BIC_Registration_Document_2017
FINANCIAL STATEMENTS Consolidated financial statements
At December 31, 2017 (in thousands euros)
U.S. fair value of plan assets Including fair value of plan assets with a quoted price on an active U.S. market
Equity
159,456 201,082
43.9% 55.3%
159,456 201,082
43.9% 55.3%
Bond and other fixed income
Cash and cash equivalents
2,824
0.8%
2,824
0.8%
TOTAL
363,362
100.0%
363,362
100.0%
At December 31, 2016 (in thousands euros)
Fair value of plan assets
Including fair value of plan assets with a quoted price on an active market
Equity
193,984 239,080
41.8% 51.5%
193,984 239,080
41.8% 51.5%
Bond and other fixed income
Cash and cash equivalents
4,947
1.1% 5.2% 0.5%
4,947
-
Real estate
24,246
24,246
5.2% 0.5%
Assets held by insurance companies
2,100
2,100
Other
201
-
201
-
TOTAL
464,556
100.0%
464,556
100.0%
U.S. fair value of plan assets Including fair value of plan assets with a quoted price on an active U.S. market
At December 31, 2016 (in thousands euros)
Equity
178,441 209,833
45.6% 53.7%
178,441 209,833
45.6% 53.7%
Bond and other fixed income
Cash and cash equivalents
2,788
0.7%
2,788
-
TOTAL
391,062
100.0%
391,062
100.0%
Actuarial assumptions for main countries 18-6 Actuarial assumptions used to calculate the benefit obligations vary according to the economic conditions of the country in which the plan is located. They have been adjusted according to the actual interest rate and the mortality table. Assumptions for plans representing the main obligations are set out below:
At December 31, 2017
United States
United Kingdom
France
Discount rate
3.62% 2.50% 3.60%
2.60% 3.50%
1.32% 1.50% 1.75%
Inflation rate
Expected rate of salary increases
N/A
Average plan duration (years)
14.65
17.63
11.93
At December 31, 2016
United States
United Kingdom
France
Discount rate
4.19% 2.50% 3.60%
2.80% 3.55%
0.95% 1.50% 1.75%
Inflation rate
Expected rate of salary increases
N/A
Average plan duration (years)
14.80
18.69
10.97
The discount rates for our U.S. and UK retirement plans were developed using the Mercer Pension Discount Yield Curve, which is built from the yields of high quality (AA) corporate bonds. For our other international plans, the discount rates were set by benchmarking against corporate bonds rated AA or better on the various markets.
The discount rate for the French obligation is based on the IBOXX AA 10+ index. The rate shown for France is that of the main plan (retirement indemnities). The rate shown for the U.S. is for the main plan, each U.S. plan being valued with a specific discount rate (from 3.15% to 3.69%).
201
BIC GROUP - 2017 REGISTRATION DOCUMENT
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