Page 87 - Annual Report 2013
P. 87
Annual Report 2013
The provision for employees’ retirement benefits is reflected in the attached statement of financial position
in accordance with IAS 19R and is calculated, as at the balance sheet date (31 December 2013), based on
an independent actuarial study performed by Hewitt.
The results of any valuation depend upon the assumptions employed. Thus, as at 31 December 2013:
• If the discount rate used were 1% higher, then the DBO would be lower by about €0,85m.
• If the discount rate used were 1% lower, then the DBO would be higher by about €1,07m.
The results of the actuarial study for the provision for employee retirement benefits as computed by the
actuary are shown below:
Actuarial study analysis 2013 2012 Restated *
Principal actuarial assumptions at 31 December 2013
Discount rate 3.78% 3.71%
Range of compensation increase 0%-3,0% 0%-3,0%
Plan duration 1 7. 6 4 1 8 . 97
Present value of obligations 5,738,189 6,262,557
Net liability/(asset) in the balance sheet 5,738,189 6,262,557
Components of income statement charge
Service cost 393,675 476,408
Interest cost 189,799 287,450
Recognition of past service cost (802,169) 0
Settlement/curtailment/termination Loss 169,556 964,785
Total income statement charge (49,139) 1,728,643
Movements in net liability/(asset) in the balance sheet
Net liability/(asset) at the beginning of the period 6,262,557 6,048,633
Benefits paid directly (223,869) (1,759,097)
Total expense recognised in the income statement (49,139) 1,728,643
Total amount recognized in the OCI (251,360) 244,378
Net liability/(asset) in the balance sheet 5,738,189 6,262,557
Reconciliation of benefit obligations
DBO at start of the period 6,262,557 6,048,633
Service cost 393,675 476,408
Interest cost 189,799 287,450
Benefits paid directly by the Company (223,869) (1,759,097)
Extra payments or expenses/(income) 169,556 964,785
Obligation of past service cost (802,169) 0
Actuarial loss/(gain) (251,360) 244,378
DBO at the end of the period 5,738,189 6,262,557
Remeasurements
Liability gain/(loss) due to changes in assumptions 301,652 (526,073)
Liability experience gain/(loss) arising during the year (50,292) 281,695
Total actuarial gain/(loss) recognised in OCI 251,360 (244,378)
*Restated following the application of IAS 19R . For further information refer to Note 5.32
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 46 of 58
The provision for employees’ retirement benefits is reflected in the attached statement of financial position
in accordance with IAS 19R and is calculated, as at the balance sheet date (31 December 2013), based on
an independent actuarial study performed by Hewitt.
The results of any valuation depend upon the assumptions employed. Thus, as at 31 December 2013:
• If the discount rate used were 1% higher, then the DBO would be lower by about €0,85m.
• If the discount rate used were 1% lower, then the DBO would be higher by about €1,07m.
The results of the actuarial study for the provision for employee retirement benefits as computed by the
actuary are shown below:
Actuarial study analysis 2013 2012 Restated *
Principal actuarial assumptions at 31 December 2013
Discount rate 3.78% 3.71%
Range of compensation increase 0%-3,0% 0%-3,0%
Plan duration 1 7. 6 4 1 8 . 97
Present value of obligations 5,738,189 6,262,557
Net liability/(asset) in the balance sheet 5,738,189 6,262,557
Components of income statement charge
Service cost 393,675 476,408
Interest cost 189,799 287,450
Recognition of past service cost (802,169) 0
Settlement/curtailment/termination Loss 169,556 964,785
Total income statement charge (49,139) 1,728,643
Movements in net liability/(asset) in the balance sheet
Net liability/(asset) at the beginning of the period 6,262,557 6,048,633
Benefits paid directly (223,869) (1,759,097)
Total expense recognised in the income statement (49,139) 1,728,643
Total amount recognized in the OCI (251,360) 244,378
Net liability/(asset) in the balance sheet 5,738,189 6,262,557
Reconciliation of benefit obligations
DBO at start of the period 6,262,557 6,048,633
Service cost 393,675 476,408
Interest cost 189,799 287,450
Benefits paid directly by the Company (223,869) (1,759,097)
Extra payments or expenses/(income) 169,556 964,785
Obligation of past service cost (802,169) 0
Actuarial loss/(gain) (251,360) 244,378
DBO at the end of the period 5,738,189 6,262,557
Remeasurements
Liability gain/(loss) due to changes in assumptions 301,652 (526,073)
Liability experience gain/(loss) arising during the year (50,292) 281,695
Total actuarial gain/(loss) recognised in OCI 251,360 (244,378)
*Restated following the application of IAS 19R . For further information refer to Note 5.32
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 46 of 58
