Consolidated Annual Report 2012 and Single-Entity ... - PVA TePla AG

Overview of the present value of pension obligations for
the current year and previous years:
in EUR ´000 2012 2011 2010 2009 2008
Pension
obligations 11,338 8,759 8,254 7,480 6,991
Actuarial losses 2,296 178 444 152 67
In June 2011, the IASB announced changes to IAS 19 (Employee
Benefits), which included the elimination of the corridor
method. As a result, actuarial gains and losses have a
direct impact on the consolidated balance sheet and are to
be recognized in the future solely in other comprehensive
income. With a few exceptions, retrospective application
of the changes to IAS 19 is mandatory for financial statements
from fiscal years beginning on or after January 1,
2013.
PVA TePla AG will apply the amended IAS 19 effective January
1, 2013. Due to the mandatory retrospective application
of the standard, the balance of the actuarial losses,
which have been recognized until now outside the consolidated
balance sheet, will be recognized directly in equity.
As a result, the Group’s equity will decline by EUR 2,296
thousand.
Defined contribution plans
The only defined contribution plans of relevance to PVA
TePla are the employer’s statutory pension insurance contributions
and contributions to the pension fund. In fiscal
year 2012, the corresponding expenditure amounted to
EUR 2,417 thousand (previous year: EUR 2,138 thousand).
18. OTHER PROVISIONS
Other provisions amounted to EUR 2,642 thousand (previous
year: EUR 9,119 thousand) and changed during the
reporting period as follows:
73
Provisions were recognized solely in respect of obligations
to third parties where utilization is highly probable. Provisions
are measured at the amount of probable utilization.
Other provisions contain long-term components in the
amount of EUR 490 thousand (previous year: EUR 279
thousand). These relate primarily to provisions for archiving
as well as non-current payments in connection with
long-term performance-based compensation for the Management
Board, and are shown separately in the balance
sheet. All other provisions are short-term in nature.
19. CURRENT FINANCIAL LIABILITIES
Current financial liabilities are composed as follows:
in EUR ´000 Dec. 31, 2012 Dec. 31, 2011
Amounts owed to banks on
current accounts
Current portion of non-current
4 4
bank borrowings 1,124 4,150
Total 1,128 4,154
Due to the current nature of these items, their market value
does not deviate significantly from the carrying amounts
presented.
The decline is due to the scheduled repayment of a loan
of EUR 3,000 thousand to finance the acquisition of PVA
TePla Analytical Systems GmbH in the fiscal year 2007.
in EUR ´000 Jan. 1, 2012 Consolidation Utilization Release Addition Dec. 31, 2012
Warranty 3,697 118 1,114 2,178 398 921
Subsequent costs 4,123 0 2,641 1,056 264 690
Archiving 279 8 0 90 0 197
Penalties 136 0 59 78 79 78
Restructuring 106 0 79 27 0 0
Others 778 2 233 314 523 756
Total 9,119 128 4,126 3,743 1,264 2,642
Group Financial Statements