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Employees' leaving entitlement (Tables)
12 Months Ended
Dec. 31, 2018
Text block [abstract]  
Summary of Changes to Employees' Leaving Entitlement

Changes to employees’ leaving entitlement occurring during 2018 and 2017 are analysed as follows:

 

Balance as at January 1, 2017

     19,426  

Current service cost

     119  

Interest expense

     247  

Benefits paid

     (1,080

Actuarial losses

     108  
  

 

 

 

Balance as at December 31, 2017

     18,820  

Current service cost

     148  

Interest expense

     235  

Benefits paid

     (1,449

Actuarial gains

     (573
  

 

 

 

Balance as at December 31, 2018

     17,181  
  

 

 

 
Summary of Assumptions Used in Determining Present Value of Defined Benefit Obligation Related to Employee Benefit Obligation

The principal assumptions used in determining the present value of such defined benefit obligation (“DBO”) related to the employee benefit obligation are reported as follows:

 

     31/12/18      31/12/17      01/01/17  

Annual discount rate

     1.57%        1.30%        1.31%  

Annual future salary increase rate

     0.00%        0.00%        0.00%  

Annual inflation rate

     1.50%        1.50%        1.50%  

Annual DBO increase rate

     2.625%        2.625%        2.625%  

Mortality

     RG48 mortality tables published by the General State Accounting  

Inability

     National Institute for Social Security tables, by age and sex  

Retirement

     100% upon achievement of AGO requisites  

Annual frequency of turnover

     4.00%        4.00%        4.00%  

Annual frequency of DBO advances

     2.00%        2.00%        2.00%  
Summary of Quantitative Sensitivity Analysis for Significant Assumptions

A quantitative sensitivity analysis for significant assumptions impacting the DBO as at December 31, 2018 and 2017 is reported as follows:

 

     31/12/18      31/12/17  

+1% on turnover rate

     (68      (118

-1% on turnover rate

     75        132  

+0.25% on annual inflation rate

     259        298  

-0.25% on annual inflation rate

     (256      (292

+0.25% on annual discount rate

     (402      (461

-0.25% on annual discount rate

     417        479  
Schedule of Expected Payments or Contributions to Defined Benefit Plan

The following are the expected payments or contributions to the defined benefit plan in future years:

 

     31/12/18      31/12/17  

Within 1 year

     1,065        1,199  

Between 2 and 5 years

     4,181        4,441