CONSOLIDATED FINANCIAL STATEMENTS >
EXPLANATORY NOTES
202
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
Life expectancy at age 65:
Male
Female
Male
Female Male
Female
People currently aged 65
18.71
22.79
21.36
23.46
22.00
24.20
People currently aged 50
20.74
24.72
22.66
24.96
23.40
25.00
31 December 2013
Germany
Great Britain The Netherlands
Interest rate
3.25%
4.40%
3.25%
Expected future salary increase
2.00%
n.a.
2.00%
Expected increase in pensions
2.00%
n.a.
2.00%
Inflation rate
2.00%
3.50%
2.00%
The following table presents a sensitivity analysis of the
effects of an increase/decrease in the most significant
actuarial assumptions used to determine the present value of
pension plan obligations, such as the interest rate, inflation
rate and life expectancy.
The sensitivity of the inflation rate includes any effects
relating to assumptions about salary increases and increases
in pension plan contributions.
31 December 2013
Germany
Great Britain
The Netherlands
decrease - 0.50% increase + 0.50% decrease - 0.50%
increase + 0.50% decrease - 0.50% increase + 0.50%
Interest rate
+7.45%
-6.65%
+10.54%
-9.23%
+8.31%
-7.31%
decrease - 0.25% increase + 0.25% decrease - 0.25%
increase + 0.25%
decrease - 0.25% increase + 0.25%
Inflation rate
-2.79%
+2.93%
-3.72%
+3.93%
-3.83%
+4.08%
31 December 2013
Germany
Great Britain
The Netherlands
1-year increase in life expectancy
+4.36%
+2.60%
+3.60%
EMPLOYEE INDEMNITY LIABILITY
Employee indemnity liability refers only to Italian companies and is analysed as follows:
(in millions of Euro)
2013
2012
Opening balance
25
22
Personnel costs
-
-
Interest costs
1
1
Actuarial (gains)/losses recognised in equity
(1)
4
Disbursements
(3)
(2)
Total movements
(3)
3
Closing balance
22
25
More details can be found in Note 21. Personnel costs.
The weighted average actuarial assumptions used to value the pension plans are as follows:
