Annual Report - EDP

notes to the consolidated EDP - and Energias company de Portugal, financial S.A. statementsfor the Notes years to the ended Consolidated 31 december and Company 2012 Financial and Statements 2011for the years ended 31 December 2012 and 2011The components of consolidated net cost of the pensions plans recognised in the year were as follows:Dec 2012Thousands of Euros Portugal Spain Brazil GroupCost for the yearCurrent service cost 11,796 376 33 12,205Curtailments / settlements 20,217 - 52 20,269Operational component (see note 10) 32,013 376 85 32,474Interest cost 86,121 5,662 30,020 121,803Expected return on plan assets -45,553 - -28,048 -73,601Financial component (see note 15) 40,568 5,662 1,972 48,202Net cost for the year 72,581 6,038 2,057 80,676Dec 2011Thousands of Euros Portugal Spain Brazil GroupCost for the yearCurrent service cost 13,781 3,480 -403 16,858Curtailments / settlements 15,183 - - 15,183Operational component (see note 10) 28,964 3,480 -403 32,041Interest cost 93,240 3,339 28,581 125,160Expected return on plan assets -55,201 - -25,033 -80,234Financial component (see note 15) 38,039 3,339 3,548 44,926Net cost for the year 67,003 6,819 3,145 76,967The evolution of the consolidated assets of the Pension Funds is analysed as follows:Dec 2012Thousands of Euros Portugal Spain Brazil GroupPension fundsFair value of plan assets at the beginning of the year 941,238 - 311,384 1,252,622Group contribution - - 6,313 6,313Plan participants contributions - - 925 925Benefits paid -58,960 - -15,892 -74,852Actual return on plan assets 45,553 - 28,048 73,601Actuarial gains/(losses) 32,511 - 26,991 59,502Currency fluctuation - - -36,495 -36,495Other varitions - - 157 157Assets value at the end of the year 960,342 - 321,431 1,281,773The actuarial gains/losses in Brazil include the amount of 4,113 thousands of Euros (10,317 thousands of Reais) related to actuarial gains and losses of asset ceiling notrecognised in reserves (2011: positive in 632 thousands of Euros).To determine the amount of provisions for pension funds, it has been deducted from the assets funds the value of the asset ceiling of 32,601 thousands of Euros,converted at closing rate of Brazilian Real (88,140 thousands of Reais). As at 31 December 2011 the value of the asset ceiling was 40,754 thousands of Euros.Dec 2011Thousands of Euros Portugal Spain Brazil GroupPension fundsFair value of plan assets at the beginning of the year 1,013,829 - 277,036 1,290,865Group contribution - - 7,522 7,522Plan participants contributions - - 836 836Benefits paid -57,060 - -16,010 -73,070Actual return on plan assets 55,201 - 25,033 80,234Actuarial gains/(losses) -70,732 - 41,809 -28,923Currency fluctuation - - -24,919 -24,919Other varitions - - 77 77Assets value at the end of the year 941,238 - 311,384 1,252,622As at 31 December 2012 and 2011, the assets of the pension fund in Portugal are analysed as follows:Fund assets by natureThousands of Euros Liquidity Bonds Shares Property Other Total31 December 2012 -2,512 535,916 222,703 147,783 56,452 960,34231 December 2011 10,466 524,803 194,954 159,777 51,238 941,238Fund assets by nature% Liquidity Bonds Shares Property Other Total31 December 2012 -0.26% 55.80% 23.19% 15.39% 5.88% 100.00%31 December 2011 1.11% 55.76% 20.71% 16.98% 5.44% 100.00%Properties included in the fund, that are being used by the Group amount to 118,232 thousands of Euros as at 31 December 2012 (124,722 thousands of Euros at 31December 2011). Bonds include 16,166 thousands of Euros (4,916 thousands of Euros as at 31 December 2011) relating to bonds issued by EDP Finance B.V.228A World Full Of Energy