Annual Report - EDP

notes to theEDPconsolidated- Energias de Portugal,and companyS.A.financial statementsfor the years ended 31 december 2012 and 2011Notes to the Consolidated and Company Financial Statementsfor the years ended 31 December 2012 and 2011The liability for retirement pensions and related coverage for the Group, as at 31 December 2012 and 2011 is analysed as follows:Dec 2012Thousands of Euros Portugal Spain Brazil GroupProvision for Pension PlansLiability at the end of the year 1,727,211 104,539 349,616 2,181,366Fair value of plan assets at the end of the year -960,342 - -321,431 -1,281,773Asset ceiling - - 32,601 32,601Provision at the end of the year 766,869 104,539 60,786 932,194Dec 2011Thousands of Euros Portugal Spain Brazil GroupProvision for Pension PlansLiability at the end of the year 1,804,825 90,599 311,105 2,206,529Fair value of plan assets at the end of the year -941,238 - -311,384 -1,252,622Asset ceiling - - 40,754 40,754Provision at the end of the year 863,587 90,599 40,475 994,661The caption Asset ceiling refers to the unrecognised assets in the respective accounting years.The evolution of the present value of the plan liability and fair value of the plan assets of the related funds is analysed as follows:Thousands of Euros 2012 2011 2010 2009 2008Provision for Pension PlansLiability at the end of the year 2,181,366 2,206,529 2,340,207 2,302,307 2,192,985Fair value of plan assets at the end of the year -1,281,773 -1,252,622 -1,290,865 -1,233,762 -1,146,273Asset ceiling 32,601 40,754 43,733 27,436 20,841Provision at the end of the year 932,194 994,661 1,093,075 1,095,981 1,067,553The experience adjustments (effects of the differences between the previous actuarial assumptions and what has really occurred) for the Portugal Pension Funds areanalysed as follows:Thousands of Euros 2012 2011 2010 2009 2008Experience adjustments for the Plan liabilities -25,009 -53,764 11,939 -9,112 -33,781Experience adjustments for the Plan assets 32,511 -70,732 -33,724 13,676 -136,929The experience adjustments (effects of the differences between the previous actuarial assumptions and what has really occurred) for the Brazil Pension Funds areanalysed as follows:Thousands of Euros 2012 2011 2010 2009 2008Experience adjustments for the Plan liabilities 3,469 -12,478 -3,238 2,701 4,693Experience adjustments for the Plan assets 21,032 35,706 4,244 5,160 -18,938The past service liability of the pension plans for the Group, as at 31 December 2012 and 2011 is as follows:Dec 2012Thousands of Euros Portugal Spain Brazil GroupEvolution of the liabilityLiability at the beginning of the year 1,804,825 90,599 311,105 2,206,529Current service cost 11,796 376 33 12,205Interest cost 86,121 5,662 30,020 121,803Benefits paid -189,262 -10,217 -16,424 -215,903Curtailments / settlements 20,217 - 52 20,269Actuarial losses and gains -6,486 18,341 59,827 71,682Currency fluctuation - - -38,480 -38,480Other - -222 3,483 3,261Liability at the end of the year 1,727,211 104,539 349,616 2,181,366Dec 2011Thousands of Euros Portugal Spain Brazil GroupEvolution of the liabilityLiability at the beginning of the year 1,961,418 92,936 285,853 2,340,207Current service cost 13,781 3,480 -403 16,858Interest cost 93,240 3,339 28,581 125,160Benefits paid -192,580 -10,239 -16,273 -219,092Curtailments / settlements 15,183 - - 15,183Actuarial losses and gains -86,217 -2,719 37,817 -51,119Currency fluctuation - - -25,321 -25,321Other - 3,802 851 4,653Liability at the end of the year 1,804,825 90,599 311,105 2,206,529EDP - Annual Report 2012227