Econocom - 2020 annual report

06 consolidated financial statements

notes to the consolidated financial statements

Actuarial assumptions and experience 17.2. adjustments Actuarial valuations depend on a certain number of long-term variables. These variables are reviewed every year. France Other countries (1) 2020 2019 2020 2019

63-65 years old 63-65 years old 60-65 years old 60-65 years old

Retirement age

Salary increase rate and rights vested

2.20%

2.20% 2.00% – 2.84% 1.00% – 2.20%

1.70% 0.35%

1.70% 0.70%

1.70% 0.35%

1.70% 0.70%

Inflation rate

Discount rate

INSEE 2014-2016 INSEE2013-2015

-

-

Mortality table

Individually, the “Other countries” had an immaterial impact. (1)

The employee turnover rate was determined based on statistics for each country and business. The employee turnover rate is applied depending on the age band of each employee and, for certain countries, depending on the employee’s status (managerial-grade/non-managerial-grade). A decrease of around 0.25 percentage points in the discount rate would lead to an

increase in the provision of approximately €1.7 million. A 0.25 percentage point increase in the discount rate would lead to a €1.3 million decrease in the provision. In accordancewith IAS 19, the discount rates applied to determine the amount of the obligation are based on the yield on long-term private-sector bonds over a term matching thatof the Group’s obligations.

31 Dec. 2020 31 Dec. 2019

in € millions

70.7 27.4

72.2 27.3

Present value of obligation (a)

Present value of plan assets (b)

1.7

7.8

Impact of discontinued activities and disposals (c)

41.5

37.1

Provision for pension obligations (a) – (b) – (c)

0.2

0.3

Long-service awards

Provisions for pension and other post-employment benefit obligations

41.8

37.4

237

2020 annual report