Compagnie des Alpes - 2017 Registration Document
5 FINANCIAL INFORMATION
Consolidated financial statements
6.10
PROVISIONS (NON-CURRENT AND CURRENT)
Non-current provisions Non-current provisions comprise the following items:
Income
Translation adjustments
Change in scope of consolidation Other
30/09/2017
30/09/2016
Increases
Reversals
Post-employment benefits
45,994
3,793
-2,431
-447
46,909
Other non-current contingencies
7,907
631
-428
-11
143
8,242
TOTAL
53,901
4,424
-2,859
-11
-304
55,151
Provisions for post-employment benefits The amount of provisions for post-employment benefits represents the Group’s obligations for the vested rights of employees, net of provisions for payments to insurance funds. These provisions are calculated including social security charges on the basis of an average retirement age of 62. The discount rate used was 1.45% at 30 September 2017, compared with 0.8% at 30 September 2016.
Provisions for “Other non-current contingencies” notably covered provisions for site renovation (representing €2.8 million). They also include the provisions set aside in connection with long-service awards (representing €1.4 million) and depreciation charges (representing €1.9 million).
The balance sheet amounts are determined as follows:
30/09/2017
30/09/2016
(in thousands of euros)
Present value of financed obligations
54,904 -7,995 46,909
53,337 -7,343 45,994
Fair value of plan assets
LIABILITY RECOGNISED IN THE BALANCE SHEET
The amount of provisions for post-employment benefits represents the Group’s obligations for the vested rights of employees, net of provisions for payments to insurance funds. The table below shows the amounts recognised in the income statement:
30/09/2017
30/09/2016
(in thousands of euros)
Current service cost
3,444
2,917
Financial cost
453 -59
935
Expected return on plan assets Reduction/discontinue operations
-135 -934
-
TOTAL AMOUNT INCLUDED IN EMPLOYEE BENEFITS EXPENSE
3,838
2,783
Expenses for the year include: z entitlements for an additional year of service; z interest earned; z expected return on pension fund assets. The changes during the fiscal year for defined-benefit pension plans are detailed below:
30/09/2017
30/09/2016
(in thousands of euros)
Current service cost
-3,444
-2,917
Financial cost
-453
-935
Expected return on plan assets
59
135
Actuarial gains and losses
447 976
-6,458
Benefits net of those redeemed from the funds
960 934
Reduction/discontinue operations
-
Other
1,500 -915
1,421
TOTAL
-6,860
Actuarial gains and losses for the fiscal year mainly result from changes in the discount rate (1.45% compared to 0.8% at 30 September 2016). The expected return on assets is the same as the discount rate.
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Compagnie des Alpes I 2017 Registration Document
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