Page 238 - Sigmaroc Annual-Report 2023

SIGMAROC ANNUAL REPORT 2023 FINANCIAL REPORT
Notes to the financial statements
Amounts recognised in the Statement of Changes in Equity
Prior year cumulative actuarial remeasurements
Remeasurements
Foreign exchange movement
Cumulative amount of actuarial gains and losses recognised in the Statement of recognised income / (expense)
Movements in the net liability/(asset) recognised in the Statement of Financial Position
Net liability in the balance sheet at beginning of year
Total expense recognised in the income statement
Contributions paid by the company
Amount recognised in the statement of recognised (income)/expense Remeasurements in OCI
Other significant events
Foreign exchange movement
Defined benefit obligation at end of year
Principal actuarial assumptions as at 31 December 2022
Discount rate
Future salary increases Future inflation
Post-retirement benefits
The Group operates both defined benefit and defined contribution pension plans.
Pension plans in Belgium are of the defined benefit type because of the minimum promised return on contributions required by law. The liability or asset recognised in the Statement of Financial Position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to
152 (844) 54
(638)
4,292 207 (317) (127) (844) 249 83 3,543
31 December 2023 £’000
31 December 2023 £’000
31 December 2022 £’000
-
978
-
978
31 December 2022 £’000
3,543
264
(354)
163
978
(40)
(199)
4,355
3.87%
2.93%
2.00%
the terms of the related obligation. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Income Statement. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the Statement of Changes in Equity and in the Statement of Financial Position.
For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due.