Full RSDB annual report for 2008 - Roto Smeets Group

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COSTS OF REORGANISATIONS The provision for reorganisation costs concerns the costs connected with started reorganisations. The making of a provision for reorganisation costs takes place at the time that a detailed plan to adapt the organisation is formalised and the expectance is justified that the reorganisation will be carried out. EARLY RETIREMENT COMMITMENTS RSDB has an early retirement scheme, carried out by the ‘Fonds Werktijdvermindering Oudere Werknemers in de Grafische Bedrijven’ (FWG) on the basis of cost allocation. RSDB has designated its commitments to the early retirement scheme as a so-called ‘termination benefit’ and has included the present value of the early retirement commitments as at the balance sheet date. The calculations for the financing of the fund were based on premium payments through 2012. In 2008, FWG increased this term by one year. This is compensated by a premium reduction for the years through 2012. De employers premium for the years through 2012 stands at 2% and for the last year at 1.1%. ANNIVERSARIES Bonuses paid on the basis of the GrafiMedia CAO to employees as they reach 12.5, 25 and 40 years of employment. Payments for the three anniversaries are as follows: at 12.5 years one quarter gross monthly salary, at 25 years one net monthly salary and at 40 years two monthly salaries, one net and one gross. The provision, on the basis of experience, takes into account the risk of termination of employment and of death. DISMANTLING COSTS Some gravure presses of RSDB require dismantling costs to be made at the end of their use. For this, RSDB has made a provision for dismantling costs. At the start of use of the asset concerned, IAS-16 requires that the obligation must be completely provided for at the cash value 4.8% (2007: 4.0%), which provision must be added to the price of the asset. OTHER PROVISIONS Other provisions include the provision from the guaranteed turnover at the divestment of the PlantijnCasparie companies to Thieme GrafiMedia Group BV. ENVIRONMENT The environment provisions concern the provisions connected to soil pollution found at RSDB sites. These provisions are sufficient for the soil decontamination plans which have been developed and are being implemented. WAO As from January 1, 2000, RSDB has an own risk for the ‘Wet op de Arbeidsongeschiktheid’ (WAO) disability scheme. As from January 1, 2006, this risk (WIA) has been placed with an insurance company. The provision for disability concerns the cash value (4.8% nominal interest) of the continued obligation of WAO payments including the later disabled which had been declared disabled before January 1, 2004. The future premiums for the WIA include the present disability cases as from January 1, 2004. For this, a back service obligation has been included. RSDB Annual Report 2008 77
Annual Accounts - Notes to the consolidated financial statements 29. Interest bearing loans and borrowings The following summary shows the interest bearing loans and financial leases as at December 31, 2008: (x € 1,000) within 1 year 1-2 years 2-3 years 3-4 years 4-5 years more than 5 years total Fixed rate Loans 750 750 750 750 8,250 - 11,250 Financial leases 8,744 8,111 10,538 3,483 2,244 2,863 35,983 The information below has been incorporated to provide an insight into the other liquidity flows attached to interestbearing loans and lease obligations. Interest 2,219 1,706 1,259 760 315 106 6,365 The average interest rate on the loans with a life in excess of one year is 5.21%. The financial lease obligations mainly relate to contracts for production equipment. Upon contract expiration, RSDB has the right to buy these assets at a fixed contract value. For the securities for the interest-bearing loans, we refer to note 31: finance companies. The following summary shows the interest bearing loans and financial leases as at December 31, 2007: (x € 1,000) within 1 year 1-2 years 2-3 years 3-4 years 4-5 years more than 5 years total Fixed rate Loans 4,153 750 750 750 750 3,450 10,603 Financial leases 8,451 8,525 6,832 5,419 3,097 3,752 36,076 The information below has been incorporated to provide an insight into the other liquidity flows attached to interestbearing loans and lease obligations. Interest 2,508 1,803 1,266 927 666 297 7,467 The average interest rate on the loans with a life in excess of one year was 4.53%. The financial lease obligations mainly relate to contracts for production equipment. Upon contract expiration, RSDB has the right to buy these assets at a fixed contract value. For the securities for the inerest-bearing loans, we refer to note 31: finance companies. 78 RSDB Annual Report 2008
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Full RSDB annual report for 2008 - Roto Smeets Group

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