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• If the discount rate used were 1% higher, then the DBO would be lower by about €0.99m.
• If the discount rate used were 1% lower, then the DBO would be higher by about €1.27m.
The results of the actuarial study for the provision for employee retirement benefits as computed by the actuary are
shown below:
Actuarial study analysis 2012 2011
Principal actuarial assumptions at 31/12/2012
Discount rate 3.71% 5.06%
Range of compensation increase 0%-3.0% 0.8-4.0%
Average working life
Present value of obligations 20.06 19.18
Unrecognised actuarial net gain/(loss) 6,262,557 6,048,633
Unrecognized past service cost 2,504,712 2,934,646
(732,431) (814,737)
Net liability/(asset) in the balance sheet
8,034,838 8,168,542
Components of income statement charge
Service cost 476,408 480,279
Interest cost 287,450 278,793
Amortization of unrecognised net gain/(loss) (121,469) (111,085)
Amortization of past service cost (175,440)
Settlement/curtailment/termination Loss 65,231 281,480
917,772
754,027
Total income statement charge 1,625,392
Movements in net liability/(asset) in the balance sheet
Net liability/(asset) at the beginning of the period 8,168,542 7,796,046
Benefits paid directly (1,759,097) (381,531)
Total expense recognised in the income statement
1,625,392 754,027
Net liability/(asset) in the balance sheet 8,034,838 8,168,542
Reconciliation of benefit obligations
DBO at start of the period 6,048,633 5,883,048
Service cost 476,408 480,279
Interest cost 287,450 278,793
Benefits paid directly by the Company (381,531)
Extra payments or expenses/(income) (1,759,097) 286,961
Obligation of past service cost 964,785
Actuarial loss/(gain) 0 (240,863)
244,377 (258,054)
DBO at the end of the period
6,262,557 6,048,633
The IAS Board (IASB) endorsed a number of changes to IAS19 on 16 June 2011 (IAS19R). These changes take effect
for accounting years commencing on or after 1 January 2013, with early adoption also permitted. The key changes
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 44 of 54
• If the discount rate used were 1% lower, then the DBO would be higher by about €1.27m.
The results of the actuarial study for the provision for employee retirement benefits as computed by the actuary are
shown below:
Actuarial study analysis 2012 2011
Principal actuarial assumptions at 31/12/2012
Discount rate 3.71% 5.06%
Range of compensation increase 0%-3.0% 0.8-4.0%
Average working life
Present value of obligations 20.06 19.18
Unrecognised actuarial net gain/(loss) 6,262,557 6,048,633
Unrecognized past service cost 2,504,712 2,934,646
(732,431) (814,737)
Net liability/(asset) in the balance sheet
8,034,838 8,168,542
Components of income statement charge
Service cost 476,408 480,279
Interest cost 287,450 278,793
Amortization of unrecognised net gain/(loss) (121,469) (111,085)
Amortization of past service cost (175,440)
Settlement/curtailment/termination Loss 65,231 281,480
917,772
754,027
Total income statement charge 1,625,392
Movements in net liability/(asset) in the balance sheet
Net liability/(asset) at the beginning of the period 8,168,542 7,796,046
Benefits paid directly (1,759,097) (381,531)
Total expense recognised in the income statement
1,625,392 754,027
Net liability/(asset) in the balance sheet 8,034,838 8,168,542
Reconciliation of benefit obligations
DBO at start of the period 6,048,633 5,883,048
Service cost 476,408 480,279
Interest cost 287,450 278,793
Benefits paid directly by the Company (381,531)
Extra payments or expenses/(income) (1,759,097) 286,961
Obligation of past service cost 964,785
Actuarial loss/(gain) 0 (240,863)
244,377 (258,054)
DBO at the end of the period
6,262,557 6,048,633
The IAS Board (IASB) endorsed a number of changes to IAS19 on 16 June 2011 (IAS19R). These changes take effect
for accounting years commencing on or after 1 January 2013, with early adoption also permitted. The key changes
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 44 of 54
