
Amortization of past service cost (175,440) 712,545
Settlement/curtailment/termination Loss 281,480 430,021
Total income statement charge 754,027 1,948,079
Movements in net liability/(asset) in the balance sheet
Net liability/(asset) at the beginning of the period 7,796,046 6,434,016
Benefits paid directly (381,531) (586,049)
Total expense recognised in the income statement 1,948,079
754,027
7,796,046
Net liability in the balance sheet 8,168,542
Reconciliation of benefit obligations
DBO at start of the period 5,883,048 5,849,526
Service cost 480,279 568,635
Interest cost 278,793 293,235
Benefits paid directly by the Company (381,531)
Extra payments or expenses/(income) 286,961 (586,049)
Obligation of past service cost 443,012
Actuarial gain (240,863) 645,674
(258,054)
DBO at the end of the period (1,330,985)
6,048,633
5,883,048
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 41 of 50
is calculated, as at the balance sheet date (31 December 2011), based on an independent actuarial study performed by
Hewitt. The net charge to the income statement of €372,496 is reflected under the personnel expenses.
The results of any valuation depend upon the assumptions employed. Thus, as at 31/12/2011:
• If the discount rate used were 1,0% higher, then the DBO would be lower by about €0.85 m
• If the discount rate used were 1,0% lower, then the DBO would be higher by about €1.08 m
The results of the actuarial review of the provision for employee retirement benefits as computed by the actuary are shown below:
Actuarial study analysis 2011 2010
Principal actuarial assumptions at 31/12/2011
Discount rate 5.06% 5.07%
Range of compensation increase over the concession period 0.8-4.0% 2.0-4.0%
Average working life
19.18 19.87
Present value of obligations
Unrecognised actuarial net gain 6,048,633 5,883,048
Unrecognized past service cost 2,934,646 2,795,556
(814,737) (882,558)
Net liability in the balance sheet
Components of income statement charge 8,168,542 7,796,046
Service cost 480,279 568,635
Interest cost 278,793 293,235
Amortization of unrecognised net gain/(loss) (111,085) (56,357)
Amortization of past service cost (175,440) 712,545
Settlement/curtailment/termination Loss 281,480 430,021
Total income statement charge 754,027 1,948,079
Movements in net liability/(asset) in the balance sheet
Net liability/(asset) at the beginning of the period 7,796,046 6,434,016
Benefits paid directly (381,531) (586,049)
Total expense recognised in the income statement 1,948,079
754,027
7,796,046
Net liability in the balance sheet 8,168,542
Reconciliation of benefit obligations
DBO at start of the period 5,883,048 5,849,526
Service cost 480,279 568,635
Interest cost 278,793 293,235
Benefits paid directly by the Company (381,531)
Extra payments or expenses/(income) 286,961 (586,049)
Obligation of past service cost 443,012
Actuarial gain (240,863) 645,674
(258,054)
DBO at the end of the period (1,330,985)
6,048,633
5,883,048
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 41 of 50
