Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
212
The amounts at December 31, 2016 were as follows:
Euro thousands
December 31, 2015
1,923
Disbursements
(851)
Financial Expense
38
Pension Cost for Service
584
IAS 19 Reserve
62
December 31, 2016
1,755
Change
(168)
Note 14.A - POST-EMPLOYMENT BENEFITS
The “Actuarial Loss” recorded in 2016 amounts to Euro 62 thousand. The actuarial changes in the
year, net of the tax effect, are recognised directly to equity.
The tables below report that required under international accounting standards with regards to
“Employee Benefits”.
1. Obligations for Employee Benefits
December 31, 2016
December 31, 2015
Present Value of Obligations Not Covered by Assets to Service Plan
1,755
1,923
Total
1,755
1,923
DEFINED BENEFIT PLANS
There are no financial assets at December 31, 2016 invested by F.I.L.A. S.p.A. to cover financial
liabilities relating to Post-Employment Benefits.
The table below highlights the net cost recognised to the income statement in 2016 and 2015:
2. Cost Recognised in Income Statement
December 31, 2016
December 31, 2015
Pension Cost for Service
(584)
(348)
Financial Expense
(38)
(17)
Cost Recognised in Income Statement
(622)
(365)
The obligations deriving from the above-mentioned plans are calculated based on the following
actuarial assumptions:
3. Main Actuarial Assumptions at Reporting Date (average values)
December 31, 2016
December 31, 2015
Annual Technical Discounting Rate
1.3%
2.0%
Increase Cost of Living
1.5%
1.8%
Future Increase in Pensions
2.6%
2.8%
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
213
For comparative purposes we illustrate the actuarial assumptions applied in 2015.
Details on the timing of financial cash flows relating to post-employment benefits at December 31,
2016 are illustrated in the following table:
Euro thousands
Post-Employment Benefits
1,755
80
80
100
100
1,395
Total
1,755
Note 14.B - POST-EMPLOYMENT BENEFITS: TIMING CASH FLOWS
Nature
Amount
Timing cash flows
2017
2018
2019
2020
Beyond 2020
Note 15 - Provision for Risks and Charges
The “Provision for Risks and Charges” amount to Euro 1,234 thousand and increased Euro 660
thousand on the previous year.
Euro thousands
Risks Provisions for Legal
Disputes
Provisions for Agents
Other
Provisions
Total
Balance at December 31, 2015
39
498
37
574
non-current portion
-
498
-
498
current portion
39
0
37
76
Balance at December 31, 2016
39
572
623
1,234
non-current portion
-
572
586
1,158
current portion
39
-
37
76
Change
0
74
586
660
non-current portion
-
74
586
660
current portion
-
-
-
-
Note 15.A - PROVISION FOR RISKS AND CHARGES
The change in the account “Provision for Risks and Charges” at December 31, 2016 was as follows:
Euro thousands
Risks Provisions for
Tax Disputes
Provisions for Pensions
and Similar
Obligations
Other Provisions
Total
December 31, 2015
39
498
37
574
Utilisation of Provisions
-
(35)
-
(35)
Provisions Accrued
-
36
586
622
Discounting
-
73
-
73
December 31, 2016
39
572
623
1,234
Change
-
74
586
660
Note 15.B - PROVISION FOR RISKS AND CHARGES
