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including changes in technology. Therefore, actual economic
life may differ from estimated useful life. The Company
periodically reviews technological and sector changes to
update residual useful lives. This periodic update may lead
to a variation in the depreciation/amortisation period and
therefore also in the depreciation/amortisation charge for
future years.
(d) Taxes
Current taxes are calculated on the basis of the taxable
income for the year, applying the tax rates effective at the
end of the reporting period.
Deferred tax assets are recognised to the extent that it is
likely that future taxable income will be available against
which they can be recovered.
(e) Employee benefit obligations
The present value of the pension plans reported in the
financial statements depends on an independent actuarial
calculation and on a number of different assumptions. Any
changes in assumptions and in the discount rate used are
duly reflected in the present value calculation and may have
a significant impact on the figures reported in the financial
statements. The assumptions used for the actuarial calcula-
tion are examined by the Company annually.
Present value is calculated by discounting future cash flows
at an interest rate equal to that on high-quality corporate
bonds issued in the currency in which the liability will be
settled and which takes account of the duration of the
related pension plan.
Further information can be found in Note 13. Employee
benefit obligations and Note 17. Personnel costs.
(f) Incentive plan
The employee share purchase plan involves granting options
to almost all of the Group's employees. The operation of this
plan is described in Note 17. Personnel costs.
The grant of options is subject to an employee's continued
professional relationship with the Group in the months
between signing up to one of the plan's purchase windows
and the purchase of the shares themselves on the stock
market. The plan's financial and economic impact has
therefore been estimated on the basis of the best possible
estimates and information currently available.