Download Complete PDF - Informe Anual 2012
Download Complete PDF - Informe Anual 2012
Download Complete PDF - Informe Anual 2012
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Provisions for pensions and similar obligations<br />
The item “Provision for pensions and similar obligations” includes the pension fund of certain employees of the Netherlands business unit, as well as the<br />
T.F.R. (Trattamento di fine rapporto), an amount paid to all workers in Italy at the moment they leave the company for any reason. This is another remuneration<br />
element, whose payment is deferred and annually allocated in proportion to fixed and variable remuneration both in kind and in cash, which is valued on a<br />
regular basis. The annual amount to be reserved is equivalent to the remuneration amount divided by 13.5. The annual cumulative fund is reviewed at a fixed<br />
interest rate of 1.5% plus 75% of the increase in the consumer price index (CPI). At year-end <strong>2012</strong>, the liabilities booked under this item amounted to €13,522<br />
thousand (€15,470 thousand at 31 December 2011).<br />
The projected unit credit method is used to calculate the obligations associated with this pension plan.<br />
The breakdown of the main hypotheses used to calculate actuarial liabilities is as follows:<br />
<strong>2012</strong> 2011<br />
Discount rates 5.75% 5.75%<br />
Expected annual rate of salary rise 2.50% 2.50%<br />
Expected return from assets allocated to the plan 4.75%-5.75% 4.75%-5.75%<br />
No reductions or settlements related to the plan occurred in <strong>2012</strong>. Any actuarial gains and losses generated were not significant (see Note 4.19).<br />
Restructuring provision<br />
The allowances booked during <strong>2012</strong> under the item “Restructuring provision” include the short-term provision of €19.981 million to cover the restructuring<br />
plan that the Group approved for reorganisation purposes, and which is being carried out both in Spain and Italy (see Note 4.19).<br />
22. TAX NOTE<br />
The breakdown of deferred taxes, by country and item, at 31 December <strong>2012</strong> is as follows:<br />
€ Thousand<br />
Tax credits Prepaid Taxes Total Assets Liabilities<br />
Spain 134,984 50,103 185,087 68,712<br />
Italy 5,090 6,743 11,833 113,901<br />
Germany - 3,947 3,947 1,152<br />
Others 736 9,581 10,317 50,174<br />
Total 140,810 70,374 211,184 233,939<br />
Balances with Public Administrations<br />
The composition of the debit balances with Public Administrations at 31 December <strong>2012</strong> and 2011 is as follows:<br />
€ Thousand<br />
<strong>2012</strong> 2011<br />
Deferred tax assets<br />
Tax credits 140,810 83,124<br />
Tax assets due to asset impairment 40,591 28,407<br />
Tax withholdings of personnel 1,137 1,220<br />
Derivative financial instruments 10,932 11,845<br />
Other prepaid taxes 17,714 10,340<br />
211,184 134,936<br />
€ Thousand<br />
<strong>2012</strong> 2011<br />
Short-term taxes receivable<br />
Corporate Income Tax 5,270 4,355<br />
Value Added Tax 24,955 31,117<br />
Other tax receivables 7,755 8,491<br />
Total 37,980 43,963<br />
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 95