WAY UPWARDS - HSE

Financial report of HSE Group
199
(13) Provisions for termination and jubilee
benefits
At the end of 2011, the group companies disclose provisions
for termination and jubilee benefits created
on the basis of actuarial calculation as at 31 December
2011.
The actuarial calculations were based on the following:
••
The number of employees in the company as at
31 December 2011 (gender, age, overall and pension
qualifying period of service, average net and
gross salary for the period July – September 2011);
••
Method for calculating termination and jubilee
benefits in the company;
••
3.5% increase in average salary;
••
Discount interest rate of 5.1% p.a.;
••
Employee turnover by age category.
Changes in provisions for termination and jubilee benefits
in EUR
Provisions for
termination benefits
Provisions for
jubilee benefits
TOTAL
Balance as at 1/1/2010 9,499,594 3,751,135 13,250,729
Creation, increase 1,959,238 895,499 2,854,737
Decrease – drawing −1,303,001 −496,731 −1,799,732
Balance as at 31/12/2010 10,155,831 4,149,903 14,305,734
Balance as at 1/1/2011 10,155,831 4,149,903 14,305,734
Creation, increase 721,546 359,502 1,081,048
Decrease – drawing −839,967 −499,015 −1,338,982
Decrease – reversal 0 −37,655 −37,655
Balance as at 31/12/2011 10,037,410 3,972,735 14,010,145