Back
Affichage Group's pension fund switched to a defined contribution plan
At its meeting of today, the Board of the Caisse de pensions de la Société Générale d'Affichage et de Sociétés du groupe (Affichage Group's pension fund) decided to switch to a defined contribution plan (accounted as defined benefit plan according to IFRS) as of 1 January 2013. Affichage Holding SA has assessed that this decision will likely reduce its financial commitments towards the pension fund for financial year 2012 by an amount of approximately CHF 18 to CHF 22 million. In this context, Affichage Holding SA will make a one-time payment of around CHF 24 million to its pension fund in order to increase its coverage ratio.
At its meeting of today, the Board of the Caisse de pensions de la Société Générale d'Affichage et de Sociétés du groupe (Affichage Group's pension fund) decided to change the employees' pension plan from a defined benefit plan to a defined contribution plan as of 1 January 2013.
This decision will have a material impact on Affichage Holding SA's financial commitments towards the group's pension fund (Caisse de pensions de la Société Générale d'Affichage et de Sociétés du groupe) from 2012 onwards. As regards financial year 2012, Affichage Holding SA has assessed that its financial commitment will consequently be reduced by an amount of approximately CHF 18 to CHF 22 million, thereby increasing its 2012 profits by such amount.
In this context, the board of directors of Affichage Holding SA has resolved to make a one-time payment of around CHF 24 million to the group's pension fund (Caisse de pensions de la Société Générale d'Affichage et de Sociétés du groupe) in order to increase its coverage ratio. As per IFRS rules, this recapitalization will affect Affichage Holding SA's balance sheet in that cash and financial commitments will be reduced in an amount corresponding to the one-time payment made.
About the company
Affichage Holding SA is Switzerland’s leading Out of Home media company. Listed on the SIX Swiss Exchange in Zurich, Affichage covers all aspects of Out of Home advertising: on the street, at the airport, in shopping centres and train stations, in mountain regions and on public transport – from poster campaigns with the widest coverage and large poster spaces to state-of-the-art digital advertising media. When communicating with customers, the authorities and the advertising industry, Affichage represents sustainability, innovation, environmental responsibility and competency.
Contact
Beat Hermann, CFO Affichage Holding SA
Giesshübelstrasse 4, 8045 Zurich, , T +41 58 220 77 47, beat.hermann@affichage.com
Affichage Holding AG, Media Office
Giesshübelstrasse 4, 8045 Zurich, T +41 58 220 70 71, media@affichage.com