NEOPOST - 2018 Registration document

6

Financial statements

Consolidated financial statements

31 January 2019

31 January 2018

Change in value of obligations Present value of obligations at start of period

202.2

210.1

Service cost

2.1

2.1

Discounting cost

4.2

4.9

Actuarial (gains) or losses

(4.3)

1.2

Payments made

(15.9)

(10.3)

Scope variation

(0.5)

0.3

Other, of which translation difference

2.1

(6.1)

Present value of liabilities at end of period

189.9

202.2

Change in hedging assets Fair value of hedging assets at beginning of period

213.8

215.0

Expected return on plan assets

4.6

5.2

Actuarial gains (losses)

(1.4)

4.4

Contributions paid by employer

1.2

4.9

Payments made by fund

(14.8)

(9.5)

Scope variation

-

0.3

Other, of which translation difference

1.5

(6.5)

Fair value of hedging assets at end of period

204.9

213.8

Financial hedging Plans’ position

14.9

11.6

of which recognized in assets

37.2

35.4

of which recognized in liabilities

(22.3)

(23.8)

Amount recognized in the consolidated income statements Service cost

2.1

2.1

Discounting cost

4.2

4.9

Expected return on plan assets

(4.6)

(5.2)

Total retirement benefit expense

1.7

1.8

Amount recognized in the consolidated statements of comprehensive income Actuarial gains (losses)

(2.9)

(3.2)

On obligations

(4.3)

1.2

On hedging assets

1.4

(4.4)

Amount recognized in statement of recognized income and expense to date

(4.0)

(1.1)

Actuarial assumptions Discount rate*

2.6%

2.5%

Expected long-term inflation rate – Retail Price Inflation (RPI)*

3.2%

3.2%

Expected long-term inflation rate – Consumer Price Index (CPI)*

2.1%

2.1%

Expected long-term rate of annuity increases*

3.1%

3.1%

Breakdown of hedging assets Equities

19%

33%

Bonds

26%

12%

Real estate

4%

4%

Other investments 51% * The above actuarial assumptions relate to the English subsidiary which alone accounts for 76% of the Group’s retirement benefit obligations 51%

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REGISTRATION DOCUMENT 2018 / NEOPOST