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> Consolidated financial statement of JSW S.A. Capital Group for 2012
Consolidated financial statement of JSW S.A. Capital Group for 2012
19. Employee benefit liabilities
31 Dec 2012 | 31 Dec 2011 | |
---|---|---|
Employee benefit liabilities captured in the consolidated statement of financial position on account of: | ||
– retirement and disability severance pays | 209.1 | 175 |
– jubilee awards | 315.5 | 246.7 |
– adjustment disability benefits | 224.1 | 186.4 |
– in-kind allowance of coal for pensioners and recipients of disability benefits | 1,360.7 | 1,202.5 |
– write-offs for the Company Social Benefit Fund for pensioners and recipients of disability benefits | 164.1 | 147.2 |
– other employee benefits | 80.9 | 56.2 |
Total | 2,354.4 | 2,014.0 |
of which: | ||
– long-term part | 2,084.7 | 1,774.3 |
– short-term part | 269.7 | 239.7 |
2012 | 2011 restated |
|
---|---|---|
Employee benefit costs captured in pre-tax profit on account of: | ||
– retirement and disability severance pays | 17.7 | 15.9 |
– jubilee awards | 120.6 | 67.7 |
– adjustment disability benefits | 9.6 | 9 |
– in-kind allowance of coal for pensioners and recipients of disability benefits | 82 | 78.3 |
– write-offs for the Company Social Benefit Fund for pensioners and recipients of disability benefits | 12.1 | 15.7 |
– other employee benefits | 27.5 | 17.8 |
Total | 269.5 | 204.4 |
2012 | 2011 restated |
|
---|---|---|
Employee benefit costs captured in other comprehensive income on account of: | ||
– retirement and disability severance pays | 35.6 | 20 |
– adjustment disability benefits | 47.8 | 27.1 |
– in-kind allowance of coal for pensioners and recipients of disability benefits | 138.3 | (62.6) |
– write-offs for the Company Social Benefit Fund for pensioners and recipients of disability benefits | 11.4 | (8.6) |
– other employee benefits | 0.9 | - |
Total | 234 | (24.1) |
Movement in employee benefit liabilities
2012 | 2011 restated |
|
---|---|---|
As at 1 January | 2,014.0 | 1,945.3 |
Current headcount cost | 73.8 | 69.4 |
Interest cost | 109.6 | 93.7 |
Actuarial loss/(profit) captured in pre-tax profit | 86.1 | 41.3 |
Actuarial loss /(profit) captured in other comprehensive income | 234 | (24.1) |
Total captured in comprehensive income | 503.5 | 180.3 |
Benefits paid out | (163.1) | (156.0) |
Acquisition of subsidiaries | - | 44.4 |
As at 31 December | 2,354.4 | 2,014.0 |
Total amount of employee benefit costs captured in the consolidated statement of comprehensive income:
2012 | 2011 restated |
|
---|---|---|
Cost of products, materials and merchandise sold | 126.9 | 84.3 |
Cost of sales | 0.8 | (0.1) |
Administrative costs | 32.2 | 26.5 |
Financial costs | 109.6 | 93.7 |
Total captured in pre-tax profit | 269.5 | 204.4 |
Amount captured in other comprehensive income | 234 | (24.1) |
Total captured in comprehensive income | 503.5 | 180.3 |
Key actuarial assumptions adopted for days ending the reporting periods:
2012 | 2011 | |
---|---|---|
Discount rate | 4.5% | 5.5%-5.75% |
Assumed average annual increase in the basis for calculating the provision for retirement and disability severance pays, jubilee awards, adjustment disability benefits | 2.6% | 2.3%-2.6% |
Assumed average annual increase in the basis for calculating the provision for in-kind allowance of coal | 2.7% | 2.7% |
Assumed average annual increase in the basis for calculating the provision for write-offs for the Company Social Benefit Fund | 4.5% | 4.6% |
Weighted average employee mobility ratio | 2.46% | 2.21% |
Assumptions regarding future mortality rates and probability of the employee becoming a disability benefit recipient were estimated based on the statistical data from Polish survival tables for men and women published by the Central Statistical Office, as at the measurement date.