2011 Annual Report - Italcementi Group

The table below sets out key data for pension plans and other long-term benefits in the last two years:
December 31,
(in millions of euro)
2011
December 31, 2010
Discounted value of funded plans 306.8 282.4
Fair value of plan assets (88.1) (86.1)
Net value of funded plans 218.7 196.3
Difference between actual asset yield and asset yield expected
at beginning of period (experience adjustments) 1.9 2% (3.5) -4.0%
Change in value of funded plans other than experience adjustments 8.3 3% (0.8) 0.2%
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
2011 2010 2011 2010 2011 2010
Expected yield on assets 3.50 - 4.70 3.50 - 4.00 7.72 7.71 7.50 7.50
Future wage and salary increases 1.00 - 3.50 2.75 - 3.50 n.a. n.a. 3.50 - 8.50 3.50 - 8.50
n.a.: not applicable
Discount rate (in %) 2011 2010
Europe
Long-term euro zone 4.60 5.00
Medium-term euro zone 4.60 4.75
Short-term euro zone 4.60 4.25
Bulgaria 5.50 5.75
North America
USA 4.19 5.10
Canada 4.75 4.75
Other countries
Morocco 4.50 4.50
Turkey 10.00 10.00
Thailand 3.50 4.00
India 8.40 8.20
Defined contribution plans
The Group’s defined contribution plans are pension plans and medical plans; expense relating to these plans in
2011 was 51.4 million euro (48.7 million euro in 2010).
Termination plans
At December 31, 2011, provisions for termination plans totaled 37.5 million euro (24.5 million euro in 2010) and
related mainly to Italy for 31.8 million euro in connection with re-organization plans affecting the Calcestruzzi
group and Italcementi S.p.A. in particular.
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