Euronext - 2019 Universal Registration Document

Financial Statements 8

Consolidated Statement of Changes in Equity

impact as from 1 January 2017. The old arrangement remains a defined benefit plan, and is disclosed as such in this Note. The Norwegian plans that were acquired in the business combination as described in Note 5 comprise both defined benefit schemes and defined contribution schemes. The general pension plan for employees in Norway is a defined contribution scheme. The defined benefit schemes are mainly related to lifetime pensions for former CEOs of Oslo Børs and VPS, as well as a voluntary early retirement scheme for Oslo Børs which was closed in 2003. The Norwegian pension plans are in compliance with the Mandatory Occupational Pensions Act.

The French plans relate almost completely to retirement indemnities. French law stipulates that employees are paid retirement indemnities in form of lump sums on the basis of the length of service at the retirement date and the amount is prescribed by collective bargaining agreements. The Portuguese plan is for both Euronext Lisbon and Interbolsa and is managed by CGD Pensoes – Sociedade Gestora de Fundos de Pensoes SA. The plan was defined benefit based on final pay. The funds covered payment of pensions to employees with a minimum of 5 year service. Annual contributions were based on actuarial calculations. In 2017, the Portuguese defined benefit plan was frozen and replaced by a new defined contribution plan, with an retroactive

The movement in the defined obligation over the years presented is as follows:

Present value of obligation

Fair value of plan assets

Total

In thousands of euros

As at 31 December 2017

32,876

(21,163)

11,713

(Income)/expense: Current service cost

636

-

636

Interest expense/(income)

688

(448)

240

1,324

(448)

876

Remeasurements: n Return on plan assets, excluding amounts included in interest expense/ (income)

-

1,457

1,457

n (Gain)/loss from change in financial assumptions

(2,738)

-

(2,738)

n Experience (gains)/losses

(396)

-

(396)

(3,134)

1,457

(1,677)

Payments: n Employer contributions

(9)

(237)

(246)

n Benefit payments

(150)

150

-

n Settlement payments from plan assets

(188)

188

-

As at 31 December 2018

30,719

(20,053)

10,666

(Income)/expense: Current service cost

748

-

748

Interest expense/(income)

813

(451)

362

1,561

(451)

1,110

Remeasurements: n Return on plan assets, excluding amounts included in interest expense/ (income)

-

(1,355)

(1,355)

n (Gain)/loss from change in financial assumptions

5,287

-

5,287

n Experience (gains)/losses

(2,368)

-

(2,368)

n Effect of changes in foreign exchange rates and other

(154)

-

(154)

2,765

(1,355)

1,410

Payments: n Employer contributions

(253)

(82)

(335)

n Benefit payments

(173)

173

-

n Acquired in business combination (see Note 5)

13,990

(449)

13,541

n Reclassifications and other

(434)

-

(434)

AS AT 31 DECEMBER 2019

48,175

(22,217)

25,958

226

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2019 UNIVERSAL REGISTRATION DOCUMENT