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Employee benefit liabilities

Employee benefit liabilities
 year ended 31 December 2017year ended 31 December 2016
Employee benefit liabilities at beginning of period 5 774 6 075
Created 698 261
Used (771) (562)
Employee benefit liabilities at beginning of period 5 701 5 774
long-term 5 058 5 049
short-term 643 725

File in XLSX format 
Employee benefit liabilities plik .xlsx11,4 kB

According to the Regulations for Remuneration, employees are eligible for post-employment benefits.
The employees taking disability pension or retirement pension are eligible to a single severance pay in the amount established according to the Company’s internal regulations. Current value of such liabilities is based on the forecast of liabilities calculated by an independent actuary for the last day of a financial year.
Valuation as at 31 December 2017 was made using the projected unit credit method. The liability was calculated only for persons employed at the date of calculation and did not refer to people to be employed in the future. According to the adopted method of calculation, each service period entitled to additional credit unit and each unit was separately calculated. It is assumed that base salary of each employee will be changing in time, according to the assumptions defined in the actuarial report. Pension benefit liability was measured by establishing the present actuarial value of payments as at the date of calculation.

Main actuarial assumptions for establishing employee benefits
 as at 31 December 2017as at 31 December 2016
discount rate 3,2% - 3,25% 3,5%
expected inflation rate 2,5% 2,5%
expected salary increases 3,5% 3,5%
mobility rate 6,06% - 10,0% 6,58% - 10,3%

File in XLSX format 
Main actuarial assumptions for establishing employee benefits plik .xlsx11,2 kB

Provisions for employee benefits
 year ended 31 December 2017year ended 31 December 2016
Provisions for employee benefits at beginning of period 5 774 6 075
Current employment costs 466 560
Costs of future employment and reduction of the benefit plan  - (26)
Interest expense 200 176
Costs recognised in profit before tax 666 710
Actuarial gains / (loss 32 (449)
Costs recognised in comprehensive income 698 261
Benefits paid (771) (562)
Provisions for employee benefits at end of period 5 701 5 774

File in XLSX format 
Provisions for employee benefits plik .xlsx11,4 kB

Costs
 year ended 31 December 2017year ended 31 December 2016
Cost of products, goods and materials sold 388 346
General administrative expenses 87 188
Other operating expenses 191 176
Costs recognised in profit before tax 666 710
Actuarial gains / (loss) recognised in other comprehensive income 32 (449)
Costs recognised in comprehensive income 698 261

File in XLSX format 
Costs plik .xlsx11,1 kB

Sensitivity analysis

As at 31 December 2017 an analysis was performed of sensitivity of actuarial valuation results to the change of assumptions taken for the valuation in respect of the discount rate and the planned changes of the benefit calculation base to the amount of liability.

Sensitivity analysis for the parent company ELEKTROBUDOWA SA

Sensitivity analysis for the discount rate
Sensitivity analysis for the discount rate in the range -0.5 p. p. / + 0.5 p. p.carrying amount
of the provision for the discount rate 3.2%
carrying amount
of the provision for the discount rate 2.7%
carrying amount
of the provision for the discount rate 3.7%
Provisions for employee benefits 5 381 5 618 5 161
Change in relation to the carrying amount - 237 (220)

The discount rate reduction by 0.5 percentage point would result in the increase in employee benefit provision by 237 thousand PLN, whereas the increase of the discount rate by 0.5 percentage point would cause the provision to decrease by 220 thousand PLN.

Sensitivity analysis for the salaries/wages growth rate
Sensitivity analysis for the salaries/wages growth rate in the range -0.5 p. p. / + 0.5 p. p.carrying amount
of provision for the growth rate of salaries/wages 3.5%
carrying amount
of provision for the growth rate of salaries/wages 3.0%
carrying amount
of provision for the growth rate of salaries/wages 4.0%
Provisions for employee benefits 5 381 5 159 5 618
Change in relation to the carrying amount - (222) 237

Reduction of the growth rate of salaries by 0.5 percentage point would result in the decrease of employee benefit provision by 222 thousand PLN, while the increase of the growth rate of salaries by 0.5 percentage point would cause the provision to increase by 237 thousand PLN.

Sensitivity analysis for the subsidiary ENERGOTEST sp. z o.o.

Sensitivity analysis for the discount rate
Sensitivity analysis for the discount rate in the range -0.25 p. p. / + 0.25 p. p.carrying amount
of the provision for the discount rate 3,25%
carrying amount
of the provision for the discount rate 3,0%
carrying amount
of the provision for the discount rate 3,5%
Provisions for employee benefits 320 326 313
Change in relation to the carrying amount - 6 (7)

The discount rate reduction by 0.25 percentage point would result in the increase in employee benefit provision by 6 thousand PLN, whereas the increase of the discount rate by 0.25 percentage point would cause the provision to decrease by 7 thousand PLN.

Sensitivity analysis for the salaries/wages growth rate
Sensitivity analysis for the salaries/wages growth rate in the range -0.25 p. p. / + 0.25 p. p.carrying amount
of provision for the growth rate of salaries/wages 3,5%
carrying amount
of provision for the growth rate of salaries/wages 3,25%
carrying amount
of provision for the growth rate of salaries/wages 3,75%
Provisions for employee benefits 320 313 326
Change in relation to the carrying amount - (7) 6

Reduction of the growth rate of salaries by 0.25 percentage point would result in the decrease of employee benefit provision by 7 thousand PLN, while the increase of the growth rate of salaries by 0.25 percentage point would cause the provision to increase by 6 thousand PLN.


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