Annual report - HSE
Annual report - HSE
Annual report - HSE
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Provisions for termination and jubilee benefits (10)<br />
in €<br />
Provisions for termination and jubilee benefits 31 December 2012 31 December 2011<br />
Termination 472,685 547,497<br />
Jubilee benefits 193,020 187,201<br />
TOTAL 665,705 734,698<br />
At the end of 2012, the company discloses provisions for termination and jubilee benefits<br />
in the amount of EUR 665,705, created on the basis of actuarial calculation as at 31<br />
December 2012.<br />
The actuarial calculation was based on:<br />
• the number of employees in the company as at 31 December 2012 (gender, age, overall<br />
and pension qualifying period of service, average net and gross salary for the period July<br />
– September 2012);<br />
• method for calculating termination and jubilee benefits in the company;<br />
• average gross salary growth of 1.9% in 2013, 1.5% in 2014 and 2015 and 3.0% per year in<br />
the following years; and<br />
• discount interest rate of 4.6%; and<br />
• employee turnover by age category.<br />
In 2012, the company created provisions for termination and jubilee benefits in the amount<br />
of EUR 66,452 and drew them for payment of jubilee benefits in the amount of EUR<br />
135,445.<br />
Other provisions (11)<br />
in €<br />
Other provisions 31 December 2012 31 December 2011<br />
For lawsuits 6,501,957 7,982,714<br />
TOTAL 6,501,957 7,982,714<br />
Among other provisions, the company discloses the following:<br />
• provision, created in 2008, for lawsuits filed by the company TDR-Metalurgija d.d.- v<br />
stečaju and its related companies and employees. Two of four proceedings before the<br />
court have been solved in the benefit of the company, while no decision has been reached<br />
in the other two cases. The amount includes also default interest.<br />
• provision, created in 2007, for the fee requested as compensation for limited area use,<br />
charged to the company on the basis of the Decree on the concession for the exploitation<br />
of the Drava river for the generation of electricity (Official Gazette of RS no. 1/08). The<br />
provision was reversed in 2012. Six out of seven legal proceedings against the company<br />
have been solved in favour of the company (four in 2012). For this reason, the company<br />
expects that the last legal action will also be solved in its favour.<br />
in €<br />
Changes of other provisions<br />
For lawsuits<br />
Balance as at 01/01/2011 7,657,477<br />
<strong>Annual</strong> Report <strong>HSE</strong> 2012<br />
4 Financial Report of the company <strong>HSE</strong><br />
138<br />
Creation, increase 554,761<br />
Decrease - drawing -229,524<br />
Balance as at 31/12/2011 7,982,714<br />
Balance as at 01/01/2012 7,982,714<br />
Creation, increase 412,947<br />
Decrease - reversal -1,893,704<br />
Balance as at 31/12/2012 6,501,957