Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

6.11

PROVISIONS (NON-CURRENT AND CURRENT)

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

Income

Other 7,938 4,148

30/09/2019

30/09/2018

Increases

Reversals

Post-employment bene fi ts

47,028

3,868

-2,740

56,094 13,105 69,199

Other non-current contingencies

8,753

589

-385

TOTAL

55,781

4,457

-3,125

12,086

Provisions for post-employment bene fi ts The amount of provisions for post-employment bene fi ts 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 0.5% at 30 September 2019, compared with 1.55% at 30 September 2018.

The provisions for “Other non-current contingencies” notably cover provisions for site renovation (representing €8.2 million), the amount of which was revised for one site, during the year, in the amount of €4.1 million. They also include the provisions set aside in connection with long- service awards (representing €1.4 million) and depreciation charges (representing €2.4 million).

The balance sheet amounts are determined as follows:

30/09/2019

30/09/2018

(in thousands of euros)

Present value of fi nanced obligations

62,487 -6,393 56,094

54,740 -7,712 47,028

Fair value of plan assets

LIABILITY RECOGNISED IN THE BALANCE SHEET

The amount of provisions for post-employment bene fi ts 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:

30/09/2019

30/09/2018

(in thousands of euros)

Current service cost

3,253

3,385

Financial cost

862 -99 -757

824

Expected return on plan assets Reduction/discontinue operations

-116

-1,701 2,392

TOTAL AMOUNT INCLUDED IN EMPLOYEE BENEFIT EXPENSE

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 fi scal year for de fi ned-bene fi t pension plans are detailed below:

30/09/2019

30/09/2018

(in thousands of euros)

Current service cost

-3,253

-3,385

Financial cost

-862

-824

Expected return on plan assets

99

116

Actuarial gains and losses

-7,605

55

Bene fi ts net of those redeemed by the funds

1,373

1,443 1,701

Reduction/discontinue operations

757

Other

426

775

TOTAL

-9,066

-119

Actuarial gains and losses for the fi scal year mainly result from changes in the discount rate (0.5% compared to 1.55% at 30 September 2018) and revision of the turnover rate. The expected return on assets is the same as the discount rate.

154

Compagnie des Alpes I 2019 Universal registration document