Tiscali 2014 Annual Report Download - page 111
Download and view the complete annual report
Please find page 111 of the 2014 Tiscali annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118 -
119 -
120 -
121 -
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
 |
 |
Annual financial report as at 31 December 2014
Date
File Name
Status
Page
-
Annual Report as at 31
December 2014
111
Further to IAS 19, for estimating staff severance indemnities, the following methods were used: the
Traditional Unit Credit Method for companies with at least 50 employees, and the Projected Unit Credit
Cost – service pro rate for the other companies, in accordance with the following stages:
on the basis of a series of financial hypotheses (increase in living cost, remuneration, etc.),
the possible future benefits 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 the future performances takes into account any foreseeable
increases corresponding to a further length of service, and to the alleged growth of the
remuneration received at the date of estimate, 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%
Discount rate: 3%
Demographic assumptions:
Mortality: SIM 2012 mortality tables M/F
Disability: INPS 1998 M/F disability tables
Resignation: 3.50% from 20 to 65 years of age
Advance payments: 3% from 20 to 65 years of age
Retirement: 65 for men and 60 for women, with
maximum length of service of 40 years
As from 1 January 2013 with retrospective efficacy, the Company adopted the new version of the
accounting standard IAS 19 “employee benefits”. The most significant amendment made to the
standard concerned the obligation to state all the actuarial gains/losses within the sphere of the OCIs,
with consequent elimination of the so-called corridor approach.
Provisions for risks and charges (note 27)
(EUR 000)
31 December
2013
Provisions
Utilisation
31 December
2014
Provisions for risks and charges
1,863
79
(342)
1,600