PERNOD RICARD - 2018-2019 Universal registration document
6.
CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements
Actuarial value of cumulative benefit obligations
Recognised in liabilities and shareholders’ equity
Fair value of plan assets
Limitation of plan assets
Amount recognised in assets
At 30.06.2019
€ million
% € million
% € million
% € million
% € million
%
United Kingdom
3,936
77% 4,914
87%
0 0
0%
93
17% (1,071)
99%
United States
372 287 254 144 119
7% 6% 5% 3% 2%
223 263 176
4% 5% 3% 0%
0% 149
27%
0
0%
Canada Ireland France
(9)
100%
44 78 132 64
8%
(11)
1%
0 0 0
0% 0% 0%
14% 24% 12%
0 0
0% 0% 0%
13
Other countries
56
1%
(1)
TOTAL
5,113 100% 5,645
100% (9)
100% 559 100% (1,083)
100%
The breakdown of pension assets between the different asset classes (bonds, shares, etc.) is as follows:
30.06.2019
30.06.2018
Medical expenses and other employee benefits
Medical expenses and other employee benefits
Pension benefits
Breakdown of pension assets
Pension benefits
Shares Bonds
18% 35% 0%
Not applicable Not applicable Not applicable Not applicable Not applicable
11% 43%
Not applicable Not applicable Not applicable Not applicable Not applicable
Other money market funds
1% 3%
Property assets
6%
Other items
40%
42%
TOTAL
100% NOT APPLICABLE
100% NOT APPLICABLE
Contributions payable by the Group in FY20 in respect of funded benefits are estimated at €52 million.
Benefits payable in respect of defined benefit plans over the next 10 years are broken down as follows:
Pension commitments
Medical expenses and other employee benefits
Benefits payable in the next 10 years € million
2020 2021 2022 2023 2024
261 266 271 279 286
8 8 7 8 8
2025-2029
1,561
39
At 30 June 2018 and 30 June 2019, the main assumptions used for the measurement of pension obligations and other long-term employee benefits were as follows:
30.06.2019
30.06.2018
Medical expenses and other employee benefits
Medical expenses and other employee benefits
Pension benefits
Pension benefits
Actuarial assumptions in respect of commitments
Discount rate
2.78%
3.40%
2.35%
2.98%
Average rate of increase in annuities
3.29% Not applicable
3.26% Not applicable
Average salary increase
2.60%
3.16%
2.63%
3.05%
Expected increase in medical expenses Initial rate
Not applicable Not applicable
6.22% Not applicable 4.61% Not applicable
6.06% 4.69%
Final rate
184
2018-2019
PERNOD RICARD UNIVERSAL REGISTRATIONDOCUMENT
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