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96
Hamon Annual Report 2012
The movement of net obligations in 2012 was as follows :
Change in net liability/asset
in EUR ‘000’ 2012 2011 2010
Net amount at beginning of period 3 757 3 485 2 912
Net expense - defined benefit plan 689 705 747
Company contributions and direct benefit payments (332) (212) (311 )
Changes in consolidation scope - - 23
Others - (127) 114
Currency translation differences (34) (94) -
Net amount at end of period 4 080 3 757 3 485
The changes in gross obligations during the year are presented below :
in EUR ‘000’ 2012 2011 2010
Defined Benefit Obligation at beginning of period 5 792 5 374 4 585
Service cost: employer 463 412 381
Interest cost 258 255 237
Actual employee Contribution 28 69 29
Plan Amendment 19 - 191
Acquisitions/(Disposals) - - (25)
Actuarial loss (gain) 592 (74) 99
Actual Benefits paid (332) (213) (311 )
Others 55 (31) 188
Defined Benefit Obligation at end of period 6 875 5 792 5 374
The actuarial loss of EUR 592 thousand in 2012 was
mainly due to the discount rate decrease (EUR 530
thousand).
The actuarial assumptions used for the valuation of
the obligations and their movements give the following
weighted average rates:
Actuarial assumptions 2012 2011 2010
Discount rate 3,0 - 8,18 % 3,3 - 8,67 % 3,3 - 10 %
Expected future salary increase rate 2,5 - 9 % 2,5 - 10 % 2,5 - 15 %
Underlying inflation rate 2 - 7 % 2 - 7 % 2 - 7 %
Expected return rate on plan assets 3,50 % 3,90 % 3,90 %