Compagnie des Alpes // 2020 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

6.11

NON-CURRENT AND CURRENT PROVISIONS

Non-current provisions Non-current provisions comprise the following items:

Income

Changes of scope

Liabilities held for sale

Increases

Reversals

30/09/2020

30/09/2019

Other

Post-employment benefits

56,094

3,820

-2,452

-

-389

-4,304

52,769

Other non-current contingencies

13,105 69,199

513

-2,830 -5,282

12

1,200

12,000 64,769

TOTAL

4,333

12

811

-4,304

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 0.6% at 30 September 2020, compared with 0.5% at 30 September 2019.

Provisions for “Other non-current contingencies” cover, in particular, provisions for site restoration (in the amount of €8.3 million). The Other column includes a commitment made by Familypark for an amount of €1.2 million, valued as part of the allocation of the first- time consolidation difference. They also include provisions for long-service awards (in the amount of €1.4 million).

The balance sheet amounts are determined as follows:

30/09/2020

30/09/2019

(in thousands of euros)

Present value of financed obligations

57,774 -5,005 52,769

62,487 -6,393 56,094

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:

30/09/2020

30/09/2019

(in thousands of euros)

Current service cost

3,611

3,253

Financial cost

321 -31

862 -99 -757

Expected return on plan assets Reduction/discontinue operations

-837

TOTAL AMOUNT INCLUDED IN EMPLOYEE BENEFIT EXPENSES

3,064

3,260

Expenses for the year include: l entitlements for an additional year of service; l interest earned; l expected return on pension fund assets. The changes during the fiscal year for defined-benefit pension plans are detailed below:

30/09/2020

30/09/2019

(in thousands of euros)

Current service cost

-3,611

-3,253

Financial cost

-321

-862

Expected return on plan assets

31

99

Actuarial gains and losses

423

-7,605

Benefits net of those redeemed by the funds

1,191

1,373

Reduction/discontinue operations

837 472

757

Other

426

TOTAL

-979

-9,066

Actuarial gains and losses for the fiscal year mainly result from changes in the discount rate (0.6% compared to 0.5% at 30 September 2019). The expected return on assets is the same as the discount rate.

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Compagnie des Alpes I 2020 Universal registration document