EURAZEO_REGISTRATION_DOCUMENT_2017
CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements
Assumptions 5.2.1 The actuarial assumptions underlying the valuation are as follows:
Obligation discount rate
Rate of pay increase
12/31/2017
12/31/2016
12/31/2017
12/31/2016
France
1.18% to 2.00% 0.50% to 0.75%
1.07% to 2.00% 0.50% to 0.75%
1.00% to 3.00% 1.75% to 2.00%
1.50% to 3.00% 1.75% to 2.00%
Switzerland
Rate of pension increase
Expected return on plan assets
12/31/2017
12/31/2016
12/31/2017
12/31/2016
France
1.00% to 2.00%
0.25% to 2.00% 0.80% to 1.75%
1.18% to 2.00% 0.50% to 0.75%
1.07% to 2.00% 0.50% to 0.75%
Switzerland
0.80%
The discount rate represents the yield, at the year-end, of bonds with a minimum AA rating and maturities similar to those of Group obligations. The expected return on plan assets was determined based on long-term bond interest rates.
Valuation and change in Group obligations 5.2.2 Group obligations are measured using the projected unit credit method. Group obligations are partially funded by outside funds, with the balance covered by provisions recognized in the balance sheet. The following table shows changes in the liability net of plan assets recognized in the Eurazeo group balance sheet:
Fair value of plan assets Net obligation
Obligation
Liability 57,584
Assets 1,790
(In thousands of euros) As of December 31, 2016
145,585
(89,791)
55,794
Current service cost
11,137 1,247
-
11,137 (226) (1,361)
11,137 (226) (1,361)
Net interest cost
(1,472) 5,452 (2,215) (6,755)
Benefits paid
(6,813)
Contributions from plan participants Contributions from the employer
2,215
-
-
4
-
(6,755)
(6,755)
Past service cost
765
- - -
765
765
Impact of plan curtailments
- - -
- -
- -
Settlements
Return on plan assets
(1,358)
(1,358)
(1,358)
Actuarial gains and losses demographic assumptions •
13,381
- -
13,381
13,381
financial assumptions •
462
462
462
Changes in consolidation scope/Reclassifications
19,582 (5,380) 182,180
283
19,865 (1,474) 90,229
19,582 (1,474) 91,736
(283)
Foreign currency translation As of December 31, 2017 Due in less than one year Due in more than one year
3,906
(91,951)
1,507
1,072
90,664
With the exception of actuarial gains and losses, the expense relating Financial expenses (i.e. income of €0.2 million in net financial to post-employment benefits (€11.7 million in 2017, compared with expenses in 2017 and an expense of €0.6 million in 2016). €8.0 million in 2016) is split between Employee benefits expense and
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Eurazeo
2017 Registration document
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