Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
120
“Other increases” related to the offsetting with hedging financial assets by Daler Rowney Ltd (United
Kingdom).
The following table outlines the amount of employee benefits, broken down by funded and unfunded
by assets in service of the plan over the last two years:
1. Obligations for Employee Benefits
December 31, 2016
December 31, 2015
Present Value of Obligations Not Covered by Assets to Service Plan
2,414
2,572
2,414
2,572
Present Value of Obligations Covered by Assets to Service Plan
9,915
3,611
Fair Value of Plan Assets Relating to the Obligations
(986)
(831)
8,929
2,780
Total
11,343
5,352
EMPLOYEE BENEFIT PLANS
The financial assets at December 31, 2016 invested by the F.I.L.A. Group to cover financial liabilities
arising from “Employee Benefits” amount to Euro 986 thousand (Euro 831 thousand at December 31,
2015) and relate to Dixon Ticonderoga Company (Euro 730 thousand) and F.I.L.A.-Dixon, S.A. de
C.V. (Euro 256 thousand). The financial investments have an average yield of 4.5% on invested
capital (equally broken down between investments in the “Ticket PFG” fund and investments in
guaranteed yield contracts). The “structure” of financial investments at December 31, 2016 did not
change on the previous year.
The table below highlights the net cost of employee benefit components recognised to the income
statement in 2016 and 2015:
2. Cost Recognised in Income Statement
2016
2015
Pension Cost for Service
2,177
1,889
Financial Expense
190
86
Cost Recognised in Income Statement
2,367
1,975
The principal actuarial assumptions used for the estimate of the post-employment benefits were the
following:
3. Main Actuarial Assumptions at Reporting Date (average values)
December 31, 2016
December 31, 2015
Annual Technical Discounting Rate
3.2%
4.3%
Increase Cost of Living
3.8%
4.3%
Future Increase in Salaries
2.5%
2.4%
Future Increase in Pensions
2.0%
2.0%
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
121
Details of the financial cash flows of employee benefits at December 31, 2016 are illustrated in the
table below.
2017
2018
2019
2020
Beyond 2020
Post-employment benefits Italy (TFR)
2,414
118
93
101
104
1,998
Employee Benefits
8,929
690
130
191
115
7,803
Total
11,343
808
223
292
219
9,801
* in Euro thousands
Note 14.B EMPLOYEE BENEFITS: TIMING CASH FLOWS
Nature
Amount
Timing cash flows
Note 15 - Provision for Risks and Charges
“Provision for Risks and Charges” at December 31, 2016 amount to Euro 4,067 thousand (Euro 1,376
thousand at December 31, 2015), of which Euro 1,618 thousand (Euro 942 thousand at December 31,
2015) concerning the non-current portion and Euro 2,449 thousand (Euro 434 thousand at December
31, 2015) concerning the current portion.
Euro thousands
Provisions_for_Tax_Disputes_Risks_Provisions_for_Legal_Disputes_Provisions_for_Agents_Restructuring'>Risks Provisions for
Tax Disputes
Risks Provisions for
Legal Disputes
Provisions for
Agents
Restructuring
Provisions
Other
Provisions
Total
December 31, 2015
39
132
647
-
558
1,376
non-current portion
-
-
607
-
335
942
current portion
39
132
40
-
223
434
December 31, 2016
39
263
794
1,845
1,126
4,067
non-current portion
-
-
686
-
932
1,618
current portion
39
263
108
1,845
194
2,449
Change
-
131
147
1,845
568
2,691
non-current portion
-
-
79
-
597
676
current portion
-
131
68
1,845
(29)
2,015
Note 15A - PROVISION FOR RISKS AND CHARGES
The change in the account “Provision for Risks and Charges” at December 31, 2016 was as follows:
Euro thousands
Risks Provisions for
Tax Disputes
Risks Provisions for
Legal Disputes
Provisions for
Agents
Restructuring
Provisions
Other Provisions
Total
December 31, 2015
39
132
647
-
558
1,376
Utilisation of Provisions
-
(244)
(62)
(30)
(392)
(728)
Provisions Accrued
-
-
105
1,875
587
2,566
Release provision for risks and charges
-
(341)
-
-
-
(341)
Discounting
-
-
95
-
-
95
Change in consolidation scope
-
784
9
-
361
1,154
Exchange Differences
-
(68)
-
-
12
(56)
December 31, 2016
39
263
794
1,845
1,126
4,067
Change
-
131
147
1,845
568
2,691
Note 15.B PROVISION FOR RISKS AND CHARGES: CHANGES IN YEAR
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