Eurazeo / 2018 Registration document
CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements
EMPLOYEE BENEFITS EXPENSE AND LIABILITIES NOTE 5
5.1 Number of employees 5.1.1
Number of employees and employee benefits expense
Employee benefits expense 5.1.2
2018 11,419 4,374 4,501
2017 8,838 3,429 2,173
2018
2017
(Full time equivalent)
(In thousands of euros)
France
Wages, salaries and other employee benefits
815,686 598,400 193,292 168,591
Europe excluding France
Social security contributions
Rest of the world
Employee mandatory profit-sharing/ incentive schemes
10,697 8,853
10,528
TOTAL EMPLOYEES
20,294 14,439
Share-based payments
8,221
TOTAL EMPLOYEE BENEFITS EXPENSE
1,028,528 785,741
The full time equivalent number of employees includes the employees of fully-consolidated companies on a time-apportioned basis taking into account their date of entry into and exit from the scope of consolidation. The above figures do not include employees of equity-accounted associates.
The increase in employee numbers and the employee benefits expense is largely due to changes in consolidation scope during the period.
Employee benefit liabilities 5.2 Defined contribution plans The Group pays contributions under a range of mandatory systems and on a voluntary basis under contractual agreements. The Group’s obligation is therefore limited to the payment of contributions. Defined benefit plans In recognition of their contribution to the business, certain Executive Board members are covered by a supplementary defined benefit pension plan designed to provide them with additional retirement income. The amount of this additional pension depends on the length of service of beneficiaries on retirement. This plan was closed on June 30, 2011 and only concerns members of the Executive Board present at that date.
4
Assumptions 5.2.1 The actuarial assumptions underlying the valuation are as follows:
Obligation discount rate
Rate of pay increase
12/31/2018
12/31/2017
12/31/2018
12/31/2017
France
1.30% to 1.68% 1.18% to 2.00% 1.00% to 3.00% 1.00% to 3.00% 0.75% 0.50% to 0.75% 1.75% to 2.00% 1.75% to 2.00%
Switzerland
Rate of pension increase
Expected return on plan assets
12/31/2018
12/31/2017
12/31/2018
12/31/2017
France
1.50% 1.00% to 2.00% 1.30% to 1.68% 1.18% to 2.00%
Switzerland
-
0.80%
0.75% 0.50% to 0.75%
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.
Eurazeo
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2018 Registration Document
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