APC 2013 Annual Report Download - page 222

5CONSOLIDATED FINANCIALSTATEMENTS ATDECEMBER 31, 2013
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
21.6 – Schneider ElectricSA shares
At December31, 2013, the Group held 7,941,129 Schneider Electric shares in treasury stock, which have been recorded as a deduction
from retained earnings.
21.7 – Tax on equity
Total income tax recorded in Equity amounts to EUR309million as of December31, 2013 and can be analyzed as follows:
Dec.31, 2013 Dec.31, 2012* Change in tax
Cash-flow hedges 93 89 4
Available-for-sale financial assets (8) (8) -
Actuarial gains (losses) on defined benefits 225 314 (89)
Other (1) (1) -
TOTAL 309 394 (85)
The 2012 figures were restated for the application of IAS19 Revised disclosed in note22 of the consolidated financial statements.*
Pensions and other post-employment benefit obligations Note22
The Group has set up various post-employment benefit plans for
First application of IAS19 Revised at January1, 2013
employees covering pensions, termination benefits, healthcare, life IAS19 Revised has been applied since January1, 2013 with a
insurance and other benefits, as well as long-term benefit plans for retroactive effect from January1, 2012 on the comparative
active employees, primarily long service awards and similar statements for the first half 2012. The 2012 figures have been
benefits, mainly in France. restated for the impact of application of revised IAS19, namely:
an increase of consolidated reserves of EUR12million at
l
January1, 2012;
a net cost of EUR27million on the 2012 income statement;
l
a net income of EUR26million in other comprehensive income in
l
2012.
Assumptions and sensitivity analysis
Actuarial valuations are generally performed each year. Theassumptions used vary according to the economic conditions prevailing in the
country concerned, as follows:
Weighted average rate Of which US
Dec.31, 2013 Dec.31, 2012 Dec.31, 2013 Dec.31, 2012
Discount rate 4.1% 3.5% 4.7% 3.75%
Rate of compensation increases 2.4% 2.4% N/A N/A
Interest income
Under IAS19(1)
●N/A 6.3% N/A 7.5%
Under IAS19R(2)
●3.6% 4.4% 3.75% 4.6%
Corresponding to the 2011 and 2012 rates.(1)
Under IAS19R, the rate applied in the calculation of the interest income (previously expected return on plan assets) is the discount rate (2)
of the period.
220 2013 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC