CONSOLIDATED FINANCIAL STATEMENTS >
EXPLANATORY NOTES
200
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
Pension plan obligations are analysed as follows at 31 December 2013:
(in millions of Euro)
31 December 2013
Germany Great Britain The Netherlands Other countries
Total
Funded pension obligations:
Present value of obligation
-
156
97
45
298
Fair value of plan assets
-
(108)
(99)
(36)
(243)
Asset ceiling
-
-
2
1
3
Unfunded pension obligations:
Present value of obligations
143
-
-
29
172
Total
143
48
-
39
230
(in millions of Euro)
31 December 2012
Germany Great Britain The Netherlands Other countries
Total
Funded pension obligations:
Present value of obligation
-
142
97
61
300
Fair value of plan assets
-
(100)
(94)
(49)
(243)
Asset ceiling
-
-
-
1
1
Unfunded pension obligations:
Present value of obligations
148
-
-
35
183
T
otal
148
42
3
48
241
At 31 December 2013, “Other countries” mainly refer to:
• United States: funded pension obligations have a present
value of Euro 23 million compared with a fair value of Euro
20 million for plan assets;
• Norway: funded pension obligations have a present value of
Euro 6 million compared with a fair value of Euro 2 million
for plan assets;
• France: unfunded pension obligations have a present value
of Euro 18 million;
• Sweden: unfunded pension obligations have a present
value of Euro 7 million.
Changes during the year in pension plan obligations are as follows:
(in millions of Euro)
2013
2012
Opening Defined Benefit Obligation
483
396
Current service costs
4
6
Interest costs
17
19
Plan participants’ contributions
-
1
Administration costs and taxes
1
1
Actuarial (gains)/losses recognised in equity - Salary increase assumptions
(1)
(1)
Actuarial (gains)/losses recognised in equity - Demographic assumptions
6
6
Actuarial (gains)/losses recognised in equity - Financial assumptions
5
74
Disbursements from Plan Assets
(11)
(14)
Disbursements directly paid by the Employer
(8)
(8)
Plan settlements
(11)
-
Currency translation differences
(9)
3
Reclassifications
(6)
-
Total movements
(13)
87
Closing Defined Benefit Obligation
470
483
