HERMÈS - 2018 Registration document

Parent company financial statements

Notes to the financial statements

POST-EMPLOYMENT BENEFIT OBLIGATIONS

NOTE 21

As at 31 December 2018, the value of post-employment benefit obliga- tions amounted to €80.3million versus €90.1million as at 31December 2017. Amounts due in respect of statutory retirement benefits and sup- plemental pension plans have been paid over to an insurance company; the value of the funds is €4.6 million. After applying the “corridor” method, actuarial gains and losses amounted to €51.9 million as at 31 December 2018 compared with €62.5 million as at 31 December 2017. In accordance with the changes made to the rules of the plan in 2012, the provision recorded at end-December 2018 amounted to €26.5 mil-

lion and corresponds to the total value of the commitment (€80.3 mil- lion), less the fair value of pension assets (€4.6 million), and actuarial gains and losses (€51.9 million) plus past service costs (€2.7 million). For FY 2018, the following actuarial assumptions were used:

s s retirement age:

62 to 65 years

s s increase in salaries: s s discounting rate:

3% to 4%

1.2% to 1.6% 2.8% to 3.0%

s s expected rate of return on plan assets:

COMPENSATION OF CORPORATE OFFICERS

NOTE 22

Gross aggregate compensation paid to Corporate Officers in respect of 2018 amounted to €4.9 million, including €0.6 million in directors’ fees.

SUBSEQUENT EVENTS

NOTE 23

None.

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