Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
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one or more uncertain future events not fully under the control of the entity; (ii) current obligations
deriving from past events whose amount cannot be reliably estimated or whose fulfilment will likely
not incur a charge.
Restructuring provisions
Restructuring provisions are recognised where a detailed formal programme has been approved which
has raised a valid expectation among third parties that the company will carry out the restructuring by
starting to implement that plan or announcing its main features to those affected by it.
Employee benefits
All employee benefits are measured and reflected in the financial statements on an accruals basis.
Defined
contribution plans
Defined contribution plans are post-employment benefit plans under which the entity pays fixed
contributions to a separate entity and will not have a legal or implied obligation to pay further
contributions. The contributions to be paid to defined contribution plans are recognised as costs in the
income statement when incurred. Contributions paid in advance are recognised under assets up to the
advanced payment which will determine a reduction in future payments or a reimbursement.
Defined
benefit plans
Defined benefit plans are post-employment benefit plans other than defined contribution plans. The
net obligation of the Group deriving from defined benefit plans is calculated separately for each plan
estimating the amount of the future benefit which the employees matured in exchange for the services
provided in the current and previous years; this benefit is discounted to calculate the present value,
while any costs relating to past services not recorded in the financial statements and the Fair Value of
any assets to service the plan are deducted from liabilities. The discount rate is the return, at the
reporting date, of the primary obligations whose maturity date approximates the terms of the
obligations of the Group and which are expressed in the same currency in which it is expected the
benefits will be paid. The calculation is made by an independent actuary utilising the projected credit
unit method. Where the calculation generates a benefit for the Group, the asset recognised is limited
to the total, net of all costs relating to past services not recognised and the present value of all
economic benefits available in the form of refunds from the plan or reductions in future contributions
to the plan. Where improvements are made to the plan benefits, the portion of increased benefits
relating to past services is recognised as an expense on a straight-line basis over the average period