Cyprus Mail
BusinessCyprus

EAC’s €244.3m actuarial gap dwarfs 2014 profits

By Stelios Orphanides

State-owned power producer Electricity Authority of Cyprus (EAC) said the re-measurement of its pension-plan obligations generated a €244.3m gap, which more than offset a €42m profit it generated last year.

The re-measurement resulted mainly from the actuarial re-evaluation of the present value of the EAC’s “defined benefit obligation” to €757.3m in 2014 from €514.3m the year before, the power producer said in its 2014 annual report. In addition, the re-evaluation of the company’s pension fund assets rose to €539.3m last year from €537.2m in 2013.

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