Fracción cubierta por caldera mensual
4.7. Función global para Sevilla
4.7.1. Ejemplos Restaurante
The statement of changes in equity precedes these Notes.
The actuarial gains and losses on defined benefit pension plans were previously included in retained earnings and are now recog- nized within other reserves. The previous year’s figure was adjusted accordingly by transferring an amount of € -28,588 thousand from retained earnings to other reserves.
The change in the difference from currency translation of € -47,293 thousand (2012: € -3,589 thousand) resulted mainly from the depreciation of the us dollar and pound sterling. The values exclude minority interests.
Gf K 2013
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N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
The breakdown of pension provisions reported in the consolidat- ed balance sheet is shown in the table below.
31.12.2012 1) 31.12.2013
Present value of overall obligations 129,940 108,341
Fair value of plan assets –65,525 –58,975
Refund claims –199 0
Impact of ceiling as per ias 19.64 0 84
NET PRESENT VALUE OF OBLIGATIONS 64,216 49,450
Pension provisions 64,509 49,450
Other assets –293 0
NET AMOUNT REPORTED ON BALANCE SHEET 64,216 49,450
Pension arrangements for major defined benefit plans are out- lined in the following:
GfK Switzerland ag, Hergiswil, Switzerland accounted for € 57,945 thousand (2012: € 80,355 thousand 1)) of defined benefit ob- ligation and for € 58,030 thousand (2012: € 64,577 thousand) of plan assets. During the reporting year, pension plans were switched from defined benefit plans to modified defined contribution plans, leading to a one-off gain of € 10,051 thousand which is reported under cost of sales, and selling and general administrative expenses. The ben- efits are based on a modified defined contribution plan with a guar- anteed minimum interest rate and set conversion rates. They include benefits for retirement, invalidity and surviving dependents, which go beyond statutory benefit requirements. The pension fund has a legal status as a foundation which is a legal entity in its own right. The foundation is responsible for capital investments and pursues a more conservative investment strategy within prescribed margins.
GfK se accounted for € 41,242 thousand (2012: € 39,868 thou- sand) of the defined benefit obligation and for € 419 thousand (2012: € 363 thousand) of plan assets. The benefit plan, which is based on final salary, includes pensions, early retirement pensions or invalid- ity pensions along with benefits for surviving dependents. There are no statutory minimum funding requirements for pension commit- ments. Responsibility for managing the plan lies with other compa- nies such as insurance companies and investment companies.
GfK does not see any unusual company or plan-specific risks for either commitments or any significant risk concentration arising from these benefit plans.
The movement in the defined benefit obligation during the peri- od under review is shown in the table below.
For defined contribution plans, which are financed exclusively on the basis of external funds, there are no further obligations for GfK companies other than paying contributions. Expenses for de- fined contribution plans also include employer contributions to stat- utory pension plans.
The basis of assessment for contributions to defined contribu- tion plans is mainly the length of service with the company and the wage or salary level of the employee. However, the benefits can vary depending on the legal, fiscal and economic framework conditions of the country concerned. The expenses for defined contribution plans amounted to € 22,223 thousand in 2013 (2012: € 20,503 thou- sand).
The pension obligations arising from defined benefit plans are reported according to the projected unit credit method. Actuarial reports are produced annually by independent actuaries for defined benefit plans. The actuaries apply statistical and actuarial calcula- tions to determine the assets and provisions to be carried on the balance sheet. Determining the present value of defined benefit plans and pension assets is based on empirical and statistical esti- mated values, such as future salary increases or mortality rates.
In the following, all previous-year figures are restated in view of the retrospective application of ias 19 (2011). Restated figures are marked in this chapter with 1). Further notes on this point can be found in Section 3. “Accounting policies”.
Discrepancies between the actual values and these estimated values are expressed as actuarial gains or losses. Actuarial gains and losses are recognized in other comprehensive income. In the year under review, actuarial gains of € 6,139 thousand (2012: losses of € 12,134 thousand 1)) were posted in this way. This change also comprises the effects of currency translation. The cumulative amount recognized in other reserves in this respect totaled € -22,794 thousand as at 31 December 2013 (2012: € -28,932 thousand 1)). The values indicated represent the relevant figures before deferred taxes and excluding minority interests.
The calculation of obligations is based on the actuarial and sta- tistical assumptions listed in the table below (weighted averages).
