NATIXIS - Universal registration document and financial report 2019
5 FINANCIAL DATA
Consolidated financial statements and notes
31/12/2019
31/12/2018
Post-employment defined-benefit plan
Other long-term employee benefits
Post-employment defined-benefit plans
Other long-term employee benefits
Supplementary pension benefits and other
Supplementary pension benefits and other
End- of-career awards
Long- service awards
End- of-career awards
Long- service awards
Other
Other
Discount rate Inflation rate
1.91% 0.35% 0.41% 2.07% 2.37% 1.61% 1.61% 1.63%
2.88% 1.01% 1.16% 2.95% 2.44% 1.71% 1.70% 1.53%
Rate of increase in salaries (incl. inflation) Rate of increase in healthcare costs (incl. inflation)
2.94% 2.26% 2.26% 3.37%
2.94% 2.27% 2.27% 3.20%
3.00%
4.45%
Duration (in years)
15
9
9
13
15
9
9
11
The discount rate is determined based on the yields of AA-rated corporate bonds of the same duration. This benchmark is obtained from the Bloomberg “EUR Composite (AA) Zero Coupon Yield” yield curve. For end-of-career awards and long-service awards, employee turnover is calculated by age bracket and grade based on a six-year average. A rate of 0% is used for employees aged 60 and over.
Wage growth including inflation is determined using the average rate of real compensation growth over the past six years. This wage growth is capped at the maximum nominal rate of increase seen over the same period.
h) Analysis of sensitivity to key assumptions
31/12/2019
31/12/2018
Post-employment defined-benefit plan
Other long-term employee benefits
Post-employment defined-benefit plans
Other long-term employee benefits
Supplementary pension benefits and other
Supplementary pension benefits and other
End- of-career awards
Long- service awards
End- of-career awards
Long- service awards
Other
(in percentage)
Other
+0.5% change in discount rate -0.5% change in discount rate +1% change in rate of increase in healthcare costs -1% change in rate of increase in healthcare costs +1% change in rate of increase in salaries and income (incl. inflation) -1% change in rate of increase in salaries and income (incl. inflation)
(9.99)% (5.58)% (5.14)% (1.89)% 11.98% 6.79% 5.66% 1.98%
(10.94)% (5.78)% (4.13)% (1.73)% 15.09% 6.57% 5.36% 3.50%
1.19%
1.50%
(0.99)%
(1.09)%
11.39% 12.24% 8.03%
12.19% 12.29% 8.23%
(9.93)% (10.20)% (7.14)%
(9.38)% (9.93)% (6.79)%
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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019
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