LISI 2012 FINANCIAL REPORT
56
3
Consolidated financial statements
February 1991 are entitled. Plan assets are separate from the
assets of the company and managed by a trust administered
by a board of trustees.
The geographic breakdown of the Group’s commitments to
staff as at December 31, 2012 for defined benefit plans and
the main assumptions employed in their assessment are as
follows:
(in €'000)
Euro zone
USA
UK
Actuarial debt
26,611 9,444 17,889
Discount rate
2.80% 3.25% 4.30%
Inflation - Wage increase 2.50% N/A
3.30%
The Group has opted for early adoption of the revised IAS 19
standard from January 1, 2012. Therefore, the rate of return on
long-term funds is identical to the discount rate for actuarial
liability. The rates of return thus employed are equal to 3.25%
for American insurance plans and 4.30% for British ones.
As at December 31, 2012, the allocation of plan assets was
approximately 69% in equities and 31% in bonds for the UK
and 18% in equities, 47% bonds and 34% in other instruments.
The table below details the changes, during financial 2012, of
the actuarial debt, and the market value of the hedging assets
(in €'000):
Changes in actuarial debt
2012
2011*
Actuarial debt at year start
47,894
40,147
Cost of services
1,030
776
Cost of accretion
2,038
1,983
Benefits paid
(3,356)
(939)
Wind-ups
(187)
Change in consolidation scope
1,985
Translation differential
151
(628)
Actuarial losses (gains)
7,079
4,569
Actuarial debt at year end
54,647
47,894
Change in market value
of hedging assets
2012
2011*
Opening value
20,738
19,710
Contributions paid by the Group
1,336
573
Benefits withheld from fund
(2,121)
(273)
Expected yield from assets
881
987
Translation differential
172
(853)
Actuarial gains (losses)
1,305
593
Value at year end
22,312
20,738
* The group has opted for early application as of January 1, 2012 of the revised
IAS 19; therefore, the financial statements for fiscal 2011 have been restated
in accordance with the new rules for comparison purposes.
The following table shows the reconciliation of amounts
recognized in the Group’s consolidated financial statements
and the above sums (in €K):
(in €'000)
12/31/2012
12/31/2011*
Liabilities recognized at year end (32,336)
(27,155)
* The Group has opted for early application as of January 1, 2012 of the revised
IAS 19; therefore, the financial statements for fiscal 2011 have been restated
in accordance with the new rules for comparison purposes.
The expense recognized in the operating income statement
by the Group for 2011 for defined benefits plans came to €2
million and breaks down as follows:
(in €'000)
2012
2011*
Cost of services
1,030
776
Cost of accretion
2,038
1,983
Expected yield from assets
(881)
(987)
Reductions / Wind-ups
(187)
Change in consolidation scope
61
Recognized expense (revenue)
1,999
1,832
* The Group has opted for early application as of January 1, 2012 of the revised
IAS 19; therefore, the financial statements for fiscal 2011 have been restated
in accordance with the new rules for comparison purposes.
Three foreign affiliates of the LISI AEROSPACE division are
concerned by the management of hedging assets. Actual
performance of these assets is variable and ranges between
2% and 5%.