2012 2013
Discount rate 2.55% 2.86%
Rate of salary increase 2.11% 1.80%
Fluctuation rate 5.10% 4.60%
Expected growth in pensions 0.61% 0.78%
Mortality rates for GfK companies in Germany were taken from the 2005 g guideline tables by Dr. Klaus Heubeck. In the case of Switzerland, the mortality rates come from the bvg 2010 actuarial table.
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N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S N O T E S T O T H E C O N S O L I D A T E D
F I N A N C I A L S T A T E M E N T S
The exchange rate changes shown in the tables mainly reflect the depreciation of the Swiss franc.
In the next two tables, the fair value of plan assets is split into various assets classes that distinguish the nature and risks of those assets. There is a further split into assets for which there is a quoted market price in an active market and assets for which this is not the case. 31.12.2012 Market price in an active market No market price in an active market Total
Cash and cash equivalents 0 0 0
Equity instruments 4,935 218 5,153 Debt instruments 22,438 990 23,428 Real estate 10,051 9,141 19,192 Investment funds 173 0 173 Insurance contracts 0 372 372 Miscellaneous 16,093 1,114 17,207
FAIR VALUE OF PLAN ASSETS 53,690 11,835 65,525
31.12.2013 Market price in an active market No market price in an active market Total
Cash and cash equivalents 1,626 0 1,626
Equity instruments 15,957 0 15,957 Debt instruments 20,263 0 20,263 Real estate 4,226 8,961 13,187 Investment funds 216 0 216 Insurance contracts 0 408 408 Miscellaneous 6,997 321 7,318
FAIR VALUE OF PLAN ASSETS 49,285 9,690 58,975
The actual results from the plan assets amounted to € 2,310 thousand in 2013 (2012: € 5,602 thousand 1)).
The movement in the asset ceiling is shown in the table below.
2012 2013
Fair value of asset ceiling as at 1 January 0 0
Change in asset ceiling (excl. interest income) 0 84
FAIR VALUE OF ASSET CEILING
AS AT 31 DECEMBER 0 84
According to GfK estimates, contributions of around € 2,196 thousand will be payable into pension plans for Germany and Swit- zerland over the coming year (2012: € 2,493 thousand 1)). GfK ex- pects pension payments of € 3,468 thousand (2012: € 3,188 thou- sand 1)) for the year thereafter. The weighted duration of the defined benefit obligation is 13 years.
20121) 2013
Present value of defined benefit obligation
as at 1 January 112,610 129,940
Current service cost 3,905 4,251
Interest cost 3,936 3,241
Participant contributions 1,756 1,419
Actuarial gains / losses from demographic assumptions 0 0
Actuarial gains / losses from financial assumptions 14,855 –2,811
Actuarial gains / losses from experience adjustments 692 –2,204
Exchange rate changes 104 –1,995
Benefits paid –4,707 –4,098
Benefits paid in Switzerland under the freedom
of capital movements –4,243 –11,516
Past service cost 879 –9,821
Company mergers 0 2,145
Plan reductions 66 0
Plan settlements 87 –210
PRESENT VALUE OF DEFINED BENEFIT
OBLIGATIONS AS AT 31 DECEMBER 129,940 108,341
The following sensitivity analysis helps approximately quantify the risk that can arise under certain assumed conditions if specific parameters change. The table gives an overview of how a change in the relevant actuarial assumptions would affect the present value of the defined benefit obligation while all other factors remained con- stant.
31.12.2013
Presentvalueofdefinedbenefitobligation 108.341
Present value of defined benefit obligation, if
the discount rate were
0.5 percentage points higher 102,033
0.5 percentage points lower 115,653
the salary trend was
0.1 percentage points higher 108,470
0.1 percentage points lower 108,069
the change of the pension trend was
0.1 percentage points higher 109,323
0.1 percentage points lower 107,646
The table below shows the movement in plan assets.
20121) 2013
Fair value of plan assets as at 1 January 60,744 65,525
Expected return on plan assets 1,729 1,411
Actuarial gains and losses 3,880 875
Exchange rate changes 280 –1,186
Employer contributions 3,231 2,092
Participant contributions 1,756 1,419
Benefits paid –1,852 –1,790
Benefits paid in Switzerland under the freedom
of capital movements –4,243 –11,516
Company mergers 0 2,145
FAIR VALUE OF PLAN ASSETS
Gf K 2013
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N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
The change of € -297 thousand in the consolidated total income has a corresponding impact on the statement of consolidated com- prehensive income and equity change statement for 2012. In view of immaterial adjustments in the consolidated income state- ment, there is no separate statement for Q4 2012.
