EURONEXT_Registration_Document_2017
FINANCIAL STATEMENTS
Notes to the Consolidated Financial Statements
The significant actuarial assumptions were as follows:
2017 BELGIUM PORTUGAL
FRANCE
Discount rate
0.5%
2.2%
1.9%
Salary growth rate
0.0%
2.0%
1.8%
Pension growth rate
0.0%
2.0%
0.0%
2016 BELGIUM PORTUGAL
FRANCE
Discount rate
0.3%
1.9%
1.4%
Salary growth rate
0.0%
2.0%
2.5%
Pension growth rate
0.0%
2.0%
0.0%
The Group derives the discount rate used to determine the defined benefit obligation from yields on high quality corporate bonds of the duration corresponding to the liabilities. As of 31 December 2017, the sensitivity of the defined benefit obligation to changes in the weighted principal assumptions were:
IMPACT ON DEFINED BENEFIT OBLIGATION CHANGE IN ASSUMPTION INCREASE IN ASSUMPTION
DECREASE IN ASSUMPTION
Discount rate
0.25%
-4.7%
5.0%
Salary growth rate
0.50%
2.0%
-1.8%
Pension growth rate
0.50%
4.2%
-3.9%
The pension plan assets allocation differs per plan. On a weighted average basis, the allocation was as follows:
2017
2016
FAIR VALUE OF PLAN ASSETS in thousands of euros
FAIR VALUE OF PLAN ASSETS in percent
FAIR VALUE OF PLAN ASSETS in thousands of euros
FAIR VALUE OF PLAN ASSETS in percent
PLAN ASSETS Equity securities
6,005
28.4%
5,611
27.8%
Debt securities
12,487
59.0%
11,737
58.1%
Property
648
3.1%
672
3.3%
6
Investment funds
1,694
8.0%
1,606
7.9%
Cash
329
1.5%
587
2.9%
TOTAL
21,163
100%
20,213
100%
The maturity of expected benefit payments over the next ten years is as follows:
AS AT 31 DECEMBER 2017
LESS THAN A YEAR BETWEEN 1-2 YEAR BETWEEN 2-5 YEARS BETWEEN 5-10 YEARS
TOTAL
Pension benefits
181
267
1,666
4,567
6,681
The weighted average duration of the defined benefit obligation for retirement plans is twenty years at 31 December 2017. For 2018, the expected obligations contributions are approximately €0.1 million.
179
2017 REGISTRATION DOCUMENT
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