2011 Annual Report - Italcementi Group

2011 Annual Report
Presentation 4
General information 15
Annual Report Consolidated Annual Report Directors’ report 28
Extraordinary session Italcementi S.p.A. Annual Report Consolidated financial statements 63
The movements in defined benefit obligations during the year are set out below:
Pension plans and other longterm
benefits
Post-employment medical
benefits
(in millions of euro)
Dec.31, 11 Dec.31, 10 Dec.31, 11 Dec.31, 10 Dec.31, 11 Dec.31, 10
Opening present value of defined benefit
obligations 200.7 189.0 81.7 72.1 282.4 261.0
Current cost of services 3.8 4.2 1.8 1.7 5.6 5.8
Finance costs on obligations 9.2 10.5 3.9 4.0 13.2 14.5
Employee contributions - 0.2 0.3 0.2 0.3
Cost of prior-period services 0.5 1.1 - - 0.5 1.1
Actuarial losses 19.8 10.7 6.4 4.7 26.2 15.4
Amounts paid ( 17.2) ( 19.4) ( 3.8) ( 3.6) ( 21.0) ( 22.9)
Plan curtailments 0.0 0.2 ( 0.5) - ( 0.5) 0.2
Plan settlements ( 1.0) ( 4.7) - ( 1.0) ( 4.7)
Changes in scope of consolidation ( 4.2) 0.4 ( 0.2) - ( 4.4) 0.4
Translation differences and other 4.0 8.8 1.6 2.5 5.6 11.3
Closing present value of defined benefit
liabilities 215.8 200.7 91.0 81.7 306.8 282.4
Total
The movements in plan asset fair values are set out below:
Pension plans and other longterm
benefits
Post-employment medical
benefits
(in millions of euro)
Dec.31, 11 Dec.31, 10 Dec.31, 11 Dec.31, 10 Dec.31, 11 Dec.31, 10
Opening fair value of plan assets 86.1 78.9 - - 86.1 78.9
Expected yield 5.7 5.5 - - 5.7 5.5
Actuarial gains (losses) (2.0) 3.5 - - (2.0) 3.5
Employer contributions 14.4 17.8 3.6 3.2 18.1 21.0
Employee contributions - 0.2 0.3 0.2 0.3
Benefits paid (17.2) (19.4) (3.8) (3.6) (21.0) (23.0)
Plan settlements (1.0) (4.7) - - (1.0) ( 4.7)
Changes in scope of consolidation (0.1) (0.0) - - (0.1) ( 0.0)
Translation differences and other 2.2 4.6 - - 2.2 4.6
Closing fair value of plan assets 88.1 86.1 - - 88.1 86.1
Total
The Group’s estimated contribution to defined benefit plans in 2012 is 5.7 million euro.
The table below sets out the main plan asset categories as percentages of total fair value:
2011 2010
Shares 38.4% 40.0%
Bonds 49.5% 53.9%
Investment property 0.4% 0.8%
Other 11.8% 5.3%
103
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