2012 Annual Report - Italcementi Group

Net liabilities determined on the basis of actuarial calculations at December 31, 2012:
(in millions of euro)
Pension plans and other longterm
benefits
Post-employm ent medic al
benefits
Total
Dec.31, 12 Dec.31, 11 Dec.31, 12 Dec.31, 11 Dec.31, 12 Dec.31, 11
Discounted value of funded plans 158.2 148.9 - - 158.2 148.9
Fair value of plan assets (93.6) (88.1) - - (93.6) (88.1)
Discounted net value of funded plans 64.6 60.8 - - 64.6 60.8
Discounted value of non-funded plans 83.3 66.9 100.9 91.0 184.2 157.9
Net value of obligation 147.9 127.7 100.9 91.0 248.8 218.7
Unrecognized actuarial gains/(losses) (68.7) (51.3) (21.9) (12.2) (90.6) (63.5)
Unrecognized costs past service (1.1) (1.3) (1.2) (0.7) (2.3) (2.0)
Net liabilities 78.1 75.0 77.8 78.2 155.9 153.2
of which:
Liabilities 79.3 75.4 77.8 78.2 157.1 153.6
Asssets 1.2 0.4 - - 1.2 0.4
Net (assets)/liabilities 78.1 75.0 77.8 78.2 155.9 153.2
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 -3.5 million euro respectively in
liabilities on the statement of financial position, and +0.3 and -0.2 million euro respectively in related expense.
The movements in net liabilities during the year are analyzed below:
(in millions of euro)
Pension plans and other longterm
benefits
Post-employment medic al
benefits
Total
Dec.31, 12 Dec.31, 11 Dec.31, 12 Dec.31, 11 Dec.31, 12 Dec.31,11
Opening net liabilities 75.0 83.5 78.2 75.5 153.2 159.0
Pension costs 12.9 10.8 4.5 5.2 17.3 16.0
Contributions or services paid (16.6) (14.4) (4.1) (3.6) (20.7) (18.1)
Translation differences (0.1) (0.2) (0.7) 1.3 (0.8) 1.1
Plans acquired/(sold)on changes in scope of
consolidation and other changes 6.9 (4.7) - ( 0.2) 6.9 (4.9)
Closing net liabilities 78.1 75.0 77.8 78.2 155.9 153.2
Costs for the year, all recognized under employee expense, are detailed below:
(in millions of euro)
Pension plans and other longterm
benefits
Post-employment medical
benefits
Tota l
2012 2011 2012 2011 2012 2011
Current cost of servi ces (4.3) (3.8) (1.7) (1.8) (6.0) (5.6)
Financial costs on obligations (9.3) (9.2) (3.5) (3.9) (12.8) (13.2)
Revenue expected from plan assets 6.2 5.7 - 6.2 5.7
Net actuarial losses recognized in year (5.6) (2.3) (0.1) (0.2) (5.7) (2.4)
Cost of prior-period services (0.7) (0.7) 0.1 0.2 (0.6) (0.5)
Plan settlement or curtailment (losses)/gains 0.8 ( 0.4) 0.8 0.5 1.6 0.1
To tal (12.9) (10.8) (4.5) (5.2) (17.3) (16.0)
Actual yield on assets 10.9 3.7 - - 10.9 3.7
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