Compagnie des Alpes // 2021 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

Increases

Reversals

Other -1,163

30/09/2021

30/09/2020

Post-employment benefits

52,769 12,000 64,769

3,468 4,855 8,323

-5,984 -1,419 -7,403

49,090 15,436 64,526

Other non-current contingencies

-

TOTAL

-1,163

Provisions for “Other non-current contingencies” cover, in particular, provisions for site restoration (in the amount of €8.4 million).

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 inclusive of social security expenses, on the basis of an estimated average retirement age of 65 for managers and 62 for non-managerial and seasonal employees (basis of 62 years of age at 30 September 2020). The discount rate used is 0.6% at 30 September 2021 (unchanged from last year).

The balance sheet amounts are determined as follows:

30/09/2021

30/09/2020

(in thousands of euros)

Present value of financed obligations

56,405 -7,315 49,090

57,774 -5,005 52,769

Fair value of plan assets

LIABILITY RECOGNISED IN THE STATEMENT OF FINANCIAL POSITION

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:

30/09/2021

30/09/2020

(in thousands of euros)

Current service cost

3,284

3,611

Financial cost

345 -30

321 -31

Expected return on plan assets Reduction/discontinue operations

-1,754 1,845

-837

TOTAL AMOUNT INCLUDED IN EMPLOYEE BENEFIT EXPENSES

3,064

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:

30/09/2021

30/09/2020

(in thousands of euros)

Cost of services rendered during the financial year

-3,284

-3,611

Financial cost

-345

-321

Expected return on plan assets

30

31

Actuarial gains and losses

1,167 1,233 1,754 3,125 3,679

423

Benefits net of those redeemed by the funds

1,191

Reduction/discontinue operations

837 472

Other

TOTAL

-979

The expected return on assets is the same as the discount rate.

178

Compagnie des Alpes I 2021 Universal registration document