BIC - 2019 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

18-3

Funded/unfunded obligations

Other employee benefits

Notes

Pension

Total

(in thousand euros)

At December 31, 2019 Amount of funded obligations

516,329 

39 

516,368 

Fair value of plan assets

(474,608) 

- 

(474,608) 

Surplus of obligation over assets

41,721 

39 

41,760 

Fair value of unfunded obligations

13,996 

107,832 

121,828 

Net value in the balance sheet

55,718 

107,871 

163,588 

Assets •

12,18-7

15,471 

Liabilities •

18-7 

179,059

Other employee benefits

Pension

Total

(in thousand euros)

At December 31, 2018 Amount of funded obligations

418,929

42

418,971

Fair value of plan assets

(397,240)

-

(397,240)

Surplus of obligation over assets

21,689

42

21,731

Fair value of unfunded obligations

50,535

88,621

139,156

Net value in the balance sheet

72,224

88,663

160,888

Assets •

2,936

Liabilities •

163,823

18-4

Period costs

December 31, 2019

December 31, 2018

(in thousand euros)

Current service costs

12,591

10,792 

Past service costs (including plan curtailment)

208

(11,443) 

Settlement

(455)

172 

Net interest costs

4,662

5,319 

Administrative expenses and taxes

1,112

1,004 

TOTAL PERIOD COSTS

18,119

5,843 

In 2019, BIC UK received a judgement in their favour from the Court of Appeal which ruled that certain future benefits will no longer have to be paid (certain components of the pension increases paid and included in the individual contracts not being deemed valid).

The Group considered this event as a modification of the original contract and treated it as a (negative) past service cost.

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• BIC GROUP - 2019 UNIVERSAL REGISTRATION DOCUMENT •