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Portugal Telecom SGPS, S.A . (PT)
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PT » Topics » PBO

This excerpt taken from the PT 6-K filed Sep 3, 2008.
PBO _ As at 31 December 2007, the projected benefit obligations (PBO) of Portugal Telecom’s post retirement benefits amounted to Euro 4,203 million. The PBO was computed based on a discount rate of 5.25% for pension and healthcare obligations and 4.75% for salary obligations to pre-retired and suspended employees. Portugal Telecom’s post-retirement benefit plans have been closed to new participants since 1994 for pensions and since 2000 for healthcare.

 

Change in gross unfunded obligation

 

 

 

Euro million

 

 

 

1H08

 

1H07

 

Gross unfunded obligations (initial balance)

 

1,304.0

 

1,654.4

 

Post retirement benefits costs (PRB) (1)

 

22.8

 

(15.7

)

Prior years service gains related to unvested rights

 

0.0

 

(6.0

)

Curtailment cost

 

78.0

 

84.4

 

Contributions and payments (2)

 

(100.8

)

(163.8

)

Net actuarial (gains) losses

 

202.2

 

(321.6

)

Gross unfunded obligations (final balance)

 

1,506.2

 

1,231.7

 

(1) In the first half of 2008, the PRB cost recorded in the income statement amounted to Euro 21.9 million, including a gain of Euro 0.9 million related to the amortization of prior year service gains of unvested rights. (2) In the first half of 2008, this caption includes termination payments (Euro 5 million), payments of salaries to pre-retired and suspended employees (Euro 83 million) and healthcare expenses (Euro 12 million).

 

This excerpt taken from the PT 6-K filed Oct 4, 2007.
PBO – As at 30 June 2007, the projected benefit obligations (PBO) of PT’s post retirement benefits, including pensions, healthcare obligations and salaries to pre-retired and suspended employees, amounted to Euro 4,279 million. The PBO was computed based on a discount rate of 5.25% for pension and healthcare obligations, and 4.75% for the obligations related to the payment of salaries to pre-retired and suspended employees. PT’s post retirement benefits plans are closed to new participants since 1994 for pensions and since 2000 for healthcare.

 

EXCERPTS ON THIS PAGE:

6-K
Sep 3, 2008
6-K
Oct 4, 2007

RELATED TOPICS for PT:

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