Affichage pension fund: conversion to defined contribution plan
The Board of Trustees of the "Caisse de pensions de la Société Générale d'Affichage et de Sociétés du groupe" has decided to amend the pension plan for employees and to change from a defined benefit to a defined contribution plan with effect from January 1, 2013.
This decision will have a significant impact on Affichage Holding's obligations to the "Caisse de pensions de la Société Générale d'Affichage et de Sociétés du groupe" as of 2012, the company writes in a statement. For the 2012 financial year, it is expected that the pension liability under IFRS will be reduced in the amount of approximately CHF 18 to 22 million, which in turn will have a corresponding increase in the result for 2012.
In this context, the Board of Directors has also decided to make a one-time payment of approximately CHF 24 million in 2012 to improve the coverage ratio of the "Caisse de pensions de la Société Générale d'Affichage et de Sociétés du groupe", according to the statement. According to IFRS accounting standards, this one-time payment will have an impact on Affichage Holding's 2012 balance sheet to the extent that cash and cash equivalents and liabilities will decrease by the amount paid.
