SOMFY - Annual Financial Report 2020

05 CONSOLIDATED FINANCIAL STATEMENTS

LONG SERVICE & JUBILEE AWARDS AND TFR – TRATTAMENTO DI FINE RAPPORTO

2020

2019

Actuarial liabilities Long service and

TFR liability

Total

Actuarial liabilities Long service and

TFR liability

Total

jubilee awards

jubilee awards

€ thousands

OPENING BALANCE

2,812

1,984 1,133 -1,132

4,796 1,251 -1,208

2,419

2,087 1,099 -1,202

4,506 1,569 -1,286

Cost

118 -76

470 -84

Benefits paid

Changes in consolidation scope & foreign exchange rates

-9

7

-9

–

7

–

CLOSING BALANCE

2,845

1,985

4,830

2,812

1,984

4,796

The main actuarial assumptions used are as follows:

At 31 December Discount rate France

2020

2019

0.5% 0.7% 3.3%

0.5% 0.5% 3.3%

Germany

United States

Other

1.0-5.0%

1.0-5.0%

Future salary increases France

2.0% 2.0% 3.0%

2.0% 2.0% 3.0%

Germany

United States

Other

1.0-3.0%

1.0-3.0%

The sensitivity of the gross retirement benefit commitment based on a variation of +0.5%/-0.5% in discount rate is -6.87%/+7.60%, respectively. Gross remuneration of Management Board and Supervisory Board members Note 10.2.2

€ thousands

31/12/20

31/12/19

Short-term benefits

2,167

1,959

Post-employment benefits

22

24

Post-employment benefits correspond to retirement benefits associated with the employment contracts of Management Board members.

142

SOMFY – ANNUAL FINANCIAL REPORT 2020