Report 2010 - Italcementi Group

2010 Annual Report
Presentazione 6
Consolidated Annual Report Directors’ report 27
Corporate Governance Consolidated financial statements Financial statements 68
Italcementi S.p.A. financial statements Notes 73
Annexes 142
Report of the Independent Auditors 151
Net liabilities determined on the basis of actuarial calculations at December 31, 2010, are set out below:
Pension plans and other
long-term benefits
Post-employment
medical benefits
(in millions of euro)
Dec. 31, 10 Dec. 31, 09 Dec. 31, 10 Dec. 31, 09 Dec. 31, 10 Dec. 31, 09
Discounted value of funded plans 129.7 118.2 - - 129.7 118.2
Fair value of plan assets (86.1) (78.9) - - (86.1) (78.9)
Discounted net value of funded plans 43.6 39.3 - - 43.6 39.3
Discounted value of non-funded plans 69.7 70.7 81.7 72.1 151.4 142.8
Net value of obligation 113.3 110.1 81.7 72.1 195.0 182.1
Unrecognized experience adjustments (29.5) (21.2) (5.8) (1.3) (35.3) (22.5)
Unrecognized costs on prior-period services (1.6) (1.8) (0.5) (0.3) (2.1) (2.1)
Net liabilities 82.2 87.1 75.5 70.5 157.7 157.6
of which:
Liabilities 82.6 87.4 75.5 70.5 158.1 157.9
Assets 0.4 0.3 - - 0.4 0.3
Net (assets)/liabilities 82.2 87.1 75.5 70.5 157.7 157.6
Total
With reference to “post-employment medical benefits”, a change of +/- 1 percentage point in the rates relating
to changes in medical expenditure would generate changes of +4.3 and -2.9 million euro respectively in
balance sheet liabilities and +0.4 and -0.3 million euro respectively in the related costs.
The movements in net liabilities during the year are analyzed below:
Pension plans and other
long-term benefits
Post-employment
medical benefits
(in millions of euro)
Dec. 31, 10 Dec. 31, 09 Dec. 31, 10 Dec. 31, 09 Dec. 31, 10 Dec. 31, 09
Opening net liability 87.1 92.3 70.5 70.9 157.6 163.2
Costs for the year 11.7 13.8 5.6 3.9 17.3 17.7
Contributions or services paid (17.8) (18.9) (3.2) (3.2) (21.0) (22.1)
Exchange-rate differences 1.3 (0.2) 2.6 (1.1) 4.0 (1.3)
Plans acquired on changes in scope
of consolidation (0.1) 0.1 - - (0.1) 0.1
Closing net liability 82.2 87.1 75.5 70.5 157.7 157.6
Total
Costs for the year, all recognized under employee expenses, are detailed below:
Pension plans and other
long-term benefits
Post-employment
medical benefits
(in millions of euro)
2010 2009 2010 2009 2010 2009
Current cost of services (4.2) (4.1) (1.7) (1.4) (5.8) (5.5)
Finance costs on obligations (10.5) (10.9) (4.0) (4.0) (14.5) (14.9)
Revenues expected from plan assets 5.5 4.8 - - 5.5 4.8
Net experience losses recognized in year (1.6) (1.8) (0.1) 0.1 (1.7) (1.7)
Cost of prior-period services (1.3) (0.2) 0.2 0.8 (1.0) 0.5
Plan settlement or curtailment (losses)/gains 0.4 (1.7) 0.6 0.4 (1.1)
Total (11.7) (13.8) (5.6) (3.9) (17.3) (17.8)
Real yield on assets 9.0 10.5 - - 9.0 10.5
Total
107
www.italcementigroup.com