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EXPLANATORY NOTES
286
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
Prysmian S.p.A. provides post-employment benefits through programmes that include defined benefit plans, like the Employee
indemnity liability and seniority bonuses.
Employee benefit obligations amount to Euro 6,305 thousand at 31 December 2013 (Euro 15,880 thousand at 31 December 2012)
and are detailed as follows:
The change of Euro 9,575 thousand is mainly attributable to
the reclassification of liabilities for the long-term incentive
plan 2011-2013 as Payables to employees, since they are due
for settlement in the first few months of 2014; further details
can be found in Note 17. Personnel costs.
As from 1 January 2013, the Prysmian Group has applied
IAS 19 (revised) to measure the Group’s Employee benefit
obligations; this adoption has not had any effects on the
financial statements of Prysmian S.p.A..
The income and expenses relating to Employee benefit
obligations are as follows:
13.
EMPLOYEE BENEFIT OBLIGATIONS
EMPLOYEE INDEMNITY LIABILITY
Movements in this balance are as follows:
The actuarial gains recognised at 31 December 2013 (Euro 149 thousand) mainly relate to the change in the associated economic
parameters (the discount and inflation rates).
(in thousands of Euro)
31 December 2013
31 December 2012
Employee indemnity liability (Italian TFR)
289
382
Termination and other benefits
139
585
Incentive plans
-
6,652
Total
428
7,619
(in thousands of Euro)
31 December 2013
31 December 2012
Employee indemnity liability (Italian TFR)
4,545
5,029
Termination and other benefits
1,760
1,663
Incentive plans
-
9,188
Total
6,305
15,880
(in thousands of Euro)
2013
2012
Opening balance
5,029
3,975
Current service costs
156
200
Interest cost
133
182
Actuarial (gains)/(losses recognised in equity
(149)
522
Staff transfer
(36)
522
Disbursements
(588)
(372)
Total movements
(484)
1,054
Closing balance
4,545
5,029
