BIC - 2020 Universal Registration Document

FINANCIAL STATEMENTS

Consolidated financial statements

18-3

Funded/unfunded obligations

Other employee benefits

Pension

Total

Notes

(in thousand euros)

At December 31, 2020 Amount of funded obligations

510,349

-

510,349

Fair value of plan assets

(470,821)

-

(470,821)

Surplus of obligation over assets

39,528

-

39,528

Fair value of unfunded obligations

(5,200)

88,081

82,881

Net value in the balance sheet

34,328

88,081

122,409

Assets •

12.18-7

555

-

-

Liabilities •

18-7

122,964

-

-

Other employee benefits

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 •

15,471

-

-

Liabilities •

179,059

-

-

18-4

Period costs

December 31, 2020

December 31, 2019

(in thousand euros)

Current service costs

10,792

11,972

Past service costs (including plan curtailment)

(11,443)

(42,868)

Settlement

172

470

Net interest costs

5,319

3,598

TOTAL PERIOD COSTS

4,839

(26,828)

As indicated in the note 18-1, following the change in medical and pension regimes in the U.S. , a favorable impact of 52 million dollars was recognized in the U.S. accounts in 2020 (see Note 5 “Other Income and Expense”). 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 - 2020 UNIVERSAL REGISTRATION DOCUMENT •