The GfK Group’s consolidated cash flow statement for 2012 is affect- ed by the increase in long-term provisions, the change in deferred taxes and reduction in consolidated total income. This shift occurs exclusively within the cash flow from ongoing business activity and has no impact on the amount of the latter.
The basic earnings per share and the diluted earnings per share of originally € 1.44 for 2012 change by € -0.01 to € 1.43 respectively as a result of the adjustments described.
The arithmetical impact from retaining ias 19 (2008) on the GfK Group’s current consolidated balance sheet and current consolidat- ed income statement is shown in the following tables.
In addition to its impact on the consolidated balance sheet as at 31 December 2012, the impact of the application of ias 19 (2008) on the consolidated balance sheet as at 31 December 2013 is as follows:
31 December 2013
ias 19 (2011) Reconcili-ation ias 19 (2008)
Total equity 663,709 0 663,709
of which retained earnings 349,176 3,128 352,304
of which other reserves –95,807 –3,128 –98,935
Impact of the application of ias 19 (2008) on the consolidated income statement for 2013:
1 January to 31 December 2013 ias 19 (2011) Reconcili-ation ias 19 (2008)
Operating income 26,516 3,595 30,111
of which costs of sales –1,007,972 2,696 –1,005,276
of which selling and general
administrative expenses –328,186 899 –327,287
Income from ongoing
business activity 4,158 3,595 7,753
Taxes on income from
ongoing business activity –46,218 –467 –46,685
CONSOLIDATED TOTAL INCOME –42,060 3,128 –38,932
The € 3,128 thousand improvement in consolidated total income would have a corresponding impact on the statement of consolidat- ed comprehensive income and equity change statement for 2013. In the cash flow statement for 2013, there would only be shifts in the cash flow from operating activity which would not affect the amount of the latter.
In view of this immaterial effect, there is no need for a separate statement for Q4 2013.
If applying ias 19 (2008), the basic earnings per share and the diluted earnings per share for 2013 would amount to € -1.39 respec- tively and therefore be € 0.09 above the actual earnings per share. The amounts reported in the consolidated income statement
break down as shown in the table below:
2012 1) 2013
Service cost 3,905 4,251
Interest cost 3,936 3,240
Expected return on plan assets –1,730 –1,411
Expected return from refund claims –10 –4
Past service costs 879 –9,821
Gains and losses from the curtailment or discontinu-
ation of pension plans 171 1
PENSION EXPENSES 7,151 –3,744
The pension gain mainly reflects the switch of pension plans in Switzerland from defined benefit plans to modified defined contribu- tion plans. It is included mainly in cost of sales, and selling and general administrative expenses.
The following tables show the impact of the changes arising from the retrospective change in ias 19 (2011) outlined in Section 3. “Accounting policies” on the GfK Group’s consolidated balance sheet as at 31 December 2012 and the consolidated income state- ment for the period from 1 January to 31 December 2012.
Impact of the application of ias 19 (2011) in the consolidated balance sheet as at 31 December 2012:
31 December 2012 Pre adjust- ment ias 19 (2008) Adjustment Post adjust- ment ias 19 (2011) Total assets 1,880,502 –658 1,879,844
of which deferred tax assets 50,099 –658 49,441
Total equity 777,267 4,748 782,015
of which retained earnings 427,776 –297 427,479
of which other reserves –59,345 5,045 –54,300
Total liabilities and provisions 1,103,235 –5,406 1,097,829
of which non-current provisions 93,534 –5,505 88,029
of which deferred tax expenses 82,660 99 82,759
The position in accordance with ias 19 (2008) already includes the reallocation of actuarial gains and losses on defined benefit plans from retained earnings to other reserves; cf. Notes to the Con- solidated Financial Statements, Section 1. “General information”.
Impact of the application of ias 19 (2011) in the consolidated income statement for 2012:
1 January to 31 December 2012 Pre adjust- ment ias 19 (2008) Adjustment Post adjust- ment ias 19 (2011) Operating income 129,725 –357 129,368
of which cost of sales –1,030,419 –207 –1,030,626
of which selling and general
administrative expenses –323,471 –150 –323,621
Income from ongoing
business activity 108,576 –357 108,219
Tax on income from ongoing
business activity –44,161 60 –44,101