121
120
Annual Financial Statements
The assumptions used, are presented in the following table:
31/12/2014
31/12/2013
31/12/2012
31/12/2011
31/12/2010
Discount Rate
2.50%
3.60%
4.60%
5.20%
5.50%
Future Salary increases
2.00%
2.00%
3.00%
3.20%
3.50%
Inflation
2.00%
1.50%
2.00%
2.00%
2.50%
Employee Expense
MYTILINEOS GROUP
31/12/2014
31/12/2013
(Amounts in thousands
€
)
Total
Total
Wages & Salaries
110,608
57,759
Employeer Contributions
29,533
15,408
Amount included in employees' benefits
2,212
1,833
Total Personnel Costs
142,354
75,000
MYTILINEOS S.A.
31/12/2014
31/12/2013
(Amounts in thousands
€
)
Total
Total
Wages & Salaries
8,425
3,777
Employeer Contributions
1,450
704
Amount included in employees' benefits
39
55
Total Personnel Costs
9,914
4,536
4.15 Provisions
Provisions referring to Group and Company are recognized if the fol-
lowing are met: (a) legal or implied liabilities exist as a consequence
of past events, (b) there is a possibility of settlement that will require
the outflow if economic benefits and (c) the amount of the liability can
be measured reliably. More specifically, the Group recognizes provi-
sions for environmental restorations as a result of exploitation of min-
eral resources processed mainly for the production of Alumina and
Aluminum. All provisions are reviewed at each balance-sheet date
and are adjusted accordingly so that they reflect the present value of
expenses that will be required for the restoration of the environment.
Contingent receivables are not recognized in the financial statements
but are disclosed if there is a possibility of an inflow of economic ben-
efits.
MYTILINEOS GROUP
(Amounts in thousands
€
)
Litigation
Provision
Environmental
Restoration Tax liabilities Other
Total
1/1/2013
-
1,779
3,402 17,895 23,076
Additional Provisions For The Period
-
-
13
1,866
1,880
Exchange Rate Differences
-
(1,000)
(800)
(1,290)
(3,090)
Realised Provisions For The Period
-
(196)
(66)
(2,977)
(3,239)
31/12/2013
-
583
2,549 15,494 18,627
Long -Term
-
583
2,549 15,490 18,622
Short - Term
-
-
-
4
4
Sale Of Subsidiary
-
-
(120)
-
(120)
Additional Provisions For The Period
-
-
6
1,262
1,268
Unrealised Reversed Provisions
-
-
-
(1,200)
(1,200)
Exchange Rate Differences
-
-
1
-
1
Realised Provisions For The Period
-
(174)
-
(2,884)
(3,059)
31/12/2014
-
408
2,437 12,667 15,512
Long -Term
-
408
2,437 12,667 15,512
Short - Term
-
-
-
-
-
MYTILINEOS S.A.
(Amounts in thousands
€
)
Litigation
Provision
Environmental
Restoration Tax liabilities Other
Total
1/1/2013
-
-
1,102
266
1,368
Realised Provisions For The Period
-
-
-
-
-
31/12/2013
-
-
1,102
266
1,368
Long -Term
-
-
1,102
266
1,368
Short - Term
-
-
-
-
-
Realised Provisions For The Period
-
-
-
-
-
31/12/2014
-
-
1,102
266
1,368
Long -Term
-
-
1,102
266
1,368
Short - Term
-
-
-
-
-
Environmental Restoration.
This provi-
sion represents the present value of the
estimated costs to reclaim quarry sites and
other similar post-closure obligations.
Tax Liabilities.
This provision relates to
future obligations that may result from tax
audits.
Other provisions.
Comprise other provi-
sions relating to other risks none of which
are individually material to the Group and
to contingent liabilities arising from current
commitments.
