2012 Annual Report - Italcementi Group

2012 Annual Report
Presentation 4
General information 14
Annual Report Consolidated Annual Report Directors’ report 30
Sustainability disclosure Italcementi S.p.A. Annual Report Consolidated financial statements 63
Extraordinary session 351
19. Employee benefits
Employee benefits at December 31, 2012 amounted to 232,821 thousand euro (202,955 thousand euro at
December 31, 2011).
The Group’s main employee benefit plans are described below.
Defined benefit plans
The Group operates pension plans, post-employment medical benefit plans and post-employment benefit
plans.
The most important pension plans are in the USA and France; they are financed by contributions paid by the
company and by employees to external entities responsible for the administration and management of the
pension funds; early retirement schemes also operate, pursuant to local laws, in France and Belgium.
With regard to the post-employment benefits for staff of the Group’s Italian companies, liabilities in respect of
post-employment benefits accrued and optioned by employees as from 2007 no longer qualify as defined
benefit plans. They are treated as quotas of defined contribution plans.
Some Group companies in the USA operate plans providing post-employment medical and life insurance
benefits. In France and, to a lesser extent, in Belgium similar benefits are provided for certain classes of
workers, specifically the companies pay a portion of contributions to the insurance company, which then
reimburses workers, after retirement, for a portion of medical expenses.
In some companies in France and Italy, the Group also recognizes liabilities in respect of future commitments,
in the form of bonuses payable to employees on the basis of length of service; these liabilities are measured
with actuarial assumptions. Net liabilities for pension plans and post-employment benefit plans are determined
with actuarial calculations performed by independent external actuaries.
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