Tiscali 2009 Annual Report Download - page 130
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129
possible future performances which might be disbursed in favour of each employee registered in the
programme in the case of retirement, decease, disability, resignation, etc. were projected. The estimate
of future benefits includes any foreseeable increases relating to a further length of service, and to the
presumable growth of the remuneration received as of the date of estimation, only for the employees of
companies with less than 50 employees;
• the current average value of future performances was calculated at the date of estimate, on the basis
of the adopted annual interest rate, and of the probability of each performance to be really disbursed;
• the liability was established for each company concerned, to an extent equating to the average current
value of the future benefits which will be generated by the provision existing as of the valuation date,
without considering any future provision (for companies with at least 50 employees) or identifying the
portion of the current average value of the future benefits which refer to the service already accrued by
the employee as of the value date (for the other companies).
Financial assumptions
Inflation rate: 2.0%
Discount rate: 4.8%
Salary increase rate: 2.5%*
Demographic assumptions:
Mortality: ISTAT 2002 M/F mortality
Disability: INPS 1998 M/F disability tables
Resignation: 3.5% from 20 to 65 years of age
Advance payments: 3.0% from 20-65 years
Retirement: 65 for men and 60 for women, with maximum length of
service of 40 years
* for Tiscali Contact
Provisions for risks and charges (note 30)
A breakdown of the provision covering risks and charges is as follows:
31
December
2008
HFS/
discontinued Provisions Utilisation/
Release
31
December
2009
(EUR 000)
Provisions for risks
and charges 25.384
(9,088)
2,197 (9,491) 9,002
Total 25,384 (9,088) 2,197 (9,491) 9,002
A breakdown of the provision covering risks and charges at 31 December 2009 is as follows:
a) EUR 3.2 million for expenses and charges related to the dispute underway concerning the disposal
of property by the German subsidiaries;
b) EUR 3.7 million related to allocations for employee disputes;
c) EUR 1.5 million related to liquidation/wind-up charges for the subsidiary World Online;
d) EUR 0.6 million for other charges.
Consolidated Financial Statements and Explanatory Notes