2012 Annual Report - Italcementi Group

The table below sets out key data for pension plans and other long-term benefits in the last two years:
(in millions of euro) Dec.31,12 Dec.31,11
Discounted value of funded plans 342.4 306.8
Fair value of plan assets (93.6) (88.1)
Net value of funded plans 248.8 218.7
Difference between actual asset yield and asset yield expected
at beginning of period (experience adjustments) -4.6 -5% 1.9 2%
Change in value of funded plans other than experience adjustments -7.5 -2% 8.3 3%
Actuarial assumptions
The actuarial assumptions used to determine obligations arising from pension plans and other long-term
benefits are set out below:
(in %)
Europe North America Other countries
2012 2011 2012 2011 2012 2011
Expected yield on assets - 3.50 - 4.70 - 7.72 - 7.50
Future wage and salary increases 1.00 - 3.25 1.00 - 3.50 n.a. n.a. 3.50 - 8.50 3.50 - 8.50
n.a.: not applicable
In 2012 the expected yields on assets for 2013 were not indicated, since the new IAS 19 revised will be
applied, which uses the same rates as for defined benefit obligations.
Discount factor (in %) 2012 2011
Europe
Italy 2.75 4.60
Belgium 1.75-2.75 4.60
Spain 2.75 4.60
France 1.00-2.75 4.60
Greece 2.75 4.60
Bulgaria 4.25 5.50
North America
USA 3.50 4.19
Canada 4.25 4.75
Other countries
Morocco 4.50 4.50
Kuwait 3.35 4.60
Thailand 3.75 3.50
India 8.25 8.40
The rate used to discount post-employment benefit obligations was determined by reference to market yields
on high quality corporate bonds. In countries where there is no deep market in such bonds, the market yields
on government bonds shall be used.
Defined contribution plans
The Group’s defined contribution plans are pension plans and medical plans; expense relating to these plans in
2012 was 51.0 million euro (51.4 million euro in 2011).
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